Mr. Kevin O'Connor reports

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

Further to its news releases dated March 2, 2026, and April 1, 2026, the TSX Venture Exchange has granted Silver Spruce Resources Inc. an extension for the completion of the second tranche of its previously announced non-brokered private placement. As previously announced, the offering consists of units of the corporation at a price of 20 cents per unit. Each unit consists of a 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 intends to now close the second and final tranche of the offering on or before May 18, 2026.

The corporation previously announced the closing of the first tranche of the offering on April 1, 2026. The first tranche consisted of the issuance of 3,696,250 units at the offering price for gross aggregate proceeds of $739,250. In connection with the first tranche, the corporation paid a cash commission to eligible finders in the aggregate of $39,560 and issued an aggregate of 197,800 finder warrants exercisable at a price of 30 cents for 48 months from the closing of the first tranche. The securities issued pursuant to the first tranche and to eligible finders are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.

During the first tranche, certain insiders of the corporation subscribed for an aggregate of 233,750 units under the offering, which constitutes a related party transaction as such term is defined in Multilateral Instrument 61-101, Protection of Minority Security Holders 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. The insider private placements were approved by the disinterested directors of the corporation, who concluded that the private placements were entered into on market terms and were fair to minority securityholders. Certain insiders of the corporation may participate in the second tranche of the offering and intend to rely on the same exemptions from the valuation and minority shareholder approval requirements of MI 61-101 as outlined above.

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

The securities issued under the second tranche will be subject to a statutory hold period in Canada of four months and a day from the date of issuance in accordance with applicable securities laws.

About Silver Spruce Resources Inc.

Silver Spruce Resources is a Canadian junior exploration company. The company's diversified exploration portfolio now 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 less than 10 kilometres northwest from Minera Alamos's Nicho deposit in eastern Sonora, Mexico;
• Melchett Lake VMS (volcanogenic massive sulphide) zinc-silver-gold-copper project -- polymetallic project with historical drilling in the Thunder Pay mining district of Ontario.

We seek Safe Harbor.