Doubleview Gold Corp. press release

Doubleview Gold Clarifies Preliminary Economic Assessment Results for the Hat Project; Updated Scenario B NPV Increased to C$7.27 Billion

2026-03-23

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Cobalt · Scandium · Zinc · Rare Earth Elements · Canada · Technical Studies

Vancouver, British Columbia--(Newsfile Corp. - March 23, 2026) - Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (FSE: 1D4) ("Doubleview" or the "Company") provides clarification to its news release dated March 2, 2026, announcing the Preliminary Economic Assessment ("PEA") for the Company's 100% owned Hat Project in northwestern British Columbia.

Following publication of the March 2, 2026 news release, Mineit Consulting Inc., the independent engineering firm responsible for the PEA, completed a further review of the application of certain processing cost assumptions relating to the scandium recovery circuit in Scenario B. As a result of this review, the after-tax NPV(5%) for Scenario B at consensus metal prices has been updated to C$7.27 billion from C$6.94 billion and IRR of 19%. The update also results in an increase in Scenario B after-tax NPV(5%) at spot metal prices to C$14.85 billion from C$14.52 billion and IRR of 32%.

The updated Scenario B results further demonstrate the economic contribution of the scandium recovery circuit and increase the difference in after-tax NPV between the base case (Scenario A2)and Scenario Bto C$547 million.

The cobalt grade reported in Table 1 of the Company's March 2, 2026 news release was inadvertently shown as 0.78 g/t Co. The correct value is 78 g/t Co, consistent with Table 5 of the release. This discrepancy was limited to the summary table presentation and does not affect the PEA results or conclusions.

These clarifications do not change the overall conclusions of the PEA and further highlight the strong economics of the Hat Project, including the potential value contribution from scandium recovery.

Corrected highlights of the PEA reflecting the updated Scenario B economics are presented below.

NPV:

After-tax NPV(5%) of C$6.73 billion and IRR of 23% at Consensus Metal Prices After-tax NPV(5%) of C$13.53 billion and IRR of 39% at Spot Metal Prices

NPV Including scandium and the associated processing circuit:

After-tax NPV(5%) of C$7.27 billion and IRR of 19% at Consensus Metal Prices After-tax NPV(5%) of C$14.85 billion and IRR of 32% at Spot Metal Prices

Three processing scenarios were evaluated-Scenario A1 (A1) a Cu-Au-Ag-Co flotation base case using current testwork recoveries1, Scenario A2 (A2), the same base case using expected recoveries1, and Scenario B (B), a Cu-Au-Ag-Co flowsheet with an added hydrometallurgical circuit and scandium recovery circuit, with results indicating the Project is financially attractive even without the scandium component.

Highlights:

Robust Project Economics:The PEA demonstrates a high-margin operation with an After-Tax NPV(5%) of C$4.96 billion (A1), C$6.73 billion (A2), or C$7.27 billion (B), and an IRR of 19% (A1), 23% (A2), or 19% (B) at analyst consensus metal prices2. Using a spot-price scenario3, the Project delivers a compelling after-tax NPV(5%) of C$11.05 billion (A1), 13.53 billion (A2), or C$14.85 billion (B) and an IRR of 34% (A1), 39% (A2), or 32% (B). Sensitivity Highlight: Project economics show the greatest leverage to overall metal prices, with NPV (5%) ranging from C$3.2 billion to C$10.2 billion (IRR: 14%-32%) at ±20% on all metals; even under additional +20% CAPEX and +20% OPEX sensitivities, applied on top of a 25% contingency already embedded in the base case, all scenarios deliver IRRs of 16% or better, and Scenario B provides additional scandium oxide upside with NPV(5%) of C$6.5 billion-C$8.1 billion (IRR: 18%-20%) at ±40% metal price. Scale and Longevity:The mine plan supports a multi-decade life of 25 years at a 120,000 tonnes-per-day processing rate, underpinned by a resource base of 609 Mt at 0.43% CuEq4in the Measured and Indicated categories and 503 Mt at 0.41% CuEq4in the Inferred category. High-Output Production Profile B:Envisioned as a conventional large-scale open-pit operation, the Project is expected to produce an average of over 74 kt of copper, 254 koz of gold, 376 koz of silver and 2.7 kt of cobalt annually during the first 10 years, with life-of-mine (LOM) average production of 67.6 kt Cu, 217 koz Au, 348 koz Ag, 2.5 kt Co, and 128 tonnes of scandium oxide per year. (NOTE: based on publicly reported 2024 North American cobalt mine production of approximately 3,800-4,000 tonnes (Natural Resources Canada; U.S. Geological Survey), the projected cobalt output is estimated to represent approximately 69% of current regional mined supply). Strategic Importance for Critical Minerals:The Project is positioned as a primary North American source of copper, scandium, and cobalt. With approximately 2.42 billion pounds of copper, 80 million pounds of cobalt and 2,415 tonnes of scandium oxide contained5in the Measured and Indicated categories, the Project represents an important discovery of critical minerals. Stable, Supportive Jurisdiction:Located in a premier mining district in British Columbia, the Project benefits from a stable regulatory environment. The Company is committed to engaging with local First Nations in a respectful manner and to working toward positive and constructive relationships as the Project advances. Catalyst for Development:The PEA serves as the technical foundation for an immediate transition into a Pre-Feasibility Study (PFS), providing a clear roadmap for early works and permitting activities in 2026 and 2027.

