Sun Summit Minerals Corp. announced, further to the Company's news release dated November 9, 2023, that it has entered into a definitive option agreement with Victor F. Erickson, V.F. Erickson Consultants Limited and T. Cameron Scott, arm's length parties to the Company, to acquire a 100% interest in the JD Project in the Toodoggone gold-copper district in north-central British Columbia. The JD Project comprises over 15,000 hectares of contiguous mineral claims in the prolific Toodoggone gold-copper mineral district in north-central British Columbia.

The project is adjacent to Thesis Gold's Lawyers and Ranch projects, north of TDG Gold's Baker project, and near the historic Kemess copper- gold mining camp controlled by Centerra Gold. The JD project is host to epithermal-related gold-silver systems and porphyry-related copper-gold systems. Historic exploration across the project has included drilling, soil geochemistry and project-wide geophysics. Numerous high-priority targets are under-explored.

The JD Project comprises over 15,000 hectares of contiguous mineral claims in the prolific Toodoggone gold-copper mineral district in north-central British Columbia. The project is adjacent to Thesis Gold's Lawyers and Ranch projects, north of TDG Gold's Baker project, and near the historic Kemess copper- gold mining camp controlled by Centerra Gold. The JD project is host to epithermal-related gold-silver systems and porphyry-related copper-gold Systems .

Historic exploration across the project has included drilling, soil geochemistry and project-wide geophysics. Numerous high-priority targets are under-explored. Most of the historic drilling was focused on the Finn target where a broad zone of near-surface, epithermal related gold-silver mineralization, hosted primarily in the hanging wall along a gently north- dipping fault, was defined.

Highlights from historic drilling at the Finn target include: 35.7 m of 7.26 g/t Au including 1 m of 215.4 g/t Au (JD95-0471), 77.0 m of 2.4 g/t Au including 12.6 m of 10.8 g/t Au (JD12-0032), 22.0 m of 12.5 g/t Au including 0.8m of 171.5 g/t Au (JD95-0641), 91 m of 1.0 g/t Au (JD12-0092) in the under-explored Finn zone foot wall. Additional zones of epithermal-related gold and silver mineralization are dispersed along a 3.5 kilometre trend west of the Finn zone in the Finn to Creek mineralized corridor. These targets include Wolf, Schmitt, Ag Carbonate and Creek, where previous rock-chip sampling yielded encouraging high-grade results such as 35.4 g/t Au and 44.8 g/t Ag (sample 17102554, Wolf target), 27.30 g/t Au and 43 g/t Ag (sample 17105554, Wolf target), 14.8 g/t Au and 910 g/t Ag (sample 17105294, Ag Carbonate target) and 18.9 g/t Au and 300 g/t Ag (sample 17102564, Schmitt target).

Sparse drilling at the Creek target defined an open zone of high-grade gold-silver mineralization, highlighted by drill hole CZ97-0083 that intersected 87 m of 3.6 g/t Au including 22 m @ 11.7 g/t Au and including 4.0 m @ 61.2 g/t Au. These targets are open and have yet to be systematically drill tested. Numerous porphyry-related copper-gold targets have also been defined and warrant follow-up exploration efforts.

Many of the targets (e.g., McClair, Moosehorn, Ferricrete) are untested or poorly tested. Five drill holes spanning over a distance of 850 metres located east and topographically below the Finn zone intersected broad zones of strong porphyry-related alteration, including one hole that bottomed in 0.46% Cu over 1.4 m at 230 metres depth (JD-13-0254). These results suggest significant potential for porphyry-related systems below the epithermal targets and in the valley bottoms. Pursuant to the terms of the Option Agreement, in order to exercise the option, Sun Summit must make cash payments, issue post-Consolidation (as defined below) common shares of Sun Summit (each, a "Post-Consolidation Share") to the Optionors and incur expenditures on the JD Project over six years as follows: complete cash payments in the aggregate amount of $1,175,000, consisting of $175,000 in installments in the first year of the Option Agreement ($25,000 of which has been paid to date), and $200,000 by each of the first through fifth anniversaries of the Option Agreement; issue an aggregate of 8,000,000 Post-Consolidation Shares to the Optionors, consisting of 2,000,000 Post-Consolidation Shares issued following TSX Venture Exchange ("TSXV") approval of the Option Agreement and the Consolidation, and 1,000,000 Post-Consolidation Shares by each of the first through sixth anniversaries of the Option Agreement; and incur an aggregate of $22,500,000 in exploration expenditures on the JD Project, starting at $2,500,000 by the first anniversary of the Option Agreement, and increasing by $500,000 each year, until which $5,000,000 being required in the sixth year.

The Option Agreement is subject to a prior consolidation of Sun Summit's outstanding common shares on the basis of one post-consolidation common share for every three pre-consolidation common shares (the "Consolidation"). For more details about the Consolidation, please refer to the Company's news release dated November 9, 2023. In the event of a change of control of Sun Summit, the Optionors may accelerate the issuance of remaining Post-Consolidation Shares issuable under the Option Agreement.

Upon exercise of the option, Sun Summit will grant net smelter returns ("NSR") royalties on the JD Project to the Optionors as follows: a 2.0% NSR royalty on the JD claims comprising the JD Project, which can be reduced by 50% to a 1.0% NSR royalty by Sun Summit making the payment to the Optionors of $7,500,000 no later than the receipt of production financing for the JD Project or $10,000,000 on or before commercial production being achieved on the JD Project; a 1.0% NSR royalty on the Belle claims comprising the JD Project; and a 1.0% NSR royalty on any interest acquired by Sun Summit in an area of interest north of the JD Project. The Belle claims are also subject to a 2.0% NSR royalty in favour of a third party, which royalty obligation will be assumed by Sun Summit and can be reduced by 50% to a 1.0% NSR royalty by the payment of $2,000,000 to the third party.If the option is exercised, Sun Summit will make, until the commencement of any commercial production on the JD Project, advance royalty payments of $250,000 to the Optionors on each anniversary of such exercise. Such payments will be credited against any royalty payments due to the Optionors after the commencement of commercial production.

In the event that Sun Summit purchases one-half of the 2.0% NSR on the JD claims, 50% of the cumulative amount of the advance royalty payments will be credited towards the purchase of one-half of the 2.0.% NSR. Within 30 days following the commencement of commercial production on the JD Project, Sun Summit will make an additional one-time payment of $1,000,000 to the Optionors.