Mr. Brian Lock reports

SUN SUMMIT FINALIZES OPTION AGREEMENT FOR ACQUISITION OF THE THEORY PROJECT IN THE TOODOGGONE MINING DISTRICT, B.C.

Further to its news release of Jan. 13, 2025, Sun Summit Minerals Corp. has entered into an option agreement with Eagle Plains Resources Ltd. to earn up to a 100-per-cent interest in 10,000 hectares of mineral claims in the highly prospective Toodoggone mining district in British Columbia.

Highlights:

• Strategic acquisition: The acquisition of the Theory project will increase Sun Summit's Toodoggone footprint by approximately 10,000 hectares, creating a combined district-scale project of approximately 25,000 hectares.
• Increased land position in prime location: The Theory project borders Thesis Gold's Ranch project to the north and is located within 10 kilometres of Sun Summit's JD project, presenting significant synergies and logistical advantages. The combined land package would effectively border the Ranch project on its northern and eastern boundary and provide the company with an attractive, district-scale exploration and development opportunity.
• Significant exploration potential: The Theory project hosts highly prospective geology with both epithermal-related gold targets and large bulk-minable porphyry-related copper-gold targets, supported by historical exploration and recent geophysical surveys.
• Attractive option terms: The Theory option agreement includes the option to acquire a 75-per-cent interest over four years with aggregate exploration expenditures of $3-million, cash payments of $250,000 and the issuance of 750,000 shares, with the remaining 25-per-cent interest available for $1-million.
• Continuing exploration planning: Sun Summit in co-operation with Eagle Plains will complete an extensive data compilation and target generation exercise, which will inform future exploration planning at the Theory project.

Niel Marotta, chief executive officer of Sun Summit, commented: "We are pleased to finalize the Theory option agreement. This enlarged, district-scale copper-gold project represents an exciting opportunity to revive exploration in the northern part of the Toodoggone mining district. We wish to thank Eagle Plains for having the business acumen to acquire an extensive land package with regional exploration targets. This deal, combined with the JD property, adds to the potential for a significant discovery and significantly enhances our strategic position in the Toodoggone mining district. By combining the Theory and JD projects, we create a district-scale opportunity with exceptional exploration potential and significant logistical synergies. The option terms are both manageable and structured, allowing us to maintain financial flexibility while advancing exploration efforts. This acquisition aligns with our goal of building a robust, diversified portfolio in this highly active mining district, and we look forward to unlocking the full potential of these assets."

Theory project

The Theory project comprises 23 mineral claims covering 9,676 hectares. The project is 100 per cent owned by Eagle Plains, with 122 hectares of the property subject to an underlying 0.5-per-cent net smelter return royalty (NSR) held by a third party. The project is located in northern-central British Columbia within the Toodoggone mining district and is in close proximity with Sun Summit's JD project. The project area shares similar geology to the JD project and Thesis Gold's Ranch-Lawyers project.

The project is helicopter accessible and recent road upgrades completed in 2023 by Thesis Gold has brought road access to within eight kilometres of the southern boundary of the Theory project.

Geology in the Theory region primarily comprises lower Jurassic Hazelton group volcanics (Toodoggone formation, same host rock as the JD project), which unconformably overlie late Triassic Takla group volcanics. The entire package of volcanic and volcaniclastic rocks is intruded by late Triassic and early Jurassic stocks. The Jurassic-Triassic unconformity (approximately 200 million years old), termed by the B.C. Geological Survey as the Red Line, is observed throughout the Golden Triangle and Toodoggone regions to have a high spatial correlation to many known mineral deposits. The majority of the property encompasses this highly prospective contact.

Exploration by previous operators has been intermittent since the mid-1960s and regional government surveys are sparse; however, encouraging mineralization and alteration commonly associated with both epithermal and porphyry systems has been documented. The most significant documented work was completed in 1988 in the north and west areas of the Theory project area. Work consisted primarily of alpine ridge and subalpine prospecting traverses as well as reconnaissance soil sample lines in areas where no outcrop was present. This work documented occurrences of low-sulphidation, epithermal-related mineralization, including quartz-barite veins with up to 8.2 grams per tonne gold, 195 grams per tonne silver and 6.2 per cent copper at the DM occurrence (British Columbia Minfile 094E 231); and a quartz carbonate vein system with up to 6.8 grams per tonne gold and 1,480 grams per tonne silver at the Fred-1 occurrence (British Columbia Minfile 094E 402). The BEV occurrences (British Columbia Minfile 094E 259), interpreted as a copper-gold porphyry target, returned select historical rock results up to 0.47 per cent copper, 10.5 grams per tonne silver and 0.13 gram per tonne gold. Detailed soils revealed a 1.6-kilometre-by-two-kilometre copper-in-soil anomaly with peak soil results to 920 parts per million copper. Very little work is documented in the southern and eastern parts of the property.

Note: Grab samples by nature are selective and therefore may not be representative of the mineralization being evaluated.

Eagle Plains completed a 2024 property-wide airborne magnetic and radiometric survey at a nominal 100-metre line spacing to advance the property. The airborne geophysical survey highlighted a 13-kilometre-by-13-kilometre area underlain by highly prospective Takla group volcanics to the east and north and Hazelton group volcanics and sediments to the south and west. These data provide a solid foundation upon which to integrate historical local mapping and sampling results.

Next steps

The terms and conditions of the Theory option agreement are subject to the approval of the exchange.

An extensive compilation of historical exploration data is under way, with emphasis on the extensive prospecting, mapping and geochemical surveys completed in 1988. Detailed georeferencing of historical geochemical anomalies and geological structures of interest against the new 2024 geophysical data set will assist with identification of follow-up field targets for the 2025 season.

