Regency Silver Corp. press release

U.S. GOLD CORP. DELIVERS ROBUST FEASIBILITY STUDY FOR CK GOLD PROJECT HIGHLIGHTING ATTRACTIVE ECONOMICS AND DETAILING RELATIVE LOW DEVELOPMENT RISK

2026-03-31

TSXV - TSX Venture Exchange · Silver · Gold · Copper · Canada · Technical Studies

Canada NewsWire

CHEYENNE, Wyo., March 31, 2026/CNW/ --U.S. Gold Corp. ("US Gold" or the "Company") (NASDAQ: USAU) is pleased to announce the results of its Feasibility Study (the "FS") for the development of its wholly-owned CK Gold Project ("CK" or the "Project"), located in southeast Wyoming 20-mile from Cheyenne.

U.S. Gold Commentary on 2026 CK Gold Project Feasibility Study Highlights:

Solid Project returns: After-tax net present value ("NPV") 5% of $632 million ("M") and 27% after-tax internal rate of return ("IRR") using base case metal prices of $3,250 per ounce ("/oz") gold ("Au"), $4.50/lb copper ('Cu"), and $40/oz silver ("Ag"); After-tax NPV(5)of $1.30 billion ("B") and 45% after-tax IRR using recent spot metal prices of $4,500/oz Au, $5.50/lb Cu and $70/oz Ag. Fully permitted: All required permits to begin construction are in-hand. $5M reclamation bond in place to cover first year of planned construction. Initial 11-yr mine-life: Current fully permitted mine plan focused on 1.6 million1("Moz") of contained gold equivalent ("AuEq") ounces, as stated in Mineral Reserves. Attractive production profile focused on early higher grades: After 1 year of ramp up, average sales of 102 thousand ounces ("koz") AuEq from year 2 to 8, with average life of mine ("LOM") sales of 85 koz AuEq at total cash costs of $1,748/oz AuEq. Ore body shows low LOM strip ratio of 0.89:1 with minimal pre-stripping. Simple, robust, financeable Project: Total initial capital cost of $394 M (excludes $28 M of preproduction owners' cost and includes contingency of $47 million) and sustaining capital of $35 M over the LOM; well understood regulatory jurisdiction with stability and an exceptional location for infrastructure, manpower and support services. Competitive Project metrics3: Base case post tax NPV-to-capex ratio of 1.6 and payback of 2.5 years; spot price NPV-to-capex ratio and payback improve to 3.3 and 1.6 years, respectively. Strong free cash-flow profile in early years2: Excellent profitability after initial ramp up at beginning of mine life; Year 2-8 average after-tax free cash flow of $160 M; continuation into additional resources and further anticipated resource extensions at depth. Simple, compact Project layout and processing: ~80-acre open pit is the source of ore and waste rock to mine facilities all within a 1.5-mile haul. The ore is fed to a primary crusher or low-grade stockpile. Primary crushed ore is ground in a semi-autogenous grinding (SAG) - ball mill comminution circuit prior to flotation, regrind of rougher concentrate before final flotation to produce a clean gold rich copper concentrate. Dry-stack tailings enhance the most efficient use of water. Significant benefits to State and local communities: Excellent local support for Project development built upon years of engagement and 2.1% royalty payments earmarked for grades K-12 education; an average of 198 direct permanent jobs are expected to be created at CK. No cultural impacts revealed: The surrounding land was settled as the railroad developed 3-miles to the south of the Project in the 1860's. The State mineral and surface leases are surrounded by ranch land currently operated by the fifth generation of the original owners. Archaeological surveys have identified no significant artifacts or sites in the Project area. Significant scarcity value: CK is one of the few fully permitted large-scale precious metals projects in the U.S. at the Feasibility Study level and is actively being advanced. Visibility on short and long-term growth: Significant measured and indicated resource material has been excluded from the initial mine plan to avoid impacting a dry drainage channel. With known resources at depth, mine expansion at depth and along strike will be the focus of future plans and expansion to the permitted activity; CK is one of the few permitted undeveloped gold and copper resources in the U.S. with a discernable pathway to expansion. Aggregate Potential: Additional revenue from aggregate production has largely been excluded from the feasibility study. Anticipate increased aggregate sales into the Rocky Mountain region as the gold and copper mine progresses. Reclamation Savings: Potential to reduce reclamation costs as the city and state consider the use of the ultimate pit as recreation and water reservoir. Excellent timing: With the FS now complete and full permits in hand, the Project is positioned to advance in a current gold–copper-silver price environment that is one of the strongest in history, supported by favorable U.S. sentiment toward domestic production and mineral security tailwinds. (1) Gold equivalent calculated using mineral reserve reporting criteria metal prices: $2,100/oz Au, $4.10/lb Cu and $27/oz Ag See this news release for metal grades, recoveries and tons. (2) See Cautionary Note Regarding Non-GAAP Financial Measures. (3) NPV-to-capex ratio calculated as after-tax Project NPV5% divided by total initial capital cost.

