AngloGold Ashanti delivers strong start in Q1 2025 YoY: Gold production +22%; AISC* +1%; Free cash flow* rises 607% to $403m; Headline earnings up 671% to $447m; 2025 guidance reaffirmed

AngloGold Ashanti plc ⁽²⁾ ("AngloGold Ashanti", "AGA", the "Company" or the "Group") reported a sevenfold increase in free cash flow* and an almost eightfold rise in profit attributable to equity shareholders in Q1 2025 compared to Q1 2024, underpinned by higher gold production ⁽³⁾ , effective cost management, and a stronger gold price.

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The Company generated $403m in free cash flow* ⁽⁶⁾ in Q1 2025, representing a 607% year-on-year increase from $57m in Q1 2024. This performance was supported by a 28% rise in gold production from managed operations ^(1)(2)(3) year-on-year, primarily driven by the first-time contribution from the recently acquired Sukari Gold Mine ⁽²⁾ in Egypt and solid output improvements at both Siguiri and Tropicana. The average gold price received per ounce* increased to $2,874/ oz in Q1 2025, up from $2,063/oz in Q1 2024.

"This is a very strong start to the year, particularly at our managed operations ⁽¹⁾ ," said CEO Alberto Calderon. "We've seen strong growth in production with the addition of Sukari and our cost control efforts continue to offset inflation, which has ensured that we capture the benefit of the higher gold price."

AngloGold Ashanti remains committed to closing the valuation gap with its North American peers by driving continuous improvements in operating performance, enhancing cash conversion, extending life-of-mine, and maintaining a disciplined approach to capital allocation. The company continues to actively manage its portfolio, with the sale earlier this week of the Doropo and ABC Projects in Ivory Coast as it seeks to sharpen focus on its existing operations and projects in the United States.

Quarterly dividend in line with new policy

Under its new dividend policy, AngloGold Ashanti will target a 50% payout of annual free cash flow*, subject to maintaining an Adjusted net debt* to Adjusted EBITDA* ratio of 1.0 times. The new dividend policy also introduced a base dividend of $0.50 per share per annum, payable in quarterly instalments of $0.125 per share. When required, a true-up payment in Q4 of each year will top up the annual base dividend of $0.50 per share to reach the 50% annual free cash flow* target. The base dividend establishes a minimum return, ensuring consistent shareholder payouts throughout commodity price cycles. An interim dividend of $63m or 12.5 US cents per share was declared for Q1 2025

Strong growth in earnings, cash flow

Adjusted EBITDA* increased 158% year-on-year to $1.120bn in Q1 2025, from $434m in Q1 2024. Headline earnings ⁽⁴⁾ rose sharply to $447m, or $0.88 per share, in Q1 2025, compared to $58m, or $0.14 per share in Q1 2024 — an increase of 671% and 529% year-on-year, respectively.

The balance sheet continues to go from strength to strength. Adjusted net debt* fell 60% year-on-year to $525m in Q1 2025 from $1.322bn in Q1 2024. The Adjusted net debt* to Adjusted EBITDA* ratio improved to 0.15x in Q1 2025, from 0.86x in Q1 2024. There was approximately $3.0bn in liquidity, including cash and cash equivalents of $1.5bn, at quarter end.

Improvements driven by managed operations ⁽¹⁾

Gold production for the Group ^(1)(2)(3) increased substantially by 22% year-on-year to 720,000oz in Q1 2025, up from 591,000oz in Q1 2024. The strong uplift reflects the first full-quarter contribution of 117,000oz from Sukari, Egypt's largest gold mine, and a notable uplift in consistency and reliability across the legacy portfolio. This broad-based operational strength highlights the Group's success in integrating its newest asset and driving productivity gains across its established operations.

The strong result was driven by a strong performance from managed operations ⁽¹⁾ , partially offset by operating challenges at the non-managed joint ventures. At managed operations ⁽¹⁾ , gold production rose 28% year-on-year in Q1 2025, while total cash costs per ounce* and all-in sustaining costs per ounce* ("AISC") both decreased 2% year-on-year to $1,213/oz (from $1,232/oz) and $1,657/oz (from $1,692/oz) respectively in Q1 2025 compared to Q1 2024. Meanwhile the non-managed joint ventures experienced challenges related to grades which caused a 17% reduction in gold production leading to a 59% increase in total cash costs per ounce* and a 37% rise in AISC per ounce* in Q1 2025.

Year-on-year gold production improvements were achieved for the Group ⁽¹⁾⁽²⁾ in Q1 2025 at Siguiri (+32koz), Tropicana (+21koz), Cerro Vanguardia (+5koz), Sunrise Dam (+5koz), Geita (+2koz), and a steady contribution from Obuasi, as well as the introduction of Sukari into the portfolio. These increases were partly offset by lower gold production contributions year-on-year in Q1 2025 from Iduapriem (-22koz), Kibali (-13koz), Serra Grande (-11koz) and AGA Mineração (-7koz).

Total cash costs per ounce* for the Group ⁽¹⁾⁽²⁾ increased by 4% year-on-year to $1,223/oz in Q1 2025 from $1,181/oz in Q1 2024, primarily reflecting higher royalty payments and an estimated 5% impact from inflation representing consumer price index (CPI) changes in the jurisdictions in which the Company operates. AISC per ounce* for the Group rose by 1% year-on-year to $1,640/oz in Q1 2025 from $1,620/oz in Q1 2024, driven mainly by a 15% increase in sustaining capital expenditure*, which was largely offset by the benefit of higher gold sales in line with production.

The increase in sustaining capital expenditure* reflects the inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with the Company's strategic priorities.

