Nevada Silver Corporation Provides Update ON Emily Manganese Project Financing

NEVADA SILVER CORPORATION PROVIDES UPDATE ON

EMILY MANGANESE PROJECT FINANCING

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES

Toronto, Ontario, August 12, 2022: Nevada Silver Corporation (“NSC” or the “ Company”) (TSXV: NSC)

(OTCQB: NVDSF), further to its press release of March 24, 2022, is pleased to provide an update on its

plans to complete a sale of securities of its indirectly wholly owned U.S.A. subsidiary, North Star

Manganese Inc (“ NSM”). As previously disclosed, NSM intends to issue approximately 3,000,000

shares of common stock of NSM at a pr ice of US $0.25 per share for proceeds of approximately

US$750,000 (the “NSM Financing”). The NSM Financing follows the split of its outstanding securities

on the basis of 2.3483 new shares for each currently outstanding share. As a result, the outstanding

shares of NSM has increased from 12,775,000 shares to 30,000,000 shares. It is anticipated that upon

completion of the NSM Financing, there will be approxi mately 33,000,000 shares of NSM common

stock outstanding. If completed, the Company’s indirect shareholding in NSM will be reduced to

approximately 90.9%. The NSM Financing is subject to the receipt of final approval of the TSX Venture

Exchange prior to closing. Proceeds from the NSM Financing will be used to advance technical studies

at the Emily Manganese project and for general working capital. No commissions or similar fees are

expected to be paid in connection with the NSM Financing. Closing of the NSM Financing is expected

to occur before the end of August 2022 . Further updates will be provided in respect of the NSM

Financing as they occur.

NSM holds the Emily Manganese Project in Minnesota, USA (the “ Emily Manganese Project”). The

Company’s focus is on its Corcoran Silver-Gold Project in Nevada, USA, and does not consider the Emily

Manganese Project to be material to its operations. As announced on December 21, 2021, the

Company is considering its options with respect to the financing, development and commercialization

of the Emily Manganese Project and how best to advance it (any such transaction, a “Value Realization

Transaction”). Any Value Realization Transaction will be subject to receipt of all necessary corporate,

securities, shareholder, and regulatory approvals, including the approval of the TSX Venture Exchange.

There can be no assurances that a Value Realization Transaction will be completed, either on the terms

outlined, or at all. Further updates will be provided as they occur. Please see the Company’s filing

statement dated April 20, 2021, for further information about the Emily Manganese Project, available

under the Company’s profile at www.SEDAR.com.

About Nevada Silver Corporation

Nevada Silver Corporation (TSXV: NSC) (OTCQB: NVDSF) is a multi-commodity resource company with

two exploration projects in the USA. NSC’s principal asset is the Corcoran Silver-Gold Project in Nevada.

In addition, NSC has management and ownership rights over the Emily Manganese Project in

Minnesota, which has been the subject of considerable technical studies, with US$24 million invested

to date. Both Corcoran and Emily ha ve been the subject of National Instrument 43 -101 compliant

mineral resource estimates.

This announcement does not constitute an offer of securities for sale in the United States, nor may any

securities referred to herein be offered or sold in the United States absent registration or an exemption

from registration as provided in the U.S. Securities Act of 1933 as amended (the “Securities Act”) and

the rules and regulations thereunder. The securities referred to herein have not been registered

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pursuant to the Securities Act and there is no intention to register any of the securities in the United

States or to conduct a public offering of securities in the United States.

For further information please contact:

Nevada Silver Corporation CHF Capital Markets

Gary Lewis Perry Rapagna

Group CEO & Director Manager, Corporate Development

T: +1 (657) 846 5299 T: +1 (416) 868 1079 ext. 230

[email protected] [email protected]

Forward-Looking Information

This news release contains “forward -looking information” and “forward -looking statements”

(collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities

legislation, including forward looking statements in connection with the NSM Financing and the Value

Realization Transaction. All statements, other than statements of historical fact, are forward -looking

statements and are based on expectations, estimates and projections as at the date of this news

release. Any statement that involves discussio ns with respect to predictions, expectations, beliefs,

plans, projections, objectives, assumptions, future events or performance (often but not always using

phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”,

“plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such

words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might”

or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward -

looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which

may cause the actual results, performance, or achievements of Nevada Silver to be materially different

from any future results, performance or achievements expressed or implied by the forward -looking

statements. Factors that could cause actual results to differ materially from those anticipated in these

forward-looking statements are described under the caption "Risk Factors " in the Filing Statement

dated as of April 20, 2021 which is available for view under the Company’s profile at www.SEDAR.com.

Forward-looking statements contained herein are made as of the date of this press release and Nevada

Silver disclaims, other than as required by law, any obligation to update any forward -looking

statements whether as a result of new information, results, future events, circumstances, or if

management's estimates or opinions should change, o r otherwise. There can be no assurance that

forward-looking statements will prove to be accurate, as actual results and future events could differ

materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place

undue reliance on forward-looking statements.

Nevada Silver’s operations could be significantly adversely affected by the effects of the widespread

global outbreak of a contagious disease, including the outbreak of illness caused by COVID-19. It is not

possible to accurately predict the impact COVID-19 will have on operations and the ability of others to

meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus,

the severity of the disease, the duration of the outbr eak, and the length of travel and quarantine

restrictions imposed by governments of affected countries. In addition, a significant outbreak of

contagious diseases in the human population could result in a widespread health crisis that could

adversely affect the economies and financial markets of many countries, resulting in an economic

downturn that could further affect operations and the ability to finance its operations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term i s defined in

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.