New Risk • Jun 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$854k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$854k free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$3.33m market cap, or US$2.35m). Announcement • Jun 26
Silver Spruce Resources Inc. Announces Board Changes Silver Spruce Resources Inc. announced that its Board of Directors has approved the appointment of Don Hunter as an independent Director. Don Hunter is a business developer and serial entrepreneur with over 30 years of experience building strategic partnerships across large-scale industries. Mr. Hunter has recently been active in precious metal and rare earth element mining as well as energy generation projects across North America and East/West Africa. His work spans clinic operations, healthcare research, renewable energy, real estate development, data centers, and mining. He specializes in bringing together the right stakeholders-partners, investors, and operators-to move complex projects from concept to execution. Known for his practical, results-driven approach, Don focuses on aligning strategy with real-world outcomes. Throughout his career, he has remained committed to building ventures that not only perform commercially but also create positive impact for communities and stakeholders. As part of this appointment, Michael Kinley has resigned as a Director of the Corporation. The Corporation would like to thank Mr. Kinley for his years of service as a Director. Announcement • Jun 24
Silver Spruce Resources Inc. Announces Appointment of Lisa Ng as Independent Director Silver Spruce Resources Inc. announced that its Board of Directors had approved the appointment of Lisa Ng as an independent Director. Lisa Ng is currently an independent Director at Eastern Platinum Limited, a Vancouver-based mining company listed on the TSX and JSE (Johannesburg Stock Exchange), with production mines in South Africa. Ms. Ng is an accomplished CPA with over 25 years' experience in mining, information technology, biotech, and insurance. She has executive experience at both Nevada Copper Corp. and American Bonanza Gold Corp.; and provided controllership and consulting services to Yukon-Nevada Gold Corp. Ms. Ng's experience in mining, oil, and gas extends back to her time as a Senior Manager at a mid-sized CPA firm in Vancouver, where she worked closely with publicly listed companies for a number of years. Ms. Ng will plan to join the Corporation's audit committee. 
