Finlay Minerals

Investor Insight

Finlay Minerals is a British Columbia-focused exploration company advancing copper, gold and silver projects in the Toodoggone District and Driftwood Corridor. Through earn-in agreements with Freeport-McMoRan on its PIL and ATTY properties, and flow-through financings for its SAY, JJB and Silver Hope properties, the company is fully funded for 2026 and is advancing exploration programs across multiple projects.

Overview

Finlay Minerals (Finlay Minerals (TSXV:FYL,OTCQB:FYMNF) is a Vancouver-based mineral exploration company focused on copper, gold and silver projects in British Columbia. The company’s portfolio includes the PIL, ATTY, SAY, JJB and Silver Hope properties.

The company’s primary focus is the advancement of the PIL and ATTY properties in the Toodoggone District. In 2025, Freeport-McMoRan entered into separate six-year earn-in agreements on both projects, under which Freeport may earn an 80 percent interest by funding an aggregate of up to $35 million in exploration expenditures and making $4.1 million in cash payments to Finlay. Finlay serves as operator of both projects, earning an operator’s fee during the earn-in period.

PIL and ATTY are permitted and drill-ready for the 2026 field season. The properties are road-accessible, located within 20 kilometres of the Sturdee Airstrip, and positioned near the AuRORA discovery and Centerra Gold’s Kemess deposits.

Beyond the Toodoggone, Finlay controls the SAY and JJB properties in the Driftwood Corridor and the Silver Hope property near the former Equity Silver Mine. Together, these projects contain multiple copper, gold and silver exploration targets across British Columbia.

Company Highlights

• Strategic earn-in agreement with Freeport-McMoRan: Freeport may earn an 80 percent interest in the PIL and ATTY projects by funding up to $35 million in exploration expenditures and making $4.1 million in cash payments.
• Fully Funded for 2026: Finlay has an exploration budget of $6.5 million in 2026, with a $4.3 million work program planned for the Toodoggone projects and $2.2 million ready for the SAY, JJB and Silver Hope programs.
• Toodoggone district position: The PIL and ATTY properties comprise 17,249 hectares and are located near the AuRORA discovery and the Kemess deposits.
• Driftwood Corridor exposure: The SAY and JJB properties are located within a 135-kilometre belt of the Stikine Terrane that hosts American Eagle’s NAK, Amarc Resources’ DUKE and Quartz Mountain’s JAKE copper porphyry discoveries.
• Project portfolio across British Columbia: Finlay’s portfolio includes 100 percent owned PIL, ATTY, SAY, JJB and Silver Hope projects, with Freeport holding earn-in rights on PIL and ATTY.
• Experienced technical team: Finlay’s exploration programs are supported by a team with extensive British Columbia exploration experience, including VP Exploration Wade Barnes, co-recipient of the 2016 H.H. “Spud” Huestis Award for the discovery of the Kemess East deposit.
• Strong shareholder alignment: Finlay is debt-free, reports insider ownership of approximately 45.6 percent and has never completed a share consolidation.

Key Projects

PIL Property

The PIL property is a 13,374-hectare copper-gold-molybdenum project located in the Toodoggone District of northern British Columbia. The property hosts multiple copper-gold-molybdenum porphyry and gold-silver epithermal targets and is situated adjacent to the AuRORA discovery area.

Recent drilling by Freeport-McMoRan and Amarc Resources at AuRORA has returned copper-gold-silver mineralization near the PIL claim boundary. Drill holes JP25103 and JP25120 were collared south of the PIL property and returned intervals of copper-gold-silver mineralization.

The PIL property contains kilometre-scale copper-in-soil anomalies, including the Copper Ridge target, a 1.9-kilometre by 1.3-kilometre copper-in-soil anomaly that has not been drill tested. Limited drilling at the 2.5-kilometre by 2-kilometre copper-in-soil anomaly at PIL South intersected 162 metres grading 0.10 percent copper, 0.05 g/t gold, 7.0 g/t silver and 0.18 percent zinc in hole PILS-24-006.

Under the Freeport earn-in agreement, a $3.5 million budget has been approved for 2026, including approximately 2,800 metres of planned drilling. Exploration programs completed in 2025 included airborne magnetic surveys, induced polarization surveys, mapping, and geochemical sampling to support drill targeting.

ATTY

The 3,875-hectare ATTY property is located along the Kemess North Trend between the Kemess deposits and the AuRORA discovery. The project hosts 10 identified porphyry and epithermal targets, including KEM, Wrich and Pyramid. ATTY is permitted and drill-ready, with an approved 2026 exploration budget of $800,000 funded through the Freeport earn-in agreement.

SAY

The 29,105-hectare SAY property is located within Stikine Terrane, along the 135-kilometre Driftwood Corridor. Exploration has identified several targets, including SPUR, SHEL, IFT and OZZY, with geological, geochemical and geophysical characteristics associated with copper porphyry systems. The project is 100 percent owned by Finlay Minerals.

JJB

The 16,427-hectare JJB property is a 100 percent owned, early-stage copper-gold-silver exploration project located approximately 4 kilometres north of SAY. Recent work has identified targets including PAT and the Quin-Squingula trend, where magnetic anomalies and multi-element geochemical signatures support further exploration.

Silver Hope

The 21,322-hectare Silver Hope property surrounds the former Equity Silver Mine in British Columbia. The project hosts the more than 2-kilometre-long Main Trend copper-silver-gold system and multiple targets, including West Porphyry, Equity East, East Trend and Dina East. Silver Hope is currently permitted for drilling and induced polarization surveys.

Management Team

Ilona Barakso Lindsay – President, CEO and Director

Ilona Barakso Lindsay has more than 18 years of experience in the mineral exploration sector, including 15 years with Finlay Minerals, with an emphasis on private and public company management. She is also a director of the Barakso family companies.

Robert F. Brown – Executive Chairman and Director

Robert Brown is a co-founder of Finlay Minerals and a retired professional engineer with more than 40 years of experience in the mining industry. He previously served as vice president of exploration for Great Panther Mining and worked as a geologist with LAC Minerals.

Wade Barnes – Vice President, Exploration

Wade Barnes is a Professional Geoscientist and Qualified Person with more than 20 years of geological experience. He co-received the H.H. “Spud” Huestis Award from AMEBC in 2016 for excellence in prospecting and mineral exploration related to the discovery of the Kemess East deposit.

Susan Flasha – Vice President, Corporate Development

Susan Flasha is a professional geologist with more than 20 years of industry experience. The past 15 years have been in senior management positions, including 10 years with Pretium Resources at the Brucejack Mine.

Gord Steblin – Chief Financial Officer

Gord Steblin has more than 30 years of experience in the mining and exploration industry. He serves as chief financial officer of Finlay Minerals and several other companies in the sector.