Tier One Silver Inc.

The Curibaya property is comprised of approximately 16,800 hectares situated in a copper porphyry belt that hosts some of Peru's largest porphyry deposits, including Freeport McMoRan's Cerro Verde deposit, Southern Copper's Cuajone and Toquepala deposits and Anglo Americans Quellaveco deposit. The project is the first major epithermal occurrence in this belt, which covers the regional Incapuquio fault zone and subsidiary structures, which are interpreted as one of the fundamental controls for both epithermal and porphyry styles of mineralization within the region. Importantly, the licenses host a number of cross structures to the Incapuquio fault zone that are considered highly prospective. Initial surface sampling programs at Curibaya returned numerous high-grade samples of silver, gold and copper over a 4 kilometre (km) x 5 km alteration system. The 2021 maiden drill program has returned multiple significant intercepts, including 1.5 metres (m) of 1,129 g/t silver, 1.04 g/t Au in a larger interval of 7 m of 272 g/t Ag, 0.33 g/t Au and 1 m of 1,431 g/t Ag, 0.39 g/t Au within a broader interval of 1.5 m of 965 g/t Ag, 0.26 g/t Au. The Curibaya project is located 48 km north-northeast of the provincial capital, Tacna, and is accessible by road in 1.5 hours.