Sun Silver Secures Bayan Springs North and Adds 106 Claims to Expand Maverick Silver Project in Nevada

Acquisition of Bayan Springs North and Strategic Land Consolidation

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

This strategic consolidation significantly expands Sun Silver’s land position in this highly prospective region. Upon completion of both the acquisition and claim staking, the Maverick Silver Project controls roughly 15 kilometres of prospective strike length. Notably, only about 2.5 kilometres of this strike has been drill-tested to date, leaving substantial exploration potential. The existing Mineral Resource remains open in both directions, offering further upside for resource growth.

Consideration Terms and Earn-In Contingencies for Bayan Springs North

The acquisition consideration comprises multiple components structured over time and contingent on exploration success. Sun Silver will pay A$150,000 in cash upon completion and an additional A$150,000 cash payment 12 months later. Additionally, a contingent payment of A$500,000—payable in cash or, at Sun Silver’s option and subject to shareholder approval, via shares priced at the 20-day volume weighted average price—is triggered upon announcing a drill intersection of at least 20 metres grading 100 grams per tonne silver equivalent or higher within five years.

This earn-in structure aligns payments with exploration milestones, incentivizing resource discovery. The acquisition also includes a 1.0% Net Smelter Return royalty on the acquired claims. Sun Silver retains the right to repurchase 0.5% of this royalty anytime for a one-off payment of A$2.0 million, reducing the royalty burden to 0.5% if exercised. This provision offers flexibility for future cost management in production scenarios.

Refined Geological Model and Northwest Structural Corridor

Between 2024 and early 2026, drilling, relogging, and detailed surface mapping have refined Sun Silver’s understanding of mineralisation controls at the Maverick Silver Project. High-grade mineralisation is concentrated within a northwest-trending antiformal hinge structure and its associated structural corridor. This updated structural model enhances targeting capabilities and ore grade predictions across the project.

Exploration during 2025 validated this interpretation, expanding the Mineral Resource Estimate northwestward. Noteworthy drill results include 70.1 metres grading 160 grams per tonne silver equivalent from 255.1 metres depth, including 22.4 metres at 460 grams per tonne silver equivalent from drill hole MR25-2112. These findings support the structural model and indicate potential for resource growth along strike. The model underpins exploration targeting across the 15-kilometre northwest corridor now under Sun Silver’s control.

New Northern Target Exhibiting Carlin-Style Geochemical Signatures

Surface exploration has uncovered a promising new corridor beyond the current Mineral Resource footprint, termed the Northern Target. Regional rock chip sampling revealed an anomalous 2-kilometre trend with elevated antimony and arsenic levels alongside favourable alteration, hallmark indicators of Carlin-style mineralising systems. Located approximately 4.5 kilometres north of the Maverick resource, this greenfields target offers significant exploration potential adjacent to the existing resource.

The Northern Target shows characteristic Carlin-style features such as silica alteration, decalcification, and jasperoidal brecciation. Its geochemical signature closely resembles surface samples above the Maverick Silver Deposit, where 2025 rock chip analyses detected elevated arsenic and antimony with sporadic silver and gold anomalies. Carlin-style systems worldwide display pathfinder element zoning with arsenic-antimony anomalies near mineralisation and mercury-thallium anomalies more distally. This similarity makes the Northern Target a high-priority exploration focus 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 Overview

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 recognized mining jurisdiction. It is surrounded by world-class gold and silver operations, including Barrick Gold’s Carlin Mine, underscoring the region’s strong precious metals prospectivity. Nevada’s mining-friendly policies and infrastructure provide a supportive environment for exploration and potential development.

The Maverick Silver Deposit contains an estimated Mineral Resource of approximately 539 million ounces silver equivalent, representing a significant mineral endowment. With the Bayan Springs North acquisition and 106 newly staked lode claims, Sun Silver has substantially increased its exploration upside by controlling 15 kilometres of prospective strike in this world-class mining district. This strategic positioning enhances the company’s ability to advance precious metals exploration and development within a proven mineralized area.

Ongoing 2026 Drilling Program and Upcoming Assay Results

Sun Silver’s 2026 drilling campaign at the Maverick Silver Project is active, with assay results expected soon. These results will be critical for investors tracking the company’s exploration progress and the validation of the 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 connecting the existing deposit with the Northern Target.

Managing Director Andrew Dornan emphasized 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 reflects a comprehensive strategy focused on resource expansion. 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 evidence of high-grade mineralisation extending along the northwest corridor and within the newly acquired claims or Northern Target.

Expanded Land Position and Greenfields Exploration Potential

The silica-altered breccia corridor identified through geological work extends beyond Sun Silver’s previous holdings into areas with limited recent exploration. This greenfields opportunity offers significant discovery potential within a region dominated by Carlin-style mineralising systems. Acquiring Bayan Springs North and staking 106 additional claims demonstrates Sun Silver’s commitment to securing comprehensive ownership of the entire prospective trend, eliminating gaps and ensuring continuous control across the northwest structural corridor.

The 106 newly staked lode claims, covering approximately 8.86 square kilometres, highlight the company’s proactive land consolidation based on evolving geological insights. This greenfields extension into underexplored terrain offers potential for new mineralised zones beyond the current Mineral Resource. With only about 2.5 kilometres of the 15-kilometre strike length drill-tested, the majority of this expanded land remains at an early exploration stage. The refined geological model provides a framework for systematic exploration and future drilling targeting prospective zones along the northwest trend.

Exploration Risks and Contingencies

The Bayan Springs North acquisition and additional claim staking are subject to customary completion conditions, details of which were not disclosed. Shareholders should note 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 greater within five years. While the structural model has been validated to date, discovery of such mineralisation is not guaranteed. The Northern Target remains largely untested, and geochemical similarities to the Maverick Deposit do not assure economic mineralisation will be found.

Exploration risks cover the entire expanded land, with most of the 15-kilometre strike length still at early evaluation. Sun Silver’s ability to grow resources and attract funding or partnerships hinges on drill results confirming the geological model and identifying additional high-grade mineralisation. The 1.0% Net Smelter Return royalty on Bayan Springs North represents a long-term cost on future production, though Sun Silver can repurchase 0.5% for A$2.0 million. This royalty may affect economic viability of production from these claims. Investors should weigh these risks against the exploration upside and refined geological framework.

Strategic Positioning in a Premier Mining Jurisdiction

Nevada remains a top-tier global mining jurisdiction for precious metals exploration and development. The expanded Maverick Silver Project land position provides Sun Silver with exposure to a region with demonstrated world-class mining potential, evidenced by major operations like Barrick Gold’s Carlin Mine. Nevada’s regulatory environment, mining-friendly policies, and infrastructure support exploration and future development. Sun Silver’s strategic land consolidation and refined structural model position the company to pursue significant silver and precious metals mineralisation.

By securing continuous ownership across the 15-kilometre strike, Sun Silver has mitigated fragmentation risk that could hinder future development. The Maverick Silver Project’s substantial 539 million ounces silver equivalent Mineral Resource underpins the company’s growth potential. This expanded land position offers opportunities to demonstrate the broader scale of the mineralised system. For investors, the strategic consolidation and ongoing exploration in a world-class jurisdiction represent meaningful steps toward enhancing shareholder value through resource expansion and potential development.