Mr. Kevin Brewer reports

WALKER LANE RESOURCES LTD. RECEIVES TSX APPROVAL FOR THE ACQUISITION OF THREE MINERAL PROPERTIES IN THE WALKER LANE GOLD TREND IN NEVADA FROM SILVER RANGE RESOURCES LTD. AND AUBURN GOLD

Walker Lane Resources Ltd. has received approval from the TSX Venture Exchange on its option agreements on three mineral properties (that is, Tule Canyon, Cambridge and Silver Mountain) located in the prolific Walker Lane gold trend of western Nevada.

The original property agreements in the form of letters of intent were signed with CMC Metals Ltd. now operating as Walker Lane Resources Ltd. and trading under the symbol WLR on the TSX Venture Exchange. The LOIs were restated on May 12, 2025, by Walker Lane, Silver Range Resources and, in the instance of the Cambridge property LOI, Auburn Mining, and supersede the previous agreements of March 8, 2025, for the Tule Canyon LOI and of March 10, 2025, for the Cambridge and Silver Mountain LOIs. The parties intend for the May 12, 2025, restated letters of intent to be replaced by definitive agreements formalizing the option arrangements on or before June 30, 2025, with the effective date of such definitive agreements being the date of the respective LOI.

Tule Canyon property

The Tule Canyon property consists of 60 federal lode mining claims, located in Esmeralda county, Nevada, United States. Tule Canyon is a mesothermal high-grade gold and silver target with two former mines and numerous showings and old workings along a five-kilometre structural corridor.

Silver Range and Walker Lane have executed a letter of intent granting Walker Lane the option to acquire 100 per cent of the Tule Canyon property. Walker Lane has a first option to acquire 80 per cent of Tule Canyon by paying Silver Range an aggregate $480,000 over four years (all amounts in U.S. currency) and completing 1,500 metres of diamond drilling by March 8, 2028. A second option to acquire the remaining 20 per cent of Tule Canyon may be exercised by Walker Lane identifying a National Instrument 43-101-compliant measured or indicated resource at Tule Canyon by the end of 2033.

The specific terms of the transaction are as follows.

Subject to the royalty (as defined below), Silver Range hereby grants Walker Lane an irrevocable option to acquire an 80-per-cent interest in the Tule Canyon property to be exercisable by Walker Lane through periodic payments of $480,000 in the aggregate, as set out below.

First option

Cash securities, exploration and/or other work commitments:

• Signing of the LOI: $20,000;
• Signing of the definitive agreement: $20,000;
• Year 1 anniversary: $40,000;
• Year 2 anniversary: $75,000;
• Year 3 anniversary: $100,000;
• Completing not less than an aggregate 1,500 metres of diamond drilling on the Tule Canyon property on or before the third anniversary;
• Year 4 anniversary: $225,000.

1. Up to half of the cash payments may be satisfied through the issuance of common shares of Walker Lane, and the price shall be issued at the greater of:
   1. 21 cents;
   2. The volume-weighted average trading price of the Walker Lane shares for the 20 trading days immediately prior to the earlier of the date of which any such shares are issued to Silver Range;
   3. Payment is due and owing to Silver Range, the full amount of such payment satisfied by way of a cash payment; for greater certainty, if the price of Walker Lane shares is less than 21 cents at the time the payment is due and owing to Silver Range, the full amount of such payment shall be satisfied by way of cash payment;
   4. Notwithstanding the aforementioned sections hereof, Walker Lane shall not be entitled to issue Walker Lane shares to Silver Range as partial payment where the issuance of such shares will result in Silver Range holding an aggregate of greater than 19.9 per cent of the issued share capital of Walker Lane as a result of such share issuance; and
   5. The balance of any payment owing to Silver Range shall be made in cash where the provisions of Section (e) become operative.
2. The anniversary date to be applied is May 12 of each applicable year.

The cash payment of $20,000 due at signing of the LOI has been issued to Walker Lane.

Second option:

1. Upon the exercise of the first option, Silver Range shall grant to Walker Lane an irrevocable option to obtain an additional 20-per-cent interest in the Tule Canyon property. To exercise the second option, Walker Lane shall be required to complete a National Instrument 43-101-compliant report, identifying a measured or indicated resource on the Tule Canyon property at any time on or before Dec. 31, 2033.
2. For greater certainty, the measured or indicated resource as contained in the resource report shall be calculated in accordance with the definitions for mineral resources, mineral reserves and mining studies used by the Canadian Institute of Mining, Metallurgy and Petroleum.

