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SUN SILVER LIMITED Capital/Financing Update 2024

Aug 1, 2024

65861_rns_2024-08-01_86391c27-eb8e-4632-99be-7a7ff32dfed2.pdf

Capital/Financing Update

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2 nd August 2024

Extensional drilling intersects high-grade silver up to 296g/t in pXRF readings

Inaugural drilling campaign intersects silver mineralisation in step-out hole, confirming extension of high-grade zone outside of Resource

Highlights:

  • Extensional hole MR24-186 intersected average pXRF readings of 119g/t Ag over 10.67m from 246.89m including:
    • o pXRF reading of 296g/t Ag over 1.5m from 249.94m
  • Intercept in MR24-186 is located 115m outside of historical drill intercepts, confirming highgrade mineralisation extends to the northwest
  • Drill hole MR24–188 has also intersected 54.86m of silver mineralisation from 193.55m including pXRF readings of up to 213g/t Ag over 1.5m
  • MR24–188 intercept is within the targeted high-grade zone and confirms historical drill results which show mineralisation is considerably thicker in the northwest section of the Resource area
  • Results from both holes have been sent to American Assay Labs (AAL) in Reno for testing
  • pXRF analysis also returned elevated readings of up to 1,459ppm antimony (Sb), classified a critical mineral by the United States
  • Drilling continues focused on step-out targets further to the northwest of the Resource boundary

INVESTOR PRESENTATION*:*

Sun Silver Executive Director, Gerard O'Donovan, will be presenting at a silver-focused investor lunch in Kalgoorlie on Tuesday 6th August 2024. For more information, and to secure your free registration, click here.

Sun Silver Limited (ASX Code: "SS1") ("Sun Silver" or "the Company") is pleased to advise that its inaugural drill program at the globally significant Maverick Springs Silver-Gold Project in Nevada, USA ("Maverick Springs Project" or "the Project"), has intersected high-grade silver mineralisation of up to 296g/t Ag over 1.5m based on pXRF (portable X-ray fluorescence) readings in its first extensional hole MR24-186.

The Maverick Springs Project, which is located proximal to the prolific Carlin Trend known for low-cost mining and processing, hosts a JORC Inferred Mineral Resource of 125.4Mt grading 43.5g/t Ag and 0.34g/t Au for 175.7Moz of contained silver and 1.37Moz of contained gold (292Moz of contained silver equivalent)1 .

This intercept from the first extensional hole of the program is significant, as it confirms Sun Silvers theory that high-grade mineralisation extends to the northwest beyond the existing Resource, as indicated by historical data review and geochemical field works.

Along with the success of this extensional drilling, Sun Silver has also confirmed the presence of thick mineralisation in the northern section of the current Resource through a 56.4m intercept in MR24–188. This intercept in hole MR24-188, which is located within the recently defined high-grade target zone in the northwestern section of the current Resource area2 , confirms the presence of a wide mineralised zone and provides geological confidence in historical works for the purposes of Resource classification upgrades. The 7,500m inaugural drilling program at Maverick Springs is ongoing.

Mineralisation guidance has been confirmed in the field with Sun Silver geologists testing drill material in real time utilising handheld pXRF technology. This enables the field team to make immediate decisions on the ground to help inform drilling strategies. The portable XRF readings are indicative of grade and mineralisation, but do not represent quantitative laboratory derived assay grades. The pXRF readings are a guide to mineralisation only and is limited to the accuracy of the XRF device. All drill intercepts reported will be sent for analysis by an independent laboratory.

These are the first mineralised zones intersected in the 2024 drill campaign and lithological interpretation by the on-site geologist remains ongoing. Initial observations describe the intersections as highly fractured, oxidised and silicified sedimentary unit likely from the Rib Hill formation.

Silver or gold mineralisation is not visible to the naked eye, but intermittent oxidised sulphides have been observed in drill chips. At this stage their relationship to grade is not known. The portable XRF analysis is used to define the mineralised zone by silver, arsenic and antimony levels which appear anomalous compared to the rest of the hole. The portable XRF analysis of silver has not yet been quantified by assay results and calibration will be ongoing with the receival of assay results. The results do however highlight the mineralised zone and indicate silver mineralisation grades. The bolded mineralised interval average grade below is the average result of three repeat readings taken per sample interval. An overview of the portable XRF results is tabulated below.

From (ft) To (ft) Interval (ft) From (m) To (m) Interval (m) Ag (ppm avg) As (ppm avg) Sb (ppm avg)
0 810 810 0 246.89 246.89 0 30 2
810 845 35 246.89 257.56 10.67 119 97 659
845 965 120 257.56 294.13 36.58 1 152 87

Table 1 - Preliminary portable XRF results from 5ft RC drilling samples for MR24-186

To (ft) Interval (ft) From (m) To (m) Interval (m) Ag (ppm avg) As (ppm avg) Sb (ppm avg)
630 630 0 193.55 193.55 0 40 4
815 185 193.55 248.41 54.86 26 246 151
880 65 248.41 268.22 19.81 0 108 362

Table 2 - Preliminary portable XRF results from 5ft RC drilling samples for MR24-188

1 Refer to the Company's Replacement Prospectus dated 17 April 2024

2 Refer to ASX announcement dated 18 June 2024.

The high-grade target zone was defined as part of an ongoing comprehensive review of historical data, drill material and recent field activities. During these reviews, the team has uncovered exceptional high-grade silver intervals in multiple historical drill-holes of up to 6,216g/t silver (Ag) 3 , including:

  • 1.5m at 6,216g/t Ag from 241m in MR06-167
  • 1.5m at 5,399g/t Ag from 204m in MR06-166
  • 1.5m at 5,340g/t Ag from 239m in MR08-182

These zones are significant as they lie on the north-western boundary of the defined mineralised zone and the grades and intercept widths are significantly larger than the average grades and intercepts of the current JORC modelled Mineral Resource. MR24-188 was designed as a twin hole of MR06-167 to test historical drill results as part of the Company's quality assurance checks. Recent fieldwork has identified rocky outcrops and pathfinder elements up to 1.2km from the currently defined mineralisation boundary in the northwest, supporting the Company's theory that potential Resource extensions may be located in this area4 .

Figure 1 – Alford RC Drill Rig at Maverick Springs

3 Refer to ASX announcement dated 18 June 2024.

4 Refer to ASX announcement dated 12 June 2024

Figure 2 – Chip tray with pXRF grades highlighted for MR24 – 186 & MR24 - 188.

Figure 3 -Drill hole location plan

Sun Silver Executive Director, Gerard O'Donovan, said*:*

"Intersecting extensional mineralization with high grade pXRF readings in the first hole confirms our theory that a significant thick zone of mineralization exists and extends in the northwest. The exploration team is excited to be drilling the next targets."

Maverick Springs Project

Sun Silver's cornerstone asset, the Maverick Springs Project, is located 85km from the fully serviced mining town of Elko in Nevada and is surrounded by several world-class gold and silver mining operations including Barrick's Carlin Mine.

Figure 4 – Sun Sliver's Maverick Springs asset location and surrounding operators.

