Mr. Michael Kinley reports

SILVER SPRUCE REVISES TERMS OF AMENDMENT TO THE OPTION AGREEMENT ON ITS MYSTERY AU PROJECT, NEWFOUNDLAND AND LABRADOR

On Oct. 23, 2023, Silver Spruce Resources Inc. announced that on Oct. 13, 2023, it had entered into an amendment to the option agreement dated Sept. 7, 2021, on its Newfoundland properties, as further amended on Dec. 1, 2023.

Under the terms of the amended option agreement, upon mutual agreement of the company and the third party vendors, the company can satisfy part of the cash component of the consideration payable to the vendors on the second anniversary of the option agreement by the issuance of common shares of the company at a deemed price of one cent per share to the vendors. As a result, the second anniversary option payment will now consist of $50,000 cash (paid) and the issuance of 3.75 million common shares of the company to the vendors of which 2.5 million common shares are being issued in lieu of a $25,000 cash payment.

The amended option agreement is subject to the approval of the TSX Venture Exchange.

About Silver Spruce Resources Inc.

Silver Spruce Resources is a Canadian junior exploration company which has signed definitive agreements to acquire 100 per cent of the Melchett Lake zinc-gold-silver project in Northern Ontario, 100-per-cent interest in the Mystery Au project near recent discoveries by Sokoman Minerals Corp. and New Found Gold Corp., among others in the Exploits subzone gold belt, Newfoundland and Labrador, 100-per-cent interest in the Pino de Plata Ag project located 15 kilometres west of Coeur Mining's Palmarejo mine in western Chihuahua, Mexico, and up to 50-per-cent interest in Colibri Resource's Diamante Au-Ag project located from five kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit in Sonora, Mexico. Silver Spruce signed a 50:50 joint venture agreement with Colibri on the nearby Jackie Au project. 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.