Total capital expenditure for Q1 2025 was $336m, up 27% year-on-year from $265m in Q1 2024. This included $236m in sustaining capital expenditure* and $100m in non-sustaining capital expenditure*, the latter directed toward targeted growth and development initiatives across the portfolio.

Reaffirming guidance ⁽⁵⁾

AngloGold Ashanti reaffirms its full-year 2025 guidance.

Gold production for the Group ⁽¹⁾ is forecast to range between 2.900Moz and 3.225Moz in 2025. Total cash cost per ounce* for the Group ⁽¹⁾ is forecast to range between $1,125/oz and $1,225/oz in 2025 and AISC per ounce* for the Group ⁽¹⁾ is forecast to range between $1,580/oz and $1,705/oz in 2025. Total capital expenditure for the Group is expected to be between $1,620m and $1,770m in 2025.

⁽¹⁾		The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti.

		Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.

⁽²⁾		On 22 November 2024, the acquisition of Centamin plc ("Centamin") was successfully completed. Centamin has been included from the effective date of the acquisition.

⁽³⁾		Includes gold concentrate from the Cuiabá mine sold to third parties in Q1 2024.

⁽⁴⁾		The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.

⁽⁵⁾		The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Outlook economic assumptions for 2025 guidance are as follows: $0.65/A$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl.

		Cost and capital forecast ranges for 2025 are expressed in "nominal" terms. "Nominal" cash flows are current price term cash flows that have been inflated into future value, using an appropriate "inflation" rate. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the SEC.

⁽⁶⁾		To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (e.g., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q1 2024) have been adjusted to reflect this change in reporting.

*		Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations.

Key Statistics		Quarter	Quarter
		ended	ended
		Mar	Mar
US Dollar million, except as otherwise noted		2025	2024
Operating review
Gold
Produced - Group ^(1)(2)(3)	- oz (000)	720	591
Produced - Managed operations ^(1)(2)(3)	- oz (000)	657	515
Produced - Non-managed joint ventures ⁽¹⁾	- oz (000)	63	76

Sold - Group ^(1)(2)(3)	- oz (000)	737	625
Sold - Managed operations ^(1)(2)(3)	- oz (000)	670	552
Sold - Non-managed joint ventures ⁽¹⁾	- oz (000)	67	73

Financial review
Gold income	- $m	1,927	1,138
Cost of sales - Group	- $m	1,230	949
Cost of sales - Managed operations	- $m	1,124	869
Cost of sales - Non-managed joint ventures	- $m	106	80
Total operating costs	- $m	833	668
Gross profit	- $m	839	302

Average gold price received per ounce* - Group ⁽¹⁾⁽²⁾	- $/oz	2,874	2,063
Average gold price received per ounce* - Managed operations ⁽¹⁾⁽²⁾	- $/oz	2,875	2,060
Average gold price received per ounce* - Non-managed joint ventures ⁽¹⁾	- $/oz	2,865	2,090
All-in sustaining costs per ounce* - Group ⁽¹⁾⁽²⁾	- $/oz	1,640	1,620
All-in sustaining costs per ounce* - Managed operations ⁽¹⁾⁽²⁾	- $/oz	1,657	1,692
All-in sustaining costs per ounce* - Non-managed joint ventures ⁽¹⁾	- $/oz	1,463	1,070
Total cash costs per ounce* - Group ⁽¹⁾⁽²⁾	- $/oz	1,223	1,181
Total cash costs per ounce* - Managed operations ⁽¹⁾⁽²⁾	- $/oz	1,213	1,232
Total cash costs per ounce* - Non-managed joint ventures ⁽¹⁾	- $/oz	1,325	831

Profit before taxation	- $m	729	167
Adjusted EBITDA*	- $m	1,120	434
Total borrowings	- $m	2,213	2,170
Adjusted net debt*	- $m	525	1,322

Profit attributable to equity shareholders	- $m	443	58
	- US cents/share	88	14
Headline earnings ⁽⁴⁾	- $m	447	58
	- US cents/share	88	14
Net cash inflow from operating activities	- $m	725	252
Free cash flow* ⁽⁵⁾	- $m	403	57
Capital expenditure - Group ⁽¹⁾⁽²⁾	- $m	336	265
Capital expenditure - Managed operations ⁽¹⁾⁽²⁾	- $m	303	240
Capital expenditure - Non-managed joint ventures ⁽¹⁾	- $m	33	25


⁽¹⁾ The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
⁽²⁾ On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin has been included from the effective date of the acquisition.
⁽³⁾ Includes gold concentrate from the Cuiabá mine sold to third parties in Q1 2024.
⁽⁴⁾ The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS ^® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.
⁽⁵⁾ To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (e.g., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q1 2024) have been adjusted to reflect this change in reporting.
* Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 March 2025 of 12.5 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.

To holders of ordinary shares on the New York Stock Exchange (NYSE)

2025
Ex-dividend on NYSE		Friday, 30 May
Record date		Friday, 30 May
Payment date		Friday, 13 June

To holders of ordinary shares on the South African Register

Additional information for South African resident shareholders of AngloGold Ashanti:

Shareholders registered on the South African section of the register are advised that the distribution of 12.5 US cents per ordinary share will be converted to South African rands at the applicable exchange rate.

In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows:

2025
Declaration date		Friday, 9 May
Currency conversion rate for South African rands announcement date		Friday, 23 May
Last date to trade ordinary shares cum dividend		Tuesday, 27 May
Ordinary shares trade ex-dividend		Wednesday, 28 May
Record date		Friday, 30 May
Payment date		Friday, 13 June

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant CSDP (as defined below) or broker.

To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 28 May 2025 and Friday, 30 May 2025, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 23 May 2025 and Friday, 30 May 2025, both days inclusive.

Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 23 May 2025.

To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD

2025
Currency conversion date		Friday, 23 May
Last date to trade and to register shares cum dividend		Tuesday, 27 May
Shares trade ex-dividend		Wednesday, 28 May
Record date		Friday, 30 May
Approximate payment date of dividend		Friday, 13 June

To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share

2025
Currency conversion date		Friday, 23 May
Last date to trade and to register GhDSs cum dividend		Tuesday, 27 May
GhDSs trade ex-dividend		Wednesday, 28 May
Record date		Friday, 30 May
Approximate payment date of dividend		Friday, 13 June

Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 12.5 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢13.3000, the gross dividend payable per share, is equivalent to ca. ¢1.6625 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.

Entitlement to interim dividends

A "Shareholder of Record" is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A "Beneficial Owner" is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant ("CSDP"), Shareholder of Record or other agent (sometimes referred to as holding shares "in street name").

AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD

Johannesburg, South Africa
9 May 2025

JSE Sponsor: The Standard Bank of South Africa Limited

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as "believe", "expect", "aim", "anticipate", "intend", "foresee", "forecast", "predict", "project", "estimate", "likely", "may", "might", "could", "should", "would", "seek", "plan", "scheduled", "possible", "continue", "potential", "outlook", "target" or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

Non-GAAP financial measures

This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

Website: www.anglogoldashanti.com

December 2024 Published 9 May 2025

View source version on businesswire.com: https://www.businesswire.com/news/home/20250509761018/en/

Media
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@aga.gold
General inquiries media@anglogoldashanti.com

Investors
Yatish Chowthee: +27 11 637 6273 / +27 78 364 2080 yrchowthee@aga.gold
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@aga.gold

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AngloGold Ashanti Limited AU NYSE:AU Precious Metals Investing

Bold Ventures to Present at Metals Investor Forum in Vancouver on May 9, 2025

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce that the Company will be presenting at Metals Investor Forum (MIF) on May 9 at The Rosewood Hotel, 801 W Georgia St, Vancouver, BC. The Company's President and COO, Bruce MacLachlan, and the Company's V.P. Exploration, Coleman Robertson, will be present during the conference.

John Kaiser, author of Kaiser Research Online, will be introducing Coleman Robertson at 4:50 p.m. Local Time, who will provide an overview and update on the Company's assets and plans for the upcoming field season. Please see the link to the May 9 Metals Investor Forum web page.

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OUTCROP SILVER ANNOUNCES PARTNER FUNDED MAIDEN DRILL PROGRAM AT THE PEARL COPPER PROJECT, ARIZONA

Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG) ("Outcrop Silver") is pleased to announce the commencement of the maiden drill program at the Pearl Copper Project located in Arizona United States . The drilling campaign will be fully funded by Golden Mile Resources Limited (ASX: G88), whereby Golden Mile is currently earning a 51% interest through funding this A$2 million maiden drill program. Outcrop Silver retained a 1% net smelter return (NSR) royalty.

Highlights

Outcrop Silver advances the Pearl Copper project through an earn-in agreement with Golden Mile Resources (ASX:G88). Program fully funded by Golden Mile .
The Pearl project is located in the prolific Laramide porphyry copper district, which is responsible for 70% of the United States of America's copper production.
All drilling permits secured from the Bureau of Land Management (BLM) and the Arizona State Land Department (ASLD).
The maiden drill program to test high-grade copper-silver-gold targets at the Odyssey and Ford prospects has commenced.

" Golden Mile's fully funded drill program moves Pearl forward at no cost to Outcrop Silver and exemplifies our strategy of unlocking value from non-core assets while we focus capital on expanding the high-grade Santa Ana silver project in Colombia ," stated Ian Harris , President & CEO of Outcrop Silver.

The Pearl Copper project is located in the Laramide porphyry copper district, one of the most prolific copper-producing regions globally, accounting for approximately 70% of U.S. copper production. The project sits immediately north of BHP's past-producing San Manuel-Kalamazoo Mine and along the trend with Capstone Copper's active Pinto Valley Mine, benefiting from exceptional infrastructure and a skilled local workforce.

Following the receipt of all required exploration permits, including the Notice of Intent (NOI) from the BLM and the Special Land Use Permit (SLUP) and Geologic Field Operation Plan (GFOP) from the ASLD, drilling has commenced. This maiden drill program consists of 14 to 16 reverse circulation (RC) holes totaling up to 1,800 metres, and will test two priority targets.

Transaction

On September 12, 2024 Golden Mile purchased an option on Pearl for A$100,000 (Australian Dollars) with Outcrop Silver retaining a 1% NSR royalty. Golden Mile has the option to earn-in to 51% by funding A$2,000,000 in exploration expenditures by September 12, 2027 . Golden Mile may also earn an additional 34% by funding an additional A$10,000,000 in exploration expenditures within 5 years. Upon completing the earn-in a joint venture will be formed with both parties funding proportionally. If either party dilutes below 10%, their interest will convert to an additional 1% NSR royalty. At such time that a JORC compliant resource achieves 750,000 tonnes of contained copper at a minimum grade of 0.3%, Golden Mile will pay Outcrop Silver A$2,000,000 .

The Pearl Copper project was acquired through the amalgamation with Zacapa Resources. Zacapa's portfolio also included the Kramer Hills brownfield oxide gold project in San Bernardino, California and the South Bullfrog, gold project in Beatty, Nevada adjacent to Anglo Gold's Silicon project.

Qualified Person

Edwin Naranjo Sierra is the designated Qualified Person within the meaning of the National Instrument 43-101 and has reviewed and verified the technical information in this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Naranjo Sierra is a consultant to the company and is therefore independent for the purposes of NI 43-101.