Royalty and buyback option:

1. At the time the second option is exercised, Silver Range shall be deemed to have retained a 2.5-per-cent net smelter return royalty interest in any and all future proceeds from commercial production of all commodities from the Tule Canyon property.
2. At any time after the exercise of the second option and prior to the commencement of commercial production from any mine on the Tule Canyon property, Walker Lane shall have the irrevocable right to purchase up to 60 per cent of the royalty. Walker Lane shall have the right to purchase up to 60 per cent in a single transaction or in a number of transactions of not less than 20 per cent of the royalty in each transaction.
3. The purchase price to be paid to Silver Range for the purchase of each 20-per-cent interest in the royalty pursuant to paragraph (2) above shall be $500,000. For greater certainty, 60 per cent of the royalty as set out in paragraph (2) represents a 1.5-per-cent interest in net smelter returns from commercial production on the Tule Canyon property and will have an aggregate purchase price of $1.5-million.

Milestone payment:

1. In addition to the royalty, Silver Range shall be entitled to a one-time cash payment of $10 per ounce of gold (or the equivalent value in other metals and minerals) contained in any measured or indicated mineral resource identified on the Tule Canyon property as contained in the resource report.
2. The milestone payment shall be paid to Silver Range within six months of the completion date of the resource report.

Cambridge property

The Cambridge property is composed of an aggregate 51 federal lode claims, consisting of three adjoining blocks of mining claims, all located in Lyon county, Nevada, United States. The three claim blocks comprising the property are: (i) the Cambridge claims; (ii) the JC claims; and (iii) the Enigma claims.

Silver Range, Auburn Gold Mining LLC and Walker Lane have executed an LOI granting Walker Lane the option to acquire 100 per cent of the Cambridge property. Walker Lane has a first option to acquire 75 per cent of Cambridge for total consideration of $460,000 over four years, incurring $1.5-million in exploration expenditures and completing 1,500 metres of diamond drilling on the property. A second option to acquire the remaining 25 per cent of the property can be exercised by Walker Lane making an additional aggregate $75,000 to Silver Range and Auburn and by identifying a National Instrument 43-101-compliant measured or indicated resource at Cambridge by the end of 2033.

The specific terms of the transaction are as follows.

First option

Cash securities (on the basis of 50 per cent Silver Range and 50 per cent Auburn Exploration) and/or other work commitments:

• Upon TSX Venture Exchange approval of the LOI: $10,000 to both Silver Range and Auburn;
• Signing of the definitive agreement: $10,000 to both Silver Range and Auburn;
• Year 1 anniversary: $10,000 payment to both Silver Range and Auburn;
• Year 2 anniversary: $40,000 payment to both Silver Range and Auburn;
• Year 3 anniversary: $50,000 to both Silver Range and Auburn;
• Year 4 anniversary: $110,000 to both Silver Range and Auburn;
• Incurring an aggregate of $1.5-million in exploration expenditures on the Cambridge property, including the completion of not less than an aggregate 1,500 metres of diamond drilling on the property.

1. One-half of the cash payments may be satisfied through the issuance of Walker Lane shares to Silver Range and Auburn, the price of which any Walker Lane shares issued to Silver Range and Auburn shall be issued will be the greater of:
   1. 21 cents;
   2. The volume-weighted average trading price of the Walker Lane shares for the 20 trading days immediately prior to the earlier of the date of which any such shares are issued to Silver Range and Auburn;
   3. If the price of the Walker Lane shares is less than 21 cents at the time the payment is due and owing to Silver Range and Auburn, the full amount of such payment shall be satisfied by way of a cash payment; for greater certainty, if the price of Walker Lane shares is less than 21 cents at the time the payment is due and owing to Silver Range, the full amount of such payment shall be satisfied by way of cash payment;
   4. Notwithstanding the aforementioned sections hereof, Walker Lane shall not be entitled to issue Walker Lane shares to Silver Range as partial payment where the issuance of such shares will result in Silver Range holding an aggregate of greater than 19.9 per cent of the issued share capital of Walker Lane as a result of such share issuance; and
   5. The balance of any payment owing to Silver Range shall be made in cash where the provisions of Section (e) become operative.
2. The anniversary date to be applied is May 12 of each applicable year.

