Sun Peak Provides an Update on the Shire Project

Executive Summary

• Sun Peak Metals formally declared force majeure on all six Shire Project exploration licenses, effective retroactively to March 2025, due to regional suspension of mining activities.
• The declaration has been accepted by Ethiopia’s Ministry of Mines and joint‑venture partner Ezana Mining Development plc.
• All fieldwork is suspended; social‑engagement programs continue while the company evaluates additional high‑potential opportunities globally.

Key Details

• Force majeure covers all six exploration licenses within the Shire VMS Project in northern Ethiopia, retroactive to March 2025.
• Notification was sent to Ethiopia’s Ministry of Mines and accepted by joint‑venture partner Ezana Mining Development plc per the JV agreement.
• The Interim Regional Administration of Tigray suspended mining activities to curb illegal mining; Sun Peak’s operations are limited to exploration, not mining.
• Sun Peak has halted all fieldwork but maintains active community engagement and communication with local stakeholders.
• President & CEO Greg Davis emphasized that the force‑majeure declaration preserves license standing and defers work commitments and expenditures until conditions allow a return to drilling.
• The company remains committed to advancing the Shire Project and aims to resume drilling as soon as regional stability permits.
• Sun Peak is concurrently evaluating other high‑potential global exploration opportunities to create shareholder value while focusing on the Shire Project.

Notable Quotes

“The declaration of force majeure ensures our exploration licenses remain in good standing and that work commitments and expenditures are deferred until we can properly return to the field.” – Greg Davis, President & CEO

Materiality Assessment: Non‑Material – Neutral (operational status update without immediate financial impact).