About Outcrop Silver

Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia . Leveraging a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral resources through strategic exploration initiatives.

At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.

About Golden Mile

Golden Mile is a project development and mineral exploration company. The primary focus is on growing the Company with a multi-asset and multi-commodity strategy through advancing core projects, acquiring high-quality assets, and tactical alliances with joint venture partners.

ON BEHALF OF THE BOARD OF DIRECTORS

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "potential," "we believe," or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Outcrop Silver to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, financing and additional capital requirements, completion of due diligence, general economic, market and business conditions, new legislation, uncertainties resulting from potential delays or changes in plans, political uncertainties, and the state of the securities markets generally. Although management of Outcrop Silver have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Outcrop Silver will not update any forward-looking statements or forward-looking information that are incorporated by reference.

SOURCE Outcrop Silver & Gold Corporation

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Blackrock Drills 4.2m of 700 g/t AgEq and Reports Multiple +1 kg/t AgEq Intercepts at Tonopah West

M&I Conversion Program Drilling Continues to Expand and Confirm Continuity of High-Grade Gold and Silver Mineralization in the Shallowest Portion of the M&I Conversion Area

HIGHLIGHTS:

TXC25-138 returned multiple broad zones of high-grade silver and gold mineralization spanning from 230.4 metres to 241.86 metres down hole, including:
- 4.24 metres grading 700 grams per tonne (g/t) silver equivalent (AgEq) (Ag/Au ratio 90:1) (378.5 g/t silver (Ag) and 3.57 g/t gold (Au)) from 230 metres down hole, including 0.31 metres grading 3,182 g/t AgEq (1,805.0 g/t Ag and 15.27 g/t Au); and
- 5.18 metres grading 556 gt/ AgEq (328.2 g/t Ag and 2.53 g/t Au) from 236.68 metres, which included intervals of 3,340 g/t AgEq (1,987 g/t Ag and15.0 g/t Au) over 0.31 metres and 1,714 g/t AgEq (1,037.0 g/t Ag and 7.51 g/t Au) over 0.61 metres respectively.
There are ten drillholes with pending assays from the M&I Conversion Program, and seven drillholes are pending assays from the Resource Expansion program.
Modelling of the M&I Conversion Program drillholes is now underway, with an updated mineral resource estimate on track for Q3, 2025.

Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) ("Blackrock" or the "Company") announces additional high-grade silver and gold drill intercepts from the M&I Conversion Program (as defined herein) at its 100% owned Tonopah West project ("Tonopah West") located in Nye and Esmeralda Counties, Nevada, United States.

The Company is currently in the process of completing its in-fill drilling program at Tonopah West which commenced in mid-July 2024 and consists of 62 drillholes within the shallow southern portion of the Bermuda-Merten vein group ("DPB South") resource area (the "M&I Conversion Area") with a goal to convert up to 1.0-million tonnes of material from inferred mineral resources to measured and indicated mineral resources (the "M&I Conversion Program"). The M&I Conversion Area represents the initial years of production based on the mine plan laid out in the Company's Preliminary Economic Assessment on Tonopah West (see September 4, 2024 news release).

Andrew Pollard, the Company's President and Chief Executive Officer, stated: "Additional results from our M&I Conversion Program continue to validate our model, supporting mineral continuity as we track and define the geometry of the high-grade shoots within the vein system. Today's results, coupled with results previously announced from this same program, highlight that broader intercepts are associated with higher-than-average grades which should be beneficial in delineating high-grade tonnes. The broad zones of high-grade mineralization encountered in drillhole TXC-138 are a standout for us, as at a composite of 11.46 metres of 514 g/t AgEq (290 g/t Ag & 2.48 g/t Au), this is thickest (composite) zone we've drilled throughout the district outside of the historic Victor mine. As we await the final assays from the M&I Conversion Program, modelling has begun for our upcoming mineral resource update on Tonopah West, currently on track for Q3, 2025."

Table 1: Tonopah West Assay Intercepts using 150 g/t AgEq cut off

Drillhole ID	Hole Type	Program	From (m)	To (m)	Drill Interval (m)	Ag g/t	Au g/t	AgEq g/t
TXC25-125	RC/Core	M&I Conversion	327.97	329.31	1.34	118.21	1.336	238.73
Including			328.27	328.58	0.31	432.00	4.900	874.03
TXC25-126	RC/Core	M&I Conversion	319.61	320.22	0.61	247.80	2.554	478.20
Including			319.92	320.22	0.31	421.00	4.380	816.12
TXC25-127	RC/Core	M&I Conversion	230.22	230.73	0.52	66.14	0.964	153.10
TXC25-128	RC/Core	M&I Conversion	300.81	302.21	1.40	244.83	2.070	431.56
TXC25-128	RC/Core	M&I Conversion	348.14	348.75	0.61	300.50	3.030	573.84
TXC25-128	RC/Core	M&I Conversion	427.76	428.46	0.70	129.00	1.360	251.69
TXC25-129	RC/Core	M&I Conversion	307.24	308.15	0.91	155.50	1.322	274.76
TXC25-129	RC/Core	M&I Conversion	323.27	323.88	0.61	65.10	1.140	167.94
TXC25-129	RC/Core	M&I Conversion	344.94	345.55	0.61	237.00	2.520	464.33
TXC25-131	RC/Core	M&I Conversion	319.19	319.80	0.61	292.74	2.480	516.46
Including			319.49	319.80	0.31	584.00	4.940	1,029.64
TXC25-132	RC/Core	M&I Conversion	437.60	438.52	0.92	125.81	1.804	288.55
TXC25-138	RC/Core	M&I Conversion	213.30	213.82	0.52	111.00	0.945	196.25
TXC25-138	RC/Core	M&I Conversion	230.40	234.64	4.24	378.52	3.572	700.75
Including			232.72	233.02	0.31	1,805.00	15.267	3,182.24
TXC25-138	RC/Core	M&I Conversion	236.68	241.86	5.18	328.23	2.528	556.28
Including			238.35	238.66	0.31	1,987.00	15.000	3,340.15
Including			240.03	240.64	0.61	1,037.00	7.510	1,714.48
TXC25-140	RC/Core	M&I Conversion	295.96	296.51	0.55	78.09	1.180	184.54
TXC25-140	RC/Core	M&I Conversion	358.14	358.84	0.70	77.31	0.989	166.53
TXC25-140	RC/Core	M&I Conversion	362.90	363.81	0.91	335.63	3.803	678.70
Including			362.90	363.20	0.30	371.00	4.310	759.81
TXC25-140	RC/Core	M&I Conversion	378.11	380.09	1.98	95.98	1.215	205.59
Including			379.05	380.09	1.04	136.49	1.787	297.70
AgEq = Ag + Au(Factor); where Factor = (Au Price/Ag Price)(Au Recovery/Ag Recovery or Factor=($1900/$23)*(95%/87%)=90.21; True thickness is 90 to 100% of interval thickness based on the modelled vein geometries; Cut-off grade is 150 gpt AgEq; Reverse Circulation (RC)/Core = RC pre-collar with core tail.

