Bayhorse Silver Inc. — Proxy Solicitation & Information Statement 2025

Jun 5, 2025

BAYHORSE SILVER INC.

BAYHORSE SILVER INC.

(the "Company")

FORM OF PROXY

Annual General Meeting to be held at 10:00 a.m. PDT on July 9, 2025

at 2751 Graham Street, Victoria, BC

(the "Meeting")

Proxies must be received by 10:00 a.m. PDT on July 7, 2025

The undersigned hereby appoints Graeme O'Neill, CEO of the Company, or failing him Donna Moroney, Corporate Secretary of the Company (the "Management Nominees"), or instead of any of them, the following Appointee

Please print appointee name

as proxyholder on behalf of the undersigned with the power of substitution to attend, act and vote for and on behalf of the undersigned in respect of all matters that may properly come before the Meeting and at any adjournment(s) or postponement(s) thereof, in accordance with voting instructions, if any, provided below.

- SEE VOTING GUIDELINES ON REVERSE -
RESOLUTIONS – MANAGEMENT VOTING RECOMMENDATIONS ARE INDICATED BY HIGHLIGHTED TEXT
1. Number of Directors	FOR	AGAINST
To set the number of directors to be elected at the Meeting at four.	☐	☐
2. Election of Directors	FOR	WITHHOLD
a) Graeme O’Neill	☐	☐
b) Mark Abrams	☐	☐
c) Corey Klassen	☐	☐
d) James Walker	☐	☐
3. Appointment of Auditors	FOR	WITHHOLD
Appointment of Charlton and Company, Chartered Professional Accountants as Auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration	☐	☐
4. Resolution	FOR	AGAINST
Ratify and approve the Company’s 2025 Stock Option Plan as more particularly described in the Management Information Circular.	☐	☐

This proxy revokes and supersedes all earlier dated proxies and MUST BE SIGNED

PLEASE PRINT NAME

Signature of registered owner(s) Date (MM/DD/YYYY)

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OLYMPIA TRUST COMPANY

Proxy Voting – Guidelines and Conditions

1. THIS PROXY IS SOLICITED BY MANAGEMENT OF THE COMPANY.
2. THIS PROXY SHOULD BE READ IN CONJUNCTION WITH THE MEETING MATERIALS PRIOR TO VOTING.
3. If you appoint the Management Nominees to vote your securities, they will vote in accordance with your instructions or, if no instructions are given, in accordance with the Management Voting Recommendations highlighted for each Resolution on the reverse. If you appoint someone else to vote your securities, they will also vote in accordance with your instructions or, if no instructions are given, as they in their discretion choose.
4. Each security holder has the right to appoint a person other than the Management Nominees specified herein to represent them at the Meeting or any adjournment or postponement thereof. Such right may be exercised by inserting in the space labeled "Please print appointee name", the name of the person to be appointed, who need not be a security holder of the Company.
5. The proxy confers discretionary authority in respect of amendments or variations to matters identified in the Notice of Meeting or other matters that properly come before the meeting or any adjournment or postponement thereof.
6. To be valid, this proxy should be signed in the exact manner as the name appears on the proxy. If the proxy is not dated, it is deemed to bear the date of its mailing to the security holders of the Company.
7. To be valid, this proxy must be filed using one of the Voting Methods and must be received by Olympia Trust Company before the date noted on the reverse, or in the case of any adjournment or postponement of the Meeting not less than 48 hours (Saturdays, Sundays and holidays excepted) before the time of the adjourned or postponed meeting.
8. Guidelines for proper execution of the proxy are available at www.stac.ca. Please refer to the Proxy Protocol.

Voting Methods

| INTERNET | Go to https://css.olympiatrust.com/pxlogin and enter the 12-digit control number shown above.
To vote using your smartphone, please scan this QR code below: |
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| EMAIL | proxy@olympiatrust.com |
| FACSIMILE | (403) 668-8307 |
| MAIL | Olympia Trust Company
PO Box 128, STN M
Calgary, AB T2P 2H6 |