Sun Summit Finalizes Option Agreement for Acquisition of the Theory Project

Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (“Sun Summit” or the “Company”) is pleased to announce that, further to its news release of January 13, 2025, the Company has entered into an option agreement with Eagle Plains Resources Ltd. (TSXV: EPL) (“Eagle Plains”) (the “Theory Option Agreement”) to earn up to a 100% interest in 10,000 hectares of mineral claims in the highly prospective Toodoggone Mining District, British Columbia (the “Theory Project”).

Highlights

• Strategic acquisition: The acquisition of the Theory Project will increase Sun Summit’s Toodoggone footprint by ~10,000 hectares, creating a combined district-scale project of ~25,000 hectares.

• Increased land position in prime location: The Theory Project borders Thesis Gold’s Ranch Project to the north and is located within 10 km of Sun Summit’s JD Project, presenting significant synergies and logistical advantages. The combined land package would effectively border the Ranch Project on its northern and eastern boundary and provide the Company with an attractive, district scale exploration and development opportunity.

• Significant exploration potential: Theory Project hosts highly prospective geology with both epithermal-related gold targets, and large bulk-mineable porphyry-related copper-gold targets, supported by historical exploration and recent geophysical surveys.

• Attractive option terms: The Theory Option Agreement includes the option to acquire a 75% interest over four years with aggregate exploration expenditures of CDN $3,000,000, cash payments of CDN $250,000, and the issuance of 750,000 shares, with the remaining 25% interest available for CDN $1,000,000.

• Ongoing exploration planning: Sun Summit in cooperation with Eagle Plains will complete an extensive data compilation and target generation exercise, which will inform future exploration planning at the Theory Project.

Niel Marotta, CEO of Sun Summit, commented: “We are pleased to finalize the Theory Option Agreement. This enlarged district scale Copper-gold project represents an exciting opportunity to revive exploration in the northern part of the Toodoggone mining district. We wish to thank Eagle Plains for having the business acumen to acquire an extensive land package with regional exploration targets. This deal, combined with the JD property, adds to the potential for a significant discovery and significantly enhances our strategic position in the Toodoggone Mining District. By combining the Theory and JD Projects, we create a district-scale opportunity with exceptional exploration potential and significant logistical synergies. The option terms are both manageable and structured, allowing us to maintain financial flexibility while advancing exploration efforts. This acquisition aligns with our goal of building a robust, diversified portfolio in this highly active mining district, and we look forward to unlocking the full potential of these assets.”

Theory Project

The Theory Project comprises 23 mineral claims…