Mr. Michael Kinley reports

SILVER SPRUCE ANNOUNCES FLOW-THROUGH PRIVATE PLACEMENT FOR UP TO $1,000,000

Silver Spruce Resources Inc. has arranged a private placement of up to 40 million flow-through units at a price of 2.5 cents per unit for gross proceeds of up to $1-million. Each unit consists of one flow-through common share and a warrant to purchase an additional common share at an exercise price of five cents for a period of 24 months.

Finders' fees will be paid, subject to regulatory approval. The securities issued pursuant to the private placement will have a hold period expiring 24 months from the date of closing.

The company expects final closing of the private placement by June 30, 2023.

About Silver Spruce Resources Inc.

Silver Spruce Resources is a Canadian junior exploration company that has signed definitive agreements to acquire 100 per cent of the Melchett Lake zinc-gold-silver project in Northern Ontario, and with Colibri Resource Corp. in Sonora, Mexico, to acquire a 50-per-cent interest in Yaque Minerales SA de CV, which holds the El Mezquite gold project, and up to a 50-per-cent interest in each of Colibri's Jackie gold and Diamante gold-silver projects. Silver Spruce has signed definitive agreements to acquire a 100-per-cent interest in the Mystery gold project in the Exploits subzone gold belt, Newfoundland and Labrador, and the Pino de Plata silver project in western Chihuahua, Mexico. Silver Spruce Resources continues to investigate opportunities that management has identified or that have been presented to the company for consideration.

We seek Safe Harbor.