Farshad Shirvani, President and CEO of Doubleview Gold Corp., commented, "The results of this PEA confirm the scale, strength and long-term potential of the Hat Project. Delivering a post-tax NPV(5%) of up to C$6.73 billion and IRR of up to 23% at consensus prices, and even stronger metrics at spot prices, validates years of disciplined exploration and technical work by our team. Hat is demonstrating Tier 1 characteristics with a 25-year mine life, strong annual production profile and meaningful free cash flow generation. Importantly, the Project stands on its own without reliance on scandium, while still preserving significant upside from critical minerals as markets mature. We are excited to advance Hat to Pre-Feasibility and continue building a major Canadian critical metals project."

Doubleview acknowledges that the Project is located on the traditional territories of the Tahltan Nation and the Taku River Tlingit First Nation, and recognizes their enduring relationship to and stewardship of the land and waters. Doubleview is committed to respectful, transparent, and ongoing engagement with First Nations and local communities whose territories overlap the Project area and access routes, with a focus on protecting water and the environment and advancing responsible development.

PEA OVERVIEW

The PEA contemplates a conventional open-pit mine and processing operation with a 25-year mine life at a 120,000 t/d (42 Mt/a) plant throughput. Two processing pathways were evaluated, A1 and its alternative, A2, and B: the first alternative, A, is a Cu-Au-Ag-Co flotation concentrator with two recovery cases based on current metallurgical testwork, and A2, reflecting expected performance (Figure 1); and B, a full circuit that retains the base flowsheet and adds a downstream hydrometallurgical scandium recovery circuit (Figure 2).

The tailings storage facility is a centreline-raised facility built with compacted cycloned sand from tailings underflow, and engineered drainage for stability, with site-contact waters (including seepage and pit dewatering) recycled to the process plant and final closure involving pond drainage and reclamation. The Project is expected to rely on grid power via an extended transmission line.

Tables 1 to 3 summarize the key results of the PEA, including production, operating costs, capital expenditures, and the principal financial metrics; the sections that follow provide additional detail on the underlying assumptions, project design, and study outcomes.

