Mr. Brian Lock reports

SUN SUMMIT ANNOUNCES CLOSING OF $2,500,000 PRIVATE PLACEMENT

Sun Summit Minerals Corp. has closed its fully subscribed non-brokered private placement previously announced in the company's press release on April 2, 2024, through the issuance of 25 million non-flow-through units of the company at a price of 10 cents per unit for gross proceeds to the company of $2.5-million. The Company restructured the Private Placement to remove the flow-through unit portion of the Private Placement, and reallocate the amount to issue a total of 25,000,000 Units. Each Unit consisted of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.13 per share until April 25, 2026.

The Company intends to use the proceeds of the Private Placement for exploration and development of the Company's mineral property interests in British Columbia, Canada, and for general working capital purposes.

In connection with the Private Placement, the Company paid aggregate cash finder's fees of $21,805 and granted an aggregate of 218,050 non-transferable finder warrants of the Company (each, a "Finder Warrant") to arm's length finders of the Company in connection with the Private Placement. Each Finder Warrant entitles the holder thereof to purchase one common share of the Company at an exercise price of $0.10 per share until April 25, 2026.

Sharyn Alexander (President of the Company), Brian Lock (Executive Chairman of the Company), and Richard Billingsley (holder of over 10% of the outstanding common shares of the Company) participated in the Private Placement by subscribing for 50,000 Units by Ms. Alexander, 500,000 Units by Mr. Lock and 220,000 Units by Mr. Billingsley, which constituted related party transactions pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). There has not been a material change in the percentage of the outstanding securities of the Company that are owned by Ms. Alexander and Mr. Lock, as a result of their participation in the Private Placement. Mr. Billingsley will be filing early warning disclosure with respect to the change in his ownership of the outstanding securities of the Company. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the insiders in the Private Placement in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the insider participation does not exceed 25% of the Company's market capitalization as determined in accordance with MI 61-101. The Company obtained approval by the board of directors of the Company to the Private Placement, with Mr. Lock declaring and abstaining from voting on the resolutions approving the Private Placement with respect to his participation in the Private Placement. No materially contrary view or abstention was expressed or made by any director of the Company in relation thereto. The Company did not file a material change report related to the Private Placement more than 21 days before the expected closing of the Private Placement, as the details of the insider participation were settled shortly prior to the closing of the Private Placement, and the Company wished to close the Private Placement on an expedited basis for sound business reasons.

The Private Placement is subject to the final approval of the TSX Venture Exchange (the "TSXV"). The securities issued in the Private Placement are subject to a hold period expiring on August 26, 2024 in accordance with applicable securities laws and the policies of the TSXV.

Grant of Stock Options

The Company also announces that it has granted an aggregate of 3,725,000 stock options of the Company (each, a "Stock Option") to certain directors, officers and consultants of the Company. Each Stock Option entitles the holder to acquire one common share of the Company at an exercise price of $0.195 per share until April 25, 2029. The Stock Options were issued pursuant to the terms of the Company's stock option plan. The Stock Options granted to directors, officers, and consultants of the Company vest immediately, and the Stock Options granted to investor relations service providers vest in the amount of 25% every three months following the date of grant over a 12-month period.

About Sun Summit

Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on expansion and discovery of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C. and the Buck Project in central B.C.

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.