TSX.V: BHS

INVESTOR PRESENTATION – FEBRUARY, 2021

TSX.V: BHS

Cautionary Note

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The Company advises that the following presentation includes forward looking statements and contains information that is based upon a NI-43-101 Inferred Resource, and a Conceptual Exploration Target for the Bayhorse Mine.

The terms “probable tonnages”, “orebody”, “probable ore” and “ore” are measurement categories other than those required to be used for Canadian securities reporting purposes and do not satisfy the CIM definitions for mineral resources or mineral reserves. The terms “probable tonnages”, “ore”, “orebody” and/or “probable ore” etc. would constitute mineralized material under Canadian securities reporting requirements.

The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and advises there is an increased uncertainty and specific economic and technical risk of failure with any production decision. These risks include, but are not limited to: (i) a drop in price of commodities produced, namely silver, copper, lead and zinc, from the pricing used to make a production decision; (ii) failure of grades of the produced material to fall within the parameters used to make the production decision; (iii) an increase in mining costs due to changes within the mine during development and mining procedures; and (iv) metallurgical recovery changes that cannot be anticipated at the time of production.

All statements herein, other than statements of historical fact, including, without limitation, plans for and intentions with respect to the Company’s capitalization, preparation of technical reports, proposed work programs, budgets and proposed expenditures,permitting, construction and production timing are forward looking statements. While the Company believes such statements arereasonable, no assurance can be given that any expectations will prove to be correct and the forward-looking statements are not guarantees of future results or performance and that actual results may differ materially from those in the forward-looking statements. Readers should not place undue reliance upon forward-looking statements and, except as required under applicable securities law, the Company undertakes no obligation to re-issue or update any forward-looking statements as a result of new information or events after the date hereof. All forward-looking statements and information herein are qualified by this cautionary statement.

TSX.V: BHS

➢ Founder of the Company; CEO since inception ➢ Involved in management of junior exploration companies in the minerals sector for over 15 years as CEO. During this time

developed barite mine close to Teck’s Trail Smelter that was sold to a European interests ➢ Highly experienced in logistics, planning, and operations development, with a strong background in the regulatory and compliance

requirements of public companies

➢ Over 20 years progressive management experience in Canada and internationally with more than 10 years senior management experience as CFO and director for various public companies

➢ As CFO of Jinshan Gold, a Friedland Company, which subsequently sold to Chinese interests, he oversaw the finance and accounting function for a gold mining project during its progression from exploration, feasibility, construction and developmentthrough to commercial production

➢ Qualified Chartered Professional Accountant (CA) with the Chartered Professional Accountants of B.C. and graduated with a B. Comm. degree from the University of British Columbia

➢ Over 30 years experience in regulatory and corporate compliance (Canada and the United States) and as a senior officer of various public companies

➢ As president of a corporate services company, she assists public companies in maintaining compliance demands, as well as keepingthem up-to-date on relevant issues, policies and working practices

➢ Currently serves as a director and/or senior officer for eight public companies

➢ over thirteen years of engineering and project management experience in mechanical engineering, construction, manufacturing, engineering design, infrastructure, safety management, and nuclear engineering. Engineering project manager for the U.K. Ministry of Defence, responsible for engineering and construction projects totaling over $240M.

➢ holds degrees in Mechanical Engineering, Mining Engineering and Nuclear Engineering as well as qualifications in Project Management and Accountancy and is a Chartered Engineer with the IMechE, registered as a Project Manager Professional with the APM and registered with APEGA as an Engineer.

➢ Extensive experience with small cap and junior resource companies, including as a former president of Alive International Inc., now Simberi Gold Corporation, a TSX-V company with mineral exploration properties located in Papua New Guinea and Western Australia

➢ Consultant to a number of public companies and is a former Systems Business Analyst with the Ontario Ministry of Transportation➢ Mr. Cerenzia is a graduate of the Canadian Institute of Management (CIM)

➢ Strong financial background with considerable experience with junior resource companies➢ Currently director of two public companies➢ Has been a director of Bayhorse Silver for 10 years

