Ms. Sharyn Alexander reports

SUN SUMMIT CLOSES OVERSUBSCRIBED $2.89 MILLION PRIVATE PLACEMENT

Sun Summit Minerals Corp. has closed its oversubscribed private placement for gross proceeds of $2,889,419.66 consisting of:

1. 9,123,015 non-flow-through units at a price of 11 cents each for $1,003,531.70;
2. 15,715,733 flow-through units at a price of 12 cents each for $1,885,887.96.

"The successful closing of our oversubscribed financing has strengthened our balance sheet and positions us for a very active exploration season," commented Sharyn Alexander, Sun Summit's president. "Exploration plans at the Buck project are being finalized but will include fieldwork aimed at advancing exploration targets to the drill-ready stage, as well as stepout drilling at Buck Main, following up on the strong expansion potential identified through recent drilling. We thank current shareholders for their continued support as well as welcome new investors through this financing. The company is poised for an exciting year."

Each NFT unit consisted of one (non-flow-through) common share of the company, and one non-transferable common share purchase warrant. Each FT unit consisted of one common share of the company issued as a flow-through share under Canada's Income Tax Act and one warrant. Each warrant entitles the purchase of one (non-flow-through) common share of the company for two years at a price of 16.5 cents.

The company paid finders' fees consisting of a commission of 7 per cent of the gross proceeds raised by eligible finders (commissions of $159,986) and finder warrants to purchase that number of warrant shares equal to 7 per cent of the number of units sold by the finders for two years at a price of 16.5 cents (1,159,857 finder warrants) as follows: Haywood Securities Inc. received $28,693 and 251,183 finder warrants, Echelon Wealth Partners Inc. received $37,089 and 106,050 finder warrants, Eventus Capital Corp. received $35,705 and 303,380 finder warrants, RedPlug Inc. received $29,400 and 245,000 finder warrants, Canaccord Genuity Corp. received $11,970 and 105,000 finder warrants, Red Cloud Securities Inc. received $7,280.67 and 62,794 finder warrants, GloRes Capital Inc. received $5,775 and 52,500 finder warrants, Richardson Wealth Ltd. received $3,360 and 28,000 finder warrants, and MogoTrade Inc. received $714 and 5,950 finder warrants.

The company intends to use the proceeds raised from the placement for the exploration of the company's Buck property and other properties in British Columbia 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 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.

The FT shares, NFT shares, warrants and warrant shares will have a four month hold period expiring on Sept. 11, 2023.

A senior officer of the company acquired 20,000 NFT units under the placement which constituted a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions and TSX Venture Exchange policy. However, such related party transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the NFT units issued to, nor the consideration paid by, such senior officer exceeded 25 per cent of the company's market capitalization. There was insufficient time between such subscription and the closing for the company to file a material change report respecting the placement not less than 21 days before the closing of the placement.

About Sun Summit Minerals Corp.

Sun Summit Minerals is a mineral exploration company focused on expanding its 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.