Nevada is a globally recognised mining jurisdiction which was rated as the Number 1 mining jurisdiction in the world by the Fraser Institute in 2022.

The Project, which is proximal to the prolific Carlin Trend, hosts a JORC Inferred Mineral Resource of 125.4Mt grading 43.5g/t Ag and 0.34g/t Au for 175.7Moz of contained silver and 1.37Moz of contained gold (292Moz of contained silver equivalent).

A total of ~200 holes for ~60,000 metres of drilling has been completed at the Project to date, covering an area representing only ~20% of the property.

The deposit itself remains open along strike and at depth, with multiple mineralised intercepts located outside of the current Resource constrained model**5** .

This announcement is authorised for release by the Board of Sun Silver Limited.

ENDS

For more information:

Investors: Gerard O' Donovan Executive Director Sun Silver [email protected] Media: Nicholas Read Read Corporate P: +61 419 929 046 E: [email protected]

5 Refer to the Company's Replacement Prospectus dated 17 April 2024.

Forward-looking statements

This announcement may contain certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters (Forward Statements) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward-looking words such as "anticipate", "estimate", "will", "should", "could", "may", "expects", "plans", "forecast", "target" or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of the Company. The Company can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the Company, its directors, employees, agents or advisers represent or warrant that such Forward Statements will be achieved or prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this announcement. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties. The Company does not undertake any obligation to release publicly any revisions to any "forward- looking statement" to reflect events or circumstances after the date of this announcement, except as may be required under applicable laws.

Competent Person Statement

The Exploration Results reported in this announcement are based on, and fairly represent, information and supporting documentation reviewed, and approved by Mr Brodie Box, MAIG. Mr Box is a geologist and has adequate professional experience with the exploration and geology of the style of mineralisation and types of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Box consents to the form and context in which the Exploration Results are presented in this announcement.

Competent Person Statement – Previous Results

The information in this announcement that relates to exploration results or estimates of mineral resources at the Maverick Springs Project is extracted from the Company's Replacement Prospectus dated 17 April 2024 (Prospectus) and the ASX announcements dated 12 June 2024 and 18 June 2024 (Original Announcements). The Company confirms that it is not aware of any new information or data that materially affects the information contained in the Prospectus or Original Announcements and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the Prospectus continue to apply and have not materially changed.

Appendix 1 – Drill Collar Position

Hole ID Depth (m) Easting (m) Northing (m) Elevation (m) Azimuth Dip Drill Year
MR24-186 294 644343 4444874 2245 0 -90 2024
178
MR24-187 (incomplete) 644422 4444785 2225 120 -70 2024
MR24-188 268 644426 4444791 2225 0 -90 2024

NAD 83 UTM Zone 11N

Appendix 2 – pXRF results

Hole ID Type From_Ft To_ft Ag Ag2 Ag3 As As2 As3 Sb Sb2 Sb3 Cu Fe% Ni Pb Zn
MR24-186 RC 0 5 0 235 0 0 2.19 0 0 40
MR24-186 RC 5 10 0 57 0 0 0.45 0 0 24
MR24-186 RC 10 15 0 56 0 0 0.37 0 14 30
MR24-186 RC 15 20 0 29 0 0 0.16 0 0 10
MR24-186 RC 20 25 0 30 0 0 0.18 0 0 22
MR24-186 RC 25 30 0 30 0 0 0.31 0 0 0
MR24-186 RC 30 35 0 19 0 0 0.09 0 0 0
MR24-186 NS 35 40
MR24-186 RC 40 45 0 38 0 0 0.21 0 0 0
MR24-186 RC 45 50 0 22 0 0 0.16 0 0 0
MR24-186 RC 50 55 0 97 0 0 0.65 0 10 21
MR24-186 RC 55 60 0 28 0 0 0.16 0 0 22
MR24-186 RC 60 65 0 58 0 0 0.27 0 0 27
MR24-186 RC 65 70 0 169 0 0 1.98 0 0 131
MR24-186 RC 70 75 0 41 0 0 0.23 0 0 9.5
MR24-186 RC 75 80 0 68 0 0 0.33 0 0 34
MR24-186 RC 80 85 0 16 0 0 0.11 0 0 15
MR24-186 RC 85 90 0 51 0 0 0.80 0 0 49
MR24-186 RC 90 95 0 47 0 0 0.45 0 0 28
MR24-186 RC 95 100 0 17 0 0 0.23 0 7.3 22
MR24-186 RC 100 105 0 8.5 0 0 0.08 0 0 0
MR24-186 RC 105 110 0 9.1 0 0 0.13 0 0 0
MR24-186 RC 110 115 0 16 0 0 0.12 0 0 7.1
MR24-186 RC 115 120 0 17 0 0 0.17 0 0 12
MR24-186 RC 120 125 0 9.2 0 0 0.08 0 0 0
MR24-186 RC 125 130 0 29 0 0 0.22 0 0 26
MR24-186 RC 130 135 0 43 0 0 0.53 0 9.2 121
MR24-186 RC 135 140 0 29 0 0 0.21 0 0 44
MR24-186 RC 140 145 0 20 0 0 0.15 0 0 34
MR24-186 RC 145 150 0 20 0 0 0.11 0 10 48
MR24-186 RC 150 155 0 22 0 0 0.17 0 0 14
MR24-186 RC 155 160 0 33 0 0 0.14 0 0 22
MR24-186 RC 160 165 0 28 0 0 0.16 0 0 18
MR24-186 RC 165 170 0 20 119 0 0.10 0 0 14
MR24-186 RC 170 175 0 68 0 0 0.73 0 0 52
MR24-186 RC 175 180 0 17 0 0 0.08 0 11 20
MR24-186 RC 180 185 0 0 0 0 0.14 0 0 24
MR24-186 RC 185 190 0 16 0 0 0.10 0 0 26
MR24-186 RC 190 195 0 7.3 0 0 0.07 0 0 0
MR24-186 RC 195 200 0 8.6 0 0 0.13 0 0 20
MR24-186 RC 200 205 0 11 0 0 0.32 0 0 21
MR24-186 RC 205 210 0 9 0 0 0.05 0 0 10
MR24-186 RC 210 215 0 28 0 0 0.30 0 0 34
MR24-186 RC 215 220 0 6.6 0 0 0.14 0 0 17

