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October 24, 2024. BHS2024-22

Bayhorse Silver Increases Private Placement to 20 Million Units, Closes First Tranche Of Private Placement

Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the "Company" or "Bayhorse") announces that, subject to the approval of the TSX Venture Exchange, it has increased the size of its previously announced non-brokered private placement to 20 million Units for gross proceeds of $800,000. The Company further announces that, subject to the approval of the TSX Venture Exchange, it has closed a first tranche of the non-brokered private placement of 12,587,500 units on October 24, 2024, for gross proceeds of $503,500.

Each Unit will consist of one common share, and one transferable common share purchase warrant. Each warrant will be exercisable into one common share of the Company at a price of C$0.08 cents per common share for a period of 24 months from the date of issuance.

The funds received are to conduct the planned underground drilling program (70%) at the Bayhorse Silver Mine to test for the presence of a porphyry copper deposit, as announced in the Company's news release BHS2024-19, to further advance the mine permitting (10%) and general and administrative expenses (20%). None of the private placement proceeds will be paid to non-arm's length parties or persons conducting investor relations activities. In addition to any other exemption available to the Company, participation in the non-brokered financing is also open to all existing shareholders, even if not accredited investors, under the "existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.

Subject to the approval of the TSX Venture Exchange, the Company will pay cash finder's fees of $1,050 and issue 26,250 finder's warrants, which are exercisable into one common share of the Company at a price of $0.08 cents per common share for a period of 24 months from the date of issuance. Any shares issued pursuant to the finder's warrants are subject to a hold period expiring on February 25, 2025 for the first tranche.

Securities issued under this private placement are subject to a hold period expiring on February 25, 2025 for the first tranche.

Bayhorse Silver CEO, Graeme O'Neill, has subscribed for 9,125,000 units (72%) of the first tranche of the private placement. He has funded his subscription partly through arranged sales and through the facility of the TSX Venture Exchange. Bayhorse Silver CFO, Rick Low, has subscribed for 250,000 units (2%) of the private placement. This participation by Bayhorse's CEO and CFO constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units acquired by the insider, nor the consideration for the units paid by such insider, exceed 25% of the Company's market capitalization.

Finder 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.

This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content.

On Behalf of the Board.

Graeme O'Neill, CEO

866-399-6539

About Bayhorse Silver Inc.

Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA and the Pegasus Project, in Washington County, Idaho. The Bayhorse Silver Mine and the Pegasus Project are 44 km southwest of Hercules Metals' porphyry copper discovery. The Bayhorse Mine includes a state of the art Steinert Ore-Sorting technology reducing waste rock entering the processing stream by up to 85%. The Company 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 to 15,000 g/t using standard flotation processing at its milling facility in nearby Payette County, Idaho, USA, with an offtake agreement in place with Ocean Partners UK Limited. The Company also has an option to acquire an 80% interest in the Brandywine high grade silver/gold property located in B.C. Canada. The Company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.