Mr. Graeme O'Neill reports

BAYHORSE SILVER CLOSES PRIVATE PLACEMENT

Bayhorse Silver Inc., subject to the approval of the TSX Venture Exchange, has closed its oversubscribed non-brokered private placement that was announced on Oct. 30, 2024, and the company will issue 5.25 million units for gross proceeds of $210,000.

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 eight cents per common share for a period of 24 months from the date of issuance.

The funds received are to conduct the underground drilling program (70 per cent) at the Bayhorse silver mine to test for the presence of a porphyry copper deposit, as announced in the company's news release, to further advance the mine permitting (10 per cent), and for general and administrative expenses (20 per cent). None of the private placement proceeds will be paid to non-arm's-length parties or persons conducting investor relations activities.

Subject to the approval of the TSX Venture Exchange, the company will pay cash finders' fees of $11,900 and issue 297,500 finders' warrants, which are exercisable into one common share of the company at a price of eight cents per common share for a period of 24 months from the date of issuance.

Securities issued under this private placement are subject to a hold period expiring on April 11, 2025.

Bayhorse Silver chief financial officer Rick Low has subscribed for 250,000 units (5 per cent) of the private placement. This participation by Bayhorse's CFO constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. 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, exceeds 25 per cent of the company's market capitalization.

This news release has been prepared on behalf of the Bayhorse Silver board of directors, which accepts full responsibility for its content.

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, and the Pegasus project, in Washington county, Idaho. The Bayhorse silver mine and the Pegasus project are 44 kilometres 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 per cent. 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 grams per tonne using standard flotation processing at its milling facility in nearby Payette county, Idaho, 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.