Final Base Shelf Prospectus Filed

The base shelf prospectus will allow the Company and/or selling security holders to effect offerings of common shares (including by way of an “at-the-market distribution” in accordance with applicable securities laws), preference shares, subscription receipts, warrants, debt securities, units or any combination thereof.

Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) announces that it has filed a final short form base shelf prospectus with, and received a receipt from, the securities regulators in each province of Canada. As previously announced, the base shelf prospectus will allow the Company and/or selling security holders to effect offerings of common shares (including by way of an “at-the-market distribution” in accordance with applicable securities laws), preference shares, subscription receipts, warrants, debt securities, units or any combination thereof up to a maximum amount of $30 million during the 25-month period in which the base shelf prospectus is effective.

Should the Company and/or selling security holders decide to offer securities during the 25-month effective period, the specific terms, including the use of proceeds from any offering, will be set out in a prospectus supplement to the base shelf prospectus, which will be filed with the applicable Canadian securities regulatory authorities.

A copy of the final short form base shelf prospectus is available under Canada Silver Cobalt’s profile on SEDAR at www.sedar.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Canada Silver Cobalt Works Inc.

Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world- class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.

In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.

Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary

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hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.

“Frank J. Basa”

Frank J. Basa, P. Eng. Chief Executive Officer

For further information, contact: Frank J. Basa, P.Eng.

Chief Executive Officer 416-625-2342

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This news release may contain forward-looking statements which include, but are not limited to, comments regarding future financings, if any, pursuant to the short form base shelf prospectus referred to above, and comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, future financings, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company’s Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company’s profile on SEDAR at www.sedar.com.