Mr. Gary Lewis reports

NEVADA SILVER CORPORATION ANNOUNCES CLOSING OF C$3.5 MILLION PRIVATE PLACEMENT OFFERING OF COMMON SHARES AND WARRANTS

Nevada Silver Corp. has completed its previously announced reasonable best efforts marketed private placement. A total of 21,212,000 common shares were sold at a price of 15 cents per common share and a total of 21,212,000 common share purchase warrants were sold at a price of 1.5 cents per warrant for combined gross proceeds of approximately $3.5-million. Each warrant is exercisable to acquire one common share of the company at a price of 25 cents per share until Jan. 5, 2025. The expiry date of the warrants will accelerate in the event the volume-weighted average trading price of the common shares on the TSX Venture Exchange is equal to or exceeds 30 cents per common share for a period of 20 consecutive trading days. If an acceleration event occurs, the warrants will expire 30 days after notice of such acceleration event.

Cormark Securities Inc. acted as sole agent in connection with the offering. The offering also included certain subscribers who settled directly with the company. The net proceeds from the offering will be used by the company in the manner set forth in the company's Form 45-106F19 listed issuer financing document dated Dec. 12, 2022, which was prepared in connection with the offering and was filed under the company's profile on SEDAR and on the company's website.

In connection with the offering, the agent received a cash commission equal to $230,133.75 (excluding proceeds derived from the sale of common shares and warrants to direct settlers). In addition to the cash commission, the agent received 1,394,750 non-transferrable compensation options, which entitle the agent to purchase common shares of the company at a price of 16.5 cents per share, which may be exercised at any time and from time to time until Jan. 5, 2025.

The offering included subscriptions from insiders of the company for an aggregate of 768,167 common shares and 768,167 warrants. This participation by insiders of the company constitutes related-party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). For these transactions, the company has relied on the exemption from the formal valuation requirements contained in Section 5.5(a) of MI 61-101 and has relied on the exemption from the minority shareholder requirements contained in Section 5.7(1)(a) of MI 61-101.

Except for the common shares, all securities issued in connection with the offering are subject to a statutory hold period in accordance with applicable Canadian securities laws until May 6, 2023. The common shares and warrants were sold pursuant to private placement exemptions available in Canada and certain foreign jurisdictions. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the final approval of the TSX-V.

About Nevada Silver Corp.

Nevada Silver is a multicommodity resource company with two exploration projects in the United States. Nevada Silver's principal asset is the Corcoran silver-gold project in Nevada. In addition, Nevada Silver has management and ownership rights over the Emily manganese project in Minnesota, which has been the subject of considerable technical studies, with $24-million (U.S.) invested to date. Both Corcoran and Emily have been the subject of National Instrument 43-101-compliant mineral resource estimates.

We seek Safe Harbor.