As is evident from Table 1, the highest-grade results are associated with thicker intercepts of quartz vein material. This is similar to previous results seen from the M&I Conversion Program where broader intercepts were encountered, such as: TXC24-095 which returned 5.03 metres of 774.5 g/t AgEq (461.5 g/t Ag and 3.47 g/t Au),¹ TXC24-119 which returned 4.69 metres of 714 g/t AgEq (379.0 g/t Ag and 3.72 g/t Au),² and TXC24-122 which cut 5.21 metres of 563 g/t AgEq (3.02 g/t Au and 292 g/t Ag)³ .This combination of high grade and thickness should have a positive impact on the proposed development of the M&I Conversion Area and the scheduled mineral resource update. Modelling of the M&I Conversion Program drillholes has started and an updated mineral resource estimate on Tonopah West is currently scheduled for Q3 2025.

The geometry of the high-grade silver and gold is sizable with high-grade shoots plunging to the northwest within the M&I Conversion Area. These shoots are open to the northwest, east and open down plunge. TXC25-138 shows high-grade shoots have thicker vein intercepts along the axis of the shoot and multiple high-grade intercepts are being returned under the M&I Conversion Program. Allowing for the 3 metres of internal waste, TXC25-138 would have a drill interval of 11.46 metres grading 290.2 g/t Ag and 2.48 g/t Au or 514.3 g/t AgEq. The thickness of this mineralized shoot is approaching those seen in the historic mining at the Victor and Ohio mines where the Victor vein area was 24 metres thick and the Ohio vein area was 15 metres thick⁴.

Figure 1: Tonopah West project showing NI43-101 resource location and expansion potential

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/251267_df9b5b7fb4827b2a_001full.jpg

Drillholes TXC25-133, -134, -135, and TXC25-136 returned silver and gold assays below the cutoff grade for Table 1. The drillholes returned silver equivalent grades ranging between 100 and 144 g/t AgEq with silver values ranging between 6 to 71 g/t and gold values between 0.51 and 1.34 g/t. There are ten drillholes (TXC25-137, -139, -141, -142, and TXC25-146 to -TXC25-151) with pending assays from the M&I Conversion Program. In addition, seven drillholes are pending assays from the Company's exploration drill program that is targeting expansion potential across a one kilometre trend of vein corridor linking the Denver-Paymaster and Bermuda-Merten vein groups and the Northwest step out resource area at Tonopah West (the "Resource Expansion Program") (see February 24, 2025 news release).

Figure 2 is a plan map showing the location of all the drillholes in the M&I Conversion Program and highlighting those reported in this news release.

Figure 2: Drillhole location map of the M&I Conversion Program showing drillholes reported in this news release.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/251267_df9b5b7fb4827b2a_002full.jpg

Table 2: Tonopah West Drillhole Location Coordinates (based on GPS readings in the field, Datum UTM, NAD 1927, Zone 11)

Hole ID	Area	Type	UTM_NAD27 East	UTM_NAD27 North	Elevation (m)	Depth (ft)	Depth (m)	Azimuth	Dip
TXC25-125	DPB South	RC/Core	477803.70	4213416.77	1772.86	1177.0	358.7	180	-55
TXC25-126	DPB South	RC/Core	477804.02	4213508.86	1767.74	1377.0	419.7	180	-55
TXC25-127	DPB South	RC/Core	477777.73	4213417.95	1771.99	1002.0	305.4	180	-62
TXC25-128	DPB South	RC/Core	477748.86	4213697.90	1767.22	1559.0	475.2	180	-55
TXC25-129	DPB South	RC/Core	477792.34	4213590.24	1769.09	1398.0	426.1	180	-60
TXC25-130	DPB South	RC/Core	477813.05	4213696.50	1768.97	1332.0	406.0	180	-55
TXC25-131	DPB South	RC/Core	477774.72	4213512.62	1767.17	1312.0	399.9	180	-60
TXC25-132	DPB South	RC/Core	477738.29	4213429.15	1768.79	1532.0	467.0	180	-55
TXC25-133	DPB South	RC/Core	478534.92	4213166.73	1803.79	1160.0	353.6	180	-67
TXC25-134	DPB South	RC/Core	478382.37	4213223.62	1798.88	1256.5	383.0	180	-69
TXC25-135	DPB South	RC/Core	478196.91	4213351.05	1782.35	1002.0	305.4	180	-58
TXC25-136	DPB South	RC/Core	477845.60	4213690.57	1770.44	1470.0	448.1	180	-72
TXC25-137	DPB South	RC/Core	477930.70	4213330.78	1776.32	1028.0	313.3	180	-62
TXC25-138	DPB South	RC/Core	477930.70	4213330.04	1776.49	1050.0	320.0	180	-51
TXC25-139	DPB South	RC/Core	477980.65	4213246.52	1778.41	1061.0	323.4	180	-67
TXC25-140	DPB South	RC/Core	477834.09	4213503.16	1768.96	1646.0	501.7	180	-65

