Summa Silver Secures $5 Million in Financing for Project Advancement

Summa Silver Corp. ("Summa" or the "Company") (TSXV:SSVR) (OTCQX:SSVRF) (Frankfurt:48X) has announced a $5 million brokered financing, led by Eric Sprott, to advance its high-grade silver and gold projects in Nevada and New Mexico. The financing, which closed on December 29, 2022, will be used to fund exploration and development activities at the Company's Hughes and Mogollon projects.

The financing round consisted of the issuance of 12,500,000 units at a price of $0.40 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.55 per common share for a period of 24 months from the closing of the offering. The Company also issued broker warrants to the agents, exercisable for a period of 24 months, to acquire that number of common shares of the Company which is equal to 7% of the number of Units sold under the offering at an exercise price of $0.40.

The raised funds will be allocated primarily towards exploration and development activities at the Hughes and Mogollon projects. The Hughes project, located in central Nevada, is home to the Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon project, situated in southwestern New Mexico, is the largest historic silver producer in the state. Both projects have remained largely unexplored since commercial production ceased, presenting significant untapped potential.

The financing round aligns with Summa Silver's strategic objectives of expanding its mineral resource base and advancing its projects towards production. The Company has a strong track record of discovering high-grade silver and gold deposits, as evidenced by its recent drill results, which include intersections of up to 5,969 g/t Ag and 60.2 g/t Au at the Mogollon project.

The success of this financing round demonstrates Summa Silver's ability to attract prominent investors and secure funding to support its growth. Eric Sprott's participation in the financing round is a testament to the Company's potential and the attractiveness of its projects. As Summa Silver continues to advance its projects, it is well-positioned to attract future investors and secure additional funding to support its growth.

In conclusion, Summa Silver's $5 million brokered financing round, led by Eric Sprott, will enable the Company to fund exploration and development activities at its high-grade silver and gold projects in Nevada and New Mexico. The financing aligns with the Company's strategic objectives and demonstrates its ability to attract prominent investors. As Summa Silver continues to advance its projects, it is well-positioned to create value for shareholders and contribute to the growth of the mining sector.