Sun Silver Limited Strengthens Maverick Silver Project with Bayan Springs North Acquisition and 106 New Lode Claims Staked

Bayan Springs North Acquisition and Strategic Land Consolidation

Sun Silver Limited has executed a binding agreement to acquire the Bayan Springs North Project from Bayan Mining and Minerals Ltd, subject to customary closing conditions. The acquisition includes 116 lode claims covering approximately 9.70 square kilometres, complemented by the staking of 106 additional lode mining claims covering about 8.86 square kilometres immediately northwest of the existing Maverick Silver Project. Together, these transactions establish continuous ownership over the interpreted northwest structural corridor connecting the existing Maverick Silver Deposit with the newly identified Northern Target exploration zone.

This strategic land consolidation significantly expands Sun Silver’s footprint in this prospective region. Upon completion of the acquisition and staking, the Maverick Silver Project controls roughly 15 kilometres of highly prospective strike length. Notably, only about 2.5 kilometres of this corridor have been drill-tested, leaving the majority as a valuable exploration opportunity. The current Mineral Resource remains open along strike in both directions, offering further resource expansion potential.

Acquisition Consideration and Earn-In Conditions

Sun Silver’s consideration for the Bayan Springs North Project acquisition consists of multiple payments structured over time and contingent on exploration success. An initial cash payment of A$150,000 is due upon transaction completion, followed by a second cash payment of A$150,000 twelve months later. Additionally, a contingent payment of A$500,000, payable in cash or at Sun Silver’s discretion through share issuance subject to shareholder approval, is triggered upon announcing a drill intersection within five years grading at least 100 grams per tonne silver equivalent over 20 metres or more.

Furthermore, the acquisition includes a 1.0% Net Smelter Return royalty on the acquired claims. Sun Silver retains the option to repurchase 0.5% of this royalty at any time by paying a one-time fee of A$2.0 million, reducing the royalty burden to 0.5% if exercised. This flexibility aids in managing future production costs.

Refined Geological Model and Northwest Structural Corridor

Between 2024 and early 2026, drilling, geological relogging, and detailed surface mapping have refined Sun Silver’s understanding of mineralisation controls at the Maverick Silver Project. The updated model identifies high-grade mineralisation concentrated within a northwest-trending antiformal hinge structure and its associated structural corridor, enhancing targeting accuracy for additional mineralisation.

Exploration in 2025 successfully tested this model, resulting in an expanded Mineral Resource Estimate to the northwest. Noteworthy drill results include 70.1 metres grading 160 grams per tonne silver equivalent from 255.1 metres depth, including a high-grade interval of 22.4 metres at 460 grams per tonne silver equivalent from drill hole MR25-2112. These results validate the structural model and highlight strong potential for resource growth along strike, supporting confidence in exploration targeting across the 15-kilometre corridor now under Sun Silver’s control.

Northern Target and Carlin-Style Geochemical Anomaly

Surface exploration has delineated a new exploration corridor, the Northern Target, extending well beyond the current Mineral Resource footprint. Recent regional rock chip sampling revealed an anomalous trend of elevated antimony and arsenic coupled with favourable alteration typical of Carlin-style mineralising systems. This anomaly spans approximately 2 kilometres and lies about 4.5 kilometres north of the Maverick Mineral Resource area, representing a significant greenfields exploration opportunity adjacent to the existing resource.

The Northern Target exhibits hallmark Carlin-style mineralisation indicators such as silica alteration, decalcification, and jasperoidal brecciation. Its geochemical signature closely resembles surface samples above the Maverick Silver Deposit, which in 2025 showed elevated arsenic and antimony alongside sporadic silver and gold anomalies. Carlin-style systems are globally recognised by pathfinder element zoning, with arsenic-antimony anomalism proximal to mineralisation. This similarity designates the Northern Target as a high-priority exploration zone, with ongoing work aiming to determine if it forms part of the same mineralising system as the 539 million ounces silver equivalent Maverick Deposit.

Maverick Silver Project Location and Asset Base

Sun Silver’s flagship Maverick Silver Project is situated 85 kilometres from Elko, Nevada, a fully serviced mining town in the United States. The project benefits from a prime operational location within a globally renowned mining jurisdiction. It is surrounded by world-class gold and silver producers, including Barrick Gold’s Carlin Mine, underscoring the region’s rich potential for precious metals discovery and development. Nevada’s robust mining infrastructure and supportive regulatory environment provide a strong foundation for exploration and potential future development.

