Sun Summit Announces Stock Option and RSU Grant

Rhea-AI Summary

Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) has announced a new equity compensation package for its CEO and Director. The package includes 500,000 stock options exercisable at $0.16 per share until January 31, 2028, with vesting occurring quarterly over three years. Additionally, 200,000 restricted share units (RSUs) were granted with a 24-month vesting schedule, where 50% vest after 12 months. Both grants were made under the company's respective stock option and RSU plans.

Positive

• None.

Negative

• Potential dilution of 700,000 shares (combined options and RSUs) for shareholders
• Stock options granted at $0.16, representing executive compensation expense

Vancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (the "Company" or "Sun Summit") announces that it has granted 500,000 stock options (each a "Stock Option") and 200,000 restricted share units (each a "RSU") of the Company to the Company's Chief Executive Officer and Director of the Company. Each Stock Option entitles the holder to acquire one common share of the Company at an exercise price of $0.16 per share until January 31, 2028. The Stock Options were issued pursuant to the terms of the Company's stock option plan. The Stock Options granted vest every three months over the three year term. The RSUs have a vesting period of 24 months with 50% vested after 12 months. Once vested, each RSU entities the holder to acquire one common share of the Company. The RSUs were issued pursuant to the terms of the Company's restricted share unit plan.

About Sun Summit

Sun Summit Minerals (TSXV: SMN) (OTCQB: SMREF) is a mineral exploration company focused on expansion and discovery of district scale gold and copper assets in British Columbia. The Company's diverse portfolio includes the JD Project in the Toodoggone region of north-central B.C., and the Buck Project in central B.C.

Further details are available at www.sunsummitminerals.com.

On behalf of the board of directors

Brian Lock
Executive Chair
block@sunsummitminerals.com

For further information, contact:

Matthew Benedetto
Simone Capital
mbenedetto@simonecapital.ca

Tel. 416-817-1226

Forward Looking Information

Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the state of the equity financing markets in Canada and other jurisdictions; the receipt of regulatory approval; risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; and fluctuations in metal prices. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Sun Summit disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239273

FAQ

How many stock options did Sun Summit Minerals (SMREF) grant in January 2025?

Sun Summit Minerals granted 500,000 stock options at an exercise price of $0.16 per share, expiring on January 31, 2028.

What is the vesting schedule for Sun Summit's (SMREF) January 2025 RSU grant?

The RSUs have a 24-month vesting period, with 50% vesting after 12 months.

What is the exercise price of Sun Summit's (SMREF) January 2025 stock options?

The stock options were granted with an exercise price of $0.16 per share.

How long will Sun Summit's (SMREF) January 2025 stock options be valid?

The stock options will be valid until January 31, 2028.

What is the total potential dilution from Sun Summit's (SMREF) January 2025 equity grants?

The total potential dilution is 700,000 shares, combining 500,000 stock options and 200,000 RSUs.