Table 1:PEA Study Summary-Production

| Metric | Unit | Scenario A1 | Scenario A2 | Scenario B | | Mining Summary | | | | | | Strip ratio | t:t | 1.60 | | | | Production Summary LOM | | | | | | Average Annual Throughput | Mt | 42 | | | | CuEq Head Grade6, 7 | % | 0.42 | | | | Cu Head Grade | % | 0.19 | | | | Au Head Grade | g/t | 0.19 | | | | Ag Head Grade | g/t | 0.51 | | | | Co Head Grade | g/t | 77.73 | | | | Sc Head Grade6 | g/t | 28.35 | | | | Cu Recovery | % | 80 | 89 | 858 | | Au Recovery | % | 66 | 75 | 898 | | Ag Recovery | % | 53 | 53 | 688 | | Co Recovery | % | 30 | 30 | 788 | | Sc Recovery | % | N/A | 728 | | | Overall Mass of Tailings to Process9 | % | N/A | 12.5 | | | Year of Production Start of Sc2O38 | year | N/A | 4 | | | Average Annual Cu Production | kt | 63.6 | 70.8 | 67.6 | | Total Cu Production | kt | 1,590.5 | 1,769.4 | 1,689.9 | | Average Annual Payable Cu | kt | 61.7 | 68.7 | 65.7 | | Total Payable Cu | kt | 1,542.8 | 1,716.3 | 1,642.2 | | Average Annual Au Production | koz | 161.1 | 183.1 | 217.3 | | Total Au Production | koz | 4,028.2 | 4,577.5 | 5,432.0 | | Average Annual Payable Au | koz | 153.1 | 173.9 | 207.5 | | Total Payable Au | koz | 3,826.8 | 4,348.7 | 5,188.6 | | Average Annual Ag Production | koz | 271.3 | 271.3 | 348.0 | | Total Ag Production | koz | 6781.6 | 6,781.6 | 8,700.9 | | Average Annual Payable Ag | koz | 244.1 | 244.1 | 318.6 | | Total Payable Ag | koz | 6,103.4 | 6,103.4 | 7,965.3 | | Average Annual Co Production | kt | 1.0 | 1.0 | 2.5 | | Total Co Production | kt | 23.9 | 23.9 | 62.2 | | Average Annual Payable Co | kt | 0.8 | 0.8 | 2.3 | | Total Payable Co | kt | 19.1 | 19.1 | 56.3 | | Average Annual Sc2O3Production | t | N/A | 128.4 | | | Total Sc2O3Production | t | N/A | 3,209.5 | | | Total Sc2O3Payable | t | N/A | 3,049.0 | |

Table 2:PEA Study Summary-Operating Cost

| Metric | Unit | Scenario A1 | Scenario A2 | Scenario B | | Operating Cost | | | | | | Average Mine Operating Costs | C$/t-moved | 2.32 | | | | Average Mine Operating Costs | C$/t-milled | 6.03 | | | | Processing Operating Cost10 | C$/t-milled | 7.93 | 7.93 | 10.84 | | Sc2O3Processing Cost11 | C$/kg Sc2O3 | N/A | 939.55 | | | General & Administrative | C$/t-milled | 2.56 | 2.56 | 2.56 | | Total Operating Costs | C$/t-milled | 16.22 | 16.22 | 21.92 |

Table 3:PEA Study Summary-Capital Expenditure and Financial Metrics

| Metric | Unit | Scenario A1 | Scenario A2 | Scenario B | | Capital Expenditure | | | | | | Initial Capital Costs | C$M | 3,552 | 3,601 | 3,828 | | Sustaining Capital Costs | C$M | 2,755 | 2,755 | 4,006 | | Closure and Reclamation Cost | C$M | 503 | | | | Financial Metrics | | | | | | Exchange Rate | CAD/USD | 1.37 | | | | Long Term Copper Price | US$/lb | 4.88 | | | | Long Term Gold Price | US$/oz | 3,272.60 | | | | Long Term Silver Price | US$/oz | 50.22 | | | | Long Term Cobalt Price | US$/lb | 19.57 | | | | Long Term Scandium Oxide Price | US$/kg | N/A | 1,500 | | | Average Annual EBITDA | C$M | 886 | 1,071 | 1,284 | | Total EBITDA | C$M | 22,162 | 26,770 | 32,101 | | Average Annual Free Cash Flow (Pre-tax) | C$M | 756 | 940 | 1,104 | | Free Cash Flow (Pre-tax)12 | C$M | 18,904 | 23,511 | 27,592 | | Total Provincial Tax (inc. BC Mineral Tax) | C$M | (4,029) | (5,090) | (6,019) | | Total Federal Tax | C$M | (1,274) | (1,859) | (2,308) | | Total Taxes | C$M | (5,303) | (6,949) | (8,327) | | Average Annual Free Cash Flow (Post-tax) | C$M | 544 | 662 | 771 | | Free Cash Flow (Post-tax)12 | C$M | 13,601 | 16,562 | 19,265 | | Total Free Cash Flow (Pre-tax)13 | C$M | 15,352 | 19,910 | 23,764 | | Total Free Cash Flow (Post-tax)12 | C$M | 10,050 | 12,961 | 15,437 | | NPV 5% (Pre-tax) | C$M | 7,883 | 10,576 | 11,567 | | NPV 5% (Pre-tax) | US$M | 5,754 | 7,720 | 8,443 | | IRR (Pre-tax) | % | 24 | 29 | 23 | | Payback (Pre-tax) | years | Year 5 | Year 4 | Year 6 | | NPV 5% (Post-tax) | C$M | 4,963 | 6,727 | 7,274 | | NPV 5% (Post-tax) | US$M | 3,623 | 4,911 | 5,309 | | IRR (Post-tax) | % | 19 | 23 | 19 | | Payback (Post-tax) | Years | Year 6 | Year 5 | Year 7 |

Table 4 shows the Sensitivity analysis using after-tax NPV(5%) and after-tax IRR.

