Theory Project

The 9,676 ha Theory Project is a copper-gold porphyry and epithermal gold-silver exploration property located in northern BC within the Toodoggone Mining District, north-central British Columbia. The property is owned 100% by Eagle Plains, with 122 hectares subject to an underlying 0.5% Net Smelter Royalty held by a third party. The Theory Project borders Thesis Gold's Ranch Project to the north and is located within 10 km to the northwest of Sun Summit's JD Project.

Sun Summit Minerals Corp. (TSX-V: SMN; OTCQB: SMREF) holds an exclusive option to earn up to a 100% interest in the Project. The first significant fieldwork on the property in over 30 years was completed in 2025 and returned high-grade copper-gold-silver results, including the discovery of the new Saboteur Zone. A three-phase 2026 exploration program - airborne MobileMT geophysics, detailed mapping/prospecting/geochemical sampling, and Induced Polarization surveys is underway, with results intended to guide 2027 drill target selection.

Project Highlights

• Large, contiguous 9,676 ha land position in the highly prospective Toodoggone Copper & Gold Mining District, adjacent to Sun Summit's JD Project and Thesis Gold's Ranch-Lawyers Project;
• New high-grade copper discovery at the Saboteur Zone (2025): a 3 km long zone of chalcopyrite-bornite-chalcocite mineralization, with 15 of the rock samples collected returning over 1% Cu, including grab sample LSTHR040 - 4.78% Cu, 0.635 g/t Au, 49 g/t Ag;
• High-grade silver-gold results from the Fred-DM-DMR Zone: grab sample BLTHR051 - 6.42% Cu, 0.088 g/t Au, 99 g/t Ag; and grab sample JBTHR008 - 0.65% Cu, 12.6 g/t Au, 3,150 g/t Ag;
• Broad copper-in-soil and silt geochemical anomaly at the BEV Zone associated with multiphase alteration, interpreted as a potential large buried porphyry system;
• Petrographic analyses identify strong epidote-chlorite-carbonate alteration directly associated with hypogene copper mineralization (chalcopyrite-bornite-chalcocite), consistent with the inner shell of a porphyry system;
• Favourable geological setting including a significant extent of the prospective Jurassic-Triassic "Red-Line" unconformity, which shows a high spatial correlation to known deposits throughout the Golden Triangle and Toodoggone;
• Last significant historical exploration was in 1988, with no modern geophysics or drilling until Eagle Plains' 2024–2026 work - the property remains substantially underexplored, particularly in its southern and eastern portions.

Eagle Plains Exploration

In late 2023, Eagle Plains acquired the Theory property through staking and third-party agreements. Following initial compilation and interpretation of historical data, Eagle Plains completed a property-wide, high-resolution airborne magnetic and radiometric survey in July 2024.

2025 Field Program

Eagle Plains and Sun Summit commissioned TerraLogic Exploration Inc. of Cranbrook, BC, to design and execute the 2025 program, which combined satellite remote sensing (VNIR-Sentinel, SWIR-ASTER, and hyperspectral EnMAP data via EarthDaily Analytics) with a 14-day field program. A total of 258 rock grab samples, 417 soil samples, and 40 silt samples were collected across more than 15 distinct geochemical and geophysical targets, with fieldwork based out of fly camps and logistical support from Sun Summit's JD camp.