Hole ID Type From_Ft To_ft Ag Ag2 Ag3 As As2 As3 Sb Sb2 Sb3 Cu Fe% Ni Pb Zn
MR24-186 RC 220 225 0 16 0 0 0.38 0 0 26
MR24-186 RC 225 230 0 0 0 0 0.09 0 0 15
MR24-186 RC 230 235 0 0 0 0 0.11 0 0 22
MR24-186 RC 235 240 0 12 0 0 0.44 0 0 32
MR24-186 RC 240 245 0 22 0 0 0.81 0 11 33
MR24-186 RC 245 250 0 13 0 0 0.31 44 9.7 36
MR24-186 RC 250 255 0 8 0 40 0.15 0 0 28
MR24-186 RC 255 260 0 12 0 0 0.13 0 0 28
MR24-186 RC 260 265 0 0 0 0 0.11 0 0 0
MR24-186 RC 265 270 0 71 0 0 1.15 28 0 70
MR24-186 RC 270 275 0 0 0 0 0.16 0 16 14
MR24-186 RC 275 280 0 16 0 0 0.53 29 9.9 38
MR24-186 RC 280 285 0 0 0 0 0.07 0 0 15
MR24-186 RC 285 290 0 24 0 21 0.66 0 0 41
MR24-186 RC 290 295 0 9.6 0 0 0.46 0 0 39
MR24-186 RC 295 300 0 49 0 0 1.53 54 10 83
MR24-186 RC 300 305 0 19 0 0 0.74 43 0 34
MR24-186 RC 305 310 0 0 0 0 0.23 0 0 0
MR24-186 RC 310 315 0 19 0 0 0.54 0 0 33
MR24-186MR24-186 RCRC 315320 320325 00 7.531 00 00 0.350.74 034 7.910 2029
MR24-186 RC 325 330 0 23 0 0 0.83 34 8.7 24
MR24-186 RC 330 335 0 24 0 0 0.86 30 9.8 48
MR24-186 RC 335 340 0 25 0 0 0.93 0 7.2 31
MR24-186 RC 340 345 0 9.2 0 0 0.49 0 8.9 23
MR24-186 RC 345 350 0 12 0 0 0.58 29 8.5 43
MR24-186 RC 350 355 0 32 0 0 1.53 48 13 51
MR24-186 RC 355 360 0 16 0 0 0.56 0 8.4 25
MR24-186 RC 360 365 0 16 0 21 0.55 0 7.4 20
MR24-186 RC 365 370 0 9.4 0 0 0.39 0 0 23
MR24-186 RC 370 375 0 0 0 0 0.30 0 0 0
MR24-186 RC 375 380 0 11 0 0 0.57 0 0 17
MR24-186 RC 380 385 0 8.1 0 0 0.61 0 0 16
MR24-186 RC 385 390 0 10 0 0 0.34 0 0 13
MR24-186 NS 390 395
MR24-186 RC 395 400 0 12 0 0 0.29 0 0 25
MR24-186 RC 400 405 0 0 0 0 0.06 0 0 0
MR24-186 RC 405 410 0 0 0 0 0.19 0 0 0
MR24-186 RC 410 415 0 28 0 0 0.98 34 12 15
MR24-186 RC 415 420 0 11 0 0 0.45 0 0 13
MR24-186MR24-186 RCRC 420425 425430 00 9.80 00 00 0.250.80 00 013 1428
MR24-186 RC 430 435 0 28 0 32 0.68 0 15 27
MR24-186 RC 435 440 0 6.8 0 0 0.26 26 0 13
MR24-186 RC 440 445 0 0 0 0 0.09 0 0 0
MR24-186 NS 445 450
MR24-186 NS 450 455
MR24-186 NS 455 460
MR24-186 RC 460 465 0 0 0 0 0.15 0 0 0
MR24-186 RC 465 470 0 11 0 0 0.26 0 0 0
MR24-186 RC 470 475 0 4.5 0 0 0.22 0 0 10
MR24-186 NS 475 480
MR24-186 RC 480 485 0 0 0 0 0.12 0 0 0
MR24-186 NS 485 490
MR24-186 RC 490 495 0 0 0 0 0.29 0 0 17
MR24-186 RC 495 500 0 7.1 0 0 0.21 0 0 20
MR24-186 RC 500 505 0 0 0 0 0.17 0 0 0
MR24-186 RC 505 510 0 0 0 0 0.20 0 0 18
MR24-186 RC 510 515 0 8.4 0 0 0.17 0 0 18

Hole ID Type From_Ft To_ft Ag Ag2 Ag3 As As2 As3 Sb Sb2 Sb3 Cu Fe% Ni Pb Zn
MR24-186 RC 515 520 0 0 0 0 0.17 0 0 24
MR24-186 RC 520 525 0 0 0 0 0.34 0 0 29
MR24-186 RC 525 530 0 0 0 0 0.19 0 0 0
MR24-186 RC 530 535 0 0 0 0 0.20 0 0 0
MR24-186 RC 535 540 0 7.1 0 0 0.26 0 0 0
MR24-186 RC 540 545 0 22 0 0 0.37 0 0 25
MR24-186 RC 545 550 0 12 0 0 0.44 0 0 17
MR24-186 RC 550 555 0 7.8 0 0 0.31 0 0 15
MR24-186 RC 555 560 0 22 0 0 0.45 0 0 0
MR24-186 RC 560 565 0 17 0 0 0.38 0 0 0
MR24-186 RC 565 570 0 21 0 0 0.43 0 0 0
MR24-186 RC 570 575 0 9.4 0 0 0.36 0 0 0
MR24-186 RC 575 580 0 5 0 0 0.28 0 0 12
MR24-186 RC 580 585 0 0 0 0 0.31 0 0 15
MR24-186 RC 585 590 0 0 0 0 0.75 0 0 22
MR24-186 RC 590 595 0 0 0 0 0.60 0 0 0
MR24-186 RC 595 600 0 0 0 0 0.54 0 0 14
MR24-186 RC 600 605 0 6.7 0 0 0.46 0 0 16
MR24-186 RC 605 610 0 32 0 0 0.50 0 0 32
MR24-186 NS 610 615
MR24-186 NS 615 620
MR24-186 NS 620 625
MR24-186 NS 625 630
MR24-186 RC 630 635 0 17 0 0 0.37 34 0 17
MR24-186 RC 635 640 0 61 0 0 0.59 27 6.9 35
MR24-186 RC 640 645 0 70 0 0 0.33 0 0 20
MR24-186 RC 645 650 0 66 0 0 0.50 0 0 15
MR24-186 RC 650 655 0 53 0 0 0.41 0 0 38
MR24-186 RC 655 660 0 86 0 0 0.49 0 8 19
MR24-186 RC 660 665 0 35 0 0 0.24 0 0 0
MR24-186 RC 665 670 0 20 0 0 0.21 0 12 22
MR24-186 RC 670 675 0 112 0 0 0.70 0 0 37
MR24-186 RC 675 680 0 60 0 0 0.42 0 0 20
MR24-186 RC 680 685 0 39 0 0 0.30 38 0 20
MR24-186 RC 685 690 0 22 0 0 0.34 0 0 18
MR24-186 RC 690 695 0 55 0 0 0.49 0 8.5 19
MR24-186 RC 695 700 0 60 0 40 0.38 0 0 0
MR24-186 RC 700 705 0 15 0 0 0.22 0 0 13
MR24-186 RC 705 710 0 15 0 0 0.17 0 6.1 12
MR24-186 RC 710 715 0 56 0 0 0.41 0 0 25
MR24-186 RC 715 720 0 39 0 0 0.41 0 10 36
MR24-186 RC 720 725 0 30 0 0 0.23 0 11 13
MR24-186 RC 725 730 0 31 0 0 0.20 0 0 23
MR24-186 RC 730 735 0 31 0 0 0.27 0 0 13
MR24-186 RC 735 740 0 14 0 0 0.18 0 8.5 26
MR24-186 RC 740 745 0 32 0 0 0.39 0 6.5 33
MR24-186 RC 745 750 0 68 0 0 0.53 33 0 22
MR24-186 RC 750 755 0 14 0 0 0.10 0 0 0
MR24-186 RC 755 760 0 73 0 0 0.52 39 0 42
MR24-186 RC 760 765 0 173 0 0 0.86 41 0 27
MR24-186 RC 765 770 0 46 0 0 0.28 0 0 19
MR24-186 RC 770 775 0 102 0 0 0.46 0 0 20
MR24-186 RC 775 780 0 67 0 0 0.40 0 0 23
MR24-186 RC 780 785 0 103 50 0 0.67 22 0 64
MR24-186 RC 785 790 0 86 0 0 0.48 0 0 47
MR24-186 RC 790 795 0 78 33 0 0.52 27 0 66
MR24-186 RC 795 800 0 108 77 0 0.48 38 0 0
MR24-186 RC 800 805 0 120 47 0 0.84 38 11 10
MR24-186 RC 805 810 0 109 0 0 0.24 0 0 0