Following the target identification exercise, an exploration plan and budget will be defined for the 2025 season. Minimum expenditures in 2025 are $200,000 with work expected to be conducted from the JD camp. The company intends to secure a new mineral exploration permit for any future diamond drilling. The application process will be initiated by Sun Summit.

Theory option agreement terms

Under the terms of the Theory option agreement, Sun Summit has the option to acquire a 75-per-cent interest in the Theory project (option 1) over a four-year period in exchange for the issuance of 750,000 common shares, the payment of $250,000 cash and incurring total exploration expenditures on the Theory project of $3-million.

Sun Summit may exercise option 1 by:

1. Incurring exploration expenditures of $3-million on the Theory project according to the following schedule:
   • $200,000 ($200,000 total) on or before Dec. 31, 2025;
   • $400,000 ($600,000 total) on or before Dec. 31, 2026;
   • $1-million ($1.6-million total) on or before Dec. 31, 2027, including a minimum of 1,000 metres of drilling;
   • $1.4-million ($3-million total) on or before Dec. 31, 2028, including a minimum of 1,500 metres of drilling;
2. Paying to Eagle Plains a total cash consideration of $250,000 according to the following schedule:
   • $20,000 cash payment on signing of the Theory option agreement;
   • $30,000 ($50,000 total) on or before Dec. 31, 2025;
   • $50,000 ($100,000 total) on or before Dec. 31, 2026;
   • $75,000 ($175,000 total) on or before Dec. , 2027;
   • $75,000 ($250,000 total) on or before Dec. 31, 2028;
3. Issuing to Eagle Plains 750,000 common shares of the company according to the following schedule:
   • 50,000 shares following the receipt of approval from the TSX Venture Exchange;
   • 100,000 shares (150,000 total) on or before Dec. 31st, 2025;
   • 150,000 shares (300,000 total) on or before Dec. 31, 2026;
   • 200,000 shares (500,000 total) on or before Dec. 31, 2027;
   • 250,000 shares (750,000 total) on or before Dec. 31, 2028.

Upon completion and notice of exercise of option 1, Sun Summit will obtain a 75-per-cent interest in the Theory project and Eagle Plains will retain a total 2.0-per-cent NSR on all areas underlain by the project, which may be bought down to 1.0 per cent through a cash payment of $1-million to Eagle Plains. Two of the claims are subject to a separate pre-existing agreement, which includes a 0.5-per-cent net smelter return royalty (NSR) payable to an arm's-length third party, which may be repurchased in its entirety for $1-million. For greater clarity, none of the Theory project claims are encumbered in excess of an aggregate of 2.5-per-cent NSR.

Following the completion and notice of exercise of option 1, Sun Summit shall have the right to earn an additional 25-per-cent interest in the Theory project (for a total 100-per-cent interest) (option 2). In order to exercise option 2, Sun Summit shall notify Eagle Plains of its intent to increase its interest to 100 per cent, no later than 180 days from the notice of exercise of option 1, and make an additional one-time payment of $1-million cash to Eagle Plains, of which half can be settled in Sun Summit shares, subject to the approval of the exchange, with an issue price equal to the greater of: (a) the 10-day volume-weighted average trading price of Sun Summit's shares prior to the notice of exercise; and (b) the lowest price permitted by the exchange.

Following the exercise of option 1, and in the event of failure to exercise option 2, Sun Summit and Eagle Plains shall then form a 75/25 joint venture to further explore and develop the project, with Sun Summit holding a 75-per-cent interest and Eagle Plains holding a 25-per-cent interest in the JV on formation. The JV will hold and operate the Theory project, and each party will proportionately finance their share of expenditures.

National Instrument 43-101 disclosure

This news release has been reviewed and approved by Sun Summit's vice-president, exploration, Ken MacDonald, PGeo, a qualified person as defined in NI 43-101, Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators. He has not been able to verify the historical exploration data disclosed, including sampling, analytical and test data, underlying the technical information in this news release since such data are historical and the original samples are not available. Some technical information contained in this release is historical in nature and has been compiled from public sources believed to be accurate. Mineralization hosted on adjacent and/or nearby projects is not necessarily indicative of mineralization hosted on Sun Summit's projects.

Community engagement

Sun Summit is engaging with first nations on whose territory the company's projects are located and is discussing their interests and identifying contract and work opportunities as well as opportunities to support community initiatives. The company looks forward to continuing to work with local and regional first nations with continuing exploration.

About the JD project

The JD project is located in the Toodoggone mining district in northern-central British Columbia, a highly prospective deposit-rich mineral trend. The project covers an area of over 15,000 hectares and is in close proximity to active exploration and development projects, such as Thesis Gold's Lawyers and Ranch projects, TDG Gold's Baker-Shasta projects, Amarc Resource's Aurora project, Centerra's Gold's Kemess East and Underground projects, as well as the past-producing Kemess open-pit copper-gold mine.

The project is 450 kilometres northwest of the city of Prince George and 25 kilometres north of the Sturdee airstrip. It is proximal to existing infrastructure in place to support the past-producing Kemess mine, including roads and a hydroelectric power line.

The JD project is in a favourable geological environment characterized by both high-grade epithermal gold and silver mineralization as well as porphyry-related copper and gold mineralization. Some historical exploration, including drilling, geochemistry and geophysics, has been carried out on the property; however, the project area is largely underexplored.

About Sun Summit Minerals Corp.

Sun Summit Minerals 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 northern-central British Columbia and the Buck project in central British Columbia.

We seek Safe Harbor.