The cash payments of $10,000 to Silver Range Resources and Auburn Mining due at approval of the LOI by the TSX Venture Exchange are being issued.

Second option

Upon the exercise of the first option, Silver Range and Auburn shall grant to Walker Lane an irrevocable option, but not an obligation, to acquire an additional 25-per-cent interest in the Cambridge property to be exercisable by Walker Lane as follows:

1. Completing a National Instrument 43-101-compliant report identifying a measured or indicated resource on the Cambridge property at any time on or before Dec. 31, 2033;
2. Paying each of Silver Range and Auburn $75,000 within 10 days of the completion of the resource report; and
3. The measured or indicated resource as contained in the resource report shall be calculated in accordance with the definitions for mineral resources, mineral reserves and mining studies used by the Canadian Institute of Mining, Metallurgy and Petroleum.

Royalty and buyback option:

1. At the time the second option is exercised, Silver Range shall be deemed to have retained a 1.5-per-cent net smelter return royalty interest in any and all future proceeds from commercial production from the Cambridge property.
2. At the time the second option is exercised, Auburn shall be deemed to have retained a 1.0-per-cent net smelter return royalty interest in any and all future proceeds from commercial production from the Cambridge property.
3. At any time prior to the commencement of commercial production from a mine on the Cambridge property, Walker Lane shall have the irrevocable right to purchase up to two-thirds (66.67 per cent) of the Silver Range royalty. For greater certainty, two-thirds (66.67 per cent) of the Silver Range royalty represent a 1-per-cent interest in net smelter returns from commercial production on the Cambridge property.
4. At any time prior to the commencement of commercial production from a mine on the Cambridge property, Walker Lane shall have the irrevocable right to purchase up to one-half (50 per cent) of the Auburn royalty. For greater certainty, one-half (50 per cent) of the Auburn royalty represents a 0.5-per-cent interest in net smelter returns from commercial production on the property.
5. The purchase price to be paid as follows: a. To Silver Range for the purchase of two-thirds interest in the Silver Range royalty pursuant to paragraph (3) above shall be $750,000; and b. To Auburn for the purchase of one-half interest in the Auburn royalty shall be $500,000
6. Section (3) and (4) royalty purchase rights must be fully exercised by Walker Lane and may not be exercised individually or in part without the prior written agreement of all parties to the Cambridge property LOI.

Milestone payment

1. In addition to the Silver Range royalty, Silver Range shall be entitled to a one-time cash payment of $6 per ounce of gold (or the equivalent value in other metals and minerals) contained in any measured or indicated mineral resource identified on the Cambridge property as contained in the resource report up to a maximum of $300,000.
2. In addition to the Auburn royalty, Auburn shall be entitled to a one-time cash payment of $4 per ounce of gold (or the equivalent value in other metals and minerals) contained in any measured or indicated mineral resource identified on the Cambridge property as contained in the resource report up to a maximum of $200,000.

Silver Mountain property

The Silver Mountain property consists of eight federal lode mining claims, located in Esmeralda county, Nevada, United States, within the Walker Lane gold trend area.

Silver Range and CMC have executed an LOI granting Walker Lane the option to acquire 100 per cent of the Silver Mountain property for total consideration of $200,000, payable in instalments of $5,000 per year until 2034, with a final payment of $150,000 by Aug. 1, 2035. Up to half of the final payment may be made in Walker Lane shares. In addition, Walker Lane would be required to complete 1,000 metres of drilling during the term of the option.

The specific terms of the transaction are as follows.

Subject to the royalty and milestone payment (as each is defined below), Silver Range hereby grants Walker Lane an irrevocable option to acquire a 100-per-cent interest in the Silver Mountain property to be exercisable by Walker Lane through the payment of any aggregate $200,000, as set out below.

First option

Cash securities, exploration and/or other work commitments:

• On or before Aug. 1, 2025: a payment of $5,000;
• On or before Aug. 1 of each of the calendar years 2026 through 2034: a payment of $5,000;
• On or before Aug. 1, 2035: $150,000;
• Completing not less than an aggregate 1,000 metres of diamond drilling on the Silver Mountain property on or before Aug. 1, 2035.

