Mr. Graeme O'Neill reports

BAYHORSE ANNOUNCES PRIVATE PLACEMENT

Bayhorse Silver Inc. has arranged a non-brokered private placement for five million units at two cents per unit for gross proceeds of $100,000.

Each unit will consist of one common share and one transferrable common share purchase warrant, with each warrant exercisable into one common share of the company at a price of five cents per common share for a period of 15 months.

The proceeds received are to complete the deficiencies on the company's full operating permit application for the Bayhorse silver mine, and to complete the reclamation of the Flagstaff property.

Subject to receipt of proceeds, the company believes the outstanding reclamation work will take approximately one week to complete, whereupon the $140,000 (U.S.) cash reclamation bond held by the United States Bureau of Land Management (BLM) can be returned to the company.

The remaining work to be completed for the Bayhorse mine full operating permit submissions are a noise baseline study, completion of surface water sampling analysis, the results of which are pending, and ground water analysis testing.

Graeme O'Neill, Bayhorse chief executive officer, reports recent analysis of the silver market conditions from Sprott Money, where the report states, "Physical silver is at an all time high, while Comex silver is at an 11-year low." The Silver Institute reports that 2022 demand for silver outpaced supply in 2022 by 240 million ounces, and a report on the recent mining regulation changes in Mexico may also negatively affect the rate of its silver production. The reports indicate there appears to be a significant disconnect between supply and demand, and with the silver/gold ratio still staying stubbornly over 80:1, that may soon be positively resolved.

In addition to any other exemption available to the company, participation in the non-brokered financing is also open to all existing Canadian shareholders, even if not accredited investors, under the existing shareholder exemption of National Instrument 45-106, as promulgated in Multilateral CSA (Canadian Securities Administrators) Notice 45-313 in participating jurisdictions.

Finder's fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX Venture Exchange.

Securities issued under this placement will be subject to a four-month-plus-a-day hold period from the date of issuance.

About Bayhorse Silver Inc.

Bayhorse Silver is an exploration and production company with a 100-per-cent interest in the historic Bayhorse silver mine located in Oregon, United States. With state-of-the-art Steinert ore-sorting technology reducing waste rock entering the processing stream by up to 85 per cent, Bayhorse has created a minimum environmental impact facility capable of mining 200 tons of mineralization per day and the ability to process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500 and 15,000 grams per tonne using standard flotation processing at its milling facility in nearby Payette county, Idaho, U.S., with an offtake agreement in place with Ocean Partners U.K. Ltd. The company also has an option to acquire an 80-per-cent interest in the Brandywine high-grade silver/gold property located in British Columbia, Canada. The company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.