Mr. Graeme O'Neill reports

BAYHORSE SILVER REPORTS SIGNIFICANT IP RESULTS FROM THE BAYHORSE SILVER MINE

Bayhorse Silver Inc. has released the IP (induced polarization) survey results over its Bayhorse silver mine property, Oregon, which commenced in October, 2025, and was completed in January, 2026. These results will better guide both the surface and underground drilling programs as previously outlined in BHS2026-02.

Bayhorse chief executive officer Graeme O'Neill, who, along with the company's directors, will be attending the upcoming Vancouver Resource Investment Conference and the Cordilleran Roundup, comments: "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."

The IP low-resistivity depth slice lies 50 metres (m) (165 feet) below the surface and encompasses an area of over 914 m (3,000 ft) from east to west. The top of the Goldilocks zone in the extreme west of the main historical workings that were developed in 1984 lies at least 46 m (150 ft) below the IP depth slice, indicating a minimum 110 m (350 ft) vertical mineralized extent, with the now enlarged zone extending a minimum 1,000 m (3,280 ft) from north to south.

Five prominent resistivity lineaments (LR1-LR5) are identified, including three trending north-northwest and two trending north-northeast to near north-south. When overlain with interpreted geology, these lineaments show spatial correspondence with mapped faults (mineralized Sunshine, Railroad faults etc.) and lithological contacts.

Three localized low-resistivity features, CR1, CR2 and CR3, have been identified adjacent to lineament LR1. These features are laterally confined and exhibit limited vertical extent. The upper portion of CR1 coincides with the underground mine adits and workings, and forms a subvertical feature dipping north. CR2 lies approximately 200 m southeast of CR1 and is smaller in size. Both CR1 and CR2 occur beneath a shallow resistive layer. CR3, 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.

The IP results also indicate that the surface drill targets outlined by prior IP results (BHS2025-05) immediately to the east of the National Instrument 43-101-compliant inferred resource appears to be far more extensive than initially believed. These targets lie under the mine access road and extend from 73 m (240 ft) east of and up 130 m (426 ft) north of the inferred resource. 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 m (10 ft) intersection of 1.5 m (5 ft) grading an average of 1,104 grams per tonne (gpt) (35.46 opt (ounce per ton)) silver and 1.5 m (5 ft) averaging 770 gpt (23.12 opt) silver. This intersection lies at an elevation of 667 m (2,190 ft) above sea level (ASL) and 91 m (300 ft) northeast and 60 m (200 ft) lower than the historical, mined Sunshine stope at an elevation of 728 m (2,390 ft) ASL.

Mark Abrams, AIPG, a qualified person and director of the company, has prepared, supervised the preparation or approved the technical content of this news release.

About Bayhorse Silver Inc.

Bayhorse Silver is an exploration and production company with a 100-per-cent interest in the historic Bayhorse silver mine, located in Oregon, with an NI 43-101 inferred resource 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 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, 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.