Hole ID Type From_Ft To_ft Ag Ag2 Ag3 As As2 As3 Sb Sb2 Sb3 Cu Fe% Ni Pb Zn
MR24-186 RC 810 815 70 31 72 125 50 64 589 699 1011 51 0.24 0 11 10
MR24-186 RC 815 820 151 200 168 102 59 300 767 591 802 51 0.24 0 8.2 0
MR24-186 RC 820 825 232 334 322 73 72 86 574 555 552 31 0.11 0 86 0
MR24-186 RC 825 830 245 175 151 174 103 90 2498 1126 754 77 0.29 0 22 16
MR24-186 RC 830 835 51 82 80 48 65 62 215 185 197 24 0.06 0 5.3 0
MR24-186 RC 835 840 33 33 37 74 83 82 245 282 262 43 0.06 0 0 0
MR24-186 RC 840 845 9.2 9.1 8.7 119 103 105 293 928 708 19 0.18 0 0 11
MR24-186 RC 845 850 0 194 281 0 0.15 0 0 11
MR24-186 RC 850 855 0 104 193 0 0.19 0 0 0
MR24-186 RC 855 860 0 85 84 0 0.08 0 0 0
MR24-186 RC 860 865 0 777 276 0 2.42 0 0 0
MR24-186 RC 865 870 0 185 244 0 0.08 0 0 0
MR24-186 RC 870 875 0 134 96 0 0.25 0 0 0
MR24-186 RC 875 880 0 422 153 0 1.20 0 0 0
MR24-186 RC 880 885 0 307 221 0 0.92 0 0 0
MR24-186 RC 885 890 14 403 264 0 4.56 0 0 0
MR24-186 RC 890 895 0 167 135 0 0.36 0 0 8.7
MR24-186 RC 895 900 0 94 0 0 0.21 0 0 0
MR24-186 RC 900 905 0 23 0 0 0.04 0 0 0
MR24-186 RC 905 910 0 172 43 0 0.64 0 0 0
MR24-186 RC 910 915 0 357 98 0 2.26 24 0 0
MR24-186 RC 915 920 0 56 0 0 0.28 0 8.3 0
MR24-186 RC 920 925 0 17 0 0 0.04 0 0 0
MR24-186 RC 925 930 0 11 0 0 0.04 0 0 0
MR24-186 RC 930 935 0 13 0 0 0.02 0 0 0
MR24-186 RC 935 940 0 7 0 0 0.02 0 0 0
MR24-186 RC 940 945 0 42 0 0 0.06 0 0 0
MR24-186 RC 945 950 0 12 0 0 0.04 0 0 0
MR24-186 RC 950 955 0 25 0 0 0.04 0 0 0
MR24-186 RC 955 960 0 15 0 0 0.04 0 0 0
MR24-186 RC 960 965 0 15 0 0 0.05 0 0 0
MR24-188 RC 0 5 0 52 0 0 0.32 0 0 0
MR24-188 RC 5 10 0 131 0 0 0.69 0 0 27
MR24-188 RC 10 15 0 17 0 0 0.06 0 0 0
MR24-188 RC 15 20 0 139 0 0 0.57 0 0 20
MR24-188 RC 20 25 0 62 0 0 0.22 0 0 16
MR24-188 RC 25 30 0 34 0 0 0.15 0 0 0
MR24-188 RC 30 35 0 127 0 0 0.46 0 0 24
MR24-188 RC 35 40 0 35 0 0 0.24 0 0 27
MR24-188 RC 40 45 0 69 0 0 0.40 0 10 19
MR24-188 RC 45 50 0 46 0 0 0.26 0 0 31
MR24-188 RC 50 55 0 40 0 0 0.20 0 0 10
MR24-188 RC 55 60 0 41 0 0 0.17 0 7.3 19
MR24-188 RC 60 65 0 46 0 0 0.19 0 0 18
MR24-188 RC 65 70 0 78 0 0 0.42 0 0 19
MR24-188 RC 70 75 0 26 0 0 0.13 0 0 0
MR24-188 RC 75 80 0 8.8 0 0 0.04 0 0 0
MR24-188 RC 80 85 0 56 0 0 0.25 0 0 11
MR24-188 RC 85 90 0 36 0 0 0.19 0 0 35
MR24-188 RC 90 95 0 35 0 0 0.15 0 0 0
MR24-188 RC 95 100 0 39 0 0 0.21 0 0 14
MR24-188 RC 100 105 0 59 0 0 0.55 20 0 34
MR24-188 RC 105 110 0 31 0 0 0.14 0 0 26
MR24-188 RC 110 115 0 60 0 0 0.31 0 0 11
MR24-188 RC 115 120 0 105 0 0 0.52 0 0 25
MR24-188 RC 120 125 0 54 0 0 0.25 0 0 24
MR24-188 RC 125 130 0 51 0 0 0.40 0 0 32
MR24-188 RC 130 135 0 22 0 0 0.20 0 0 17
MR24-188 RC 135 140 0 0 0 0 0.14 0 0 19

