Vancouver, British Columbia – June 16, 2023 – Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) (“Silver Valley” or the “Company”) is pleased to report it has received conditional approval from TSX Venture Exchange to proceed with the Warrant Exercise Incentive Program (the “Program”), previously announced June 13, 2023.  The Program will commence as of Monday June 19, 2023, and terminate Friday July 7, 2023.

Under the Program, if the warrants that were issued from the Company’s private placement conducted in November 2022 (the “Eligible Warrants”) are exercised prior to 4:00 p.m. (PST time) on July 7, 2023 (the “Incentive Period”), the holders of the Eligible Warrants (the “Warrant Holders”) would receive one (1) additional warrant (an “Incentive Warrant”) in consideration of the early exercise of each Eligible Warrant. Each Incentive Warrant will be exercisable to acquire one (1) common share of the Company at a price of $0.11 per share for a period of two (2) years from the date of issuance. The Company believes this will give existing Warrant Holders a strong incentive to exercise their existing Eligible Warrants. The Incentive Warrants will be subject to a hold period of four months plus one day after the date of distribution.

In the event the Warrant Holder decides not to participate in the Program the Warrant Holder may exercise their Eligible Warrants under the original terms.

Directors and Officers of the Company own or control 576,667 (less than 5%) of Eligible Warrants.  The Company is not aware of any potential new insider position that would be created upon the exercise of the Eligible Warrants nor the Incentive Warrants.

The Company would receive gross proceeds of $1,934,567 from the incentive Program if all Eligible Warrants from the November 2022 placement are exercised. Funds will be used for further exploration expenditures and working capital.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Warrant Exercise Incentive Program within the United States or to, or for the account or benefit of, U.S. Persons (as defined under Regulation S under the U.S. Securities Act).