Bayhorse Silver completes IP survey at Bayhorse

Executive Summary

• Bayhorse Silver Inc. released induced polarization (IP) survey results from its Bayhorse Silver Mine in Oregon, completed in January 2026, which significantly expand known mineralized zones and identify new drill targets.
• The survey data will directly guide upcoming surface and underground drilling programs aimed at refining the mineral endowment, increasing inferred ounces, and potentially upgrading resources to an indicated category.
• Key geophysical findings include a minimum 110 m vertical mineralized extent, five prominent resistivity lineaments correlating with historical faults, and highly prospective surface targets east of the current NI 43-101 resource boundary.

Key Details

• Survey Period: October 2025 to January 2026
• Current NI 43-101 Inferred Resource: 292,300 tons at 21.65 opt (673 gpt) for 6.3 million ounces of silver (Turner et al., 2018)
• IP Depth Slice: Located 50 m (165 ft) below surface, spanning >914 m (3,000 ft) east-west
• Vertical Extent: Minimum 110 m (350 ft) from the top of the Goldilocks zone (46 m below IP slice) to the IP slice
• Horizontal Extent: Enlarged zone extends minimum 1,000 m (3,280 ft) north-south
• Resistivity Lineaments (LR1-LR5): Five identified; three trend N-NW, two trend N-NE to N-S; spatially correspond to mapped faults (Sunshine, Railroad) and lithological contacts
• Localized Features (CR1, CR2, CR3): Identified adjacent to LR1; CR1 coincides with underground adits and dips north; CR2 is ~200 m SE of CR1; CR3 is elongated N-S and dips slightly west
• Surface Drill Targets: Located east of the NI 43-101 resource, under the mine access road, extending 73 m east and 130 m north of the inferred resource boundary
• Groundwater Test Well MW2 Intersection: Drilled between 22 m and 33.5 m depth; 3 m interval comprising 1.5 m @ 1,104 gpt Ag (35.46 opt) and 1.5 m @ 770 gpt Ag (23.12 opt)
• Well Location & Elevation: 667 m ASL; positioned 91 m NE and 60 m lower than the historical Sunshine stope (728 m ASL)
• Qualified Person: Mark Abrams, AIPG, Director

Notable Quotes

• Graeme O'Neill, CEO: "We are very encouraged to have received the results of the IP survey undertaken at the Bayhorse mine. The IP results, specifically the low-resistivity areas in blue, that in the Bayhorse coincide with known mineralization, has significantly expanded the known mineralized zones and provided more drill targets over a wider area that will better guide both our surface our underground drilling programs that will commence shortly. The objective of these programs 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 gpt) for 6.3 million ounces of silver (Turner et al., 2018), and to determine whether inferred ounces can be brought to an indicated category."