Table 4:Sensitivity Analysis

| Variable | Case (%) | Metal Price | Scenario A1 | Scenario A2 | Scenario B | | | | | NPV (5%) C$M | IRR (%) | NPV (5%) C$M | IRR (%) | NPV (5%) C$M | IRR (%) | | | | | Base Case | | Consensus forecast | 4,963 | 19 | 6,727 | 23 | 7,274 | 19 | | Copper Price | -20 | US$3.90/lb Cu | 3,218 | 15 | 4,807 | 19 | 5,433 | 16 | | Copper Price | +20 | US$5.86/lb Cu | 6,688 | 23 | 8,632 | 28 | 9,099 | 22 | | Gold Price | -20 | US$2,618.08/oz | 3,625 | 16 | 5,223 | 19 | 5,539 | 16 | | Gold Price | +20 | US$3,927.12/oz | 6,289 | 22 | 8,222 | 27 | 8,996 | 22 | | Metal Prices | -20 | All metal prices | 1,708 | 10 | 3,165 | 14 | 2,993 | 11 | | Metal Prices | +20 | All metal prices | 8,118 | 27 | 10,233 | 32 | 11,444 | 26 | | Initial CAPEX | +20 | Variable per Scenario | 4,448 | 16 | 6,222 | 19 | 6,732 | 16 | | OPEX | +20 | Variable per Scenario | 3,660 | 16 | 5,438 | 20 | 5,591 | 16 | | Scandium Oxide Price | -40 | US$900/kg Sc2O3 | | | | | 6,496 | 18 | | Scandium Oxide Price | +40 | US$2,100/kg Sc2O3 | | | | | 8,050 | 20 |

MINERAL RESOURCE ESTIMATE

Doubleview Gold Corp announced an update of the Mineral Resource estimate (MRE). This estimate followed the Micon International Ltd. (Micon) Mineral Resource estimate with an effective date of July 17, 2024. This MRE incorporates significant new data from the 2024 and 2025 exploration campaigns, with an effective date of February 4, 2026, and superseded the 2024 Micon estimate.

Table 5:Hat MRE at a 0.2% CuEq Cut-Off Effective February 4, 2026

| Mineral Resource Classification | Tonnage (Mt) | Average Grade | Metal Content | | | | | | | | | | CuEq (%) | Cu (%) | Au (g/t) | Co (g/t) | Ag (g/t) | CuEq (Blb) | Cu (Blb) | Au (Moz) | Co (Mlb) | Ag (Moz) | | | | Measured | 272 | 0.44 | 0.22 | 0.18 | 76.26 | 0.37 | 2.61 | 1.11 | 1.41 | 35.6 | 2.17 | | Indicated | 337 | 0.43 | 0.21 | 0.19 | 76.81 | 0.39 | 3.21 | 1.31 | 1.81 | 44.5 | 2.88 | | Total M+I | 609 | 0.43 | 0.21 | 0.18 | 76.57 | 0.38 | 5.82 | 2.42 | 3.22 | 80.1 | 5.05 | | Inferred | 503 | 0.41 | 0.18 | 0.19 | 76.62 | 0.38 | 4.57 | 1.72 | 2.77 | 66.2 | 4.19 |

Table 6:Hat MRE at a 0.2% CuEq Cut-Off as of February 4, 2026, Scandium Oxide Resources

| Mineral Resource Classification | Tonnage (Mt) | Sc Tonnage1 (Mt) | Average Grade Sc (g/t) | Metal Content Sc2O3 2 (t) | | Measured | 272 | 34 | 28.79 | 1,081 | | Indicated | 337 | 42 | 28.76 | 1,334 | | Total M+I | 609 | 76 | 28.77 | 2,415 | | Inferred | 503 | 63 | 28.69 | 1,996 |

Notes:

1Scandium tonnages represent 12.5% of the mineralized material by category, reflecting the proportion of tailings expected to be processed through a dedicated scandium leach circuit under current metallurgical design constraints. 2Scandium oxide metal content have been calculated using the metallurgical recovery of 72% and conversion factor from Sc to Sc2O3of 1.534.

