Sun Summit Announces Closing of $11.5 Million Non-Brokered Private Placement

Executive Summary

• Sun Summit Minerals closed a non‑brokered private placement raising $11.5 million in gross proceeds.
• Issued 67,857,143 charity flow‑through (FT) common shares at $0.14 each and 20,000,000 non‑flow‑through (NFT) common shares at $0.10 each.
• Proceeds will be used for exploration of the JD, Theory and Buck projects and general working capital; FT proceeds are earmarked for eligible Canadian exploration expenses.

Key Details

• Private Placement Structure
• Charity FT Shares: 67,857,143 shares @ $0.14 = $9,500,000 gross.
• NFT Shares: 20,000,000 shares @ $0.10 = $2,000,000 gross.

• Total gross proceeds: $11,500,000.

• Finder Compensation

• Cash finder fees paid: $303,380.

• Finder Warrants issued: 2,944,400 non‑transferable warrants (exercise price $0.14 per share, exercisable until 23 Dec 2027).

• Use of Proceeds

• Exploration of JD, Theory and Buck properties and any future Canadian acquisitions.
• General working capital.

• Amount equal to FT proceeds will be spent on eligible “Canadian exploration expenses” qualifying as flow‑through mining expenditures under the Income Tax Act.

• Securities Restrictions

• Subject to final TSX Venture Exchange approval.

• Hold period expires 24 Apr 2025 per securities law requirements.

• Stock Option Grant

• Granted 9,000,000 stock options to employees, directors and advisors (subject to TSXV approval).
• Exercise price: $0.15 per common share.

• Options exercisable until 23 Dec 2030.

• Regulatory & Legal Notices

• No offer or solicitation in the United States; securities not registered under U.S. law.
• Forward‑looking statements included regarding use of proceeds, drill program size, and regulatory approvals.