Terer License

Terer is a 180 km² exploration license under a joint venture with Ezana Mining. The area is comprised of 5 major VMS trends mineralized zones spanning totaling over 20 kilometers in length. Throughout these mineralized zones, numerous VMS gossans, with significant orogenic gold potential, remain untested along trends.

Previous drilling activities have been limited, particularly on the Argo and Keel VMS zone with approximately 60 holes drilled intercepting notable grades and widths of both gold and base metals.

Previous Exploration

• KL-006: 17.85 meters averaging 3.95 grams per ton of gold, 45.5 grams per ton of silver, 1.4% copper, and 1.6% zinc.
• AR-001: 6.57 meters averaging 1.34 grams per ton of gold, 54.3 grams per ton of silver, 6.3% copper, and 1.7% zinc.
• AR-005: 13.6 meters averaging 1.35 grams per ton of gold, 16.9 grams per ton of silver, 1.1% copper, and 1.7% zinc.

2025 Exploration - High Priority Targets

Anguda VMS System/Trend

The Anguda VMS Trend, situated within the Terer exploration license, is a prominent VMS system extending for over 10 kilometers. Key targets along this trend include the Anguda North Target, Anguda Main Target, Anguda Main (N), Anguda Southern Limb Target, and the Terer VMS Target.

Recent drilling activities at the Hamlo and Terer VMS Targets, alongside limited drilling at the Anguda Southern Limb in 2020, have revealed typical VMS metal zoning patterns – see Sun Peak news release, dated July 25, 2024. The data suggests a potential increase in precious and base metal concentrations in other VMS zones within the Anguda trend.

The drill results at the Terer Target, outlined a VMS system along the trend of the Anguda North gravity high anomaly located approximately 2 kilometers east. Final drill results from Hamlo and Terer drilling can be found in table at the end of this release.

Anguda North VMS Target

Defined by a strong soil geochemistry anomaly, detailed ground gravity high anomalies, airborne VTEM conductor, and 800 meters long gossan outcrops. The gossan outcrops were defined in recent geological mapping work which was following up on the anomalies identified by the geophysical and geochemistry surveys.

Ground DTEM survey is scheduled in Q1 2025 which will be immediately followed by drilling at Anguda North.

Anguda Main (N) VMS Target

Defined by a greater than 1.5-kilometer-long mineralized zone of gossans and hydrothermal alteration horizons, plunging and increasing in size to the east. The target is identified by a copper and zinc soil geochemistry anomaly and a gravity high coincident with VTEM conductors.

The upcoming work program in Q1 2025 will include ground DTEM surveys over the Anguda North and Anguda Main Targets, with drilling to follow.

2025 Exploration - Secondary Targets

Keel and Argo VMS Trend

The Keel and Argo Targets are part of a significant VMS system that extends over 6 kilometers and includes several other highly prospective targets such as the Northwest Zone (Figure 4). During the Company’s initial drill program in 2020, Sun Peak drilled 12 holes and intercepted high-grade copper-gold VMS mineralization at both Keel and Argo targets. The VMS zones remain open in all directions with untested gossans and gravity anomalies directly on strike from Keel and Argo. Future work will focus on extending these zones laterally and testing new zones along the trend.

Meda VMS Target

Defined by a 1.2 kilometers long gold, silver, copper, and zinc soil geochemistry anomaly, several gossan outcrops, and a gravity high anomaly. A single historic vertical RC hole was drilled in 2004 into the gossan which assayed 18 meters of 2.77 g/t gold from surface (Figure 5). Future drilling will attempt to define the VMS Zone laterally along strike and to depth.