Mr. Graeme O'Neill reports

BAYHORSE SILVER UPDATES SIGNIFICANT IP RESULTS FROM THE BAYHORSE SILVER MINE

Bayhorse Silver Inc. has provided further analysis of the induced polarization survey results over its Bayhorse silver mine property, Oregon, United States, that were disclosed in its news release on Jan. 21, 2026, where three localized low-resistivity features CR-1, CR-2 and CR-3 have been identified adjacent to lineament LR1. These features are laterally confined and exhibit limited vertical extent.

The company has received additional analysis of the IP survey results at its Bayhorse silver mine property, Oregon, United States, that commenced in October, 2025, and was completed in January, 2026.

Bayhorse chief executive officer Graeme O'Neill commented: "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."

While the upper portion of CR-1 coincides with the historic and current underground mine workings, including the Big Dog and Goldilocks mineralized zones that will be initially targeted for mining operations upon receipt of the operating permit, the analysis shows the low-resistivity features extend at least 840 metres (2,755 feet) above sea level and 97 m (320 ft) above the current mine workings at the main portal level of 707 m (2,320 ft) and extending down to 200 m (656 ft) below the main portal and 507 m (1,663 ft) above sea level 1 (above current planned mining level), 2 (current planned mining level) and 3 (below current planned mining level).

CR-2 lies approximately 200 m (656 ft) southeast of CR-1 and is smaller in size. Both CR-1 and CR-2 occur beneath a shallow resistive layer. CR-3, located near the northwestern end of LR1, is elongated north-south and dips slightly west. Its geometry is less well constrained due to proximity to the grid edge.

This additional analysis showing more detailed locations, elevations, distances and orientation from the current underground drill pad locations and workings have resulted in the company increasing the area for the initial underground drilling program from 1,000 m (3,260 ft) to 2,000 m (6,520 ft) as previously outlined in BHS2026-02.

The IP targets identified during the March, 2025, IP survey that lie under the mine access road can be accessed from its underground drill pads. One of these targets was intersected by groundwater test well MW2 at a depth of between 22 m and 33.5 m (72 to 110 ft) from surface with a three-metre (10-foot) intersection of 1.5 m (five ft) grading an average of 1,104 g/t (35.46 opt) silver and 1.5 m (five ft) averaging 770 g/t (23.12 opt) silver. This intersection lies at an elevation of 667 m (2,190 ft) ASL, 91 m (300 ft) northeast and 60 m (200 ft) lower than the historic, mined Sunshine Stope at an elevation of 728 m (2,390 ft) ASL.

This news release has been prepared on behalf of the Bayhorse board of directors, which accepts full responsibility for its content. Mark Abrams, AIPG, a qualified person and director of the company, has prepared, supervised the preparation of or approved the technical content of this news release.

About Bayhorse Silver Inc.

Bayhorse is an exploration and production company with a 100-per-cent interest in the historic Bayhorse silver mine located in Oregon, United States, with a National Instrument 43-101 inferred resource of 292,300 tons at a grade of 21.65 ounces per ton (673 grams pert onne) for 6.3 million ounces of silver (Turner et al., 2018), and the Pegasus project, in Washington county, Idaho. The Bayhorse silver mine and the Pegasus project are 44 km southwest of Hercules Metals' porphyry copper discovery. The Bayhorse mine is a minimum environmental impact facility capable of processing at a mining rate up 200 tons per day that includes a state-of-the-art 40-ton-per-hour Steinert ore-sorter that reduces waste rock entering the processing stream by up to 85 per cent. The company has established an up-to-60-ton-per-day mill and standard flotation processing facility in nearby Payette county, Idaho, United States, with an offtake agreement in place with Ocean Partners U.K. Ltd. The company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.