Hole ID Type From_Ft To_ft Ag Ag2 Ag3 As As2 As3 Sb Sb2 Sb3 Cu Fe% Ni Pb Zn
MR24-188 RC 140 145 0 13 0 0 0.25 0 0 26
MR24-188 RC 145 150 0 5.8 0 0 0.13 0 0 15
MR24-188 RC 150 155 0 12 0 0 0.22 0 0 22
MR24-188 RC 155 160 0 9.6 0 0 0.26 0 0 22
MR24-188 RC 160 165 0 0 0 0 0.11 0 0 8.5
MR24-188 RC 165 170 0 7.9 0 0 0.12 0 0 15
MR24-188 RC 170 175 0 7.2 0 0 0.09 0 0 15
MR24-188 RC 175 180 0 14 0 0 0.22 0 0 25
MR24-188 RC 180 185 0 24 0 0 0.41 0 5.9 39
MR24-188 RC 185 190 0 24 0 0 0.31 0 0 26
MR24-188 RC 190 195 0 15 0 0 0.21 0 0 22
MR24-188 RC 195 200 0 9.7 0 0 0.13 0 0 20
MR24-188 RC 200 205 0 34 0 0 0.29 0 0 15
MR24-188 RC 205 210 0 9.6 0 0 0.11 0 0 11
MR24-188 RC 210 215 0 28 46 0 0.38 0 7.2 46
MR24-188 RC 215 220 0 18 0 0 0.15 0 0 15
MR24-188 RC 220 225 0 19 0 0 0.40 37 0 31
MR24-188 RC 225 230 0 9.7 0 0 0.17 0 0 11
MR24-188 RC 230 235 0 32 36 0 0.49 0 0 37
MR24-188 RC 235 240 0 13 0 0 0.18 0 0 23
MR24-188 RC 240 245 0 6.6 0 0 0.09 0 0 18
MR24-188 RC 245 250 0 8.3 0 0 0.15 0 0 26
MR24-188 RC 250 255 0 8 0 0 0.06 0 0 17
MR24-188 RC 255 260 0 5.6 0 0 0.04 0 0 17
MR24-188 RC 260 265 0 14 0 0 0.14 0 0 25
MR24-188 RC 265 270 0 23 0 0 0.24 0 0 30
MR24-188 RC 270 275 0 10 0 0 0.10 0 0 25
MR24-188 RC 275 280 0 79 108 0 0.88 0 0 40
MR24-188 RC 280 285 0 0 0 0 0.03 0 0 0
MR24-188 RC 285 290 0 13 0 0 0.17 0 0 31
MR24-188 RC 290 295 0 0 0 0 0.07 0 0 21
MR24-188 RC 295 300 0 0 0 0 0.10 0 0 37
MR24-188 RC 300 305 0 0 0 0 0.07 0 0 24
MR24-188 RC 305 310 0 163 0 0 0.40 0 0 41
MR24-188 RC 310 315 0 0 0 0 0.08 30 9.9 36
MR24-188 RC 315 320 0 0 0 0 0.02 0 0 12
MR24-188 RC 320 325 0 0 0 0 0.00 0 0 25
MR24-188 RC 325 330 0 0 0 0 0.00 0 0 0
MR24-188 RC 330 335 0 17 0 0 0.12 0 0 91
MR24-188 RC 335 340 0 8.4 0 0 0.10 0 0 120
MR24-188 RC 340 345 0 31 0 0 0.28 0 8.8 100
MR24-188 RC 345 350 0 21 0 0 0.34 0 0 84
MR24-188 RC 350 355 0 9.9 0 0 0.32 0 0 68
MR24-188 RC 355 360 0 21 0 0 0.34 0 0 77
MR24-188 RC 360 365 0 9.9 0 0 0.12 0 0 40
MR24-188 RC 365 370 0 9.7 0 0 0.08 0 0 21
MR24-188 RC 370 375 0 0 0 0 0.04 0 0 21
MR24-188 RC 375 380 0 9.3 0 0 0.23 0 0 12
MR24-188 RC 380 385 0 14 0 0 0.57 0 0 24
MR24-188 RC 385 390 0 7.3 0 0 0.09 0 0 24
MR24-188 RC 390 395 0 0 0 0 0.10 0 0 23
MR24-188 RC 395 400 0 0 0 0 0.04 0 0 0
MR24-188 RC 400 405 0 0 0 0 0.06 0 0 0
MR24-188MR24-188 RCRC 405410 410415 00 010 00 00 0.150.33 00 100 1725
MR24-188 RC 415 420 0 6.9 0 0 0.25 0 0 23
MR24-188 RC 420 425 0 5.8 0 0 0.19 0 0 18
MR24-188 RC 425 430 0 19 0 0 0.53 0 7.5 22
MR24-188 RC 430 435 0 36 0 0 0.45 0 0 29

Hole ID Type From_Ft To_ft Ag Ag2 Ag3 As As2 As3 Sb Sb2 Sb3 Cu Fe% Ni Pb Zn
MR24-188 RC 435 440 0 13 0 0 0.41 0 8.4 20
MR24-188 RC 440 445 0 6 0 0 0.15 0 0 13
MR24-188 RC 445 450 0 13 0 0 0.45 0 0 21
MR24-188 RC 450 455 0 41 0 0 0.68 0 0 25
MR24-188 RC 455 460 0 9.7 0 0 0.21 0 0 15
MR24-188 RC 460 465 0 9.3 0 0 0.26 0 0 0
MR24-188 RC 465 470 0 21 0 0 0.58 0 0 28
MR24-188 RC 470 475 0 30 0 0 0.52 0 0 26
MR24-188 RC 475 480 0 51 0 0 0.55 26 6.4 22
MR24-188 RC 480 485 0 60 0 0 0.44 0 0 46
MR24-188 RC 485 490 0 35 0 0 0.42 0 6.5 34
MR24-188 RC 490 495 0 27 0 0 0.26 0 0 22
MR24-188 RC 495 500 0 105 0 0 1.03 27 9.9 55
MR24-188 RC 500 505 0 16 0 0 0.33 0 0 18
MR24-188 RC 505 510 0 21 0 0 0.28 0 0 25
MR24-188 RC 510 515 0 34 0 0 0.39 0 0 25
MR24-188 RC 515 520 0 20 0 0 0.58 0 6.2 32
MR24-188 RC 520 525 0 30 0 0 0.46 0 0 20
MR24-188 RC 525 530 0 22 0 0 0.72 0 0 26
MR24-188 RC 530 535 0 35 0 0 0.83 0 0 40
MR24-188 RC 535 540 0 20 0 0 0.33 0 0 24
MR24-188 RC 540 545 0 22 0 0 0.41 0 0 21
MR24-188 RC 545 550 0 22 0 0 0.61 0 0 33
MR24-188 RC 550 555 0 22 0 0 0.71 0 11 30
MR24-188 RC 555 560 0 17 0 0 0.38 0 0 0
MR24-188 RC 560 565 0 44 0 0 0.63 0 8.1 22
MR24-188 RC 565 570 0 36 0 0 0.56 0 0 24
MR24-188 RC 570 575 0 22 0 0 0.59 0 7.5 18
MR24-188 RC 575 580 0 31 0 0 0.63 0 7.2 9.9
MR24-188 RC 580 585 0 33 0 0 0.76 0 0 21
MR24-188 RC 585 590 0 9.6 0 0 0.22 51 7.7 0
MR24-188 RC 590 595 0 6.1 0 0 0.20 0 0 11
MR24-188 RC 595 600 0 430 0 37 2.75 149 20 113
MR24-188 RC 600 605 0 129 43 0 2.90 24 0 23
MR24-188 RC 605 610 0 101 32 0 0.88 34 0 50
MR24-188 RC 610 615 0 109 44 0 0.69 21 0 38
MR24-188 RC 615 620 0 80 0 0 0.71 21 0 46
MR24-188 RC 620 625 0 174 0 0 0.98 84 0 97
MR24-188 RC 625 630 0 148 132 0 1.84 74 13 77
MR24-188 RC 630 635 39 0 0 149 354 269 0 55 64 0 2.07 44 11 38
MR24-188 RC 635 640 125 117 174 123 256 77 563 421 166 0 0.95 0 16 24
MR24-188MR24-188 RCRC 640645 645650 00 00 00 23275 19454 12131 4410 1580 1080 00 1.060.59 00 1311 120
MR24-188 RC 650 655 0 0 0 174 221 296 108 108 162 0 1.53 0 18 0
MR24-188 RC 655 660 0 0 0 22 56 22 0 61 70 0 0.11 0 0 0
MR24-188 RC 660 665 0 0 0 75 36 46 65 0 62 0 1.21 0 0 0
MR24-188 RC 665 670 0 0 0 54 95 34 0 30 47 0 1.34 0 0 0
MR24-188 RC 670 675 86 65 62 95 183 157 241 328 325 0 0.21 0 0 0
MR24-188 RC 675 680 14 14 0 359 214 217 780 719 255 0 0.39 0 0 0
MR24-188 RC 680 685 111 17 35 619 65 107 381 35 43 28 0.90 0 11 29
MR24-188 RC 685 690 56 166 166 1810 670 679 77 133 127 64 0.68 0 0 77
MR24-188 RC 690 695 0 0 0 160 53 72 30 0 0 0 0.25 0 0 0
MR24-188 RC 695 700 40 0 0 369 267 327 38 0 0 0 0.17 0 5.8 0
MR24-188 RC 700 705 27 18 29 242 263 414 42 56 81 0 0.27 0 0 0
MR24-188 RC 705 710 0 0 0 65 84 72 0 0 44 0 0.12 0 0 0
MR24-188 RC 710 715 0 0 0 33 52 68 0 0 0 0 0.05 0 0 0
MR24-188 RC 715 720 0 0 0 28 31 34 0 0 0 0 0.06 0 0 0
MR24-188 RC 720 725 0 0 0 42 73 36 87 35 70 0 0.06 0 0 0
MR24-188 RC 725 730 0 16 0 50 241 95 95 0 137 0 0.07 0 0 0

