Announcement • Dec 02

Silver Spruce Resources, Inc. Receives Permits, Signs Drill Contract and Mobilizes to Tote Brook Target in Marilyn Claims at Mystery Au Project, Exploits Gold Belt, Newfoundland and Labrador

Silver Spruce Resources Inc. announced receipt of permits and drill mobilization for the Tote Brook target at the 602-claim Mystery Au project. The Company is excited to begin a 4-hole, 1,000-1,500metre program to target the downdip projection of the surface vein exposures at Tote Brook and look forward to receiving promising core samples over the next few weeks’, added Mr. Davison. ‘Sawn core will be sampled and sent to Eastern Analytical in Springdale, NL for precious metal assays. Core photographs and interval descriptions will be provided in due course.’ Four holes (two scissor sections) directed to the north and south are proposed from the collars TB01 and TB02, respectively, to intersect the down-dip projection of the veins. Trust Drilling will supply a new Duralite Rig(DL1400), moveable with tracks, 5-Ton excavator, Marooka track vehicle and all the necessary supplies associated for NQ core drilling using in-house logistics support. The Tote Brook prospect is located 22km south of the intersection between Bay d'Espoir Highway and the Trans-Canada Highway. Phase 1 drill targeting on Tote Creek is focused where structural geological mapping on the ground and desktop analysis of the property geophysics identified a coincident E-W topographic and magnetic lineament in the Badger Group and western contact of the Mount Peyton Intrusion (MPIS) Surface exposures of steeply south-dipping, multi-stage quartz-carbonate veins and breccias with silicification, carbonatization and vuggy to drusy quartz and laminated chalcedonic textures exposed along the banks of Tote Brook. The east-northeast zone of brecciation is 8-10m wide and parallel to Tote Brook. Along the north bank of the brook a vein of massive, bladed calcite is exposed for approximately 50m along a similar orientation to the quartz veins. Locally-sourced angular boulders of quartz vein material have been discovered by prospectors above the calcite vein. The hydrothermal system covers an estimated 55m width on surface. Prospecting of the new Marilyn claims identified localized float and outcropping rock samples showing intense silicification with iron carbonate accompanied by multi-phase siliceous veins and breccias, and minor to trace arsenopyrite, pyrite, chalcopyrite and malachite. Gold to 1035ppb, arsenic to >1000ppm and antimony to 346ppm are typical to the coincident precious metals and pathfinder elements of the regional orogenic mineralizing systems. The eastern side of the property is mostly underlain by mafic intrusions of the MPIS. The western side of the property is mapped as a narrow window of Ordo-Silurian age Badger greywacke overlain by extensive Botwood metasediments. The erosional pattern suggests a westerly dip though exposures are very limited by a veneer of glacial till. The regional and 2022 high-resolution airborne magnetic survey is strongly influenced by the sharp, northerly- trending boundary of the MPIS with local decreases in magnetic intensity interpreted as embayments by the overlying siliciclastic rocks of the Badger Group. Exploration Going Forward: The Properties comprise a large, virtually untested area with many outcrop showings and mineralized float, prospective geology, and regional and second order geophysical structures within and adjacent to holdings. The Company has staged plans to continue regional untill sampling for gold grain analysis and soil geochemistry, regional and property scale airborne geophysical compilation and interpretation, prospecting, ArcGIS geological and geophysical data compilation and grid soil sampling with a tighter grid spacing. Further wide-spaced sampling also is proposed for both the currently incomplete areas near anomalous sample results and infill sampling for several targets of the claim package. Contracting for detailed compilation and interpretation of the regional geophysics and Property airborne data was announced recently. Mineral textures and chemistry point to high-level epizonal veins though more evaluation of the spatial position within the system is clearly warranted. Further work to isolate and orient the bedrock source and define Au-bearing drill targets in the southern Marilyn claim also will be a focus of the follow-up field program. Project Background: The Company signed a Definitive Agreement in September 2021 with two parties (the ‘Vendors’) to acquire 100% of three early-stage gold exploration properties, Mystery, untill and Marilyn, located near Grand Falls, Newfoundland and Labrador, Canada, 20-25 kilometres west of New Found Gold Corp.'s Queensway project and 15-35 kilometres south of Sokoman Minerals Corp.'s Moosehead gold project. Map staking (see Press Release February 8, 2023) of additional claims tied to both the Marilyn and untill properties effectively doubled property coverage to 148 square kilometres (14,790 ha). The new claims are subject to first rights under the 5 km Area of Interest in the Agreement and occur adjacent to several gold grain and geochemical anomalies reported from the Company's 2021 and 2022 Phase 1 programs. The Properties are located within the Exploits Subzone, an extensive area of mineral exploration activity and discoveries over the past four years and are well situated in terms of exploration logistics 10-45 kilometres south by Bay d'Espoir Highway from Bishop's Falls, Newfoundland. The Properties are located <70 kilometres from the Gander International Airport and are easily accessible from major paved roads and local trails. The region is structurally complex and located, in large part, between several major crustal lineaments. Numerous major to lesser sub-parallel features merge and bifurcate along strike and are transected by NW and EW-trending faults. These deep-seated structures, which juxtapose geological terranes over hundreds of kilometres, are key to the location and formation of orogenic gold deposits with several million ounces of gold as reported by junior companies. Early work on the Mystery Lake area reported massive to semi-massive occurrences of arsenopyrite and gold assay values to 17,678 ppb (17.7 g/t Au). Historical assays were reported for 123 samples collected by the Vendor from Mystery and Marilyn (see Press Release of September 14, 2021). Eighteen samples reported Au >0.5 g/t (max. 12.5 g/t Au). Cu values were reported up to 9.85% with minor Ag, Pb and Zn. Arsenic was highly anomalous in thirty- six samples reporting over 2,200 ppm upper limit for Inductively Coupled Plasma (ICP-OES) analysis, strongly associated with promoted Au values and displayed as minor to abundant arsenopyrite.

