Lawyers-Ranch Project

The PFS is based on the Mineral Reserve Estimate prepared by Mining Plus and reported by Thesis Gold with an effective date of October 27, 2025. The Mineral Reserve Estimate is summarized in Table below:

Summary of October 27, 2025, Mineral Reserve Estimate

Source: Mining Plus (2025)

Notes:
1. Classification of Mineral Reserves is in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) of NI 43-101.
2. The independent and qualified person for the Mineral Reserve, as defined by NI 43-101, is Peter Lock, FAusIMM.
3. The effective date is October 27, 2025.
4. Open Pit Mineral Reserves are reported using an AuEq cut-off grade of 0.29 g/t AuEq for the Lawyers Area pits and a 0.37 g/t for the Ranch Area.
5. Underground Mineral Reserves are reported using a cut-off grade of 2.20 g/t diluted AuEq to determine the mining extents. Lower grade gaps within the extents were infilled using stopes that met the incremental cut-off grade of 1.7 g/t diluted AuEq. A lower mill feed cut-off grade of 1.5 g/t diluted AuEq was applied to mineralized development.
6. Processing costs used in the cut-off grade calculation were $C 15.77/t milled for Lawyers Area feed and $15.91/t milled for Ranch Area feed; the costs used for sustaining capital, G&A, and Ranch Area ore haul were $C 2.49/t milled, $C 5.23/t milled, and $C 5.80/t milled, respectively.
7. AuEq =Au + Ag/80, where Au is the gold grade in g/t and Ag is the silver grade in g/t.
8. Mineral Reserves are reported using long-term gold and silver prices of $US 2,000/oz and $US 24.50/oz, respectively, and a foreign exchange rate of 1CAD = 0.73USD.
9. The gold processing recovery assumptions used were 92.9% for the Lawyers Area mill feed and 93.2% for the Ranch Area feed. The silver processing recovery assumptions used were 86.1% for Lawyers Area mill feed and 88.4% for Ranch Area mill feed.
10. A minimum mining width of 2.5 m was used for all underground assets.
11.Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.

Summary of October 16, 2025 Mineral Resource Estimate

Source: APEX (2025)

Notes:
1. Mr. Eugene Puritch, P.Eng., FEC, CET, and Mr. Yungang Wu, M.Sc., P.Geo., of P&E Mining Consultants Inc., are independent Qualified Persons as defined by NI 43-101 and are responsible for the Mineral Resource Estimate, with an effective date of October 16, 2025.
2. Mineral Resources include Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
4. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
5. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
6. Historical mined areas were removed from the block-modelled Mineral Resources.
7. The Lawyers Area includes the Cliff Creek (CC), Dukes Ridge (DR), Phoenix (PX), and Amethyst Gold Breccia (AGB) zones. The 2025 MRE includes updates to the CC, DR, and PX zones since the 2024 MRE. The AGB block model remains unchanged from the 2022 MRE but is restated with updated RPEEE constraints.
8. The Ranch Area includes the Thesis II, Thesis III, Bingo, Barite Vein (BV), Bonanza-South, JK, Bonanza, and Ridge zones. The 2025 MRE updates all Ranch Area zones from the 2024 MRE.
9. Economic assumptions include metal prices of US$2,500/oz Au, US$30/oz Ag, and US$8,800/tonne Cu; an exchange rate of 0.73 US$:CAD$; process recoveries of 93% Au for both Areas, 86% and 88% Ag for the Lawyers and Ranch areas, respectively, and 85% Cu for the Ranch Area; and processing and G&A costs of CAD$17/t and CAD$6/t, respectively. AuEq values are calculated using an Au-to-Ag ratio of 1:80. Cu is not included in the AuEq calculation.
10. Pit-constrained Mineral Resources include blocks within an optimized pit shell derived using the economic assumptions described above, together with a mining cost of CAD$4.0/t for mineralized and waste material, and pit slopes of 52° and 48° for the Lawyers and the Ranch Areas, respectively.
11. Out-of-pit Mineral Resource Estimates include blocks below the constraining pit shell that form continuous and potentially mineable shapes, derived using the economic assumptions described above together with a mining cost of CAD$90/t. These parameters result in an out-of-pit cut-off grade of 1.20 g/t AuEq. Mining shapes encapsulate material within domains with a minimum horizontal width of 2.0 m (perpendicular to strike) and target vertical and horizontal dimensions of approximately 10 m (H) by 20 m (L).