Hole ID Type From_Ft To_ft Ag Ag2 Ag3 As As2 As3 Sb Sb2 Sb3 Cu Fe% Ni Pb Zn
MR24-188 RC 730 735 0 12 0 56 38 50 191 118 87 0 0.21 0 0 0
MR24-188 RC 735 740 0 0 0 70 73 38 447 183 108 0 0.13 0 0 0
MR24-188 RC 740 745 9.4 18 15 154 540 123 89 69 158 0 0.17 0 0 0
MR24-188 RC 745 750 27 21 30 471 648 601 180 185 251 0 0.57 22 0 0
MR24-188 RC 750 755 0 13 21 591 891 772 230 164 216 0 0.96 0 0 0
MR24-188 RC 755 760 0 10 10 408 463 406 129 119 180 0 0.59 0 0 0
MR24-188 RC 760 765 26 57 12 834 641 1203 265 328 127 0 0.55 0 0 0
MR24-188 RC 765 770 44 19 70 79 236 180 112 285 238 0 0.46 0 0 0
MR24-188 RC 770 775 11 0 0 79 77 46 66 56 0 0 0.28 0 0 0
MR24-188 RC 775 780 0 0 0 126 134 160 70 41 81 0 0.23 0 6.2 0
MR24-188 RC 780 785 0 0 0 318 132 224 74 42 96 0 0.82 0 11 0
MR24-188 RC 785 790 53 25 24 332 976 300 191 315 204 0 1.04 20 6.3 9.1
MR24-188 RC 790 795 0 0 40 356 233 452 624 802 466 0 0.49 0 0 0
MR24-188 RC 795 800 44 0 0 160 107 207 123 106 103 0 0.72 0 0 8.5
MR24-188 RC 800 805 186 298 154 498 487 81 245 303 116 0 0.24 0 18 0
MR24-188 RC 805 810 55 61 43 538 22 186 333 117 158 0 0.14 0 19 0
MR24-188 RC 810 815 9.4 0 0 64 27 34 406 223 147 0 0.10 0 10 0
MR24-188 RC 815 820 0 200 91 17 1.39 0 6.8 0
MR24-188 RC 820 825 0 58 367 0 0.36 0 0 0
MR24-188 RC 825 830 0 40 372 0 0.20 0 0 0
MR24-188 RC 830 835 0 168 132 0 0.84 0 6 0
MR24-188 RC 835 840 0 56 66 0 0.19 0 5.6 0
MR24-188 RC 840 845 0 43 209 0 0.25 21 0 11
MR24-188 RC 845 850 0 74 474 0 0.30 0 6.2 0
MR24-188 RC 850 855 0 63 1378 0 0.18 0 0 0
MR24-188 RC 855 860 0 159 233 0 0.63 0 9.9 0
MR24-188 RC 860 865 0 192 169 0 0.93 26 8.4 22
MR24-188 RC 865 870 0 293 1011 0 1.97 0 0 0
MR24-188 RC 870 875 0 33 171 0 0.23 0 0 7.5
MR24-188 RC 875 880 0 19 29 0 0.11 0 4.9 0

JORC Code, 2012 – Table 1

Section 1 Sampling Techniques and Data – Maverick Springs Silver Gold Project

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Criteria •JORC Code explanation •Commentary
Samplingtechniques •Nature and quality of sampling (e.g. cut channels, random chips, or specific specialisedindustry standard measurement tools appropriate to the minerals under investigation,such as down hole gamma sondes, or handheld XRF instruments, etc). These examplesshould not be taken as limiting the broad meaning of sampling.•Include reference to measures taken to ensure sample representivity and the appropriatecalibration of any measurement tools or systems used.•Aspects of the determination of mineralisation that are Material to the Public Report.•In cases where 'industry standard' work has been done this would be relatively simple(e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg waspulverised to produce a 30 g charge for fire assay'). In other cases, more explanationmay be required, such as where there is coarse gold that has inherent samplingproblems. Unusual commodities or mineralisation types (e.g. submarine nodules) maywarrant disclosure of detailed information. •Legacy samples have been assayed at various laboratories throughthe history of ownership.2006 drilling by Vista, although notrecorded, is assumed to follow protocols from'03 methodsutilizing 5foot (1.5m)wet samples and were assayed by AAL in Sparks,Nevada. 2008 RC drilling was drilledwith wet samples as standardand sampled through a rotary wet splitter to minimize loss of finesand assays analysed by ALS in Nevada.•Historic samples reported were subject to 1 assay ton fire with an AAfinish for gold and 0.4-gram aqua regia leach with AA finish for silver.Any silver value of 100 parts per million (ppm) or greater was re-runby 1 assay ton fire with a gravimetric finish. Results were reported inppm with detection limits of 0.005 ppm for gold and 0.05 ppm forsilver. 2008 analysis by ALS underwent 30g FA with AA finish forgold, and 36 element aqua regia with ICP finish for Ag and multielement.•Portable XRF has been used on downhole 5ft drill composites byanalysing chip tray portions. In zones of interest or where mineralizedthe reading has been repeated 3 times with an average taken.•A Reflex Omni X-42 North Seeking Gyro is used for downholesurveys and is calibrated prior to use, with readings taken every 50ft.
Drilling techniques •Drill type (egcore, reverse circulation, open-hole hammer, rotary air blast, auger,Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth ofdiamond tails, face-sampling bit or other type, whether core is oriented and if so, by whatmethod, etc). •Not all drill rig details or specifications are available for historicdrilling, but records show industry standard 5.5" drill bits have beenused in some cases often utilizing tri-cone drill bits.•2024 RC drilling is using a 2013 Foremost MPD Explorer trackmounted rig drilling 5" holes. A combination of a traditional or centerface sampling hammer and a tricone bit have been used to maximisesample recovery in broken ground.

