2026 PEA Notes
Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The PEA is preliminary in nature, includes Inferred and Indicated Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that PEA results will be realized.
There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource, however, it is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the Mineral Resources discussed herein will be converted into a Mineral Reserve in the future.
All amounts are in United States dollars unless otherwise specified. Base case parameters assume a gold price of $3,200 per ounce. NPV is calculated as of the commencement of construction and excludes all pre-construction costs. All figures are displayed on a 100% ownership basis.
(1) Operating costs consist of mining costs, processing costs and mine site G&A.
(2) Cash costs consist of operating costs plus treatment and refining charges and royalties.
The PEA was prepared by SLR Consulting, of Fort Collins, Colorado (“SLR”) as the lead consultant in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). SLR was the lead study manager for mine planning, design parameters, and operating and capital cost estimates. The PEA was supported by DM Consulting LLC. (metallurgical studies, process design, process facilities, and plant site infrastructure) and APEX Geoscience Ltd. (mineral resource estimate). The effective date of the PEA is June 1, 2026, and a technical report for the Project including the PEA will be filed on the System for Electronic Document Analysis and Retrieval (SEDAR) within 45 days of this news release.
The Qualified Person overseeing the minable resource estimate used for the economic analysis is Jonathan R. Heiner, SME-RM, from SLR Consulting, Inc.
The Qualified Person overseeing the metallurgical testing and mineral processing is Deepak Malhotra, SME-RM, from DM Consulting, LLC.
The Qualified Person overseeing the overall Preliminary Economic Assessment report and the economic analysis is Donald E. Hulse, SME-RM, from SLR Consulting, Inc.
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