Silver Spruce Resources Inc. Provides an Update on the Jackie Project Acquisition

Rhea-AI Summary

Silver Spruce Resources (SSEBF) gave an update on acquiring Colibri Resource's 50% interest in the Jackie Au-Ag Project in Sonora, Mexico. Silver Spruce will pay C$25,000 in common shares and grant a 1% net smelter return royalty, targeting 100% ownership after TSXV approvals.

AI-generated analysis. Not financial advice.

Positive

• Acquiring remaining 50% of Jackie Project for C$25,000 in shares
• Post-closing, Silver Spruce to own 100% of Jackie Au-Ag Project
• TSX Venture Exchange approval already obtained for Silver Spruce’s side of the deal

Negative

• Granting 1% net smelter return royalty on future Jackie production
• Closing remains contingent on Colibri obtaining TSXV approval

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

BEDFORD, NS / ACCESS Newswire / June 5, 2026 / Silver Spruce Resources Inc. ("Silver Spruce" or the "Corporation") is pleased to provide an update regarding the Jackie Project located in Sonora, Mexico. As previously announced (see News Releases dated May 14, 2025, November 12, 2025 and May 5, 2026), the Corporation has entered into an agreement with Colibri Resource Corporation ("Colibri") pursuant to which Silver Spruce will acquire Colibri's 50% ownership interest in the Jackie Au-Ag property ("Jackie"). In consideration for Colibri's 50% interest, Silver Spruce will issue C$25,000 worth of common shares in the capital of the Corporation to Colibri and grant a 1% Net Smelter Return royalty on any future production from the Jackie Project.

Silver Spruce has received the TSX Venture Exchange (the "TSXV") approval for the acquisition of the Jackie Project. It is expected that the transaction will close once Colibri obtains the TSXV approval for this transaction. Upon closing, Silver Spruce will own 100% interest in the Jackie Project.

Kevin O'Connor is a director of both Silver Spruce and Colibri and has abstained from voting on this transaction.

About Silver Spruce Resources

Silver Spruce Resources Inc. is a Canadian junior exploration company. The Company's diversified exploration portfolio includes:

• Pino de Plata Ag Project - High-grade silver property with historic artisanal mining located 15 kilometres west of Coeur Mining's Palmarejo Mine in western Chihuahua, Mexico

• Jackie Au-Ag Project - Early-stage epithermal project with high-grade surface sampling and strong structural targets located <10 kilometres northwest from Minera Alamos' Nicho deposit in eastern Sonora, Mexico

• Melchett Lake VMS Zn-Ag-Au-Cu Project - Polymetallic project with historical drilling in the Thunder Pay Mining District of Ontario

Contact:

Paul K. Smith (P. Geo.), Vice-President Exploration
pksmith.esc@gmail.com

Kevin O'Connor, Director
koconnor@silverspruceresources.com

info@silverspruceresouces.com
www.silverspruceresources.com

Neither 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.

Notice Regarding Forward-Looking Statements

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Silver Spruce. Forward-looking statements include estimates and statements that describe Silver Spruce's future plans, objectives or goals, including words to the effect that Silver Spruce or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "intends", "plans", "subject to" or "proposed". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Silver Spruce, the Corporation provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.

Forward-looking information in this news release includes, but is not limited to, the Corporation's objectives, goals or future plans, statements regarding the proposed acquisition of Colibri's 50% interest in the Jackie property and the Corporation's anticipated 100% ownership interest in the Jackie property following completion of such acquisition. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Jackie transaction on the terms disclosed or at all, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Corporation's public documents filed on SEDAR+. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Silver Spruce disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Silver Spruce Resources, Inc.

View the original press release on ACCESS Newswire

FAQ

What Jackie Project acquisition did Silver Spruce Resources (SSEBF) update on June 5, 2026?

Silver Spruce announced progress on acquiring Colibri’s 50% interest in the Jackie Au-Ag Project in Sonora, Mexico. According to Silver Spruce, this deal would give the company full ownership of Jackie once all TSXV approvals are obtained and the transaction closes.

How much is Silver Spruce paying Colibri for its 50% Jackie Project interest?

Silver Spruce will pay Colibri C$25,000 in common shares for its 50% Jackie interest. According to Silver Spruce, the company will also grant Colibri a 1% net smelter return royalty on any future Jackie production as part of the consideration.

What royalty will Colibri receive after selling its Jackie Project stake to Silver Spruce (SSEBF)?

Colibri will receive a 1% net smelter return royalty on any future Jackie Project production. According to Silver Spruce, this royalty is in addition to C$25,000 in common shares being issued as payment for Colibri’s 50% ownership interest in the property.

When is the Silver Spruce acquisition of 100% of the Jackie Project expected to close?

The transaction is expected to close after Colibri secures TSX Venture Exchange approval. According to Silver Spruce, it has already received TSXV approval on its side, and closing would result in the company owning 100% of the Jackie Au-Ag Project.

What TSXV approvals are required for the Silver Spruce Jackie Project acquisition?

TSX Venture Exchange approval has been obtained for Silver Spruce’s participation in the Jackie acquisition. According to Silver Spruce, closing still depends on Colibri obtaining its own TSXV approval for the transaction, after which Silver Spruce would hold 100% of the project.

Why did Kevin O’Connor abstain from voting on the Silver Spruce Jackie Project acquisition?

Kevin O’Connor abstained from voting because he is a director of both Silver Spruce and Colibri. According to Silver Spruce, his abstention addresses the dual directorship while the companies finalize terms for transferring Colibri’s 50% Jackie Project interest.