Criteria JORC Code explanation Commentary
Drill samplerecovery •Method of recording and assessing core and chip sample recoveries and resultsassessed.•Measures taken to maximise sample recovery and ensure representative nature of thesamples.Whether a relationship exists between sample recovery and grade and whether samplebias may have occurred due to preferential loss/gain of fine/coarse material. •Drilling recoveries are not specifically recorded in the logging andhistoric reports only refer to some holes which showed generally poorrecovery.•Historic reports detail arotary wet splitter was used to collectcomposites which were mixed with a flocculent and large 20-30poundsamples taken to minimise loss of fines. This drilling also includedusing hammers with a cross-over sub and tricone bits.•2024 drilling utilizes a rotary wet splitter to maximise recovery of drillmaterial and fines with samples in large 20x24" bags with waterallowed to seep out through canvas bag before analysis. Additionally,poor recovery is recorded in the sample recordsand assays will beweighed at the laboratory to check against records.•No sample recovery issues or relationships are known to exist fordrilling reported in this release.
Logging •Whether core and chip samples have been geologically and geotechnically logged to alevel of detail to support appropriate Mineral Resource estimation, mining studies andmetallurgical studies.•Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)photography.•The total length and percentage of the relevant intersections logged. •The logging is qualitative in nature.•The historicdataset shows 55% of the total drill holes at the Projecthave been logged.Legacy data compilation remains ongoing.•2024 drill logging is ongoing.
Subsamplingtechniques andsamplepreparation •If core, whether cut or sawn and whether quarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet ordry.•For all sample types, the nature, quality and appropriateness of the sample preparationtechnique.•Quality control procedures adopted for all subsampling stages to maximise representivityof samples.•Measures taken to ensure that the sampling is representative of the in-situ materialcollected, including for instance results for field duplicate/second-half sampling.•Whether sample sizes are appropriate to the grain size of the material being sampled. •5ft (1.5m) composite samples were taken during percussion drilling(RC, rotary).•RC drilling utilizes wet drilling with sampling via a rotary wet splitter.Large samples are taken in attempt to minimize loss of fines.•Field duplicates are reported to have been used since the 2002 RCdrilling butonly 2008 samples have been reviewed. No records havebeen foundfrom prior drilling.•Sample sizes are considered to reflect industry standards and beappropriate for the material being sampled and show attempts madeto improve recovery.•2024 drilling is inserting standards, blanks, and duplicates into thesample stream at approximately 1 in 25 samples.

Criteria JORC Code explanation Commentary
Quality of assaydata andlaboratory tests •The nature, quality and appropriateness of the assaying and laboratory procedures usedand whether the technique is considered partial or total.•For geophysical tools, spectrometers, handheld XRF instruments, etc, the parametersused in determining the analysis including instrument make and model, reading times,calibrations factors applied and their derivation, etc.•Nature of quality control procedures adopted (e.g., standards, blanks, duplicates,external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias)and precision have been established. •Internal laboratory QC has been reviewed in raw lab assays for 2006drilling from AAL.•2008 drilling utilized ALS laboratories and included duplicates,standards and blanks which were reviewed and showed acceptableresults.•The pXRF is a SciAps X505 and is calibrated daily. The soils methodwith 3 beam analysis set to 15 sec per beam for 45 second read time.Hanging wall, ore zone, and footwall are repeated 3 times for eachdownhole interval. Laboratory assays will be used tocalibrate XRFmachine when received.•Results are pending from 2024 drill assays.
Verification ofsampling andassaying •The verification of significant intersections by either independent or alternative companypersonnel.•The use of twinned holes.•Documentation of primary data, data entry procedures, data verification, data storage(physical and electronic) protocols.•Discuss any adjustment to assay data. •Legacy primary data and data entry details are not fully provided butall data has been provided in csv(digital) format which is assumed tohave been collected accurately from prior operators.•2024 drilling is logged digitally and uploaded into a database alongwith digital exports from pXRF and gyro devices.•2003-2008 raw digital assay certificates have been reviewed.•Twin holes are not specifically reported but drill holes within 5-10mfrom each other can be observed in 3D space and show generallygood correlation with grades.2024 drilling aims to twin historic holesto confirm historic data.•Assay data relevant to this release has not been adjusted, howeverresults have been converted between ppb,ppm and ounce/ton.•pXRF results are not assay data, but ND (No Detection) readingsfrom pXRF have been changed to "0" to allow numericalinterpretation of results.
Location of datapoints •Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),trenches, mine workings and other locations used in Mineral Resource estimation.•Specification of the grid system used.•Quality and adequacy of topographic control. •Drill holes were located using handheld GPS, with accuracy to within5m.2024 drilling and any locatable historic collars will be surveyed byDGPS in the future.•Downhole survey data appears to have been completed bygyroscopic tool, although this is only specifically stated for the 2002-2003 drilling.2024 drilling uses downhole gyro for surveys.•A 0.5m DTM is used for topographic control.•Historic data has been collected in NAD27, and transformed to thecurrent Grid NAD 83 UTM Zone 11.

Criteria JORC Code explanation Commentary
Data spacing anddistribution •Data spacing for reporting of Exploration Results.•Whether the data spacing, and distribution is sufficient to establish the degree ofgeological and grade continuity appropriate for the Mineral Resource and Ore Reserveestimation procedure(s) and classifications applied.•Whether sample compositing has been applied. •Selective data has been reported from historic drilling to highlighthigh-grade target zones within the established resource. Thesurrounding drilling including drill intercepts have previously beenreported in the company's prospectus but is not relevant to thisrelease.•The current drilling includes twin hole drilling of historic drilling toverify data supplied in the legacy database and also included drillingon 200ft and 400ft grids.•Samples have not been composited. Sample lengths reported reflectdown hole drill sample lengths and aggregates of it (5ft /1.5m).
Orientation ofdata in relation togeologicalstructure •Whether the orientation of sampling achieves unbiased sampling of possible structuresand the extent to which this is known, considering the deposit type.•If the relationship between the drilling orientation and the orientation of key mineralizedstructures is considered to have introduced a sampling bias, this should be assessed andreported if material. •The drilling is predominantly conducted at or close to vertical with anaverage dip of -85°. The dip is approximately perpendicular to theflat-lying mineralisation.•Angled drilling is being used to investigate cross-cutting mineralisedstructures, with assessment ongoing.•The drill orientation is not expected to have introduced any samplingbias.
Sample security •The measures taken to ensure sample security. •Historic samples were sent from site to laboratory, but no record ofsecurity protocols are reported.•2024 samples are prepared on site and collected by the laboratory'stransport team.
Audits or reviews •The results of any audits or reviews of sampling techniques and data. •Reviews of sampling techniques, data and assays have beenundertaken by Newmont in 2001, by Snowden in 2002, 2003, SRK in2016, and by SGS in 2022.Results of these reviews regard the post2002 drilling that is the subject of this release to be satisfactory. Pre2002 drilling has been subject to regression calculations aspreviously reported.•Sampling and drilling techniques are being refined for maximumrecovery during drilling. Issues with sample recovery in fracturedground may result in missing sample intervals, and recoveries arerecorded on a sample-by-sample basis into the drill logging database.

