Sun Silver Secures Bayan Springs North and Stakes 106 New Claims, Expanding Maverick Silver Project to 15km Strike in Nevada

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 standard completion conditions. This acquisition includes 116 lode claims covering approximately 9.70 square kilometres and is complemented by the staking of an additional 106 lode mining claims spanning about 8.86 square kilometres immediately northwest of the current Maverick Silver Project. Together, these transactions secure 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 marks a significant expansion of Sun Silver’s holdings in this promising region. Upon completion of both the acquisition and claim staking, the Maverick Silver Project will control roughly 15 kilometres of highly prospective strike length. Notably, only about 2.5 kilometres of this corridor 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 from Sun Silver includes several components structured over time and contingent on exploration success. An initial cash payment of A$150,000 is due upon transaction completion, followed by a further A$150,000 cash payment 12 months later. Additionally, a contingent payment of A$500,000—payable in cash or, at Sun Silver’s discretion and subject to shareholder approval, shares valued at the 20-day volume weighted average price—is triggered upon announcement within five years of a drill intersection grading at least 100 grams per tonne silver equivalent over 20 metres or more.

This earn-in structure aligns contingent 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 at any time for a one-off payment of A$2.0 million, reducing the royalty to 0.5% if exercised. This buyback option offers flexibility 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 significantly enhanced Sun Silver’s understanding of mineralisation controls at the Maverick Silver Project. The work identified high-grade mineralisation concentrated within a northwest-trending antiformal hinge structure and its associated structural corridor. This refined structural model advances the company’s ability to target additional mineralisation and predict ore grade distribution across the project.

Exploration in 2025 successfully tested this structural interpretation, expanding the Mineral Resource Estimate northwestward. A notable drill intercept included 70.1 metres at 160 grams per tonne silver equivalent from 255.1 metres depth, featuring a higher-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 potential for further resource growth along strike, bolstering confidence in the company’s exploration targeting across the 15-kilometre northwest corridor now under its control.

Northern Target and Carlin-Style Geochemical Anomaly

Surface exploration has revealed a promising new corridor beyond the current Mineral Resource footprint, termed the Northern Target. Recent regional rock chip sampling identified an anomalous trend with elevated antimony and arsenic assays alongside favorable alteration features—hallmarks of Carlin-style mineralising systems. This anomaly extends over a 2-kilometre strike length located approximately 4.5 kilometres north of the Maverick resource area, representing a significant greenfields exploration opportunity adjacent to the existing resource base.

The Northern Target exhibits characteristic Carlin-style mineralisation indicators including silica alteration, decalcification, and jasperoidal brecciation. Its geochemical signature closely resembles surface samples above the Maverick Silver Deposit, where 2025 rock chip analysis showed elevated arsenic and antimony with sporadic anomalous silver and gold. Carlin-style systems worldwide display pathfinder element zoning, with arsenic-antimony anomalism proximal to mineralisation and mercury-thallium anomalism more distal. The similarity between the Northern Target and Maverick Deposit geochemistry marks this as a high-priority exploration target, with ongoing efforts to determine if it forms part of the same mineralising system as the 539 million ounces silver equivalent Maverick Deposit.

Maverick Silver Project Overview and Strategic Location

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 rich precious metals prospectivity. Nevada’s strong mining jurisdiction reputation and infrastructure support exploration and potential development activities.

The existing Maverick Silver Deposit boasts a Mineral Resource containing approximately 539 million ounces silver equivalent, representing a substantial mineral endowment. With the Bayan Springs North acquisition and staking of 106 additional lode claims, Sun Silver has markedly expanded its exploration upside, controlling 15 kilometres of prospective strike in this world-class mining region. The project’s strategic placement within a mineralized district adjacent to major mining operations enhances the company’s ability to advance precious metals exploration and development in a proven jurisdiction.

2026 Drilling Program and Upcoming Assay Results

Sun Silver’s 2026 drilling campaign at 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 evaluates the interpreted mineralised trend connecting the existing deposit with the Northern Target.

Managing Director Andrew Dornan emphasized that the company is well positioned to demonstrate the Maverick Silver Project’s broader potential. The Bayan Springs North acquisition, additional claim staking, and ongoing drilling form a comprehensive exploration strategy focused on resource expansion. Upcoming assay announcements will provide key insights into the effectiveness of the structural targeting and the prospectivity of the expanded land position. Investors will be watching for evidence of extended high-grade mineralisation along the northwest corridor and any discoveries within the newly acquired claims or Northern Target area.

Land Expansion and Greenfields Exploration Potential

The silica-altered breccia corridor identified through Sun Silver’s geological studies extends beyond previous landholdings into an area with limited recent systematic exploration. This greenfields opportunity offers significant discovery potential in a region dominated by Carlin-style mineralising systems. The acquisition of Bayan Springs North and staking of 106 additional claims demonstrate Sun Silver’s commitment to comprehensive ownership of the entire prospective trend, eliminating gaps and ensuring continuous control along the northwest structural corridor.

The 106 newly staked lode claims covering approximately 8.86 square kilometres reflect a proactive land consolidation approach informed by evolving geological insights. This greenfields extension into underexplored ground could yield new mineralised zones beyond the current Mineral Resource. With only about 2.5 kilometres of the 15-kilometre strike drill-tested, the majority of the expanded position remains at early exploration stages. The refined geological model, supported by detailed mapping and relogging, provides a framework for systematic exploration and guides future drilling targeting prospective zones along the northwest trend.

Risk Considerations and Exploration 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 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. Discovery of such mineralisation is not guaranteed, and exploration outcomes may differ despite structural model validation. The Northern Target remains largely untested, and geochemical resemblance to the Maverick Deposit does not ensure economic mineralisation.

Exploration risk spans the expanded landholding, with most of the 15-kilometre strike at early evaluation stages. The company’s ability to grow resources and secure future funding or partnerships hinges on drill results confirming the geological model and identifying high-grade mineralisation. The 1.0% Net Smelter Return royalty on the Bayan Springs North claims represents a long-term cost on future production. Although Sun Silver may repurchase 0.5% of this royalty for A$2.0 million, this obligation could affect economic viability. Investors should weigh these risks against the exploration upside and refined geological understanding.

Strategic Positioning in a Leading Mining Jurisdiction

Nevada remains a premier global jurisdiction for precious metals exploration and development. The expanded Maverick Silver Project land position provides Sun Silver exposure to a region with proven world-class mining potential, highlighted by major operations such as Barrick Gold’s Carlin Mine. Nevada’s regulatory framework, mining-friendly policies, and infrastructure facilitate exploration and potential development. Sun Silver’s strategic location within this established mining district, combined with its refined structural model and expanded landholdings, positions it well to explore significant silver and precious metals mineralisation.

The acquisition and staking strategy reflects confidence in the northwest corridor’s prospectivity and the company’s geological interpretation. Securing continuous ownership across the 15-kilometre strike removes fragmentation risks that could limit future development. The Maverick Silver Project’s existing 539 million ounces silver equivalent Mineral Resource underpins the company’s foundation. The expanded land position offers the opportunity to demonstrate the mineralised system’s broader scale potential. For investors, this strategic consolidation and ongoing exploration in a world-class jurisdiction represent meaningful steps toward resource growth and potential development pathways.