George Bee, President, CEO and Director of US Gold commented: "The Feasibility Study is the culmination of 5-years of work to engineer and permit a U.S. domestic project ready for immediate development. CK is one of the most compelling, resilient, and capital-efficient copper-gold-silver projects in the U.S. ready for development. The FS outlines a technically simple, low risk, phased development with outstanding economics, including a rapid 2.5-year payback, strong early free cash flow profile, and a relatively modest capex and reasonable NPV-to-capex ratio. Importantly, the FS is delivered with all permits in hand at an opportune time. While the FS reflects an 11-year plan followed by closure, it represents only the beginning for CK. The Project also hosts a considerable mineral resource beyond the current mine, offering expansion opportunities that remain open, and a multi-decade opportunity to provide rock aggregate to the local market and beyond.

The feasibility-level engineering, metallurgy, and capital and operating costing have been conducted with a view to continuing into a smooth transition to detailed engineering and Project execution once Project financing is secured. With permits already in place, delivery of the FS allows interested parties to assess the Project from a number of avenues for Project financing including debt, equity, off-take and other vehicles to secure the initial capital. With a manageable capex quantum, relatively low execution risk, advancing CK provides the Company with the ability to generate long-term value for our shareholders, the State or Wyoming, and the communities in the vicinity of the Project. CK is expected to support an average workforce of approximately 198 direct high-quality, long-term jobs over the life-of-mine and beyond. We look forward to providing further updates as the Project progresses with financing and construction in 2026."

US Gold will host a conference call and webcast to discuss the FS on Wednesday, April 1, 2026 at 4:00 PM Eastern Time / 1:00 PM Pacific Time, featuring a presentation from the senior management team and a live Q&A session. A recording will be available on US Gold's corporate website. To register for the webcast, please use the following link (call details are listed below): US Gold Feasibility Study Webcast

Feasibility Study Summary

The FS confirms robust economics for a low-cost, large-scale, conventional open pit feeding a simple copper-gold concentrator process plant, with competitive operating costs and high rate of return. The FS outlines total production of: 931 koz AuEq over an 11-year operating mine life (followed by two years of closure), resulting in an average LOM annual production profile of 85 koz AuEq per annum at an AISC of $1785/oz AuEq. The Project generates an after-tax NPV5%of $632 M with an after-tax IRR of 27% at base case gold, copper and silver prices of $3,250/oz, $4.50/lb and $40/oz, respectively.

The Company retained Halyard-Micon International, Inc. ("Halyard") as lead engineer, along with other engineering consultants, to complete the FS and prepare a technical report summary in accordance with U.S. Securities and Exchange Commission's Regulation S-K, Subpart 1300 disclosure requirements for registrants with material mining operations ("S-K 1300"). The FS is derived from updated mineral resource estimate effective December 12, 2025. The effective date of the FS is March 30, 2026, and a technical report summary prepared in accordance with S-K 1300 will be available on the Company's website and will be filed with the Company's next Annual Report on Form 10-K to be filed with the U.S. Securities and Exchange Commission.

