High-Grade Silver Tailings Testing at TTL

The installation of the gravity pilot plant at Temiskaming Testing Labs will be commissioned to optimize plant performance. It is designed to process high-grade stamp mill tailings and waste rock into concentrate feed for the Re-2Ox process.

Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTCQB: CWOF) (Frankfurt:4T9B) (Canada Silver Cobalt or the Company) is pleased to announce that the company will begin testing high-grade stamp mill tailings from the Beaver mine and the Castle mine once commissioning of the gravity pilot plant is complete. The testing is expected to begin within 4 weeks.

Highlights

• Company owns two of the three known high-grade silver stamp mill tailings in the Cobalt camp.

• Beaver tailings were sonic drilled by the company last year with silver grades from 314 to 14 grams per tonne. A total of 354 meters of sonic drilling in 127 holes was undertaken (see Press Release February 5, 2021).

• The reintegrated Re-2Ox process will be tested for the recovery of silver from the gravity concentrate.

Canada Silver Cobalt Works CEO Frank J. Basa, P.Eng., states,

“The company will be emulating a successful historical development and business model used by previous mining companies in the Cobalt Camp that will potentially provide low-cost concentrate feed for the reintegrated Re-2Ox process.”

Gravity Pilot Plant

The gravity pilot plant is closed loop with a water recycle step. It is a two-stage gravity process. The primary step is a spiral concentrator feeding the concentrate to a conventional gravity table. The company has ordered a third gravity concentrating piece of equipment and envisions it to be placed between the spiral and gravity table. The gravity pilot plant is designed to operate at one tonne per hour of high-grade silver tailings.

Stamp Mill Tailings

Once the high-grade silver ore was hand-cobbed from the mines, the lower-grade ore was processed by a simple process of crushing the rock with stamps. The stamps were heavy iron hammers that were dropped onto the ore to release the high-grade native silver from the waste rock. Banks of these stamps were lined up into one line in the machine and were lifted by cams and then dropped onto the silver ore. Water was the only other requirement that was used in the process. A very simple and effective process in that time to recover the high-grade native silver. The limitation of the process was that it could not recover the silver in the sulfides. This is the portion which the gravity pilot plant will potentially recover.

Qualified person

The technical information in this news release has been reviewed by Frank J. Basa, P.Eng., a member of the Professional Engineers of Ontario, and is a qualified person in accordance with the National Instrument 43-101 standards.

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 silvercobalt 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 43101 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.

CCW has 39,017.96 hectares of electric vehicle (EV) battery metals exploration properties (containing nickel, copper and cobalt) with 15 properties in Quebec and 1 in Northern Ontario. Exploration is underway at the Graal massive sulphide formation in Northern Quebec. Drill core has been encouraging with initial XRF results up to 2.79% nickel and 25.68% copper in hole NRC 21 03; lab results are still pending.

Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property and recently acquired properties in Ontario and Quebec 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 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 and battery metals. 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 the Offering and comments that involve other future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the Offering, 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. No assurance can be given that the Offering will close on the terms and conditions set out in this news release or at all. 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.