Quality Assurance/ Quality Control

All sampling is conducted under the supervision of the Company's project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The RC and core samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded on to American Assay Laboratory's (AAL) flat-bed truck and delivered to AAL's facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company's instructions.

The RC samples are lined out at the lab and logged in to AAL's system. The core samples are cut using core saws and personnel at AAL's facility in Sparks, Nevada according to the Company's instructions delivered with each core hole.

All samples are dried, crushed to 85% passing 10 mesh (2mm) and a 250-gram sub-sample split is collected and pulverized to 200 mesh (74 micron) in a ring and puck pulverizer. Then the pulverized material is digested and analyzed for gold using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split (FA-PB30-ICP). Silver is determined using five-acid digestion and ICP analysis (ICP-5AM48). Over limits for gold and silver are determined using a gravimetric finish (GRAVAU30 and GRAVAG30). Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or a certified reference material approximately every 15th to 20th sample.

Qualified Persons

Blackrock's exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Howald has reviewed and approved the contents of this news release.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-Looking statements in this news release relate to, among other things: the Company's strategic plans; the timing of completion of the Company's drill programs at Tonopah West and the anticipated objectives and results therefrom; the incorporation of the results from the M&I Conversion Program in an updated mineral resource estimate on Tonopah West and the anticipated timing of release thereof; the Company's de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.

These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption "Risks Factors" in the Company's most recent Annual Information Form.

Forward-Looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information, Contact:

Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com

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"Bruce A MacLachlan"	"David B Graham"
Bruce MacLachlan	David Graham
President and COO	CEO

Direct line: (705) 266-0847

Email: bruce@boldventuresinc.com

CLEARY ZONE - Drilled 70m SW of GS2421
Hole	Depth	Dip	Azimuth	From	To	Interval	Au
Number	Depth	Dip	Azimuth	(m)	(m)	(m)	g/t
GS2434	550.8	-90	0	319.1	380.1	61	1.84
				410.2	428.9	18.7	1.6
				453	465.4	12.4	1.48

DOLPHIN ZONE
Hole	Depth	Dip	Azimuth	From	To	Interval	Au
Number	Depth	Dip	Azimuth	(m)	(m)	(m)	g/t
GS2432	788.2	-70	0	138	141.1	3.1	13.3
				188.1	616.6	428.5	0.9
incl				363.3	616.6	253.3	1.17
incl				363.3	407.8	44.5	1.32
incl				486.5	504.7	18.2	6.82
GS2436	652.9	-90	0	121	132.9	11.9	1.6
				256.9	275.2	18.3	0.99
				410.6	440.7	30.1	1.08
				508.1	646.8	138.7	0.9

WOW ZONE
Hole	Depth	Dip	Azimuth	From	To	Interval	Au	Au
Number	Depth	Dip	Azimuth	(m)	(m)	(m)	g/t	Cut to 90g/t
GS2430	639.2	-90	0	121.9	123.7	1.8	23.1
				270.4	316.1	45.7	0.62
				434.9	461.5	26.6	0.66
				491	501.7	10.7	1.79
GS2431	623	-85	0	111.3	120.8	9.5	2.81
				209	238.1	29.1	1.08
				263	289.9	26.9	0.6
				323	350	27	1.94
				407	518	111	1.73
incl				407	439.8	32.8	2.95
incl				430.5	433.6	3.1	22.0
incl				497	518	21	3.49
incl				512	515	3	19.3
				548	561.1	13.1	0.78
GS2433	654	-90	0	482.2	508.8	26.6	0.82
				523.8	530.1	6.3	4.19
GS2435	653	-85	0	98	155	57	1.07
				196.5	215	18.5	1.17
				254	470	216	1.01
incl				254	317	63	1.43
				558.5	559.8	1.3	20.4

Hole	Depth	Dip	Azimuth	From	To	Interval	Au	Au
Number				(m)	(m)	(m)	g/t	Cut to 90g/t
GS2437	609	-85	0	69.8	102	32.2	0.85
				268.8	293.8	25	1.39
				326.6	344.4	17.8	1.37
				396	416.6	20.6	6.84	5.85
incl				398.6	399.4	0.8	115.5
				498	501	3	43.8

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David Southam Executive Chair T: +61 8 6118 1627 E: info@cygnusmetals.com	Ernest Mast President & Managing Director T: +1 647 921 0501 E: info@cygnusmetals.com	Media: Paul Armstrong Read Corporate T: +61 8 9388 1474