CK Feasibility Study Highlights1

| Mining | | | Total Tonnage Mined (k ton) | 140,597 | | Total Tonnage Moved (includes stockpile and waste rehandle) | 163,546 | | Total Ore Mined (k ton) | 74,527 | | Strip Ratio (Waste: Ore) | 0.89 | | Operating Mine Life (years) | 11 | | Contained | | | Contained Gold (koz Au) | 1,015 | | Contained Copper (lbs Cu) | 259,880 | | Contained Silver (koz Ag) | 3,031 | | Contained Gold Equivalent (Moz AuEq) | 1.4 | | Production | | | Plant Metal Recovery | | | LOM Average Gold Recovery (%) | 71.5 % | | LOM Average Copper Recovery (%) | 80.6 % | | LOM Average Silver Recovery (%) | 68.7 % | | _Payable__Metals_ | | | LOM Gold Payable (koz Au) | .2 | | LOM Copper Payable (klbs) | 186,726 | | LOM Silver Payable (koz Ag) | 1,874 | | LOM Gold Equivalent Payable (koz AuEq) | 931 | | Avg. Annual Gold Payable (koz Au) - Yr 1 to Yr 11 | 64.3 | | Avg. Annual Copper Payable (Mlbs) - Yr 1 to Yr 11 | 17 | | Avg. Annual Silver Payable (koz Ag) - Yr 1 to Yr 11 | 170 | | Avg. Annual Gold Equivalent Payable (koz AuEq) - Yr 1 to Yr 11 | 85 | | Avg. Annual Gold Payable (koz Au) - Yr 2 to Yr 8 | 77 | | Avg. Annual Copper Payable (Mlbs) - Yr 2 to Yr 8 | 21 | | Avg. Annual Silver Payable (koz Ag) - Yr 2 to Yr 8 | 189 | | Avg. Annual Gold Equivalent Payable (koz AuEq) - Yr 2 to Yr 8 | 102 | | Costs per Ton | | | Mining Costs ($/t mined total) | 3.88 | | Mining Costs ($/t processed) | 7.33 | | Processing Costs – including tailings placement ($/t processed) | 9.59 | | G&A Costs ($/t processed) | 1.54 | | TotalSiteOperatingCost($/tprocessed) | 18.46 | | | | | LOM Total Cash Cost, net-of-copper-silver-by-product ($/oz Au)2 | 1,007 | | LOM Total Cash Cost, co-product ($/oz AuEq)2 | 1,748 | | LOM AISC, net-of-copper-silver by-product ($/oz Au)2 | 1,094 | | LOM AISC, co-product ($/oz AuEq)2 | 1,814 | | Capital Expenditure (incl. Contingency) | | | Initial Capital – incl. Contingency ($M)3 | 394 | | Pre-production Owners Costs ($M) | 28 | | Sustaining Capital – incl. Contingency ($M) | 35 | | Reclamation Cost ($M) | 27 | | Base Case Metal Price Assumptions | | | Gold Price ($/oz) | 3,250 | | Copper Price ($/lb) | 4.50 | | Silver Price ($/oz) | 40.00 | | Base Case Project Economics | | | After-Tax IRR (%) | 27 | | After-Tax NPV5% ($M) | 632 | | Payback Period (years) | 2.5 | | Average Annual Operating Net Free Cash Flow ($M)2– Yr 1 to Yr 11 | 124 | | LOM Total Net Free Cash Flow ($M) (including capital investment and closure) | 967 |

| | | | | | (1) | Gold equivalent calculated using net smelter return ("NSR") value of payable metals at base case metal prices: $3,250/oz Au, $4.50/lb Cu and $40/oz Ag. | | | (2) | See Cautionary Note Regarding Non-GAAP Financial Measures. | | | (3) | Assumes contractor mining. | | | | |

| Average Process Recovery | | Gold | Silver | Copper | | Oxide Ore (11% of total reserve) | | 67.0 % | 60.0 % | 25.0 % | | Mixed Ore (9% of total reserve) | | 67.0 % | 70.0 % | 73.0 % | | Sulfide Ore (80% of total reserve) | | 73.0 % | 70.0 % | 91.0 % |

CK Gold Project Production and Operating Cost Profile1,2

[](https://mma.prnewswire.com/media/2946314/CK_Gold_Project_Production_and_Operating_Cost_Profile.html)

| | (1) | Gold equivalent calculated using NSR value of payable metals at base case metal prices: $3,250/oz Au, $4.50/lb Cu, and $40/oz Ag. | | | (2) | See Cautionary Note Regarding Non-GAAP Financial Measures. |

