Ms. Sharyn Alexander reports

SUN SUMMIT ARRANGES $2,250,000 PRIVATE PLACEMENT

Sun Summit Minerals Corp. has arranged a non-brokered private placement, consisting of: (i) non-flow-through units at a price of 11 cents each; and (ii) flow-through units at a price of 12 cents each, for gross aggregate proceeds of up to $2.25-million.

"The Buck project represents significant discovery potential in what we believe to be an emerging porphyry-epithermal belt in central B.C. [British Columbia]," stated Sharyn Alexander, Sun Summit's president. "This financing provides an opportunity for the company to continue drilling and expanding on the known mineralization at Buck Main, where the current footprint is 1,100 metres by 800 metres. As well, our 43,000-hectare land package allows ample opportunity to explore and advance currently known mineralized targets to drill ready, as well as commence an intense exploration program on the newly acquired ground. We are grateful to existing and new shareholders who have supported Sun Summit's effort in advancing the Buck project, and we continue to work on strategies to increase shareholder value. We will announce upcoming exploration and drilling plans shortly."

Each NFT unit will consist of one non-flow-through common share of the company and one non-transferable common share purchase warrant. Each FT unit will consist of one common share of the company to be issued as a flow-through share under the Income Tax Act (Canada) and one warrant. Each warrant will entitle the purchase of one non-flow-through common share of the company at a price of 16.5 cents for two years.

Eventus Capital Corp. has been retained as a finder in connection with the placement. The company will pay finders' fees, consisting of a cash commission of 7 per cent of the gross proceeds raised by Eventus and finders' warrants to purchase that number of warrant shares equal to 7 per cent of the number of units sold by Eventus. Each finder's warrant will entitle the purchase of one warrant share at a price of 16.5 cents for two years.

The company intends to use the proceeds raised from the offering for exploration at the company's Buck property and other Canadian properties it may acquire. The gross proceeds from the issuance of the FT shares will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)), which will be renounced with an effective date of no later than Dec. 31, 2023, to the purchasers of the FT units in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares.

Some of the directors and officers of the company may acquire FT units or NFT units under the placement. Any such participation would be a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, and TSX Venture Exchange policies. Such related party transactions will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any units issued to, nor the consideration paid by, such persons will exceed 25 per cent of the company's market capitalization.

The placement is expected to close on or around May 4, 2023, and is subject to the receipt of approval from the TSX-V. The FT shares, NFT shares, warrants and warrant shares will have a hold (restricted resale) period of four months from the closing date.

About Sun Summit Minerals Corp.

Sun Summit Minerals is a mineral exploration company focused on expanding the gold, silver and zinc discovery at its flagship Buck project, located in north-central British Columbia.

Sun Summit is committed to environmental and social responsibility, with a focus on accountable development and building respectful and beneficial relationships with indigenous and local communities.

We seek Safe Harbor.