Vancouver, British Columbia--(Newsfile Corp. - September 24, 2026) - Tier One Silver Inc. (TSXV: TSLV) (OTCQB: TSLVF) (FSE: TOV0) ("Tier One" or the "Company") announces that further to the Company's news release dated August 13, 2026, the Company, in consultation with 3L Capital Inc., as lead agent and on behalf of a syndicate of agents (collectively, the "Agents") including Ventum Financial Corp is amending the size of its unit financing (the "Offering") to minimum gross proceeds of C$7.4 million and a maximum of C$9.0 million, subject to the Over-Allotment Option. The Over-Allotment Option has been amended to grant the Agents the option to offer for sale up to an additional C$4.5 million worth of units at a price of C$0.07 per unit, being the same issue price as the units sold under the Offering, exercisable in whole or in part, at any time until 48 hours prior to the closing of the Offering. In the event that the Over-Allotment Option is exercised in full, the maximum size of the Offering would be C$13.5 million.
The Offering will otherwise proceed on the same terms as previously disclosed. The closing of the Offering is interdependent upon the concurrent execution of the agreement to conditionally acquire 70% of the shares of Compañía Minera Ruta de Cobre S.A. ("CMRDC"). The Company's June 30, 2026 news release describes the proposed agreement to acquire 70% of the outstanding CMRDC common shares, completion of which is now targeted for October 8, 2026.
The Company plans to use US$1.8 million of the net proceeds of the Offering to fund the initial purchase payment requirements of the CMRDC transaction. Remaining net proceeds of the financing are to be used to establish local Ecuadoran exploration operations, commence selective re-logging sections of the 136 thousand meters of drill core to confirm validity of the data set, maintain the corporate status of CMRDC and its mineral concessions that constitute the CMRDC project in good standing, and cover general corporate costs for six (6) months. Additionally, proceeds will be used towards legal activities targeted at both converting the legal status of CMRDC project's mineral concessions to the small miner category, which is expected to extend their term and reduce holding costs, as well the legal costs of applying to lift the voluntary force majeure status on the CMRDC project which CMRDC requested in 2022.
The CMRDC copper-molybdenum project is one of South America's largest greenfield mineral projects. Tier One believes that the CMRDC project stands to benefit from a recent regulatory change in Ecuador that is favourable to mineral exploration. On June 24, 2026, Ecuador's Agencia de Regulación y Control Minero ("ARCOM") exempted qualifying exploration-stage concessions from the annual Mining Supervision and Control Fee, which immediately reduced the holding costs associated with the CMRDC project.