CK Gold Project After-tax Cash Flow Profile (base case)1,2

[](https://mma.prnewswire.com/media/2946310/CK_Gold_Project_After_tax_Cash_Flow_Profilebase_case.html)

| | (1) | Cash flow profile shown using base case metal prices: $3,250/oz Au, $4.50/lb Cu, and $40/oz Ag. | | | (2) | See Cautionary Note Regarding Non-GAAP Financial Measures. |

CK Gold Project After-Tax NPV, IRR and Payback Sensitivity Table

| Gold Price

US$/oz | Pre-tax | After Tax | Payback

(years) | | | | NPV | IRR | NPV | IRR | | | | 1,500 | (126) | 0.0 % | (147) | 0.0 % | 15.8 | | 2,000 | 127 | 10.2 % | 98 | 8.5 % | 5.6 | | 2,500 | 380 | 19.2 % | 320 | 16.8 % | 3.8 | | 3,000 | 633 | 27.1 % | 528 | 23.8 % | 2.9 | | (Base Case) 3,250 | 759 | 30.7 % | 632 | 27.0 % | 2.5 | | 3,500 | 886 | 34.3 % | 737 | 30.2 % | 2.2 | | 4,000 | 1,139 | 41.0 % | 946 | 36.3 % | 1.8 | | 4,500 | 1,392 | 47.4 % | 1,155 | 42.0 % | 1.6 | | 5,000 | 1,645 | 53.5 % | 1,363 | 47.4 % | 1.4 | | 5,500 | 1,898 | 59.4 % | 1,569 | 52.5 % | 1.3 | | 6,000 | 2,151 | 65.0 % | 1,774 | 57.5 % | 1.1 |

Property Description, Location and Access

The Project, within the historic Silver Crown mining district, is located within southeastern Wyoming in Laramie County approximately 20 miles west of Cheyenne, Wyoming's state capital. The Project is two miles off the paved Happy Jack state road and situated near U.S. Interstates 80 and 25, a 1.5 hour drive from Denver. The Project is accessed via 4.5-miles of private road east from Laramie County Road 210.

CK Gold Project Location Map

[](https://mma.prnewswire.com/media/2946312/CK_Gold_Project_Location_Map.html)

Mineral Resource Estimate

The current mineral resource estimate for gold, copper, and silver at the Project was previously disclosed in the S-K 1300 Technical Report Summary for the Project, dated February 10, 2025, which was filed on a Form 8-K dated February 14, 2025. The supporting drillhole database incorporates data from all US Gold drilling programs, comprising 59 drillholes totaling 60,132 ft, as well as drilling completed by previous operators. US Gold drilling spans four programs: two holes totaling 2,030 ft in 2017; eight holes totaling 8,090 ft in 2018; 25 holes totaling 20,449 ft in 2020; and 24 holes totaling 29,562 ft in 2021.

For the current FS, Mark Shutty, CPG, MAIG, utilized Leapfrog Geo/Edge software (version 2024.1) to construct and update the geological models of the CK deposit. The constraining pit shell and in-pit resource reporting were completed using MinePlan (version 16.5), incorporating updated metal prices, operating cost parameters, and metallurgical recovery assumptions, with the underlying geological and grade model otherwise unchanged from the prior estimate.

The mineral resource estimate was developed using the following standard procedures:

Import of topographic data to establish a digital terrain model of current surface conditions. Import and validation of drillhole interval datasets using Leapfrog Geo tools, including review of assay, survey, and density data. Construction of implicit three-dimensional geological and mineralized domain models using Leapfrog Geo, interpretation of oxidation state based on visual and geochemical logging, and assignment of bulk density values by domain. Evaluation and modeling of experimental variograms aligned with observed mineralization trends, establishing anisotropic ranges of sample influence for grade estimation. A 3D model with 20 ft x 20 ft x 30 ft block dimensions was defined to accommodate the CK deposit and optimization pit shell while facilitating the use of a 30' bench height mining unit. Estimation and validation of gold, copper, and silver grades within the three-dimensional block model using Ordinary Kriging. Classification of mineral resources into confidence categories (measured, indicated, and inferred) based on drill spacing, geological continuity, and estimation quality metrics. Application of economic and geometric constraints for resource reporting within an optimized pit shell, as described in the accompanying footnotes.

