Fitzroy Minerals Inc. — Major Shareholding Notification 2021

Jan 25, 2021

NORSEMAN SILVER INC. ANNOUNCES FILING OF EARLY WARNING REPORTS

Vancouver, British Columbia – (January 22, 2021) – This press release is being issued in connection with the filing of early warning reports (the “ Early Warning Repor t”) pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues regarding the change in the ownership and control of common shares (the “ Shares ”) of Norseman Silver Inc. (the “ Company ”) by John Campbell Smyth. The Issuer’s head office address is located at 25th Floor, 700 West Georgia Street, Vancouver, BC V7Y 1B3.

On January 14, 2021, the Company completed a non-brokered private placement financing, pursuant to which Campbell Smyth acquired (the “ Acquisition ”) beneficially ownership or control over 50,000 common shares (“ Shares ”) and 50,000 warrants to purchase Shares (“ Warrants ”).

Prior to the Acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,598,500 Shares and 500,000 options to purchase Shares (“ Options ”), representing approximately 8.75% and 10.27% of the issued and outstanding Shares on an undiluted and diluted basis respectively. Following the Acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,648,500 Shares, 500,000 Options, and 50,000 Warrants representing approximately 7.22% and 8.59% of the issued and outstanding Shares on an undiluted and diluted basis respectively.

Copies of the early warning reports for Mr. Smyth will be filed on the Company’s profile on SEDAR at www.sedar.com and may be obtained by containing the Company at the following address:

Sean Hurd Chief Executive Officer 25[th] Floor, 700 West Georgia Street Vancouver, BC V7Y 1B3 T: 604 505-4554