CEO salary percentage	n/a
CEO tenure	less than a year
CEO ownership	1.5%
Management average tenure	1.8yrs
Board average tenure	7.6yrs

Name	Position	Tenure	Compensation	Ownership
Kevin O’Connor	CEO & Independent Director	less than a year	CA$38.00k	1.46% $ 34.8k
Michael Kinley	CFO & Director	3.2yrs	CA$17.25k	0.019% $ 445.9
Paul Smith	Vice President of Exploration	less than a year	no data	no data
William MacPherson	Consultant & Advisor	10.3yrs	no data	no data

Name	Position	Tenure	Compensation	Ownership
Kevin O’Connor	CEO & Independent Director	7.6yrs	CA$38.00k	1.46% $ 34.8k
Michael Kinley	CFO & Director	less than a year	CA$17.25k	0.019% $ 445.9
George Riche	Member of Advisory Board	19.1yrs	no data	no data
Ed Montague	Member of Advisory Board	19.1yrs	no data	no data
Marcel Ashini	Member of Advisory Board	19.1yrs	no data	no data
Ernest McLean	Member of Advisory Board	19.1yrs	no data	no data
Kevin Thieneman	Independent Chairman of the Board	6.3yrs	CA$25.00k	2.84% $ 67.7k
Lisa Ng	Independent Director	less than a year	no data	no data
Don Hunter	Independent Director	less than a year	no data	no data

Data	Last Updated (UTC time)
Company Analysis	2026/07/06 19:05
End of Day Share Price	2026/07/02 00:00
Earnings	2026/04/30
Annual Earnings	2025/10/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Silver Spruce Resources Management

Management criteria checks 2/4

Key information

Recent management updates

Silver Spruce Resources Inc. Announces Board Changes

Silver Spruce Resources Inc. Announces Appointment of Lisa Ng as Independent Director

Silver Spruce Resources, Inc. Appoints Kevin O'Connor as President, Effective June 9, 2026

Silver Spruce Resources Inc., Annual General Meeting, Apr 28, 2026

Silver Spruce Resources Inc Announces Resignation of Greg Davison, P.Geo., Director and Vice-President, Exploration, Effective January 23, 2026

