Silver Spruce Provides Update on Acquisition of Remaining 50% Interest in Jackie Gold-Silver Project, Sonora, Mexico

Executive Summary

• Silver Spruce Resources Inc. signed an amendment to acquire Colibri Resource Corp.’s remaining 50% interest in the Jackie Au‑Ag Project, giving Silver Spruce 100% ownership.
• Consideration: issuance of 166,667 common shares at $0.15 per share (based on Nov 10, 2025 closing price) plus a 1% Net Smelter Return royalty on future production.
• The acquisition supports the company’s strategy to hold full control of high‑potential early‑stage assets and enables flexible exploration, including planned trenching and reverse‑circulation drilling.

Key Details

• Transaction Structure: Share issuance of 166,667 common shares to Colibri at $0.15 per share; 1% NSR royalty granted to Colibri on any future production from the Jackie Project.
• Ownership Outcome: Silver Spruce will own 100% of the Jackie Au‑Ag Project upon closing.
• Strategic Rationale: Full ownership provides flexibility for drilling, partnerships, and accelerated project advancement; aligns with the company’s focus on early‑stage, high‑potential assets.
• Exploration Highlights (Project Background):
• Rock chip samples up to 9.65 g/t Au and 514 g/t Ag.
• Gold‑silver anomalies over a 500‑m structural trend.
• Strong alteration, quartz veining, and breccia‑hosted mineralization.
• Planned Exploration Activities:
• Completion of an environmental report for SEMARNAT submission to secure exploration permits.
• Fieldwork to refine targets: trenching (500–1,000 m), ground geophysics, detailed mapping and sampling.
• Anticipated maiden drill program: reverse‑circulation drilling of 1,000–2,000 m after trenching phase.
• Qualified Person: Greg Davison, P.Geo., VP Exploration & Director (internal QP per NI 43‑101).

Notable Quotes

“Acquiring full ownership of Project provides us with a clean and valuable asset in a proven jurisdiction… With 100% control, we gain the flexibility to pursue drilling and strategic partnerships that align with shareholder value creation.” – Greg Davison, P.Geo., Director & VP Exploration, Silver Spruce Resources.