On February 5, 2024, Sun Summit Minerals Corp. (“Sun Summit”) was granted an option (the “Option”) to acquire a 100% interest in the mining property known as the “JD Project” located in the Toodoggone district in north-central British Columbia (the “Property”) pursuant to the terms of an option agreement dated December 31, 2023 (the “Option Agreement”) between Sun Summit and certain arm’s length parties (the “Optionors”).

In order to exercise the Option, Sun Summit will complete cash payments totaling $1,175,000 to the Optionors, issue an aggregate of 8,000,000 shares of Sun Summit to the Optionors and incur an aggregate of $22,500,000 of exploration expenditures on the Property over a six-year period. Upon the exercise of the Option, Sun Summit will grant net smelter return royalties of up to 2% to the Optionors on the Property, subject to repurchase rights for Sun Summit. Following the commencement of commercial production on the Property, Sun Summit will also make an additional one-time payment of $1,000,000 to the Optionors. The Option Agreement was subject to the consolidation of Sun Summit’s shares on the basis of one post-consolidation common share for every three pre-consolidation common shares, which was completed on February 8, 2024.

Sun Summit is a mineral exploration company focused on expansion and discovery of district-scale gold and copper assets in British Columbia. Sun Summit’s diverse portfolio includes the Buck Project in central British Columbia, and the JD Project in the Toodoggone region of north-central British Columbia.

Further details regarding Sun Summit and the Option can be found on Sun Summit’s website. Sun Summit trades under the symbol “SMN” on the TSX Venture Exchange.