Beginning in 2020, US Gold facilitated the relogging of all available legacy drill core to ensure consistent interpretation of rock types across the 2020 and 2021 drilling programs. US Gold's geologic datasets were used to evaluate samples and construct three-dimensional geological models in Leapfrog Geo. The primary lithologic model includes Proterozoic granodiorite with varying intensities of potassic alteration and mylonitic fabrics. Mafic dikes, younger pegmatites, and undifferentiated veins represent smaller volumes within the mineralized granodiorite domain. Mafic dike bodies were constructed in Leapfrog Geo as discrete volumes; pegmatites and veins were not modeled separately and were assigned the host rock type, as drilling density is insufficient to model either as throughgoing features. Unmineralized domains were also modeled, including a metasediment unit east of the Copper King Fault and overlying Quaternary cover.

Metallurgical testing of mineralized rock indicates that sulfide recovery is a function of oxidation state. During core logging, geologists visually estimated the oxidation state and categorized it as either oxide, mixed, or sulfide. The oxidation boundary contacts were modeled in Leapfrog Geo to encompass logged oxidation intervals and modeled structures, resulting in a series of surfaces used to code the block model.

Raw gold, copper, and silver assays were evaluated within the resource drillhole database with histogram and probability plots to identify statistical outliers. These data are generally reflective of a single sample population with few outliers. Outliers were examined to ensure they were not the result of a database transcription error and were geologically reasonable; the location of high-grade samples with respect to nearby samples, lithology, and oxidation was reviewed ahead of establishing capping thresholds, which generally occur at distribution changes noted in the individual metal probability plots. Au is capped at 0.32 oz/t, Cu is capped at 3.0 % and Ag is capped at 0.58 oz/t resulting in a metal reduction of 0.28%, 0.36% and 1.54% respectively.

Section showing blocks >0.2 g/t (>0.006 oz/t) AuEq with Nested Resource and Reserve Pit

[](https://mma.prnewswire.com/media/2946318/Section_showing_blocks_0_2_gt0_006ozt_AuEq_with_Nested_Pits.html)

Mineral Resources Statement - Inclusive of Reserves

| | Mass | Gold (Au) | Copper (Cu) | Silver (Ag) | Au Equivalent (AuEq) | | | | | | Tons (000's) | Oz (000's) | oz/st | lbs (millions) | % | Oz (000's) | oz/st | Oz (000's) | oz/st | | | Measured (M) | 39,914 | 627 | 0.0157 | 144 | 0.18 | 1,862 | 0.0467 | 879 | 0.0220 | | Indicated (I) | 58,585 | 582 | 0.0099 | 177 | 0.15 | 2,178 | 0.0372 | 911 | 0.0156 | | M + I | 98,499 | 1,209 | 0.0123 | 322 | 0.16 | 4,040 | 0.0410 | 1,790 | 0.0182 | | | | | | | | | | | | | Inferred | 47,088 | 407 | 0.009 | 142 | 0.15 | 1,436 | 0.0300 | 677 | 0.0140 |