Hole ID	X	Y	Z	Azi	Dip	Depth (m)	From (m)	To (m)	Interval (m)	Cu (%)	Ag (g/t)	Au (g/t)	AuEq (g/t)
LDR-25-06	549560	5525483	375	215	-51	474.0	Pending Assays
LDR-25-07	549453	5525313	375	215	-55	261.0	Pending Assays
LDR-25-08	549524	5525441	375	246	-57	516.0	405.6	413.1	7.4	0.9	5.6	4.6	5.7
						including	409.0	412.1	3.1	1.6	10.0	7.4	9.6
							463.8	466.7	2.9	1.4	3.3	8.3	10.2
						including	463.8	465.2	1.4	2.3	5.7	15.8	18.9
						including	464.2	464.6	0.4	7.2	18.0	51.3	60.8
LDR-25-09	549445	5525319	375	238	-54	252.0	Pending Assays
LDR-25-10	549489	5525229	375	220	-60	237.0	Pending Assays

Deposit	Category	Tonnes (k)	Cu Grade (%)	Au Grade (g/t)	Cu Metal (kt)	Au Metal (koz)	CuEq Grade (%)
Corner Bay (2022)	Indicated	2,700	2.7	0.3	71	22	2.9
Corner Bay (2022)	Inferred	5,900	3.4	0.3	201	51	3.6
Devlin (2022)	Measured	120	2.7	0.3	3	1	2.9
	Indicated	660	2.1	0.2	14	4	2.3
	Measured & Indicated	780	2.2	0.2	17	5	2.4
	Inferred	480	1.8	0.2	9	3	2.0
Joe Mann (2022)	Inferred	610	0.2	6.8	1	133	5.5
Cedar Bay (2018)	Indicated	130	1.6	9.4	2	39	8.9
Cedar Bay (2018)	Inferred	230	2.1	8.3	5	61	8.5
Total	Measured & Indicated	3,600	2.5	0.6	90	66	3.0
Total	Inferred	7,200	3.0	1.1	216	248	3.8

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	All drilling conducted by Cygnus Metals at the Chibougamau Project was completed under the supervision of a registered professional geologist as a Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting. All Cygnus drilling reported is NQ size (47.8 mm diameter).
	Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used.	All sample collection, core logging, and specific gravity determinations were completed by Cygnus Metals under the supervision of a professionally qualified registered geologist. NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves. Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag. QA/QC is done in house by Cygnus Metals geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed. The samples are then placed in bags for shipment to the offsite laboratory's facility. The remaining half of the core is retained and incorporated into Cygnus's secure, core library located on the property.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard' work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database. Sampling practice is considered to be appropriate to the geology and style of mineralisation.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory. Drilling was conducted using NQ core size. Directional surveys have been taken at 50m intervals.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval. Overall, the core recoveries are excellent in the Chibougamau area. As a result, no bias exists.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Geological logging of core is qualitative and descriptive in nature.
	The total length and percentage of the relevant intersections logged.	100% of the core has been logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	The NQ diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist. Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries. This sampling technique is industry standard and deemed appropriate. Samples sizes are considered appropriate to grain size of the materials being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd ("BV") in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C. Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm. Samples are fire assayed for gold (Au) (50 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo). Samples with visible gold or likely to have gold grains are analysed with metallic screen fire assay. Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 50 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	None used.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	At Bureau Veritas, laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Verification of sampling was made by Cygnus Metals and other professional consultant geologists.
	The use of twinned holes.	No hole is twinned.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All logging data was completed, core marked up, logging and sampling data was entered directly into the database. The logged data is stored on the site server directly.
	Discuss any adjustment to assay data.	There was no adjustment to the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	The location of the drill holes and the aiming points for the orientation of the drill holes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model "GPSmap 62s" (4m accuracy). Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole.
	Specification of the grid system used.	The grid system used is UTM NAD83 (Zone 18).
	Quality and adequacy of topographic control.	A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes, which is considered to provide an adequate level of topographic control.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The drill spacing for recent drilling is considered appropriate for this type of exploration. Due to the historic nature and mix of underground and surface drilling the drill hole spacing for historic drill results is highly variable.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	No resource estimation is made.
	Whether sample compositing has been applied.	No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Recent drilling is orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation. Due to the historic nature of the drilling the drill hole orientation for historic drill results is highly variable.
Orientation of data in relation to geological structure	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No bias is considered to have been introduced by the existing sampling orientation.
Sample security	The measures taken to ensure sample security.	Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews of sampling techniques or data have been undertaken, therefore information on audits or reviews is not yet available.

Presentation	Ticker(s)
Northern Superior Resources Inc.	(OTCQB: NSUPF \| TSXV: SUP)
Luca Mining Corp.	(OTCQX: LUCMF \| TSXV: LUCA)
Castille Resources Limited	(OTCQB: CLRSF \| ASX: CST)
Sun Summit Minerals Corp.	(OTCQB: SMREF \| TSXV: SMN)
Amex Exploration Inc.	(OTCQX: AMXEF \| TSXV: AMX)
Ucore Rare Metals, Inc.	(OTCQX: UURAF \| TSXV: UCU)
Kootenay Silver Inc.	(OTCQX: KOOYF \| TSXV: KTN)
Camino Minerals Corp.	(Pink: CAMZF \| TSXV: COR)
Precipitate Gold Corp.	(OTCQB: PREIF \| TSXV: PRG)
Callinex Mines Ltd.	(OTCQX: CLLXF \| TSXV: CNX)

Presentation	Ticker(s)
Canada Nickel Company Inc.	(OTCQX: CNIKF\| TSXV: CNC)
Anfield Energy Inc.	(OTCQB: ANLDF \| TSXV: AEC)
Newcore Gold Ltd.	(OTCQX: NCAUF \| TSXV: NCAU)
Empire Metals Ltd.	(OTCQB: EPMLF \| AIM: EEE)
Cerrado Gold Inc.	(OTCQX: CRDOF \| TSXV: CERT)
Silver Tiger Metals Inc.	(OTCQX: SLVTF \| TSXV: SLVR)
Horizon Copper Corp.	(OTCQX: HNCUF \| TSXV: HCU)
Kodiak Copper Corp.	(OTCQB: KDKCF \| TSXV: KDK )
Rua Gold Inc.	(OTCQB: NZAUF \| TSXV: RUA)
DynaResource, Inc.	(OTCQX: DYNR)

