Mr. Michael Power reports

SILVER RANGE RESOURCES LTD. OPTIONS ALAMO AND SAND SPRINGS TO RESILIENCE MINERALS LIMITED

Silver Range Resources Ltd. has optioned the Alamo and Sand Springs properties to Resilience Minerals Ltd.

Alamo property option

Silver Range has granted Resilience an option to acquire an 80-per-cent interest in the Alamo mining property, located in La Paz county, Arizona, United States. Resilience can exercise the option by paying Silver Range $300,000 (U.S.) and issuing $300,000 (U.S.) in Resilience shares upon completion of an initial public offering and the listing of the Resilience shares on the Australian Stock Exchange on or before Dec. 31, 2026. Once the option has been exercised, Resilience and Silver Range will form a joint venture under standard industry terms and conditions to explore and develop the Alamo property.

In addition to the cash payment and Resilience shares, Silver Range will be entitled to defined resource payments related to any measured and indicated resources identified on the Alamo property. The resource payments shall consist of $10 (U.S.) per ounce of gold (or the gold equivalent value in other commodities) on the first 50,000 defined ounces in measured and indicated mineral resources and $2 (U.S.) per ounce on all ounces in excess of 50,000 ounces (or the gold equivalent in other commodities). All reported mineral resources will be compliant with National Instrument 43-101 or Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC) specifications.

Silver Range will also retain a 1-per-cent net smelter return royalty interest in all future metals production from the Alamo property. Resilience will have the right to purchase one-half (50 per cent) of the Alamo royalty at any time prior to the commencement of commercial production at the Alamo property for $500,000 (U.S.). Altius Minerals retains an underlying 1-per-cent net smelter return royalty interest in the Alamo property. A finder's fee of $52,500 will be paid by Silver Range to an arm's-length third party upon the completion of the IPO. The Alamo property option and the related finder's fee are subject to TSX Venture Exchange acceptance.

The Alamo property consists of 35 federal lode claims and hosts widespread iron-oxide copper-gold mineralization. It includes the former Wenden mine and peripheral workings in La Paz county, Arizona. The Wenden mine was developed to a depth of 1,100 feet and accessed through two shafts. A shipment record from 1929 documents 50 tons grading 0.5 ounce per ton gold and 9.65 per cent copper sent to a nearby smelter from the Wenden mine. Geologic mapping, prospecting, sampling, soil surveys and VLF-EM (very-low-frequency/electromagnetic) surveys have identified numerous structures on the property associated with float gold and copper mineralization. Sampling to date has returned up to 37.8 grams per tonne gold and 19.15 per cent copper. Gold grades in surface grab samples collected to date (48) averages 4.39 grams per tonne gold, with 29 per cent returning more than five grams per tonne gold. Copper grades in the same set average 2.47 per cent copper with 33 per cent returning greater than 2 per cent copper. Soil geochemical surveys have delineated a large gold-copper system extending for approximately 1.6 kilometres along a northwest strike. Peak soil geochemical response was 1,340 parts per billion gold and 649 parts per million copper. VLF-EM surveys identified numerous conductors, several of which are associated with known mineralization.

Sand Springs property option

Silver Range has granted Resilience an option to acquire an 80-per-cent interest in the Sand Springs mining property, located in Churchill county, Nevada, United States. Resilience can exercise the option by paying Silver Range $250,000 (U.S.) and issuing $250,000 (U.S.) in Resilience shares upon completion of the IPO. Once the option has been exercised, Resilience and Silver Range will form a joint venture under standard industry terms and conditions to explore and develop the Sand Springs property.

In addition to the cash payment and Resilience shares, Silver Range will be entitled to defined resource payments related to any measured and indicated resources identified on the Sand Springs property. The resource payments shall consist of $10 (U.S.) per ounce of gold (or the gold equivalent value in other commodities) on the first 50,000 defined ounces in measured and indicated mineral resources and $2 (U.S.) per ounce on all ounces in excess of 50,000 ounces (or the gold equivalent in other commodities). All reported mineral resources will be National Instrument 43-101 or JORC (Joint Ore Reserves Committee) compliant.

Silver Range will also retain a 2-per-cent net smelter return royalty interest in all future metals production from the Sand Springs property. Silver Range holds a one-quarter (25-per-cent) interest in the Sand Springs royalty in trust for the original owner of the Sand Springs property under an agreement dated Jan. 6, 2022. Resilience will have the right to purchase one-quarter (25 per cent) of the Sand Springs royalty at any time prior to the commencement of commercial production at the Sand Springs property for $500,000 (U.S.). A finder's fee of $45,000 will be paid by Silver Range to an arm's-length third party upon the completion of the IPO. The Sand Springs property option and the related finder's fee are subject to TSX Venture Exchange acceptance.

The Sand Springs property is located 42 kilometres southeast of Fallon in Churchill county, Nevada. First discoveries on the Sand Springs property date from the 1930s, when small, high-grade mining occurred. This persisted intermittently until the early 1990s. Pegasus Gold staked and drilled the property in 1992 to 1993, completing 13 shallow drill holes. The best results were 3.05 metres at 4.8 grams per tonne gold and 9.05 metres at 0.77 per cent copper from separate drill holes. The property was subsequently staked and explored (but not drilled) by Newcrest and Miranda Gold. Silver Range staked the property in 2021. The property is underlain Triassic through Jurassic volcaniclastics, limestone and basalt. These rocks are intruded by a northeast-striking Jurassic/Cretaceous granite to granodiorite with a source likely 200 to 300 metres below surface and two apophyses that reach surface. There is widespread gold-copper skarn mineralization and intrusive-hosted gold-quartz-tourmaline vein mineralization on the property. Surface sampling by Silver Range to date has returned up to 1.5 metres at 10.1 grams per tonne gold from a chip sample and up to 3.50 per cent copper from a grab sample, both of gold-copper skarn mineralization. Grab samples of the quartz tourmaline vein material have returned up to 2.94 grams per tonne gold.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in the southwestern United States and Northern Canada. It has assembled a portfolio of 34 properties, 14 of which are currently optioned to others, and also retains eight royalty interests on previously vended projects. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.

Historic production data cited in this news release were extracted from reports compiled by the Arizona Department of Mines and Mineral Resources. Data cited from these sources cannot be independently verified by Silver Range. Technical information in this news release has been approved by Mike Power, MSc, CPG, president and chief executive officer of Silver Range and a qualified person for the purposes of NI 43-101.

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