Sun Summit raises $4M to expand JD drill to 15,000 m

Vancouver, British Columbia--(Newsfile Corp. - August 6, 2026) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) ( "Sun Summit" or the "Company" ) is pleased to announce a non-brokered private placement (the " Private Placement ") for aggregate gross proceeds to the Company of up to $4 million including a combination of: (i) charity flow-through common shares in the capital of the Company (each, a " Charity FT Share ") at a price of $0.145 per Charity FT Share; and (ii) non-flow-through common shares in the capital of the Company (each, an " NFT Share ", and together with the Charity FT Shares, the " Securities ") at a price of $0.10 per NFT Share. Each Charity FT Shares will qualify as a flowthrough share within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the " Tax Act ").

The Company intends to use all of the gross proceeds of the Private Placement for exploration of the Company's JD, Theory and Buck properties and any other Canadian properties that the Company may acquire, provided that the Company will use an amount equal to the gross proceeds received by the Company from the sale of the Charity FT Shares to incur eligible "Canadian exploration expenses" that will qualify as "flowthrough mining expenditures" as such terms are defined in the Tax Act.

"We have nearly completed our 10,000-meter drill program at JD, well ahead of schedule and under budget - putting us in a great position heading into the back half of the season. Rather than step back, we want to keep the drills turning. We expect to drill an additional 2,000 metres beyond our original plan at Creek and Finn, and the proceeds of this offering will fund a further 3,000 metres at the Schmitt Zone - bringing the 2026 program to 15,000 metres in total."

"The Schmitt Zone is located west of and contiguous to the Finn Zone within the 4.5-kilometer Creek-to-Finn corridor. This drill program is designed to evaluate mineralization continuity to the west of the Finn Zone, with the potential to add ounces to our inaugural MRE targeted for Q1 2027. We are grateful for the continued shareholder support that makes this possible." - Niel Marotta, CEO, Sun Summit Minerals

The closing of the Private Placement is subject to certain closing conditions, including the approval of the TSX Venture Exchange (the " TSXV "). The Company may pay finder's fees in cash or securities to certain arm's length finders (each, a " Finder ") engaged in connection with the Private Placement, subject to the approval of the TSXV. Eventus Capital Corp. has been appointed as a Finder in connection with the Private Placement. The Securities issued pursuant to the Private Placement will be subject to a four-month hold period in accordance with applicable securities laws.

The Securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Charity FT Shares in any State in which such offer, solicitation or sale would be unlawful.