Norseman Silver Inc. Increases Non-Brokered Financing from $600,000 to $750,000 THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Norseman Silver Inc. Increases Non-Brokered Financing

from $600,000 to $750,000

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR

DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia – January 25, 2023 – Norseman Silver Inc. (TSXV:NOC) (“Norseman” or the

“Company”) is pleased to announce that, further to its press release of January 17, 2023, it has increased

its non-brokered private placement from 6,000,000 units of the Company (each, a “ Unit”) at a price of

$0.10 per Unit for aggregate gross proceeds to the Company of up to $ 600,000 to 7,500,000 Units of the

Company for aggregate gross proceeds of $750,000 (the “Offering”).

Each Unit shall be comprised of one common share in the capital of the Company (each, a “ Share”) and

one half of one common share purchase warrant (each whole warrant, a “ Warrant”), with each Warrant

entitling the holder thereof to purchase one additional common share at an exercise price of $0.25 for a

period of eighteen (18) months from the Closing Date.

The gross proceeds raised from the sale of Units will be used to advance its exploration programs and for

general corporate matters. The Offering will be conducted in all provinces of Canada pursuant to private

placement exemptions. The closing of the Offering is subject to, among other things, the receipt of all

necessary approvals from the TSX Venture Exchange (the “TSXV”).

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the

Offering will be subject to a four (4) month hold period commencing on the Closing Date.

For further information, please contact:

Sean Hurd

Chief Executive Officer

T: 604 505-4554

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities

in the United States. The securities have not been and will not be registered under the United States

Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the

United States or to or for the account or benefit of a U.S. person (as defined in R egulation S under the

United States Securities Act) unless registered under the U.S. Securities Act and applicable state securities

laws or an exemption from such registration is available.

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

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

CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION: This News Release includes

certain "forward -looking statements" which are not comprised of historical facts. Forward looking

statements include estimates and statements that describe the Company’s future plans, objectives or

goals, including words to the effect that the Company or management expects a stated condition or result

to occur. Forward -looking statements may be identified by such terms as “believes”, “anticipates”,

“expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward -looking statements are

based on assumptions and address future events and conditions, by their very nature they involve

inherent risks and uncertainties. Although these statements are based on information currently available

to the Company, the Company provides no assurance that actual results will meet management’s

expectations. Risks, uncertainties and other factors involved with forward -looking information could

cause actual events, results, perf ormance, prospects and opportunities to differ materially from those

expressed or implied by such forward -looking information. Forward looking information in this news

release includes, but is not limited to, the Company’s objectives, goals or future plans , statements,

exploration results, potential mineralization, the estimation of mineral resources, exploration and mine

development plans, timing of the commencement of operations and estimates of market conditions.

Factors that could cause actual results to differ materially from such forward-looking information include,

but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources

to reserves, the inability to complete a feasibility study which recommends a pr oduction decision, the

preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required

governmental, environmental or other project approvals, political risks, inability to fulfill the duty to

accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed

in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity

prices, delays in the development of projects, capital and operating co sts varying significantly from

estimates and the other risks involved in the mineral exploration and development industry, an inability

to complete the Offering on the terms or on the timeline as announced or at all, an inability to predict and

counteract the effects of COVID -19 on the business of the Company, including but not limited to the

effects of COVID -19 on the price of commodities, capital market conditions, restriction on labour and

international travel and supply chains, and those risks set out in the Company’s public documents filed on

SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward -

looking information in this news release are reasonable, undue reliance should not be placed on such

information, which only applies as of the date of this news release, and no assurance can be given that

such events will occur in the disclosed time frames or at all. The Company disclaims any intention or

obligation to update or revise any forward -looking information, whether as a result of new information,

future events or otherwise, other than as required by law.