Co. Boasts Land Package in Active BC District
Research Report

1.  Sun Summit Minerals Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Sun Summit Minerals Corp.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Couloir Capital, Sun Summit Minerals Corp., June 30, 2025

This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained by the subject issuer under a service agreement that includes analyst research coverage. 2 The views of the Analyst are personal. 3 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 4 The Analyst does not maintain a financial interest in the securities or options of the Company. 5 The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 6 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness. 

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Sun Summit Minerals Corp. (SMN:TSX.V; SMREF:OTCQB) launched a CA$6 million (CA$6M) 2025 exploration program at the 15,000-hectare (15,000-ha) JD project, one of its two assets in British Columbia's (B.C.'s) Toodoggone Mining District, reported Ron Wortel, senior mining analyst at Couloir Capital, in a June 30 research note. Couloir updated its fair value target on the Canadian junior miner to CA$0.40 per share from CA$0.55 "to reflect additional spending, asset values, and share dilution."

Wortel wrote, "We continue to recommend the story as a Buy in the risk-laden junior gold exploration sector with support from the district area play and continuing strong gold price environment."

400% Potential Return

Compared to the new target of CA$0.40, the company was trading at the time of Wortel's report at CA$0.08 per share, the analyst noted.

The difference between these two prices implies a potential return for investors of 400%.

What to Know

Wortel presented the many investment highlights of Sun Summit Minerals.

Along with JD, Sun Summit's other assets are Theory, also in the Toodoggone, and Buck, in central B.C., about 10 kilometers (10 km) south of the town of Houston.

As for JD, the recently started exploration program is to encompass 5,000 meters (5,000m) of drilling along with geophysical and geochemical surveys. The objectives are to expand the Creek and Finn gold-silver epithermal targets via systematic stepout holes and hone new targets along the 4.5-km Finn-Creek corridor and the broader 12 km JD porphyry trend. Drilling at the Creek zone will encompass 10–12 holes covering 3,000m, and at the Finn zone, seven to nine holes over 2,000m.

"We believe the company's project supports an exploration program plan and time frame with achievable targets," Wortel wrote. The program "is expected to move the stock with results that show similar values to the neighboring projects."

This 2025 program is fully financed, as Sun Summit completed a CA$10M financing in June, upsized from CA$3.5M. This amount exceeded its market cap before the funds were raised, a sign of the market validating both company and project, noted Wortel.

The analyst pointed out that the Creek-to-Finn zone shares a similar 4.5 km strike with several prospects at and better grades than Thesis Gold Inc.'s (TAU:TSX.V; THSGF:OTCQX; A3EP87:WKN) Lawyers Ranch project. For context, Lawyers Ranch, with a resource of 4,700,000 ounces of gold equivalent (4.7 Moz of Au eq), has an estimated net present value discounted at 5% of CA$1.277 billion (CA$1.277B), at a US$1,930 per ounce gold price.

About 10 kilometers away from JD is the 10,000-ha Theory project, on which Sun Summit has an option with Eagle Plains Resources Ltd. (EPL:TSX.V) to earn up to 100%. For a 75% interest, Sun Summit must spend CA$3M on exploration, pay CA$250,000, and issue 750,000 shares, over four years. For CA$1M more, Sun Summit may acquire the remaining 25%.

"The option terms are attractive," noted Wortel.

Theory, holding 10,000 ha of mineral claims, borders Thesis Gold's Ranch to the north. Theory offers significant exploration potential and combined with JD, a district-scale opportunity. Given the proximity between Theory and JD, synergies and logistical advantages are possible. Sun Summit, in cooperation with Eagle Plains, will compile existing data on Theory and from it, generate targets to guide planning of future exploration.

Regarding Buck, this project has an existing mineral resource estimate, about 840,000 ounces of gold, which supports Sun Summit's value, wrote Wortel, though the market assigns the project little value. Buck could be monetized in the near term.

Activity in the Toodoggone

Wortel discussed the other companies and projects in the Toodoggone, the target of significant market and corporate support via funding and earn-in agreements.

In this mining district, Centerra Gold Inc.'s (CG:TSX; CADGF:OTCPK) past-producing Kemess mine has a newly updated mineral resource of 2.7 Moz gold with 971,000,000 pounds (971 Mlb) of copper, in the Indicated category, and 2.2 Moz gold and 821 Mlb copper, in the Inferred category.

Amarc Resources Ltd. (AHR:TSX.V), in partnership with Freeport-McMoRan Inc. (FCX:NYSE), is conducting exploration in the JOY District within the Toodoggone and now is preparing for a CA$10M drill program in 2025. Key targets include the newly discovered high-grade AuRORA copper-gold-silver porphyry deposit and the PINE, Twins and Canyon discoveries. Investment in the Toodoggone this year alone totals almost CA$100M, most happening after the AuRORA discovery.

"Freeport-McMoRan earn-in agreements underscore district-scale potential," wrote Wortel.

TDG Gold Corp. (TDG:TSX.V) holds 50,000 ha in a contiguous land package in the Toodoggone that borders Sun Summit on three sides and is directly east of Amarc's AuRORA discovery.

Finlay Minerals Ltd. (FYL:TSX.V) plans a 2025 exploration programs for the Porcupine/Iskut Lake and ATTY properties.

Ideal Qualifications

Wortel purported that Sun Summit Minerals' chief executive officer as of early 2025 Niel Marotta has what is needed to grow the company, including a 20-plus year background in corporate finance, mergers and acquisitions, and entrepreneurship. Previously, he managed a CA$1B-plus portfolio at Fidelity and saw Orezone Resources Inc. through IAMGOLD Corp.'s (IMG:TSX; IAG:NYSE) CA$350M acquisition of it.

"For investors, this leadership change comes at a promising inflection point," the analyst wrote. "With a strong technical team and a planned aggressive 2025 exploration program, Marotta's appointment is expected to catalyze momentum."

More About the Stock

Wortel indicated that at the time of his report, Sun Summit Minerals has 213.88 million (213.88M) shares outstanding, 137.53M warrants, 5.89M options and 8.5M restricted stock units.

The company's market cap is CA$17.1M.