Mr. Gary Lewis, shareholder, reports

EARLY WARNING PRESS RELEASE

On April 30, 2021, Gary Lewis of 18 Ebsworth Rd., Rose Bay, New South Wales, 2029, Australia, through entities controlled by him, acquired ownership and control of 15.8 million common shares of Nevada Silver Corp. of Suite 800, 365 Bay St., Toronto, Ont., M5H 2V1, and on Jan. 5, 2023, acquired ownership and control over 250,000 common shares and 250,000 common share purchase warrants of the issuer.

Immediately prior to the completion of the acquisition of securities of the issuer on April 30, 2021, the acquirer did not have ownership or control or direction over any securities of the issuer. Immediately following the completion of the acquisition, the acquirer, through its joint actors, had ownership of, and exercised control and direction over, an aggregate of 15.8 million common shares of the issuer, representing approximately 21.7 per cent of the issued and outstanding common shares of the issuer on a diluted and non-diluted basis.

On Jan. 5, 2023, the acquirer, through its joint actors, acquired ownership of, and control and direction over, 250,000 common shares of the issuer and 250,000 warrants of the issuer. Immediately prior to the completion of the acquisition on Jan. 5, 2023, the acquirer had, through its joint actors, ownership and control and direction over 15.8 million common shares of the issuer, representing approximately 21.7 per cent of the issued and outstanding common shares of the issuer on a diluted and non-diluted basis. Immediately following the completion of the acquisition of securities on Jan. 5, 2023, the acquirer, through its joint actors, had ownership of, and exercised control and direction over, an aggregate of 16.05 million common shares of the issuer, representing approximately 17.08 per cent of the issued and outstanding common shares of the issuer on a non-diluted basis and 17.3 per cent of the issued and outstanding common shares on a partially diluted basis. The common shares and warrants of the issuer will be held by the acquirer for investment purposes. The acquirer and his joint actors may, from time to time, take such actions in respect of their holdings in securities of the issuer as the acquirer may deem appropriate in light of the circumstances then existing, including the purchase of additional common shares or other securities of the issuer, or the disposition of all or a portion of his and his joint actors' securityholdings in the issuer in the open market or otherwise, subject in each case to applicable securities laws and the terms of such securities, the whole depending on market conditions, the business and prospects of the issuer, and other relevant factors.

The disclosure in this news release is being issued in accordance with National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report on SEDAR under Nevada Silver's profile. To obtain a copy of the early warning report filed by Mr. Lewis, please contact Mr. Lewis at 416-350-3503 or refer to SEDAR under the issuer's profile.