Mr. Greg Davison reports

SILVER SPRUCE ACQUIRES 100% OF JACKIE GOLD-SILVER PROJECT, REALIGNS SONORA EXPLORATION PROPERTY PORTFOLIO IN MEXICO

Silver Spruce Resources Inc. has two significant corporate developments that strategically realign its exploration portfolio in Sonora, Mexico:

• The company has acquired the remaining 50-per-cent interest in the Jackie Au-Ag (gold-silver) project joint venture from partner Colibri Resource Corp., giving Silver Spruce a 100-per-cent ownership and full control of the property.
• Silver Spruce has relinquished its 25-per-cent interest in the Diamante project via its 50-per-cent holding in Yaque Minerales S.A. de C.V. to operating partner Colibri.

The company's diversified portfolio now includes:

• Jackie Au-Ag project (100 per cent owned): early-stage epithermal project with high-grade surface sampling and strong structural targets;
• Pino de Plata Ag project (option to earn 100 per cent): high-grade silver property in Chihuahua, with historic artisanal mining;
• Melchett Lake VMS (volcanic massive sulphide) Zn-Ag-Au-Cu (zinc-silver-gold-copper) project (100 per cent owned): polymetallic project with historical drilling in the Thunder Bay mining district of Ontario.

These transactions support the company's strategic focus on high-potential, early-stage assets where it can operate with full flexibility and manage exploration programs according to its technical and corporate objectives. Silver Spruce is committed to responsible exploration and delivering long-term value through technical advancement, project generation and strategic partnerships.

Full ownership of Jackie project strengthens strategic position

The 1,130-hectare Jackie Au-Ag property is a precious metal project located eight kilometres (km) west-southwest of the town of Tepoca and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico. Jackie is situated within the west-central portion of the Sierra Madre occidental volcanic complex of northern Mexico. Mining and exploration in the surrounding area are active with adjacent and nearby properties held by Alamos Gold, Argonaut, Agnico Eagle, Evrim, Newmont, Garibaldi, Kootenay Silver and Penoles, among others.

Through this transaction, Silver Spruce now owns 100 per cent of the project. In consideration for Colibri's 50-per-cent interest, Silver Spruce will issue $25,000 worth of common shares and grant a 1-per-cent net smelter return (NSR) royalty on any future production from the Jackie project.

Greg Davison, PGeo, director and vice-president of exploration, stated: "Acquiring full ownership of Jackie provides us with a clean and valuable asset in a proven jurisdiction. We are excited about the early-stage results and look forward to advancing the project through disciplined and focused exploration. With 100-per-cent control, we gain the flexibility to pursue drilling and strategic partnerships that align with shareholder value creation."

Past exploration highlights at Jackie

Exploration completed during the joint venture identified a robust epithermal system hosted in brecciated volcanic rocks. Highlights include:

• Rock chip samples grading up to 9.65 grams per tonne (g/t) Au and 514 g/t Ag;
• Widespread gold and silver anomalies over a 500-metre structural trend;
• Strong alteration patterns, quartz vein and breccia-hosted mineralization, consistent with other nearby producing mines in the region.

These results confirm the potential for Jackie to host near-surface precious metal mineralization and warrant additional follow-up work.

Silver Spruce plans to conduct additional fieldwork to refine targets for a maiden drill program, including trenching, ground geophysics, and detailed geological mapping and sampling. Exploration plans were submitted for a 500 to 1,000 m trenching program followed by an initial 1,000 to 2,000 m reverse circulation drill program to evaluate the principal targets located near the centre of the concession. The company will need to complete an updated environmental report for submittal to Semarmat (the Secretariat of Environment and Natural Resources) for the approval and receipt of a new permit.

The proposed scope is designed to provide significant flexibility during the life of an annual operating permit, and includes 13 trench track locations and 36 drill pads. High grades of mineralization, with coincident alteration and geochemical features, are transected by a northwest-trending faults (see news release of Dec. 29, 2021).

Portfolio realignment: exit from Diamante project

As part of its strategic portfolio review, Silver Spruce has agreed to transfer its 50-per-cent ownership interest in Yaque Minerales, the holding company of the Diamante gold-silver project, to Colibri Resource. The decision, finalized on May 12, 2025, cleared approximately $80,000 in outstanding exploration expenditures owing to Colibri, providing Silver Spruce with balance sheet flexibility, and allows Colibri to consolidate ownership of Diamante.

As of May 10, 2025, Colibri and its joint venture partner, Silver Spruce, increased their joint ownership of the Diamante project from 50 per cent to 60 per cent. This increase is the result of the ownership dilution agreement with its private Mexico-based partner, whereby exploration activities carried out in 2024, including diamond drilling and fieldwork, were financed entirely by Yaque Minerales, a private Mexican company.

Mr. Davison added: "While Diamante remains a quality exploration project for Ag-Pb-Zn-plus-or-minus-Au vein and other styles of mineralization, our priority is to concentrate on assets where we can act as operator and deploy capital in a more focused manner. This realignment allows us to direct resources toward Jackie and other core assets."

Qualified person

Greg Davison, PGeo, Silver Spruce's vice-president of exploration and a director, is the company's internal qualified person for the Jackie and Diamante projects, and is responsible for approval of the technical content of this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects, under Toronto Stock Exchange guidelines.

About Silver Spruce Resources Inc.

Silver Spruce is a Canadian junior exploration company holding a 100-per-cent interest in the Melchett Lake Zn-Au-Ag project in Northern Ontario and the Jackie Au project, located less than 10 kilometres northwest from Minera Alamos's Nicho deposit in Sonora, Mexico. The company has signed a definitive agreement to acquire a 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. Silver Spruce continues to investigate opportunities that management has identified or that have been presented to the company for consideration.

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