Sun Peak Provides an Update on the Shire Project
Sun Peak Metals (OTCQB:SUNPF) has declared force majeure on all six exploration licenses within its Shire VMS and Gold Project in northern Ethiopia, effective retroactively from March 2025. The declaration follows the Interim Regional Administration of Tigray's suspension of mining activities in the region to combat illegal mining.
The company has also invoked force majeure under its Joint Venture agreement with Ezana Mining Development. While field operations are suspended, Sun Peak maintains active social engagement programs and community communications. The company is simultaneously evaluating additional global opportunities while remaining committed to advancing the Shire Project once regional conditions improve.
Sun Peak Metals (OTCQB:SUNPF) ha dichiarato lo stato di forza maggiore su tutte e sei le licenze esplorative del suo Shire VMS and Gold Project nel nord dell'Etiopia, con effetto retroattivo da marzo 2025. La decisione segue la sospensione delle attivit脿 minerarie nella regione disposta dall'Amministrazione Regionale Interinale del Tigray per contrastare l'attivit脿 mineraria illegale.
L'azienda ha altres矛 invocato la forza maggiore ai sensi dell'accordo di joint venture con Ezana Mining Development. Pur sospendendo le operazioni sul campo, Sun Peak continua i programmi di coinvolgimento sociale e le comunicazioni con le comunit脿. Contestualmente sta valutando ulteriori opportunit脿 a livello globale e resta determinata a riprendere lo sviluppo del progetto Shire non appena le condizioni regionali lo permetteranno.
Sun Peak Metals (OTCQB:SUNPF) ha declarado fuerza mayor sobre las seis licencias de exploraci贸n de su Shire VMS and Gold Project en el norte de Etiop铆a, con efecto retroactivo desde marzo de 2025. La medida se produce tras la suspensi贸n de las actividades mineras en la regi贸n por parte de la Administraci贸n Regional Interina de Tigray para combatir la miner铆a ilegal.
La compa帽铆a tambi茅n ha invocado la fuerza mayor en virtud de su acuerdo de joint venture con Ezana Mining Development. Aunque las operaciones de campo est谩n suspendidas, Sun Peak mantiene programas activos de compromiso social y comunicaci贸n con la comunidad. Al mismo tiempo, est谩 evaluando oportunidades adicionales a nivel mundial y sigue comprometida a avanzar en el Proyecto Shire cuando mejoren las condiciones regionales.
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須岇偓電� 霕愴暅 Ezana Mining Development鞕�鞚� 頃╈瀾韴瀽 瓿勳暯鞐� 霐半澕 攵堦皜頃牓鞚� 韱奠頄堨姷雼堧嫟. 順勳灔 鞛戩梾鞚� 欷戨嫧霅� 靸來儨鞚措倶 Sun Peak電� 靷殞鞝� 彀胳棳 頂勲攴鸽灗瓿� 歆�鞐偓須� 靻岉喌鞚� 瓿勳啀 鞙犾頃橁碃 鞛堨姷雼堧嫟. 霃欖嫓鞐� 旮�搿滊矊 於旉皜 旮绊殞毳� 瓴�韱� 欷戩澊氅� 歆�鞐� 靸來櫓鞚� 臧滌劆霅橂姅 雽�搿� Shire 頂勲鞝濏姼毳� 歆勴枆頃� 鞚橃毳� 臧栮碃 鞛堨姷雼堧嫟.
Sun Peak Metals (OTCQB:SUNPF) a d茅clar茅 la force majeure sur les six concessions d'exploration de son Shire VMS and Gold Project dans le nord de l'脡thiopie, avec effet r茅troactif 脿 partir de mars 2025. Cette d茅cision fait suite 脿 la suspension des activit茅s mini猫res dans la r茅gion par l'administration r茅gionale int茅rimaire du Tigr茅 pour lutter contre l'exploitation mini猫re ill茅gale.
La soci茅t茅 a 茅galement invoqu茅 la force majeure au titre de son accord de coentreprise avec Ezana Mining Development. Bien que les op茅rations sur le terrain soient suspendues, Sun Peak maintient des programmes d'engagement social et des communications avec les communaut茅s. Elle 茅value parall猫lement d'autres opportunit茅s 脿 l'茅chelle mondiale et reste d茅termin茅e 脿 relancer le projet Shire d猫s que les conditions r茅gionales s'am茅lioreront.
Sun Peak Metals (OTCQB:SUNPF) hat f眉r alle sechs Explorationslizenzen seines Shire VMS and Gold Project im Norden 脛thiopiens mit r眉ckwirkender Wirkung ab M盲rz 2025 h枚here Gewalt erkl盲rt. Die Erkl盲rung folgt auf die Aussetzung bergbaulicher Aktivit盲ten durch die Interim Regional Administration von Tigray zur Bek盲mpfung illegalen Bergbaus.
