Bayhorse releases further analysis of Bayhorse survey

Executive Summary

• Bayhorse Silver Inc. released updated analysis of its Induced Polarization (IP) survey at the Bayhorse Silver Mine in Oregon, identifying three low-resistivity features (CR-1, CR-2, CR-3) adjacent to lineament LR1 that indicate mineralized material extending over 300 meters vertically.
• The company is expanding its initial underground drilling program area from 1,000 m to 2,000 m to further refine the 3D geological model and target the newly identified zones.
• Groundwater test well MW2 intersected high-grade silver intervals (up to 1,104 g/t Ag over 3m), supporting objectives to increase the NI 43-101 inferred resource and evaluate potential upgrades to the indicated category.

Key Details

• IP Survey Timeline & Scope: Survey commenced October 2025 and was completed in January 2026.
• Identified Features: Three localized low-resistivity features (CR-1, CR-2, CR-3) identified adjacent to lineament LR1; laterally confined with limited vertical extent but showing strong possibility of mineralization above and below current workings.
• CR-1 Characteristics: Coincides with historic/current underground workings (Big Dog and Goldilocks zones), initially targeted for mining upon permit receipt. Extends at least 840 m ASL and 97 m above the main portal (707 m ASL), down to 200 m below the portal and 507 m ASL.
• CR-2 Characteristics: Located ~200 m southeast of CR-1, smaller in size, occurs beneath a shallow resistive layer.
• CR-3 Characteristics: Located near the northwestern end of LR1, elongated north-south, dips slightly west; geometry less constrained due to proximity to grid edge.
• Drilling Program Expansion: Initial underground drilling area increased from 1,000 m to 2,000 m based on detailed locations, elevations, and orientations from current drill pads.
• Test Well MW2 Intersections: Intersected at 22–33.5 m depth from surface: 3 m @ 1,104 g/t Ag (35.46 opt) and 1.5 m @ 770 g/t Ag (23.12 opt).
• MW2 Location & Elevation: Intersection at 667 m ASL, 91 m northeast and 60 m lower than the historic, mined Sunshine Stope (728 m ASL).
• Current Resource Estimate: NI 43-101 Inferred Resource of 292,300 tons at 21.65 opt (673 g/t) for 6.3 million ounces of silver (Turner et al., 2018).
• Exploration Objectives: Develop new 3D geological model, refine extent/structure/mineralization, increase inferred ounces, and determine potential to upgrade inferred ounces to indicated category.
• Processing & Infrastructure: Mine capable of processing up to 200 tons/day, featuring a 40-ton/hour Steinert ore-sorter that reduces waste rock by up to 85%. Mill established in Payette County, Idaho at up to 60 tons/day with standard flotation. Offtake agreement in place with Ocean Partners U.K. Ltd.

Notable Quotes

• Graeme O'Neill, CEO: "We are very pleased that the additional IP layers and analysis indicate the strong possibility of mineralized material both above and below the current mine workings over 300 m (1,000 feet) of vertical extent. They are allowing us to develop a new three-dimensional model of the geological structures surrounding the Bayhorse mine, and our increased drilling objective is to further refine our understanding of the extent, structure and mineralization of the Bayhorse silver endowment and to increase inferred ounces to our National Instrument 43-101 mineral resource estimate of 292,300 tons at a grade of 21.65 opt (673 g/t) for 6.3 million ounces of silver (Turner et al., 2018) and to determine whether inferred ounces can be brought to an indicated category."