Mineit's Qualified Person, Tomasz Wawruch, FAusIMM, completed the MRE, and has reviewed and approved the technical disclosure related to the MRE contained in this news release. Mr. Wawruch is a senior geology and mineral resource consultant independent of Doubleview. Mr. Gilles Arseneau, PhD., P.Geo., of ARSENEAU Consulting Services Inc., provided an independent review of this MRE. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (2014), and CIM MRMR Best Practice Guidelines (2019). The effective date of the MRE is February 4, 2026. Metal contents have been calculated using the following metallurgical recovery factors: Cu = 85%, Au = 89%, Co = 78%, and Ag = 68%. Economic assumptions used include US4.80/lb Cu, US20.00/lb Co, US3,200/oz Au, US46/oz Ag, and a 2% NSR royalty. Mineral Resources are reported within optimized open pit constraints and 0.2% CuEq cut-off grade, based on a C7.93/t milled processing cost and C2.90/t milled general and administrative cost, with a mining cost of C3.01/t plus incremental mining cost increasing by C0.015/t for every bench below the reference level of 1,125 mRL. CuEq calculations do not include scandium. The formula used to calculate CuEq is: CuEq = [(((Ag × 46.0 × 0.68)/31.1035) + ((Au × 3200 × 0.89)/31.1035) + 0.0001 × (Co × 20.0 × 0.78 × 22.0462) + 0.0001 × (Cu × 4.8 × 22.0462 × 0.85))/(4.8 × 22.0462 × 0.85)], where all input variables are expressed in (ppm) and CuEq is expressed in percent (%). Rounding may result in minor variations between individual values and totals; such differences are not considered material to the MRE. Mineral Resource classification reflects the level of geological confidence and satisfies the uncertainty criteria appropriate for exploration and resource development. Additional drilling will be required to reduce uncertainty to the level expected for production planning. The MRE reflects the geological interpretation, drill-hole spacing, and estimation parameters available at the time of modelling. Any additional drilling is expected to influence the current outcome by improving confidence in the estimates and refining the geometry of the mineralized domains. The Mineral Resource results are presented in situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE tabulation. Calculations used metric units (metres, tonnes, g/t). A total of 97 diamond drill holes, comprising 49,548 m of core, were incorporated into the Mineral Resource Estimate. All drilling data used in the MRE were subject to standard QA/QC validation prior to inclusion.

PROCESSING SCENARIOS

The PEA evaluates two processing scenarios: (A) a conventional Cu-Au-Ag-Co flotation concentrator at 120,000 t/d (42 Mt/a) with two recovery cases-A1 based on metallurgical testwork completed by Sepro Laboratories (Langley, BC) and A2 reflecting target/expected performance-and (B) a full circuit that retains the base flowsheet and adds a downstream hydrometallurgical scandium recovery circuit.

The concentrator consists of crushing, grinding, flotation, concentrate handling, and tailings management, producing both a saleable approximately 25% Cu concentrate with co-product gold and by-product silver-cobalt credits and a pyrite concentrate enriched in cobalt; in the full-circuit case, the pyrite concentrate is roasted to generate sulphuric acid and a calcine that is then processed to recover cobalt, gold, silver, and copper; after stripping it will be precipitated as a sulphide to be admixed to the copper concentrate to improve grade, with the acid used to leach flotation tailings for scandium recovery, noting that the scandium circuit is a newer chemical process compared with the otherwise industry-standard flowsheet.

Under A1 or A2 (Figure 1), the flowsheet produces a single saleable product-a copper concentrate with payable gold credits; the pyrite concentrate is not treated or marketed in this case and is only processed in B where the hydrometallurgical circuit enables recovery of cobalt (and additional Au-Ag) and supports the scandium circuit (Figure 2), which is planned to be constructed in a phased approach commencing in Year 3 of operations.

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Figure 1:Grinding and Flotation Flowsheet; Scenarios A1/A2 Report Copper Concentrate Only, while the Cobalt-Pyrite Flotation Stream Shown Is Included Only in Scenario B

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8003/289584_doubleview1.jpg

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