Graeme O’Neill,CEO

Rick Low, CPA, CA, B.CommPresident & CFO

Donna Moroney, Corporate Secretary

James Walker, MSc. CEng, Director

John Cerenzia,CIMDirector

Corey Klassen,

Director

Experienced Management and Board

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TSX.V: BHS

➢ Professional Geologist in the Province of Ontario, Canada with substantial experience in managing public companies, including Crown Resources, where he developed the Buckhorn Gold Mine in WA as an open pit before it was substantially developed by Kinross as an underground mine

➢ Holds a B.Sc, in Geology from the University of Western Ontario, an M.Sc. in Stratigraphy and Mineral Deposits from the University of Toronto, and a Ph.D in Stratigraphy and Economic Geology from the University of Alberta

➢ Member of several scientific and professional organizations and has authored several geological papers

➢ Worked as a field and economic geologist for 44 years with major and junior exploration companies, including Rio Tinto Zinc, Falconbridge and Billiton Minerals in exploration for Archean and Proterozoic greenstone-hosted gold, Cu-Au skarns, IOCG's, Cu porphyries and Au-Ag epithermal and mesothermal deposits

➢ Member of the Association of Professional Geoscientists of British Columbia and the Association of Professional Engineers of Saskatchewan

➢ APEX has offices in Canada, and globally; extensive experience in resource modelling

➢ Highly experienced Mining Engineer with 35 years of experience in all aspects of mining projects, including: planning and evaluations, exploration, drilling, underground and surface development, technical studies, permitting and financing.

➢ Dr. Willoughby is CEO of Cypress Resources and Caliber Minerals.

➢ A highly respected Mining Engineer, during his storied career, including Executive positions Chevron Minerals and other public companies, he has been instrumental in designing and developing numerous underground mines

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ADVISORY BOARD

Dr. Stewart A. Jackson

P.Geo.

INDEPENDENT

NI 43-101 CONSULTANTS

Dr. G. E. Ray,

P.Geo., B.Comm

APEX Geoscience Ltd., M.Dufresne, A. Turner et al

MINING CONSULTANTs

Dr. William Willoughby

Ph.D., P.Eng.

Mining Engineer

John Jewitt, P.Eng

Advisors & Consultants

TSX.V: BHS

Silver to Gold Ratio –Mean Reversion

Over the past year, the silver to gold ratio has reached an unprecedented 131 oz silver to 1 oz gold. Over the past 30 years, the ratio imbalance between silver and gold has only once spent this length of time above 90:1. It has now corrected to under 70:1 and the best projection, 40:1, can happen anytime, and quickly, with an accompanying significant increase in the price of silver.

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Up this high

To down this low???

131:1

40:1?

TSX.V: BHS

➢ Easily access year round - located 14km north of Huntington, Oregon, off US Interstate I-84 on County road

➢ Mine fully electrified

➢ Close to skilled workforce

➢ Airport regular service 99 miles (160 km) on Interstate I-84 at Boise, ID

➢ Infrastructure includes, 1750 ft of underground workings with the US$1M Steinert ore sorter, an up to 200 ton/day crushing plant and close by in Payette, Idaho, a silverconcentrate processing facility.

➢ Bayhorse Mine area is semi-desert with hot summers cool winters; workable throughout the year

Bayhorse Silver Mine – Convenient Location & Infrastructure

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Payette

TSX.V: BHS

Mining & Processing Ready To Go

➢ Recently completed $1.75M financing to fund operations

➢ Initial Off-Take Agreement in place for silver concentrate with Ocean Partners UK Limited

➢ Current capacity 100 tons/day based upon 300 days/year

➢ Proposed increase to 200 tons/day

➢ Preprocessing reduces + 8mm sorted rock by up to 95%+, to create a concentrated mill feed

➢ 40 ton/hour Steinert XRT Ore-Sorter upgrades 8mm to 25mm sized rock, up to 20 times selecting and upgrading run of mine material grading as low as 1 oz/ton silver

➢ Off-site Milling/Processing all selected mineralized material for gravity/float concentration

➢ Waste rock rejection enhances concentrate by reducing volume of mineralized material at minimal processing cost

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TSX.V: BHS

➢ Mine expected to produce silver concentrate of 7,500 g/t – 15,000 g/t (241 oz/t – 482 oz/t) 11% copper