Das Unternehmen hat au脽erdem h枚here Gewalt im Rahmen seiner Joint-Venture-Vereinbarung mit Ezana Mining Development geltend gemacht. W盲hrend die Feldarbeiten ausgesetzt sind, f眉hrt Sun Peak weiterhin aktive Programme zur sozialer Einbindung und die Kommunikation mit den Gemeinden durch. Gleichzeitig pr眉ft das Unternehmen zus盲tzliche globale M枚glichkeiten und bleibt bestrebt, das Shire-Projekt voranzubringen, sobald sich die regionalen Bedingungen verbessern.
- Force majeure declaration protects exploration licenses and defers work commitments
- Maintains active social engagement programs and community relations
- Company exploring additional global opportunities while maintaining Shire Project commitment
- All fieldwork and drilling operations suspended in Ethiopia
- Regional mining activities suspended by local administration
- Project advancement delayed indefinitely pending regional stability
VANCOUVER, BC / / August 26, 2025 / Sun Peak Metals Corp. ("Sun Peak" or the "Company") (TSXV:PEAK)(OTCQB:SUNPF) provides an update on the Shire VMS and Gold Project in northern Ethiopia.
Further to the Company's June 27, 2025 news release, Sun Peak has formally notified Ethiopia's Ministry of Mines of a force majeure declaration covering all six exploration licenses within the Shire Project. The declaration, effective retroactively from March 2025, follows the Interim Regional Administration of Tigray's suspension of mining activities across the region. Sun Peak has also invoked force majeure under the terms of its Joint Venture agreement with Ezana Mining Development plc ("Ezana"), with notification accepted by Ezana.
The Interim Regional Administration has enacted the suspension to curb illegal mining activities. While Sun Peak's operations are currently limited to exploration and not mining, the Company supports these measures and has suspended all fieldwork accordingly. Social engagement programs remain active, and communications with local communities continue uninterrupted.
Greg Davis, President & CEO, stated: "The declaration of force majeure ensures our exploration licenses remain in good standing and that work commitments and expenditures are deferred until we can properly return to the field. We appreciate the continued support from all levels of government in Tigray and Ethiopia, and we remain fully committed to advancing the Shire Project. Our goal is to resume drilling as soon as conditions allow and deliver on the significant potential for a large-scale copper-gold VMS discovery."
In parallel with its strong commitment to the Shire Project, Sun Peak is actively evaluating additional high-potential opportunities globally. This approach ensures the Company is positioned to create shareholder value while maintaining its focus on advancing the Shire Project once regional conditions stabilize.
ABOUT SUN PEAK METALS CORP.
Sun Peak is exploring the district-scale Shire VMS Project in the Tigray Region of northern Ethiopia. The Shire Project is comprised of six exploration licenses and covers approximately 1,450 square kilometers in the prospective Arabian Nubian Shield. The licenses are in the same geological environment as both the Bisha Mine and the Asmara Projects. The Meli and Terer Licenses are part of a joint-venture agreement with Ezana Mining, a private Ethiopian Company and the other four are
COMMUNITY ENGAGEMENT AND HUMAN RIGHTS
Sun Peak has been active on engagement with communities and other stakeholders to ensure that stakeholders provide consent and agreement to our activities that create surface disturbance, including drill holes. All disturbance to the land will be reclaimed after completion of the exploration work. The Company's current operations in Ethiopia are exploratory in nature and cause very little surface disturbance. Community engagement is performed by our experienced local liaison team before the beginning of any activities, which encourages positive interactions. We consider Sun Peak's presence and continued support and involvement in the Tigray region a positive contribution and we consider our conduct to be consistent with Multinational Enterprises Guidelines. Sun Peak is committed to doing business with integrity and in an ethical manner that is clear and apparent to all internal and external stakeholders. Sun Peak adheres to the Company's Human Rights Policy and does not tolerate violations of human rights in any way, shape, or form, whether these violations are committed by Sun Peak personnel or contracted third parties. Sun Peak has in place a thorough due diligence process which takes into account a wide range of considerations, including human rights, that provides it with all relevant information necessary to make informed decisions when initiating work programs.
ON BEHALF OF THE BOARD OF DIRECTORS OF SUN PEAK METALS CORP.
Greg Davis,
President, CEO & Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Greg Davis
(T): +1 (604) 999 1099
(E): [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the goal of making a significant discovery and the development of a large-scale project in Ethiopia and identifying other potential properties and opportunities both in Ethiopia and globally. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Sun Peak will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: These assumptions and risks include, but are not limited to, assumptions and risks associated with the state of the political stability of Ethiopia, equity financing markets and results of future exploration activities by the Company. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Sun Peak assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Prospectus filed with Canadian security regulators.
SOURCE: Sun Peak Metals Corp.
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FAQ
Why did Sun Peak Metals (SUNPF) declare force majeure on the Shire Project in Ethiopia?
How does the force majeure declaration affect Sun Peak's exploration licenses in Ethiopia?
What is the current status of Sun Peak's operations at the Shire Project?
What is Sun Peak's strategy while the Shire Project is under force majeure?
When will Sun Peak resume drilling operations at the Shire Project?
