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Stock Option Repricing

Share Capital & Compensation

Stock Option Repricing

Vancouver, British Columbia April 20 , 202 3. Norseman Silver Inc. (TSXV:NOC)

OTCQB:NOCSF) (“ Norseman” or the “ Company”) announces that , subject to TSX Venture

Exchange approval and disinterested shareholder approval , it is repricing an aggregate of

4,275,000 stock options (“Options”). The repricing does not affect the Options’ current vesting

schedules and does not extend the term of the Options. The 4 ,275,000 existing Options w ill be

repriced from between $0.375 and $0.45 per common share to $0.20 per common share.

About Norseman Silver

Norseman Silver is focused on acquiring, exploring and developing silver assets with upside

potential in the Americas. The Company’s current property portfolio includes the Cariboo, Silver

Vista, Silver Switchback and projects, located in a prolific region in central British Columbia,

Canada, and the Taquetren silver project, located in Rio Negro, Argentina. Norseman Silver’s

shares are listed on the TSX Venture Exchange under the symbol NOC and on the OTCQB under

the symbol NOCSF. Learn more about Norseman Silver at www.norsemansilver.com.

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 Regulation 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.

On behalf of Norseman Silver Inc.

Sean Hurd

President and CEO

For further information, please contact:

Sean Hurd

President and CEO

[email protected]

604-505-4554