➢ Maiden Inferred Mineral Resource 6,328,400 oz silver

➢ Fully permitted under Oregon mine laws➢ Mine placed in operation for USD$7.5

million➢ Opened for $1.20 per inferred resource

ounce➢ Low environmental impact mine➢ Revenue stream almost immediately➢ Low operation costs (two years of mining

cost data)➢ Highly experienced management,

consultants and operation teams

Bayhorse Silver Mine – Ready To Produce

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From 300 oz/t silver concentrate to this

TSX.V: BHS

Classification* Ag Cutoff(ounces per ton – opt)*

Tonnage (in short tons)

Ag Grade(ounces

per short ton – opt)

Ag Grade (parts per million)*

Contained Ag*(troy ounces)

Inferred

0 312,800 20.51 703.3 6,417,300

2.5 305,800 20.94 718.1 6,404,100

5 301,700 21.18 726.0 6,388,900

7.5 292,300 21.65 742.4 6,328,400

10 275,500 22.43 769.0 6,178,100

12.5 253,700 23.39 801.9 5,934,000

*Silver grades shown are ounces per ton (31.1035 grams per ounce)

Resource292,300 tons NI-43-101 Inferred Mineral Resource 21.65 opt Ag grade 6,328,400 oz of contained silver with a cut-off grade of 7.5 oz/tMineralized silver zone hosted in rhyolite with dimensions approximately 800 ft (245 m) along strike east-west, 200 ft (60 m) across strike and 23 ft (7 m) in thickness.

Conceptual Exploration Target ModelledAn additional conceptual exploration target of 200,000 to 250,000 tons at a range of grades of 10 to 20 opt Ag for a range of 2 million to 5 million ounces of silver.

NI 43-101 Technical Report (2018)

Classification* Ag Cutoff(ounces per ton – opt)*

Tonnage (in short tons)

Ag Grade(ounces

per short ton – opt)

Ag Grade (parts per million)*

Contained Ag*(troy ounces)

Inferred

0 312,800 20.51 703.3 6,417,300

2.5 305,800 20.94 718.1 6,404,100

5 301,700 21.18 726.0 6,388,900

7.5 292,300 21.65 742.4 6,328,400

10 275,500 22.43 769.0 6,178,100

12.5 253,700 23.39 801.9 5,934,000

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TSX.V: BHS

Mining & Processing The High-Grade Silver

200 ton/day mining processing capability➢ State of the art 40 ton/hour “Steinert XRT Ore-

Sorter” reduces waste rock entering processing stream

➢ Operational 7 day/week; mining high grade zone 1,000 feet inside the Mine

➢ Mining teams led by highly experienced hard rock miners from Idaho’s “Silver Valley”

The Company advises it is not basing its decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of failure associated with its production decision.

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Significant Silver & Gold Expansion Potential

Underground Exploration Program To Follow Westerly Strike, Southerly Dip of Mineralization

Goldilocks ZoneUp to 100oz/ton Ag

Big Dog ZoneUp to 350oz/ton Ag

➢ 1,000 – 2,000 feet strike extension target to West

➢ Possible extension to depth (500 – 1,000 ft)

➢ Extend width to + 200 ft

Conceptual Exploration Targets To Be Drilled Underground (Apex 2018)

➢ 200,000 to 250,000 tons @ 10 – 20 oz/ton silver 2,000,000 oz/Ag to 5,000,000 oz/Ag

➢ Mined silver up to 320 oz/t (2019)➢ Gold occurrences to 10 g/t Au (Historic production reports)

TSX.V: BHS

Concentrate Upgrading Post Ore-Sorter 300 + Oz/T

How do we make concentrate of 300 + oz per ton of silver when there is only 21.5 oz per ton average to start with?

40 Ton/Hour Steinert Ore-Sorter

Tertiary crusher/ball mill/regrind circuit

Gravity concentrator, flotation concentrator

Concentrate

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TSX.V: BHS 13

Brandywine High Grade Gold/Silver/VMS Project

Brandywine Gold Silver Volcanogenic Massive SulphideProject in British Columbia, Canada

➢ The Brandywine deposit falls within a class of high gold-silver volcanogenic massive sulphide deposits and complements the Bayhorse Silver Mine by providing a gold rich future mining target.

➢ This family of deposits, that include the Eskay Creek deposit of northern British Columbia; the Green’s Creek deposit on Admiralty Island near Juneau, Alaska; the Bawdwin deposit in Myanmar; and the Rosebery deposit of Tasmania, is particularly silver and lead rich with important gold, zinc, copper values.

