Bayhorse Silver plans 2026 work program for Bayhorse

Mr. Graeme O'Neill reports BAYHORSE SILVER ANNOUNCES INITIAL 2026 WORK PROGRAM OBJECTIVES Bayhorse Silver Inc. has provided details on its work program for the first half of 2026, consisting of: Completing the final Bayhorse mine groundwater baseline study for the full mine operating permit application; Conduct the approved, underground 25-ton run-of-mine metallurgical bulk sample; Conduct a 500-metre (1,640-foot) surface diamond drill program on the four identified mineralized shallow IP (induced polarization) targets under the mine access road, east and extending north of National Instrument 43-101 inferred resource area containing a calculated 292,300 tons at a 21.65 ounces per ton (742.2 grams per tonne) for 6.3284 million ounces of silver (Turner et al., 2018); Complete milling and floating the existing sorted and upgraded mine development material at its Payette, Idaho, flotation mill; Conduct a full antimony leach pilot program on the current flotation concentrate and concentrate to be produced from the metallurgical bulk sample, selling the resultant antimony/gold leachate and the silver/copper/zinc balance; Subject to the results of the extended IP survey over the western portion of the Bayhorse mine claims, conduct an up to approximately 1,000-metre (3,280-foot) underground drill program; Subject to the results of the underground bulk sample, the planned surface drilling and underground drilling, upgrade the current National Instrument 43-101 inferred silver resource and include antimony, copper and zinc values, as with the 99.9-per-cent antimony leach results (BHS2025-32). Bayhorse chief executive officer Graeme O'Neill, who will be attending the January, 2026, Vancouver Resource Investment Conference and the Cordilleran Roundup immediately after, commented: "The recent strong prices in silver and gold have significantly increased investor interest in the entire junior resource sector; and, as more funding has become available to the company, which lately has received in excess of $650,000 from the exercise of warrants and options, that allows us to move our 2026 work programs forward more quickly." The first part, commencing immediately, will be completing the groundwater baseline study to complete the company's full operating permit application for recommencing its planned up to 200-ton-per-day underground mining operations at its Bayhorse silver mine. Completion of this study requires installing the groundwater testing pumps and conducting two independent groundwater tests, with samples to be submitted to Pace Environmental Labs for geochemical analysis, and filing a subsequent baseline study report. The second part of the program is conducting a limited bulk sample from three locations in the underground workings to provide an approved 25-ton typical run-of-mine metallurgical mineral sample for processing. This sample will be geochemically sampled for assay, first, when taken from the mine. Next, after crushing to 25 millimetres (one inch) minus in size, it will be screened into two portions, plus eight millimetres and minus eight millimetres. Each portion will be resampled and assayed for mineral content. The two portions will then be shipped to the company's permitted flotation mill located at Payette, Idaho, where the plus-eight-millimetre portion will be passed through the company's 40-ton-per-hour Steinert ore sorter, which will sort into two fractions: the sorter select and the sorter reject. Each fraction will then be sampled for geochemical analysis. The sorter select will provide a definitive upgrade from the run-of-mine material that, according to the company's NI 43-101 inferred resource, should grade an average 21.65 ounces per ton (673 grams per tonne) silver. Milling and floating the sorter select into a float concentrate should provide a confirmed float recovery and float reject value, while the sorter reject will provide a definitive analysis for mine-permitting purposes of the reject grade and acid rock drainage (ARD) value, thus confirming its suitability for either underground or above-ground storage or its saleability as construction gravel. This analysis will also confirm prior unreported testing that has indicated the sorter rejects have an acid/base analysis (ABA) of 29, indicating sorter reject material is not acid generating. The third part of the program is to conduct a minimum five surface drill holes to test four identified IP targets. These targets lie under the mine access road and extend from 73 metres (240 feet) east of and up 130 metres (426 feet) north of the NI 43-101 inferred resource area. The holes will be drilled each to a depth of 81 metres (265 feet). One of these targets was intersected by groundwater test well MW2, at a depth of between 22 metres and 33.5 metres (72 to 110 feet) from surface with a three-metre (10-foot) intersection of 1.5 metres (five feet) grading an average of 1,104 grams per tonne (35.46 ounces per ton) silver and 1.5 metres (five feet) averaging 770 grams per tonne (23.12 ounces per ton) (BHS2025-12). This intersection lies at an elevation of 667 metres (2,190 feet) above sea level (ASL) and 91 metres (300 feet) northeast and 60 metres (200 feet) lower than the historic mined Sunshine stope at an elevation of 728 metres (2,390 feet) ASL. The fourth and fifth parts of the program will consist of: (i) milling and floating the balance of the already-ore-sorted preconcentrate mine development mineralization at the company's mill; (ii) milling the sorted bulk sample preconcentrate to add to the existing float concentrate; and (iii) conduct a bulk antimony leach test to confirm the 99.9% antimony leaching from the tetrahedrite float concentrate (BHS2025-32). The intent is to confirm, under independent analysis, the company's prior assessment of the already-floated concentrate from the development material that the range for antimony and copper is from 8 to 14 per cent and up to 18 per cent for zinc. The company anticipates conducting and completing the majority of the above objectives during the first half of 2026. This news release has been prepared on behalf of the Bayhorse Silver board of directors, which accepts full responsibility for its content. Mark Abrams, AIPG, a qualified person and director of the company, has prepared, supervised the preparation of or approved the technical content of this news release. About Bayhorse Silver Inc. Bayhorse Silver is an exploration and production company with a 100-per-cent interest in the historic Bayhorse silver mine, located in Oregon, United States, with an NI 43-101 inferred resource of 292,300 tons at a grade of 21.65 ounces per ton (673 grams per tonne) for 6.3 million ounces of silver (Turner et al., 2018), and the Pegasus project in Washington county, Idaho. The Bayhorse silver mine and the Pegasus project are 44 kilometres southwest of Hercules Metals' porphyry copper discovery. The Bayhorse mine is a minimum-environmental-impact facility capable of processing at a mining rate up to 200 tons per day and includes a state-of-the-art 40-ton-per-hour Steinert ore sorter that reduces waste rock entering the processing stream by up to 85 per cent. The company has established an up-to-60-ton-per-day mill and standard flotation processing facility in nearby Payette county, Idaho, United States, with an offtake agreement in place with Ocean Partners U.K. Ltd. The company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.