Silver Spruce Resources Inc. Announces Advisory Board Appointments

Recent updates

Silver Spruce Resources Inc. Announces Board Changes

Silver Spruce Resources Inc. Announces Appointment of Lisa Ng as Independent Director

Silver Spruce Resources, Inc. Appoints Kevin O'Connor as President, Effective June 9, 2026

Silver Spruce Resources Inc. announced that it expects to receive CAD 2 million in funding

Silver Spruce Resources Inc., Annual General Meeting, Apr 28, 2026

Silver Spruce Resources Inc Announces Resignation of Greg Davison, P.Geo., Director and Vice-President, Exploration, Effective January 23, 2026

Silver Spruce Resources Inc. announced that it has received CAD 0.0976 million in funding

Silver Spruce Resources Inc. announced that it expects to receive CAD 1 million in funding

Silver Spruce Resources, Inc. Signs Amended Option Agreement, Provides Exploration Update on Pino De Plata Project, Chihuahua, Mexico

Silver Spruce Resources Inc. (TSXV:SSE) acquired remaining 50% stake in Jackie Au-Ag Project in Mexico from Colibri Resource Corporation (TSXV:CBI) for CAD 0.03 million.

Silver Spruce Resources Inc. Announces Advisory Board Appointments

Silver Spruce Resources Inc. and Partner Colibri Resource Corp. Complete 2024 Drilling Program on Four Polymetallic Targets At Diamante Au-Ag Project, Sonora, Mexico

Silver Spruce Diamond Drilling At Tote Brook Intersects Shallow Multi-Stage Vein Targets; Mystery Au Project Technical Update Adds Optimism for Exploration Advancement

Silver Spruce Resources Inc., Annual General Meeting, Oct 29, 2024

Silver Spruce Resources Inc. announced that it has received CAD 0.358505 million in funding

Silver Spruce Resources Inc. and Partner Colibri Resource Corp. Launch 2024 Drilling Program on El Pillado Polymetallic Target At Diamante Au-Ag Project, Sonora, Mexico

Silver Spruce Resources Inc. and Colibri Resource Corporation Announces Receipt of Semarnat Environmental Permit, Land Access Agreements and Mobilization for 2024 Core Drilling Program At Diamante Au-Ag Project, Sonora, Mexico

Silver Spruce Resources Inc. announced that it expects to receive CAD 0.5 million in funding

Silver Spruce Resources Inc. (TSXV:SSE) completed the acquisition of 22 mining claims covering 448.8 hectares located near Melchett Lake in Province of Ontario.

Colibri Resource Corporation and Silver Spruce Resources Inc. Files Application for Drilling Program at Diamante Project, Sonora, Mexico

Silver Spruce Resources, Inc. Receives Permits, Signs Drill Contract and Mobilizes to Tote Brook Target in Marilyn Claims at Mystery Au Project, Exploits Gold Belt, Newfoundland and Labrador

Silver Spruce Resources, Inc. Prospecting and Geological Program Identifies Drill Targets on Epizonal Arsenopyrite-Quartz-Carbonate Veins and Breccias in Marilyn Claims at Mystery Au Project, Exploits Gold Belt, Newfoundland and Labrador

Silver Spruce Resources, Inc. Announces Completion of its Phase 2 Gold Grain in Till and B Soil Sampling Exploration Program at 602-Claim Mystery Au Project

Silver Spruce Resources Inc. announced that it expects to receive CAD 1 million in funding

Silver Spruce Resources Inc. Announces Changes of Chief Financial Officer

Silver Spruce Resources Inc. (TSXV:SSE) acquired 6,040 hectares of claims contiguous to the Mystery Au project.

Silver Spruce Resources Inc. Announce the Completion of Further Gold Grain in Till Sampling and Soil Geochemical Sampling and Recent Receipt of the Sample Processing Results on the Mystery Au Project

Silver Spruce Resources Inc. Announces the Submittal of Informe Preventivo to the Mexican Government Environmental Authority, Semarnat, in Application for Drilling Permits At the Diamante Project

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