Norseman Silver Inc. Announces Filing of Early Warning Reports

NORSEMAN SILVER INC. ANNOUNCES FILING OF EARLY WARNING REPORTS

Vancouver, British Columbia – (January 22, 2021) – This press release is being issued in connection

with the filing of early warning reports (the “ Early Warning Repor t”) pursuant to the requirements of

National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider

Reporting Issues regarding the change in the ownership and control of common shares (the “ Shares”) of

Norseman Silver Inc. (the “ Company”) by John Campbell Smyth. The Issuer’s head office address is

located at 25th Floor, 700 West Georgia Street, Vancouver, BC V7Y 1B3.

On January 14, 2021, the Company completed a non-brokered private placement financing, pursuant to

which Campbell Smyth acquired (the “ Acquisition”) beneficially ownership or control over 50,000

common shares (“Shares”) and 50,000 warrants to purchase Shares (“Warrants”).

Prior to the Acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,598,500

Shares and 500,000 options to purchase Shares (“ Options”), representing approximately 8.75% and

10.27% of the issued and outstanding Shares on an undiluted and diluted basis respectively. Following the

Acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,648,500 Shares,

500,000 Options, and 50,000 Warrants representing approximately 7.22% and 8.59% of the issued and

outstanding Shares on an undiluted and diluted basis respectively.

Copies of the early warning reports for Mr. Smyth will be filed on the Company’s profile on SEDAR at

www.sedar.com and may be obtained by containing the Company at the following address:

Sean Hurd

Chief Executive Officer

25th Floor, 700 West Georgia Street

Vancouver, BC V7Y 1B3

T: 604 505-4554