Summa Silver Establishes "At-The-Market" Equity Program

Vancouver, October 4, 2024 - Summa Silver Corp. (TSXV: SSVR) (the "Company" or "Summa") is pleased to announce that it has established an "at-the-market" equity distribution program (the "ATM Program"). The ATM Program allows Summa to issue and sell common shares in the capital of the Company ("Common Shares") that would have the aggregate sales amount of up to $5,000,000, to the public from time to time through Research Capital Corporation (the "Agent"), acting as agent. Any Common Shares sold under the ATM Program will be sold at the prevailing market price at the time of the sale, directly through the TSX Venture Exchange or any other recognized marketplace upon which the Common Shares are listed, quoted or otherwise traded in Canada. The volume and timing of sales under the ATM Program, if any, will be determined in the Company's sole discretion and are subject to customary conditions precedent. Summa intends to use the net proceeds from the ATM Program, to the extent raised, for exploration on its projects and for working capital and general corporate purposes.

Distribution of Common Shares under the ATM Program will be made pursuant to the terms of an equity distribution agreement (the "Equity Distribution Agreement") dated October 4, 2024 entered into between Summa and the Agent.

The ATM Program will be effective until the earlier of: (i) the issuance and sale of all of the Common Shares issuable pursuant to the ATM Program; and (ii) October 5, 2026, unless terminated prior to such date by Summa or the Agent. As Common Shares sold in the ATM Program will be issued and sold at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of distribution.

The offering under the ATM Program is qualified by a prospectus supplement dated October 4, 2024 (the "Prospectus Supplement") to Summa's final short form base shelf prospectus filed in all of the provinces and territories of Canada, dated September 5, 2024 (the "Base Shelf Prospectus"). Copies of the Equity Distribution Agreement, the Prospectus Supplement and the Base Shelf Prospectus may be obtained on request, without charge, from the Corporate Secretary of Summa Silver Corp. at Suite 918, 1030 West Georgia Street, Vancouver, British Columbia, V6E 2Y3 (Telephone (604)-288-8005) and are available on the Company's profile on SEDAR+ at www.sedarplus.ca.

Galen McNamara, CEO, stated: "The ATM Program provides us with financial optionality and flexibility in an environment of rising silver prices. We look forward to continuing to advance our two premier American silver projects."

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or under any U.S. state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the "United States" or to, or for the account or benefit of, persons in the "United States" or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) except in certain transactions exempt from the registration requirements of the U.S. Securities Act and all applicable U.S. state securities laws.

About Summa Silver Corp.

Summa Silver Corp. is a junior mineral exploration company. The Company owns a 100% interest in the Hughes project located in central Nevada and in the Mogollon project located in southwestern New Mexico. The high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes project. The Mogollon project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to the Company's involvement.

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.

Cautionary Statements regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including expectations regarding the offer and sale of Common Shares under the ATM Program, including the timing and amounts thereof, the proceeds, if any, from the ATM Program and the Company's use of any proceeds from the ATM Program.

Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will receive the necessary regulatory approvals for the ATM Program and that the Company will be able to use the proceeds from the ATM Program as anticipated.

Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include, without limitation, the risk that the Company is not able to use the proceeds from the ATM Program as anticipated by management and the risk that the Company does not receive the requisite regulatory approvals for the ATM Program.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

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