Tier One Silver Inc. announced that it has started exploration work at new targets at its 100% owned Curibaya project, located in southern Peru. The geological reconnaissance program has been planned to cover three main zones of the project that have seen little exploration to date and represent the potential for additional porphyry targets that would complement the high-grade precious metals epithermal system. The targets include: Sambalay Grande, which is adjacent to Cambaya, where the Company's next phase of drilling is anticipated; Sambalay Chico, which is located on the far west side of the property and contains one of the more robust copper geochemical anomalies within the project; and Escalera, which is believed to sit on the Incapuquio fault.

The program will consist of mapping, rock chip sampling and TerraSpec Halo analysis with the goal of delineating potential additional drill targets. The Company believes that these new target areas represent significant potential based on existing geochemical anomalies, which demonstrate up to 40 parts per million (ppm) copper and 1.30 ppm molybdenum in sediments from a 2021 BLEG program. As a result of Tier One's BLEG sampling program in 2021, three high priority targets were defined with anomalies greater than 40 ppm copper (Cu), 1.30 ppm molybdenum (Mo), 3.5 ppb gold (Au), 0.11ppm silver (Ag) and 0.16 ppm tungsten (W).

The target areas are located within the 16,800- hectare Curibaya property, which is surrounded by major mining companies' concessions, such as Vale Exploration and Rio Tinto. Prior to the commencement of Tier One's current reconnaissance program, there has not been any detailed work carried out in these areas. The Company did conduct a short rock chip sampling program in 2021, which returned values greater than 0.25% Cu, 20 ppm Mo, 1 g/t Au and 50 ppm Ag in the Sambalay Chico area (Zone 1) and values greater than 0.25 g/t Au and 50 ppm Ag in the Escalera and Sambalay Grande areas (Zone 2 and Zone 3, respectively).

At Curibaya, volcanic rocks of the Toquepala group (Quellaveco formation) predominate. The main structural controls are NW-SE and NS systems, corresponding to the southern segment of the Incapuquio fault system, which has been interpreted as the main structural control for the emplacement of Paleocene Cu-Mo porphyry giants in southern Peru. At the Curibaya project, the alteration has been dated using the Ar/Ar method in illite, which confirms the age of 55 +/-3 Ma.

This age range is consistent within the Paleocene belt, which hosts world-class porphyry copper producing mines, with silver as a by-product, such as Toquepala, Quellaveco, Cuajone and Cerro Verde. This Paleocene belt also hosts projects in the exploration stage, such as Don Javier (Junefield Mining), Los Calatos (CD Capital Private Fund), Elisa Sur (BHP Billiton World Exploration), Quinsacollo (Vale Exploration) and Pinco-Pinco (Hudbay Minerals) that have been recognized as porphyry copper projects. Objectives of Field Reconnaissance Work: The objectives of the ongoing reconnaissance program is to gain an improved understanding of the geology of the three identified zones so that the Company may use the data to generate targets with strong exploration potential in both precious and base metals for future drilling campaigns.