| | | | | | | | | | | | | | | | | | 1. | Mineral resources are estimated using Ordinary Kriging, constrained by geological domains based on lithology and mineralization controls. The underlying datasets supporting the resource estimate, including drill hole surveys, assay data, and density measurements, have been reviewed, validated, and verified by the Qualified Person. Database corrections made since the Preliminary Feasibility Study, including downhole survey corrections, were confirmed as non-material through sensitivity analysis; the pre-1997 assay quality assessment is addressed in Section 9 of the Technical Report Summary. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2. | Mineral resources are reported in short tons within an optimized pit shell, using AuEq cutoff grades of 0.22 g/t (0.00642 oz/st) for oxide material, 0.21 g/t (0.00613 oz/st) for mixed material, and 0.20 g/t (0.00583 oz/st) for sulfide material. No dilution or mining recovery factors have been applied. Resources are reported inclusive of mineral reserves; resources exclusive of reserves are summarized below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3. | AuEq grades were calculated using long-term consensus metal prices of $3,000/oz Au, $4.40/lb Cu, and $35/oz Ag, after application of a 2.1% NSR royalty, yielding realized prices of $2,937/oz Au, $4.31/lb Cu, and $34.27/oz Ag. Metallurgical recoveries represent mill recovery to concentrate and vary by oxidation domain as follows: | | | | | | | | | | | | | | | | Metal | Oxide | Mixed | Sulfide | | | | | | | | | | | | | Au | 67 % | 70 % | 73 % | | | | | | | | | | | | | Cu | 22 % | 75 % | 90 % | | | | | | | | | | | | | Ag | 55 % | 65 % | 72 % | | | | | | | | | | | | | Smelter payability factors of 98% Au, 97% Cu, and 95% Ag, as detailed in the concentrate offtake assumptions in Section 13, are applied as separate deductions in the reserve economic analysis and are not embedded in the above recovery figures. Domain-specific AuEq conversion factors, derived from the ratio of each metal's NSR contribution to gold's NSR contribution, are: Oxide - Ag 0.009577 g/g, Cu 0.330 g/%; Mixed - Ag 0.010833 g/g, Cu 1.078 g/%; Sulfide - Ag 0.011507 g/g, Cu 1.240 g/%. LOM average recoveries of 72.5% Au, 85% Cu, and 72% Ag, as reported in the Major Design Criteria (Section 14), reflect the scheduled ore feed mix, which is weighted toward sulfide material, and differ from simple domain averages due to mine sequence. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4. | The optimized pit shell was generated using the Lerchs-Grossmann method incorporating metal prices of $3,000/oz Au, $4.40/lb Cu, and $35/oz Ag, operating costs of $2.50/st mining (strip-adjusted), $7.00/st processing, $1.65/st tailings, and $1.50/st general and administrative ("G&A") (total $12.65/st), domain-specific metallurgical recoveries as detailed in Footnote 3, a 2.1% NSR royalty, and a 48-degree slope angle. A theoretical breakeven AuEq cutoff of 0.205 g/t was calculated by dividing total operating costs ($12.65/st, equivalent to $13.94/mt) by the NSR per gram of AuEq at average domain recoveries. Reported AuEq cutoffs of 0.20–0.22 g/t were validated against a net block value flag incorporating grade-bin and domain-specific recovery schedules; application of the AuEq cutoffs produces measured and indicated ("M+I") resources within 0.2% of contained AuEq ounces compared to the value-flag defined resource, confirming the grade-based cutoffs are a non-material proxy for underlying block economics. A rehandling cost of $1.00/st applicable to stockpiled ore is excluded from the resource cutoff cost basis as it represents a mine sequencing cost rather than a fundamental extraction cost; this cost is incorporated in the reserve economic analysis. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5. | Metal prices of $3,000/oz Au, $4.40/lb Cu, and $35/oz Ag represent long-term consensus prices reflecting the qualified persons[1]s ("QP") assessment of sustainable pricing over the Project life, consistent with the 24-month trailing average as of the effective date. These prices are above the 36-month trailing average of $2,593/oz Au, $4.28/lb Cu, and $30.63/oz Ag, reflecting structural shifts in precious and base metals markets since 2023. At the 36-month trailing average, corresponding to a cutoff of 0.25 g/t AuEq across all domains, M+I contained Au decreases by approximately 1.2% and M+I AuEq by approximately 2.8%, demonstrating resource robustness across a range of price scenarios. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6. | There are no known legal, political, environmental, social, or permitting factors that would materially affect the reported mineral resource estimate. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7. | Mineral resources are classified in accordance with the definitions set forth in S-K 1300. Mineral resources are reported inclusive of mineral reserves. Mineral resources that are not mineral reserves have not demonstrated economic viability. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8. | Mineral resources are reported within the company's mineral tenure holdings, which include Lease #0-40828 and Lease #0-40858, as described in Section 3 of the TSR[2]. There are no known encumbrances, liens, or third-party interests that would materially affect the company's ability to develop the mineral resources reported herein. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9. | Rounding of reported figures may result in minor apparent discrepancies in totals of tonnage, grade, and contained metal. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10. | There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11. | Mineral resources are reported on a 100% Project basis. The company holds 100% interest in the Project. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12. | The effective date of this mineral resource is December 12, 2025 | | | | | | | | | | | | |