Bayhorse Silver Inc. provided a Corporate Update on the Company's progress on its Bayhorse Silver Mine Operations, ongoing permitting, as well as other corporate activities. Bayhorse Mine: In March, 2023, the Company received a comprehensive structural analysis of the Bayhorse Silver Mine from its long time geological consultant, Dr. Clay Conway, P.Geol. The Company was finally able to access all the historic underground workings in 2022 and this allowed Dr. Conway to better understand the complexity of the geological structure and potential trends of the high grade mineralization.

Subsequent to the analysis, and reviewing the Big Dog mineralization evident in the 2021-2022 drill program, and surface sampling of rock faces in the exposed underground mineralized zones, the Company now believes it has identified a strike length of the Big Dog mineralized zone of between 250 - 300 ft, (75- 90 meters) with widths varying between 2.5 ft (0.7 meters) to 20 ft (6 meters) and a vertical extent of 40 ft (12 meters). Subject to financing, the Company intends to do confirmation drilling both from the south and north across and down dip of the mineralized zone with the objective of better determining the strike length, the grades and vertical extent of the Big Dog Zone. The Company is now able to safely access the southern area of the Big Dog mineralized zone that appears to be trending more westerly than the historic workings would indicate.

This will allow for an underground drill program to drill to the north across the zone, and down dip, with the intent of extending the vertical extent and to confirm the continuity of grades along strike. Structural analysis is ongoing and will be reviewed when further drill data is available. Safe access to the historic workings in the Big Dog Zone was completed in 2022.

Panel samples taken by the Company at the eastern end of the exposed hanging wall of the Zone ranged from 91.7 oz/t (2,836.63 g/t) to 184.2 oz/t oz/t 5791.47 g/t) silver, The strike length of the Zone t was only confirmed after a drill intersection, 300 feet (90 meters) along strike, returned 20 ft (6 meters) of silver with an average grade of 210 g/t (6.75 oz/t), including a 0.6 meter intersection (2 ft) grading 668g/t (21.48 oz/t). During development of the intermediate drill station, approximately midway between the exposed eastern end of the Big Dog Zone, and the drill intersection as described in BHS2022-08, the Company took panel samples across and down an exposed 2.5 ft wide and 10 ft vertical face, that returned combined silver assays of 1,642 g/t (54.8 oz/t). Two prior faces sampled before safety blasting was conducted returned 549 g/t (17.65 oz/t) and 112.6 g/t (3.63 oz/t) respectively.(BHS2022-05).

Ongoing Operations Permitting: In February 2023 the Company was notified by Oregon's Department of Geology and Mining Industries ("DOGAMI") that there were deficiencies in its Operating Permit Application, and the Company has been working towards remedying those deficiencies. The major concern was the confirmation of baseline data in support of the Application. The Company has engaged Mark Abrams, CPG, an Oregon Licensed Professional Geologist, who has experience in permitting Oregon mines, to assist in reviewing the supporting baseline data submissions and the geological reports, and eliminating the deficiencies for the full Operating Permit documentation with DOGAMI.

The Company has access to the substantial availability of baseline data by Idaho Power Corporation on the Brownlee Reservoir, where the mine is located, that was developed by Idaho Power through its relicensing of the Brownlee Dam and Reservoir. Additionally, with the availability of current data from air quality monitoring stations maintained by Idaho and Oregon DEQ in the immediate area, and water quality stations maintained by Idaho Power on the Brownlee Reservoir, we anticipate completing the deficiencies for resubmission to DOGAMI in the third quarter of this year. Approval of the Operating Permit will allow the Company to recommence full mining and processing operations.