SUN SILVER LIMITED — Capital/Financing Update 2025

Apr 28, 2025

==> picture [595 x 99] intentionally omitted <==

----- Start of picture text -----

ASX Announcement
----- End of picture text -----

29[th] April 2025

Drilling Underway at Maverick Springs

ASX: SS1

Sun Silver’s 2025 drill program to advance metallurgical studies and target expansion and upgrade of the existing Mineral Resource.

Highlights:

• New phase of drilling underway at the Maverick Springs Silver-Gold Project, led by Alford Drilling out of Elko, Nevada.

• Program designed to collect metallurgical samples, methodically in-fill the existing Mineral Resource and further test Resource extensions to the north-west.

• Drilling supports the advancement of 480Moz AgEq JORC Inferred Resource at 68.29g/t AgEq[1] , the largest pre-production primary silver asset on the ASX and within the USA.

Sun Silver Limited (ASX: SS1 ) (" Sun Silver " or " the Company ") is pleased to advise that drilling is underway at its flagship Maverick Springs Silver-Gold Project, located in Elko County, Nevada. The program is being carried out by Alford Drilling, a highly regarded contractor based out of Elko, Nevada. Drilling comprises a mix of diamond core and Reverse Circulation (“ RC” ) drilling.

This strategically focused drill campaign is designed to:

• Obtain samples for metallurgical testing to support ongoing development activities;

• Undertake methodical in-fill drilling to enhance geological confidence within the existing Mineral Resource envelope; and

• Test for potential extensions to the north-west of the current JORC Inferred Mineral Resource of 480Moz AgEq at 68.29g/t AgEq.

The Company is well funded to execute this program and will aim to methodically progress in-fill drilling through the various areas of the Mineral Resource as access is opened. The Company looks forward to updating the market as the program progresses over the coming months.

Sun Silver Managing Director, Andrew Dornan, said :

“With drilling underway, we’re pleased to be executing a technically driven program that supports both near-term development and long-term growth. Alford Drilling has mobilised efficiently, and we’re encouraged by the early progress as we target key areas for metallurgical sampling, in-fill and extensional potential.”

1 See Appendix A and SS1 ASX Announcement dated 26 March 2025. Primary silver is defined as silver being the primary commodity contained within the resource and makes up the majority percentage of the silver equivalent resource.

==> picture [48 x 48] intentionally omitted <==

Sun Silver Limited 1/1 Tully Road, East Perth Western Australia 6004

info@sunsilver.com.au www.sunsilver.com.au

==> picture [124 x 51] intentionally omitted <==

==> picture [434 x 326] intentionally omitted <==

Figure 1 – 2025 Drilling operations at Maverick Springs

==> picture [433 x 325] intentionally omitted <==

Figure 2 – Sun Silver’s Elko core facility

2

Sun Silver Limited

==> picture [124 x 51] intentionally omitted <==

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.

==> picture [357 x 344] intentionally omitted <==

Figure 3 – Sun Silver’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 218Mt grading 42.2g/t Ag and 0.31g/t Au for 296.5Moz of contained silver and 2.2Moz of contained gold (480Moz of contained silver equivalent).

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

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

ENDS

For more information: Investors: Media: Andrew Dornan Nicholas Read Managing Director Read Corporate Sun Silver P: +61 419 929 046 info@sunsilver.com.au E: nicholas@readcorporate.com.au

3

Sun Silver Limited

==> picture [124 x 51] intentionally omitted <==

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 information in this announcement that relates to previously reported exploration results or estimates of mineral resources at the Maverick Springs Project is extracted from the Company’s ASX announcement dated 26 March 2025 ( Original Announcements ). The Company confirms that it is not aware of any new information or data that materially affects the information contained in the Original Announcements and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.

4

Sun Silver Limited

==> picture [124 x 51] intentionally omitted <==

ANNEXURE A – MAVERICK SPRINGS MINERAL RESOURCE

Classification	Cut-off (g/t AgEq)	Tonnes	AgEq (Moz)	AgEq (g/t)	Ag (Moz)	Ag (g/t)	Au (Moz)	Au (g/t)
Inferred	30	218,541,000	479.8	68.29	296.5	42.2	2.16	0.31

1. Maverick Springs Mineral Resource estimated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).

2. Refer to the Company's ASX announcement dated 26 March 2025 for further details regarding the Maverick Springs Mineral Resource ( Original Announcement ). The Company confirms that it is not aware of any new information or data that materially affects the information contained in the Original Announcements and that all material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed.

3. References to metal equivalents (AgEq) are based on an equivalency ratio of 85, which is derived from a gold price of USD$2,412.50 and a silver price of USD$28.40 per ounce, being derived from the average monthly metal pricing from Jan 2024 to Jan 2025, and average metallurgical recovery. This is calculated as follows: AgEq = Silver grade + (Gold Grade x ((Gold Price * Gold Recovery) / (Silver Price * Silver Recovery))) i.e. AgEq (g/t) = Ag (g/t) + (Au (g/t) x ((2412.50 x 0.85) / (28.40 x 0.85). Metallurgical recoveries of 85% have been assumed for both silver and gold. Preliminary metallurgical recoveries were disclosed in the Company’s prospectus dated 17 April 2024, which included a review of metallurgical test work completed by the prior owners of Maverick Springs. Metallurgical recoveries for both gold and silver were recorded in similar ranges, with maximum metallurgical recoveries of up to 97.5% in preliminary historical metallurgical testing in respect of silver and up to 95.8% in respect of gold. Gold recoveries were commonly recorded in the range of 80% - 90%, and the midpoint of this range has been adopted at present in respect of both silver and gold. It is the Company’s view that both elements referenced in the silver and gold equivalent calculations have a reasonable potential of being recovered and sold.

5

Sun Silver Limited