Bayhorse Silver Closes Shares for Debt Settlement

October 28, 2025 BHS2025-29

Bayhorse Silver Closes Shares for Debt Settlement

Bayhorse Silver Inc, (BHS: TSX -V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company”

or “Bayhorse”) announces that further to its news release dated September 10, 2025, it has now

received TSX Venture Exchange approval of the proposed settlement of indebtedness owed indirectly

to an officer of the Company. Wiklow Corporate Services Inc. ( “Wiklow”) settled $56,114 for an

aggregate of 1,402,850 common shares at a price of $0.04 per share. Wiklow is beneficially owned by

Donna Moroney, Corporate Secretary of the Company.

The issuance of the debt settlement shares to Wiklow constitutes a "related party transaction" under

MI 61 -101. The Company is exempt from the MI 61- 101 valuation and minority approval

requirements for related party transactions in connection with the shares for debt transaction under

sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI

61-101) nor the fair market value of the consideration for the transaction exceeds 25% of the

Company's market capitalization (as determined under MI 61-101).

Securities issued under the shares for debt are subject to a hold period expiring on March 1, 2026.

On Behalf of the Board.

Graeme O'Neill, CEO

866-399-6539

About Bayhorse Silver Inc.

Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic

Bayhorse Silver Mine located in Oregon, USA with a National Instrument 43-101 inferred resource of

292,300 tons at a grade of 21.65 opt (673 g/t) for 6.3 million ounces of silver. (Turner et al. 2018) and

the Pegasus Project, a highly prospective porphyry copper prospect, in Washington County, Idaho. The

Bayhorse Silver Mine and the Pegasus Project are 44 km southwest of Hercules Metals’ porphyry

copper discovery. The Bayhorse Mine is a minimum environmental impact facility capable of

processing at a mining rate up 200 tons/day that includes a state of the art 40 ton per hour Steinert Ore-

Sorter that reduces waste rock entering the processing stream by up to 85%. The Company has

established an up to 60 ton/day mill and standard flotation processing facility in nearby Payette County,

Idaho, USA with an offtake agreement in place with Ocean Partners UK Limited. The Company has

an experienced management and technical team with extens ive mining expertise in both exploration

and building mines.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.