Mr. Graeme O'Neill reports

BAYHORSE SILVER MOBILIZES DIAMOND DRILL TO THE BAYHORSE SILVER MINE FOR A MINIMUM 2,000 METER UNDERGROUND DRILL PROGRAM

Bayhorse Silver Inc. has purchased, and mobilized, a diamond drill rig with a 2,500-foot (ft) depth capability to its Bayhorse silver mine to commence an underground drill program of up to 10 diamond drill holes, 2,000 metres (m) (6,600 ft), targeting IP anomalies CR-1, CR-2 and CR-3 (see news release BHS2026-03) and two IP targets (MR-1 and Deep-1) that lie east of and below the inferred resource area (see news release BHS2025-5).

Bayhorse chief executive officer Graeme O'Neill comments: "We are very pleased that the additional analysis of the IP indicates the strong possibility of silver-bearing mineralized material with vertical extent both above and below the current mine workings over 300 m (1,000 ft) and extending both east and west of the inferred resource boundary. Our increased drilling objective is to further refine our understanding of the extent, structure and mineralization of the Bayhorse silver endowment and to potentially increase the known resource. The targets identified extend beyond the area of our National Instrument 43-101 mineral resource estimate of 292,300 tons at a grade of 21.65 opt (673 gpt) for 6.3 million ounces of silver (Turner et al., 2018), with the drill program intended to determine whether inferred ounces can be increased and whether inferred ounces can be brought to an indicated or better category."

While the upper portion of CR-1 coincides with the historical and current underground mine workings, including the Big Dog and Goldilocks mineralized zones that will be initially targeted for mining operations upon receipt of the operating permit, the analysis shows the low-resistivity features extend at least 97 m (320 ft) above the current mine workings at the main portal level and extending down to 200 m (656 ft) below the main portal.

CR-2 lies approximately 200 m (656 ft) southeast of CR-1 and is lesser in vertical extent than CR-1. Both CR-1 and CR-2 occur beneath a shallow resistive layer. CR-3 is located near the northwestern end of historical Goldilocks zone, where historic drilling suggests prior operators believed mineralization existed to the north of the known partially mined area.

This additional analysis showing more detailed locations, elevations, distances and orientation from the current underground drill pad locations and workings have resulted in the company increasing the area for the initial underground drilling program from 1,000 m (3,260 ft) to 2,000 m (6,600 ft) as previously outlined in BHS2026-02.

The IP targets identified during the March, 2025, IP survey that lie under the mine access road can be accessed from the existing underground drill pads. One of these targets was intersected by groundwater test well MW2 at a depth of between 22 m and 33.5 m (72 to 110 ft) from surface with a three m (10 ft) intersection of 1.5 m (five ft) grading an average of 1,104 grams per tonne (gpt) (35.46 ounces per ton (opt)) silver and 1.5 m (5 ft) averaging 770 gpt (23.12 opt) silver. IP target MR-1 lies approximately 170 m (558 ft) to the northeast of the mine workings.

This news release has been prepared on behalf of the Bayhorse Silver board df Directors, which accepts full responsibility for its content. Mark Abrams, AIPG, a qualified person and director of the company, has prepared, supervised the preparation of, or approved the technical content of this news release.

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, with a National Instrument 43-101 inferred resource of 292,300 tons at a grade of 21.65 opt (673 gpt) for 6.3 million ounces of silver (Turner et al., 2018), and the Pegasus project, in Washington county, Idaho. The Bayhorse silver mine and the Pegasus porphyry copper project are 44 km southwest of Hercules Metals' porphyry copper discovery. The Bayhorse mine is a minimum environmental impact facility capable of processing at a mining rate up 200 tons per day that includes a state-of-the-art 40-ton-per-hour Steinert ore sorter that reduces waste rock entering the processing stream by up to 85 per cent. The company has established an up-to-60-ton-per-day mill and standard flotation processing facility in nearby Payette county, Idaho, with an offtake agreement in place with Ocean Partners U.K. Ltd. The company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.

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