The program identified the Saboteur Zone as a significant new discovery: a 3 km long, NE-trending zone of chalcopyrite-bornite-chalcocite mineralization associated with a coincident magnetic high and strong radiometric potassic alteration anomaly. Highlight grab samples included LSTHR040 (4.78% Cu, 0.635 g/t Au, 49 g/t Ag), JBTHR059 (4.02% Cu, 0.596 g/t Au, 61.1 g/t Ag), and MHTHR037 (3.27% Cu, 4.29 g/t Au, 121 g/t Ag).
At the BEV Zone, mapping and geochemistry defined a broad, multi-element copper-dominant anomaly approximately 1 km by 700 m, open in three directions, associated with multiphase epidote-quartz-carbonate alteration and peripheral QSP-altered gossans - highlighting the possibility of a large buried porphyry system (best grab sample BLTHR029: 1.44% Cu, 0.043 g/t Au, 12.8 g/t Ag). At the Fred-DM-DMR Zone, prospecting along a ~5 km linear magnetic high-low transition zone identified copper mineralization associated with NNE-trending barite veins up to 4 m wide and exposed over 150 m, with grab samples BLTHR051 (6.42% Cu, 0.088 g/t Au, 99 g/t Ag) and JBTHR008 (0.65% Cu, 12.6 g/t Au, 3,150 g/t Ag) returning the highest values of the program. At STIK1, fieldwork identified epithermal-style alteration and mineralization within a granodioritic to dioritic intrusion and along its metasedimentary contact.

Twelve select samples were analyzed petrographically by Precision Petrographics of Vancouver, BC, identifying strong epidote-chlorite-carbonate alteration directly associated with hypogene copper mineralization (chalcopyrite-bornite-chalcocite) - an assemblage interpreted to represent the inner shell of a porphyry system and a possible proximal source for Theory mineralization.

2026 Exploration Program

Building on the success of the 2025 season, the 2026 program is being executed in three phases with a budget of approximately $700,000, managed by TerraLogic Exploration Inc. with logistical and helicopter support from Sun Summit's JD Camp. Eagle Plains is the project operator.

• Phase 1 (complete): A property-scale, 250 m line-spaced airborne magnetotelluric (MobileMT) survey totaling 476 line-kilometres, completed in June 2026 by Expert Geophysics Surveys Inc. of Newmarket, ON under geophysicist Andrei Bagrianski, P.Geo., to image subsurface resistivity and locate causative intrusions and possible conduits for mineralization;
• Phase 2 (underway): A 28-day mapping, prospecting, and rock/soil/silt geochemical sampling program based out of temporary, helicopter-supported camps, focused on detailed evaluation of 2025 targets, MobileMT-generated areas of interest, and ongoing target generation in underexplored parts of the property;
• Phase 3 (planned): Up to 22 line-km of Induced Polarization (IP) geophysics over high-priority target areas, including the Bev and Saboteur Zones.

Fieldwork commenced in June 2026 and is expected to continue into September 2026. Results from the 2026 program will be analyzed and modelled to identify and prioritize targets for 2027 diamond drill testing.

Theory Project Option Agreement

Under the terms of the option agreement between Eagle Plains and Sun Summit (dated February 13, 2025), Sun Summit may acquire a 75% interest in the Project (“Option 1”) by paying CA$255,000 in cash, issuing an aggregate of 750,000 common shares to Eagle Plains, and funding CA$3,000,000 in exploration expenditures over a four-year term, including diamond drilling in years three and four.
Under a second phase of the option (“Option 2”), Sun Summit may acquire an additional 25% interest (for a 100% total interest) by notifying Eagle Plains of its intent and making a one-time payment of CDN$1,000,000, of which half may be paid in Sun Summit shares. If either option is exercised, Eagle Plains will retain a 2% smelter returns royalty on the entire property, 1% of which may be repurchased for CA$1,000,000. Following exercise of Option 1, the parties will form a joint venture to administer continued exploration and operation of the Project; if Option 2 is not exercised, Sun Summit and Eagle Plains will form a 75/25 joint venture. Eagle Plains serves as Operator under Option 1 and retains the right to use TerraLogic Exploration Services as geoscience consultant.

Future Work

Phase 2 fieldwork (mapping, prospecting, and rock/soil/silt sampling) is ongoing through September 2026, with a focus on the BEV-to-Saboteur mineralized trend, assessment of new MobileMT-defined targets, and further target generation in underexplored parts of the property. Phase 3 IP geophysics is planned over high-priority target areas once Phase 1 and 2 data have been fully interpreted. Results from the full 2026 program will be integrated to prioritize targets for 2027 diamond drill testing.