Walker Lane may accelerate the exercise of the option by making all of the payments and completing the drilling requirement set out above under the option, at any time prior to Aug. 1, 2035.

Up to one-half (50 per cent) of the cash payment may be satisfied through the issuance of common shares of Walker Lane.

The price at which the Walker Lane shares shall be issued shall be the greater of:

1. 21 cents;
2. The volume-weighted average trading price of the Walker Lane shares for the 20 trading days immediately prior to the date on which any such shares are issued to Silver Range;
3. If the price of Walker Lane shares is less than 21 cents at the time the payment is due and owing to Silver Range, the full amount of such payment shall be satisfied by way of a cash payment; for greater certainty, if the price of Walker Lane shares is less than 21 cents at the time the payment is due and owing to Silver Range, the full amount of such payment shall be satisfied by way of a cash payment;
4. Notwithstanding the aforementioned sections hereof, Walker Lane shall not issue Walker Lane shares to Silver Range as partial payment where the issuance of such shares will result in Silver Range holding an aggregate of greater than 19.9 per cent of the issued share capital of Walker Lane as a result of such share issuance;
5. The balance of any payment owing to Silver Range shall be made in cash where the provisions of Section (5) become operative.

Royalty and buyback option:

1. At the time the option is exercised, Silver Range shall be deemed to have retained a 2.5-per-cent net smelter return royalty interest in any and all future proceeds from commercial production of all commodities from the Silver Mountain property.
2. At any time after the exercise of the option and prior to the commencement of commercial production from any mine on the Silver Mountain property, Walker Lane shall have the irrevocable right to purchase up to 60 per cent of the royalty. Walker Lane shall have the right to purchase up to 60 per cent in a single transaction or in a number of transactions of not less than 20 per cent of the royalty in each transaction.
3. The purchase price to be paid to Silver Range for the purchase of each 20-per-cent interest in the royalty pursuant to paragraph (2) above shall be $500,000. For greater certainty, 60 per cent of the royalty, as set out in paragraph (2), represents a 1.5-per-cent interest in net smelter returns from commercial production on the Silver Mountain property and will have an aggregate purchase price of $1.5-million.

Milestone payment:

1. In addition to the royalty, Silver Range shall be entitled to a one-time cash payment of $10 per ounce of gold (or the equivalent value in other metals and minerals) contained in a National Instrument 43-101-compliant report identifying a measured or indicated resource on the Silver Mountain property at any time on or before or after the option has been exercised.
2. For greater certainty, the measured or indicated resource as contained in the resource report shall be calculated in accordance with the definitions for mineral resources, mineral reserves and mining studies used by the Canadian Institute of Mining, Metallurgy and Petroleum.
3. The milestone payment shall be paid to Silver Range within six months of the completion date of the resource report.

Walker Lane gold trend area

Walker Lane has established a solid position in the Walker Lane gold trend area, which has a rich history of mining and exploration and remains vastly underexposed to modern exploration methods, offering substantial upside potential. The Walker Lane area is host to notable precious metal deposits such as the Comstock Lode, Round Mountain (Kinross), Silicon and Merlin (AngloGold Ashanti), Mesquite and Castle (Equinox Gold), and many other significant deposits. This popular and emerging district offers junior exploration company exploration targets at manageable costs. These targets are also attractive in that they are associated with high-grade gold, silver and base metal mineralization, have nearby excellent infrastructure, considerable road accessibility, a local, qualified and competent labour force, and a diverse range of supply companies, and are located within one of the best permitting and policy regimes in the world.

The 2023 Fraser Institute mining industry survey ranked Nevada second in the world in terms of investment attractiveness index.

Summary

Walker Lane has optioned three highly prospective gold and silver projects in the Walker Lane area. The company intends to pursue exploration of these properties in 2025, which may also include an initial drill program at Tule Canyon.

Qualified person

Kevin Brewer, a registered professional geoscientist, is the company's president and chief executive officer, and a qualified person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying, and all other technical data.

About Walker Lane Resources Ltd.

Walker Lane is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane gold trend district in Nevada and the Rancheria silver district in Yukon/British Columbia, and other property assets in Yukon and Newfoundland and Labrador. The company initially intends to initiate a comprehensive exploration program to advance the Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver, B.C.) projects with expectations of multiyear exploration efforts with an initial exploration success.

We seek Safe Harbor.