Mr. Kenneth Macleod reports

SILVER SPRUCE RESOURCES INC. ANNOUNCES CLOSE OF NON-BROKERED PRIVATE PLACEMENT

Silver Spruce Resources Inc. has closed the second and final tranche of its previously announced non-brokered private placement. The second tranche consisted of the issuance of 615,168 units in the capital of the corporation at a price of 20 cents per unit for gross aggregate proceeds of $123,033.60. Each unit was composed of one common share in the capital of the corporation and one share purchase warrant. Each warrant entitles the holder thereof to purchase one share at an exercise price of 30 cents per warrant share for a period of four years from the date of issuance.

The corporation previously closed an initial tranche of the offering on April 1, 2026. The first tranche consisted of the issuance of 3,696,250 units for gross aggregate proceeds of $739,250. Together with tranche 2, the offering consisted of the total issuance of 4,311,418 units for total gross proceeds of $862,283.60.

The corporation expects to use the proceeds of the offering for exploration of the corporation's mineral projects and general working capital purposes. The offering is subject to the receipt of all necessary regulatory approvals, including the receipt of final approval from the TSX Venture Exchange.

In connection with the second tranche, the corporation has agreed to pay a cash commission to an eligible finder in the aggregate of $2,400 and to issue an aggregate of 12,000 finder warrants exercisable at a price of 30 cents for 48 months from the closing of the second tranche. The securities issued pursuant to the second tranche and to eligible finders will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.

Certain insiders of the corporation subscribed for an aggregate of 233,750 units under the first tranche of the offering, which constitutes a related-party transaction as such term is defined in Multilateral Instrument 61-101 (Protection of Minority Shareholders in Special Transactions). The corporation is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the acquired securities by such insiders will not exceed 25 per cent of the market capitalization of the corporation, as determined in accordance with MI 61-101.

About Silver Spruce Resources Inc.

Silver Spruce is a Canadian junior exploration company. The corporation's diversified exploration portfolio includes:

• Pino de Plata silver project -- high-grade silver property with historic artisanal mining located 15 kilometres west of Coeur Mining's Palmarejo mine in western Chihuahua, Mexico;
• Jackie gold-silver project -- early-stage epithermal project with high-grade surface sampling and strong structural targets located fewer than 10 kilometres northwest from Minera Alamos's Nicho deposit in eastern Sonora, Mexico;
• Melchett Lake volcanogenic massive sulphide zinc-silver-gold-copper project -- polymetallic project with historical drilling in the Thunder Bay mining district of Ontario.

We seek Safe Harbor.