The Maverick Silver Deposit hosts a Mineral Resource of approximately 539 million ounces silver equivalent, representing a significant mineral asset. With the Bayan Springs North Project acquisition and the staking of 106 additional lode claims, Sun Silver has substantially expanded its exploration potential by controlling 15 kilometres of prospective strike in this world-class mining district. The project’s strategic location amidst established mining operations enhances opportunities for precious metals exploration and development within a proven mineral system.

2026 Drilling Program and Upcoming Assay Results

Sun Silver’s 2026 drilling campaign at the Maverick Silver Project is ongoing, with assay results anticipated shortly. These results will be critical for investors tracking the company’s exploration progress and the validation of its refined structural model guiding recent drilling. The program targets extensions of known mineralisation along the northwest structural corridor and aims to evaluate the mineralised trend linking the Maverick Deposit with the Northern Target.

Managing Director Andrew Dornan noted that the company is well positioned to showcase the broader potential of the Maverick Silver Project. The combination of the Bayan Springs North acquisition, additional claim staking, and ongoing drilling represents a focused strategy to expand resources. Upcoming assay announcements will provide key insights into the effectiveness of the structural targeting approach and the prospectivity of the expanded land position. Investors will be keen to see indications of high-grade mineralisation extending along the northwest corridor and any new discoveries within the acquired claims or Northern Target area.

Expanded Land Position and Greenfields Exploration Potential

The silica-altered breccia corridor identified by Sun Silver’s geological studies extends beyond prior landholdings into areas with limited recent systematic exploration. This greenfields opportunity offers substantial discovery potential in a region dominated by Carlin-style mineralising systems. Acquiring Bayan Springs North and staking 106 additional lode claims ensures comprehensive ownership of the entire prospective trend, eliminating gaps and securing continuous control over the northwest structural corridor.

Staking these 106 lode claims covering approximately 8.86 square kilometres reflects Sun Silver’s proactive land consolidation aligned with evolving geological insights. This greenfields extension into relatively underexplored ground presents potential for new mineralised zones beyond the current Mineral Resource. With only about 2.5 kilometres of the total 15-kilometre strike length drill-tested to date, most of the expanded land remains at an early exploration stage. The company’s refined geological model, supported by detailed mapping and relogging, provides a framework for systematic exploration and future drilling along the northwest trend.

Exploration Risks and Contingency Considerations

The Bayan Springs North acquisition and additional claim staking are subject to customary completion conditions, details of which were not disclosed. Shareholders should be aware that the contingent A$500,000 payment depends on announcing a qualifying drill intersection of at least 20 metres grading 100 grams per tonne silver equivalent or higher within five years. While the structural model has been validated to date, discovery and resource definition are not guaranteed. The Northern Target remains largely untested, and its geochemical similarity to the Maverick Deposit does not ensure economic mineralisation will be found.

Exploration risk applies across the expanded land position, with most of the 15-kilometre strike length in early evaluation. Sun Silver’s ability to grow resources and attract future funding or partnerships will hinge on drill results confirming the geological model and identifying additional high-grade mineralisation. The 1.0% Net Smelter Return royalty on the Bayan Springs North claims represents a long-term cost on any future production. Although Sun Silver can repurchase 0.5% of this royalty for A$2.0 million, the royalty obligation may affect the economics of future operations. Investors should weigh these risks against the exploration upside and refined geological understanding.

Strategic Positioning in a Premier Mining Jurisdiction

Nevada remains a premier global jurisdiction for precious metals exploration and development. Sun Silver’s expanded Maverick Silver Project landholding in Nevada offers exposure to a region with proven world-class mining potential, exemplified by major operations like Barrick Gold’s Carlin Mine. The jurisdiction’s mining-friendly policies, regulatory framework, and infrastructure support ongoing exploration and potential development. Sun Silver’s strategic position within this established mining district, combined with its refined structural model and expanded land base, positions the company to explore significant silver and precious metals mineralisation.

The acquisition and staking strategy reflects strong confidence in the northwest corridor’s prospectivity and the company’s geological interpretation. By securing continuous ownership over the 15-kilometre strike length, Sun Silver has mitigated fragmentation risks that could hinder future development. The Maverick Silver Project, with its 539 million ounces silver equivalent Mineral Resource, serves as a cornerstone asset. The expanded land position offers the opportunity to demonstrate the mineralised system’s broader scale potential. For investors, this strategic land consolidation and commitment to exploration in a world-class jurisdiction represent meaningful progress toward resource growth and potential development pathways.