Bayhorse Silver : ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

December 5, 2023 BHS2023-15

BAYHORSE ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Bayhorse Silver Inc, (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the "Company" or "Bayhorse") announces, subject to the approval of the TSX Venture Exchange, a 15 million Unit non-brokered private placement for gross proceeds of $750,000.

Each unit will consist of one common share, and one transferrable common share purchase warrant. Each warrant will be exercisable into one common share of the Company at a price of $0.10 cents per common share for a period of 24 months from the date of issuance.

The funds received are to conduct the planned initial underground drilling program at the Bayhorse Mine, to conduct a deep penetrating VTEM survey over the entire Bayhorse Property, to complete the Company's full operating permit application for the Bayhorse Silver Mine, and for general and administrative expenses.

In addition to any other exemption available to the Company, participation in the non-brokered financing is also open to all existing shareholders, even if not accredited investors, under the "existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.

Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX Venture Exchange.

Securities issued under this placement will be subject to a four month plus a day hold period from the date of issuance.

Subject to approval of the TSX Venture Exchange, the Company has extended the expiry terms of 1,940,000 warrants, exercisable at $0.15 cents from December 23, 2023, to December 23, 2024, and 1,560,000 warrants, exercisable at $0.15 cents, from December 31, 2023, to December 31, 2024.

This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content.

On Behalf of the Board.

Graeme O'Neill, CEO