Tier One Silver Increases and Closes C$3.36 Million Private Placement

Tier One Silver Increases and Closes C$3.36 Million Private Placement

Vancouver, Canada – May 31, 2022 – Tier One Silver Inc. (TSXV: TSLV, OTCQB: TSLVF) (“Tier One”

or the “ Company”) is pleased to announce that it has increased and completed its non-brokered

private placement, the terms of which were announced May 20, 2022, from C$3.0 million to C$3.36

million through the issuance of 7,464,654 units at an offering price of C$0.45. The Company intends

to use the net proceeds to fund continued exploration at the Company’s portfolio of assets in Peru,

primarily Curibaya, and for general working capital. The securities being issued pursuant to the non-

brokered private placement will be subject to a hold period expiring four months and one day from

the date of issuance in accordance with applicable Canadian securities law and subject to final

approval of the TSX Venture Exchange upon filing standard documentation.

ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.

Peter Dembicki

President, CEO and Director

For further information on Tier One Silver Inc., please contact Natasha Frakes, Vice President of

Communications at (778) 729-0600 or [email protected]

About Tier One

Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery

of world-class silver, gold and base metal depos its in Peru. The Company’s management and technical teams have a strong

track record in raising capital, discovery and monetization of exploration success. The Company’s exploration assets in Peru

include: Hurricane Silver, Coastal Batholith, Corisur and t he flagship project, Curibaya. For more information, visit

www.tieronesilver.com.

Neither the 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.