HIGHLIGHTS

• Indicated Mineral Resource Estimate of 594 kt at 4.51 g/t Au, 209.7 g/t Ag, 4.34% Pb, and 6.77% Zn containing
  86 koz Au, 4.0 Moz Ag, 57 Mlb Pb, and 89 Mlb Zn
• Inferred Mineral Resource Estimate of 2,736 kt at 5.07 g/t Au, 188.6 g/t Ag, 3.69% Pb, and 4.42% Zn containing
  446 koz Au, 16.6 Moz Ag, 223 Mlb Pb, and 267 Mlb Zn
• At spot commodity prices, there is approximately 7,360 kt containing 895 koz Au, 31 Moz Ag, 407 Mlb Pb, and 678 Mlb Zn
• High-grade polymetallic asset with attractive net smelter returns of approximately $430/t and $442/t in the indicated and inferred mineral resource categories, respectively.
• Analysis of two metallurgical composites from FAD sulfide material indicates critical metals such as gallium, indium, antimony, and tin are present in the zinc concentrate with average grades of 126.0 g/t Ga, 122.5 g/t In, 324.0 g/t Sb, and 759.5 g/t Sn, respectively, providing further upside from a metallurgical and permitting standpoint.
• At surface, oxide gold mineralization present at the Gold Hill target on the Property.

PROJECT BACKGROUND

The Company acquired FAD in 2023 through the acquisition of Paycore. Paycore completed approximately 11,000 meters of drilling, expanding the deposit, prior to the sale of the asset to i-80 Gold who completed approximately 10,000 meters of drilling during 2023. The FAD deposit was explored by several prior leaseholders in the mid-20th century, with a consortium led by Hecla Mining Company completing the most significant quantity of work. This exploration effort included the creation of two shafts (Locan and FAD) to access the deposit, about 120 borings and approximately 3,000 meters of exploration drilling.

Historical exploration programs included both surface and underground drilling augmented by channel samples collected from drifts developed from the FAD shaft, and approximately 3,000 meters of development drilling, some of which was sampled. This work occurred during an exploration period of approximately 20 years with most of the work completed between 1948 and 1963.

The Eureka district produced an estimated 1,800,000 tonnes from 1866 through 1964 and is estimated to have contained 1,650,000 ounces of gold, 39,000,000 ounces of silver, and 625 million pounds of lead. Although the exact figures are unknown, the majority of this production came from the original Ruby Hill mine, now known as Gold Hill which is also located on the FAD property.

The Property consists of 75 unpatented lode mining claims, and 110 patented mine claims. There are approximately 1,733 acres within the Property boundary, consisting of 981 acres of unpatented claims, 705 acres of patented mine claims, 47 acres at the mills site (see Figure 5 in the Appendix). The Company has modified the original FAD boundary lines purchased in 2023, to provide flexibility for the development of its adjacent Mineral Point project.

Known mineralized zones on the Property are mostly contained within private patented land with existing disturbance which allows for immediate drilling to take place.

GEOLOGY & MINERALIZATION

The Eureka district is characterized by gold-silver-lead-zinc polymetallic carbonate replacement and Carlin-type gold deposits, which are the two primary deposit-types within the district. The FAD deposit is a mid-Cretaceous gold-rich carbonate replacement deposit and is hosted by the Eldorado dolomite of middle Cambrian age. The source of hydrothermal mineralized material forming fluids remains enigmatic, but may be one of the proximal Cretaceous intrusions, including the Ruby Hill stock.

Sulfide replacement deposit on the FAD property consists mainly of subequal amounts of pyrite, sphalerite, and galena, with subordinate amounts of hydrothermal dolomite, calcite, arsenopyrite, tennantite, pyrrhotite, quartz, and chalcopyrite. Locally, relatively pure pods of pyrite, galena, and sphalerite are found with thicknesses in the range of tens of centimeters within sulfide replacement masses at FAD. Gold occurs mostly as inclusions in pyrite or in a solid solution in pyrite or arsenian pyrite, based on metallurgical tests.