Mr. John Carter reports

SILVER BULLET MINES CORP. CLOSING OF OVERSUBSCRIBED FINANCING

On March 25, 2022, Silver Bullet Mines Corp. extended the closing on the final tranche of its previously announced financing. The company has now closed on the final round of the financing. The gross cash proceeds from the financing is $2,718,903.

"We thank the shareholders for their continued faith in our business plan and in our ability to execute on it," said A. John Carter, Silver Bullet's chief executive officer. "We had planned certain capital expenditures for some months out to improve the recovery rates for silver and copper at our mill in Arizona. The strength of the financing empowers us to makes those expenditures now, which we expect will increase anticipated revenue and cash flow."

The oversubscribed total represents 6,797,258 units, with each unit priced at 40 cents. Each unit consists of one common share and one full 60-cent warrant with a 24-month term, with each such warrant being exercisable into a common share. There is no acceleration clause on such warrants.

The financing had an original minimum-maximum of $500,000 and $2-million, respectively. The financing was oversubscribed by more than 35 per cent of the original maximum.

In connection with the financing, a total of 79,130 broker warrants were issued as referral fees to registrants, with such warrants having the same characteristics as those issued in the financing. A total of $73,352 was also paid in cash as referral fees.

An insider of the company participated in the financing which is a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company relies upon the exemptions contained in MI 61-101 in sections 5.5 and 5.7.

We seek Safe Harbor.