Section 2 Reporting of Exploration Results – Maverick Springs Silver Gold Project

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral tenementand land tenurestatus •Type, reference name/number, location and ownership including agreements or materialissues with third parties such as joint ventures, partnerships, overriding royalties, nativetitle interests, historical sites, wilderness or national park and environmental settings.•The security of the tenure held at the time of reporting along with any knownimpediments to obtaining a licence to operate in the area. •The Maverick Springs property is in northeast Nevada, USA, ~85km SE of the town of Elko, Nevada. The property currently consistsof 247 Maverick, Willow and NMS unpatented lode mining claimsregistered with the US Department of the Interior Bureau of LandManagement ("BLM") with a total area of approximately 4800 acres.•The tenements are held in the name of Artemis ExplorationCompany ("AEC"). Sun Silver acquireda 100% interest in theMaverick Springs Project propertiesfrom Element79 in early 2024.•Gold and Silver Net Smelter Royalties (NSR) to tenement ownerAEC of 5.9% which include ongoing advance royalty payments, andto Maverix Metals of 1.5%. Additional NSR of 2.9% exists for allother metals.•All claims are in good standing and have been legally validated bya US based lawyer specialising in the field
Exploration doneby other parties •Acknowledgment and appraisal of exploration by other parties. •Goldand silverexploration at the Project area has been carried outby previous explorers –Angst, Inc from 1986-1992, HarrisonWestern Mining L.LC.(Harrison) in 1996, Newmont in 2001, VistaGold Corp (Vista) and Silver Standard in 2002-2016.•Angst undertook first stage exploration with geochemical surveys,mapping, and drilling 128 RC and diamond drill holes for 39,625moutlining initial mineralisation at the project.•Harrison drilled 2 exploration holes in 1998 for 247m.•Vista advanced the project significantly drilling 54, mostly deep, RCholes over several years until 2006 which equated to ~15,267m.•Silver Standard completed 5 deep RCdrill holes for 1,625m in2008.•Reviews of the historic exploration show it was carried out toindustry standards to produce data sufficient for mineral resourcecalculations.
Geology •Deposit type, geological setting and style of mineralisation. •Previous Technical Reports have identified the Maverick Springsmineralisation as a Carlin-type or sediment/carbonate hosteddisseminated silver-gold deposit. However, the 2022 review bySGS is of the opinion that the deposit has more affinity with a lowsulphidation, epithermal Au-Ag deposit. Carbonate replacementdeposits also have similar settings and characteristics. The

Criteria JORC Code explanation Commentary
definition may be in conjecture, but the geological setting remainsthe same. The mineralisation is hosted in Permian sediments(limestones, dolomites). The sediments have been intruded locallyby Cretaceous acidic to intermediate igneous rocks and overlain byTertiary volcanics, tuffs and sediments and underlain by Paleozoicsediments.•Mineralisation in the silty limestones and calcareous clasticsediments is characterised by pervasive decalcification, weak tointense silicification and weak alunitic argillisation alteration,dominated by micron-sized silver and gold with related pyrite,stibnite and arsenic sulphides associated with intense fracturingand brecciation.•The mineralisation has formed a large sub-horizontal gently folded(antiformal) shaped zone with a shallow plunge to the south withthe limbs of the arch dipping shallowly to moderately at 10-30° tothe east and west.
Drill holeInformation •A summary of all information material to the understanding of the exploration resultsincluding a tabulation of the following information for all Material drill holes:o easting and northing of the drill hole collaro elevation or RL (Reduced Level –elevation above sea level in metres) of the drillhole collaro dip and azimuth of the holeo down hole length and interception depth o hole length.•If the exclusion of this information is justified on the basis that the information is notMaterial and this exclusion does not detract from the understanding of the report, theCompetent Person should clearly explain why this is the case •Drill information relevant to this release has been provided above.
Data aggregationmethods •In reporting Exploration Results, weighting averaging techniques, maximum and/orminimum grade truncations (e.g., cutting of high grades) and cut-off grades are usuallyMaterial and should be stated.•Where aggregate intercepts incorporate short lengths of high-grade results and longerlengths of low-grade results, the procedure used for such aggregation should be statedand some typical examples of such aggregations should be shown in detail.•The assumptions used for any reporting of metal equivalent values should be clearlystated •Data aggregation has not taken place. Reporting is of raw assaydata provided in the legacy database. Downhole intercepts arereported for intersections averaging over approx. 20g/t silver.•Metal equivalent has not been reported in this release.•2024 drilling assay data is pending.•Portable XRF results have been compiled from raw data to highlightmineralized intervals.
Relationshipbetweenmineralisationwidths andintercept lengths •These relationships are particularly important in the reporting of Exploration Results.•If the geometry of the mineralisation with respect to the drill hole angle is known, itsnature should be reported.•If it is not known and only the down hole lengths are reported, there should be a clearstatement to this effect (e.g., 'down hole length, true width not known'). •Drill hole intersections may not always be true widths but generallythought to be close to based on the flat-lying mineralisation andnear to vertical drill holes.Review of drill strings in 3D is used toverify this.

Criteria JORC Code explanation Commentary
Diagrams •Appropriate maps and sections (with scales) and tabulations of intercepts should beincluded for any significant discovery being reported. These should include, but not belimited to a plan view of drill hole collar locations and appropriate sectional views. •Appropriate maps and figures have been included in thisannouncement.
Balancedreporting •Where comprehensive reporting of all Exploration Results is not practicable,representative reporting of both low and high grades and/or widths should be practiced toavoid misleading reporting of Exploration Results •All relevant and material exploration data to highlightthe targetareas discussed have been reported or referenced.Additional drilldata from the historic dataset has been reported in the companyprospectus and is not deemed necessary to this release.
Other substantiveexploration data •Other exploration data, if meaningful and material, should be reported including (but notlimited to): geological observations; geophysical survey results; geochemical surveyresults; bulk samples –size and method of treatment; metallurgical test results;bulkdensity, groundwater, geotechnical and rock characteristics; potential deleterious orcontaminating substances •All relevant and material exploration data for the target areasdiscussed, have been reported or referenced.
Further work •The nature and scale of planned further work (e.g., tests for lateral extensions or depthextensions or large-scale step-out drilling).•Diagrams clearly highlighting the areas of possible extensions, including the maingeological interpretations and future drilling areas, provided this information is notcommercially sensitive. •Further work will include but not limited to systematic geologicalmapping,channel androck chip sampling, soil sampling, pXRFand/or LIBS measurements, geophysics, structural interpretation,historic data compilation,and drilling to identify suitable host rockgeology and structural architecture for silver/gold mineralisation•Diagrams are included in the release.

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