Mr. Mike Power reports

SILVER RANGE RESOURCES LTD. ANNOUNCES PRIVATE PLACEMENT

Silver Range Resources Ltd. has arranged a non-brokered private placement of up to six million units at a price of 15 cents per unit for total proceeds of up to $900,000. Each unit will consist of one common share and one-half of one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of 30 cents for a period of two years from closing.

This private placement is subject to regulatory acceptance and is expected to close by Feb. 28, 2023, and may be closed in tranches. The proceeds will be used to finance further exploration in southwestern United States and for working capital purposes.

Planned 2023 exploration includes:

• Trenching at Steptoe in eastern Nevada to follow up on the discovery of a significant mineralized jasperoid breccia announced Nov. 17, 2022;
• Underground mapping and sampling at East Goldfield and Bankroll properties;
• Trenching high-grade veins at Cambridge;
• Surface exploration at Tule Canyon (Roughrider and Strongbox properties), where 2022 sampling returned up to 1,420 grams per tonne silver;
• Generative exploration in Nevada, Arizona and Utah.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 45 properties, 13 of which are currently optioned to others. Four other projects have been converted to royalty interests. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.