Presentation	Ticker(s)
Novo Resources Corp.	(OTCQB: NSRPF \| TSX: NVO)
Ecora Resources PLC	(OTCQX: ECRAF \| TSX: ECOR)
Power Metallic Mines Inc.	(OTCQB: PNPNF \| TSXV: PNPN)

Deadline	Cash Payment	Share Issuance	Exploration Expenditures
Within two (2) business days of the date of the Option Agreement	$25,000	N/A	N/A
On the Effective Date⁽¹⁾	N/A	9.9%⁽²⁾	N/A
On or before the first anniversary of the Effective Date	N/A	14.9%⁽²⁾⁽³⁾	$1,000,000
On or before the second anniversary of the Effective Date	$25,000	19.9%⁽²⁾⁽³⁾	$1,250,000
On or before the third anniversary of the Effective Date	$25,000	19.9%⁽²⁾⁽³⁾	$1,500,000
On or before the fourth anniversary of the Effective Date	$25,000	19.9%⁽²⁾⁽³⁾	$1,750,000
Total	$100,000	19.9%⁽²⁾⁽³⁾	$5,500,000
Notes: "Effective Date" means the date on which Questcorp delivers to the Vendor a copy of the written approval of the Canadian Securities Exchange in respect of the transactions contemplated by the Option Agreement. Issuable within the fifth business day after the applicable date. Expressed as a cumulative total percentage of the undiluted issued and outstanding common shares of Questcorp as of the applicable payment date, and assuming Riverside has not previously disposed of any common shares.

Hole ID	From (m)	To (m)	Interval (m)	Mineral 1	%	Mineral 2	%	Mineral 3	%	Visible Gold (%)	Total Sulphide (%)
LDR-25-09	74.3	74.7	0.4	Pyrite	0.1	Chalcopyrite	0.1				0.2
LDR-25-09	152.65	157.1	4.45	Pyrite	2						2
LDR-25-09	158.5	159.15	0.65	Pyrite	2	Chalcopyrite	0.1	Sphalerite	0.1		2.2
LDR-25-09	159.15	159.75	0.6	Chalcopyrite	0.2	Pyrite	0.1	Sphalerite	0.1		0.4
LDR-25-09	168.85	169.45	0.6	Pyrite	2	Chalcopyrite	0.1				2.1
LDR-25-09	169.45	170.5	1.05	Pyrite	10	Chalcopyrite	0.2				10.2
LDR-25-09	174.15	174.85	0.7	Pyrite	5	Chalcopyrite	1				6
LDR-25-09	174.85	175.25	0.4	Chalcopyrite	1.5	Pyrite	0.1				1.6
LDR-25-09	177	177.5	0.5	Chalcopyrite	1	Pyrite	0.1				1.1
LDR-25-09	188.9	189.3	0.4	Chalcopyrite	3	Pyrite	0.1				3.1
LDR-25-09	190.3	190.7	0.4	Chalcopyrite	0.5	Pyrite	0.1				0.6
LDR-25-09	193.5	194.1	0.6	Chalcopyrite	5	Pyrite	0.1				5.1
LDR-25-09	197.5	198	0.5	Chalcopyrite	1						1
LDR-25-09	204	204.4	0.4	Chalcopyrite	0.5						0.5
LDR-25-09	204.4	204.9	0.5	Chalcopyrite	0.2	Pyrite	0.2	Sphalerite	0.1		0.5
LDR-25-09	204.9	205.4	0.5	Pyrite	10	Chalcopyrite	0.1				10.1
LDR-25-09	205.4	205.9	0.5	Pyrite	5	Chalcopyrite	0.1	Sphalerite	0.1		5.2
LDR-25-09	205.9	206.55	0.65	Chalcopyrite	3	Pyrite	1	Sphalerite	0.1		4.1
LDR-25-09	208.55	209	0.45	Chalcopyrite	0.5	Pyrite	0.1				0.6
LDR-25-09	209	209.6	0.6	Chalcopyrite	2	Sphalerite	0.2				2.2
LDR-25-09	209.6	210	0.4	Chalcopyrite	7						7
LDR-25-09	210	210.7	0.7	Chalcopyrite	20	Pyrite	20			0.1	40
LDR-25-09	210.7	211.5	0.8	Pyrite	25	Chalcopyrite	2	Stibnite	1		28
LDR-25-09	211.5	212	0.5	Pyrite	2	Chalcopyrite	0.1	Sphalerite	0.1		2.2
LDR-25-09	212	212.9	0.9	Pyrite	4	Chalcopyrite	2	Sphalerite	0.1		6.1
LDR-25-09	214	215	1	Chalcopyrite	0.5	Pyrite	0.2				0.7
LDR-25-09	215	215.8	0.8	Pyrite	4	Chalcopyrite	0.1				4.1
LDR-25-09	220.6	221.3	0.7	Chalcopyrite	1	Pyrite	0.1				1.1
LDR-25-09	222.75	223.3	0.55	Chalcopyrite	3	Pyrite	0.1				3.1
LDR-25-09	226.5	227.1	0.6	Pyrite	2	Chalcopyrite	1				3
LDR-25-09	227.1	228	0.9	Pyrite	20	Chalcopyrite	0.5				20.5
LDR-25-09	228	228.5	0.5	Pyrite	20	Chalcopyrite	8				28
LDR-25-09	228.5	229	0.5	Pyrite	5	Chalcopyrite	0.1				5.1