➢ The Brandywine Project lies 14 Km south of Whistler BC, Canada. Historical smelter shipments from prior mining are:

➢A 50-ton bulk sample in 1967 grading 83.1 g/t gold, 354 g/t silver, 9.9% lead, 7.4% zinc, 0.30% copper to East Helena , Montana, smelter from the Silver Tunnel and Main Zone (Melling, 1994, Walus 2011)

Northair Gold Mine

Silver tunnel

Quartz tunnel

Dave’s pond

Tedi pit

➢A 500-ton sample grading 14.2% lead, 12.5% zinc, 339 g/t silver, and 2.57 g/t gold to the Cominco Smelter in Trail in 1977 (Walus, 2011, Melling, 1994).

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Brandywine - Exposure To Bonanza Grade Gold

Nothair Gold Mine

Silver tunnel

Quartz tunnel

Dave’s pit

Brandywine Exploration Potential

➢Drill Permit pending

➢Expansion drilling at Dave’s Pond with historical 36 g/t Au over 1.5 m & 14 g/t Au over 3.2 m

➢Target drilling of the Placer Dome high grade silver zone (3% + silver south of Silver Tunnel)

➢Expand soil sampling over 1 km strike west of Dave’s Pond where 6 g/t Au in soils identified:

➢Sampling between Dave’s Pond high grade gold zone and the Tedi Pit, 1 km to the North

➢Send bulk samples to Bayhorse mill for complete metallurgical testing

➢VTEM survey to confirm additional targets

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Brandywine High Grade Gold/Silver/VMS Project

Brandywine Precious Metals Rich VMS Project1.5 hours north of Vancouver, BC, on the all weather “Sea to Sky” highway, the Brandywine precious metals rich, past producing, VMS project is logistically readily accessible, with all necessary services close at hand.

Highlights➢Historical silver/gold producer➢1,432 hectares/3,580 acres➢Significant historic drilling➢36 g/t Au over 1.5 m➢Gold/silver in soil anomalies

mapped by Placer Dome

Silver in soil anomalies

Gold in soil anomalies

Gold in soil anomalies

Historic*➢Historical silver/gold resource➢101,400 tons indicated @ 410 g/t Ag➢201,284 tons inferred @ 397 g/t Ag➢302,684 tons combined @ .37 g/t Au➢10,045 oz/gold bulk sample mined➢VMS mineralization➢Gold/silver in Quartz mineralization➢Veins with silver/lead/zinc/copper

mineralization

*See cautionary statement

TSX.V: BHS

❑ Q1 2021: Commence shipping silver concentrate to Ocean Partners UK Limited under the January 2021 Offtake Agreement

❑ Q1 2021: Underground drill program at the Bayhorse Mine to increase silver resource

❑ Q1 2021: Conduct VTEM survey on Brandywine to tie in all historic data

❑ Q1 2021: Drill permitting approval for Brandywine Silver-Gold Project

❑ Q2 2021: Commence permitted drill program in high grade gold zones at Brandywine Silver-Gold Project

❑ Q2 2021: Increase the Bayhorse daily silver concentrate production capacity to up to 12 tons/day (450,000 oz/Ag to 1,080,00 oz/Ag per year)

Looking Forward – Blue Sky

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TSX.V: BHS

Bayhorse Silver Inc.

TSX Venture Exchange (TSX.V) BHS

Share Price (16/02/21) CA$0.125

Market Cap (16/02/21) CA$20.7 million

Shares Outstanding (Basic) 165.6 million

Warrants 93 million

Options 12.8 million

Shares Outstanding (Fully Diluted) 271.2 million

Tax Loss Carry Forwards ~CA$9 million

Management Ownership ~9%

Share Metrics and Capital Structure

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TSX.V: BHS

Graeme O’NeillCEOEmail: go@bayhorsesilver.comMobile: (604) 790-9193

Head Office2501-4398 Buchanan StreetBurnaby, British Columbia Canada, V5C 6R7

Tel: 1-866-399-6539Fax: 1-888-684-0586Email: company@bayhorsesilver.comWebsite: www.bayhorsesilver.com

Contact Information

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