Comstock Expanding Partnership with RenFuel

Comstock Expanding Partnership with RenFuel

Comstock Inc. (NYSE: LODE) ("Comstock" and the "Company") today announced advances on amended agreements with RenFuel K2B AB ("RenFuel") involving the development of RenFuel's pre-existing, planned biorefinery project at a pulp and paper mill in Sweden. The amendments also anticipate expanding the scope of the Comstock partnership with RenFuel in the European markets.

These amendments support the liquidation of RenFuel K2B Lignolproduktion AB, a majority owned RenFuel subsidiary originally formed to administer RenFuel's previously planned Swedish biorefinery as part of a joint venture with Preem (the "RenFuel-Preem JV" or the "JV"), thereby better positioning both parties for construction and operation of a larger scale commercial facility based on the joint Comstock-RenFuel technologies throughout Europe, following construction of Comstock's first planned facilities in the Americas. The liquidation of the RenFuel-Preem JV does not alter any of the agreements or terms between Comstock and RenFuel, other than Comstock declining its option to step into the JV. Neither Comstock nor RenFuel have any funding obligations into the JV and are not, in any way, subject to any of the liquidation proceedings.

Sven Löchen, RenFuel's chief executive officer stated, "The subsidiary liquidation is important to streamlining our structure in anticipation of scaling our process together with Comstock's planned facilities, both in the Americas and Europe. We are excited by our partnership and the significantly expanded markets of our joint technologies."

Corrado De Gasperis, Comstock's executive chairman and chief executive officer added, "Comstock has decided to prioritize various opportunities for construction commercial facilities based on joint applications of Comstock's and RenFuel's technologies in the Americas, including an initial 50,000 TPY facility and at least one 1,000,000 TPY facility primarily designed to convert qualified biomass feedstocks into Sustainable Aviation Fuel and Renewable Diesel. This is consistent with all of the ongoing discussions with our strategic and capital partners."

Comstock's proprietary technologies are proven to convert lignocellulosic biomass into Cellulosic Ethanol and proprietary Bioleum biointermediate blends at extraordinary yields exceeding 100 gallons per dry tonne of biomass on a gasoline gallon equivalent basis ("GGE"), and market-leading, extremely low carbon intensity ("CI") scores of 15. Comstock is already using RenFuel's patented catalytic esterification technology to refine its proprietary Bioleum derivatives into Hydrodeoxygenated Bioleum Oil ("HBO"), for use by advanced biofuel refineries in blending with, diversifying, and extending conventional hydroprocessed fat, oil, and grease feedstocks that can simultaneously produce SAF and Renewable Diesel Fuel. Comstock holds the exclusive license to RenFuel's refining technologies in North America, Central America, and South America.

About RenFuel K2B AB

RenFuel innovates technologies that contribute to decarbonization and circularity by effectively turning under-utilized biomass waste and residues into renewable fuels and materials. To learn more, please visit www.renfuel.se .

About Comstock Inc.

Comstock Inc. (NYSE: LODE) commercializes innovative technologies that contribute to global decarbonization by efficiently converting under-utilized natural resources, primarily, woody biomass into net zero renewable fuels, end-of-life metal extraction, and generative AI-enabled advanced materials synthesis and mineral discovery. To learn more, please visit www.comstock.inc .

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter , LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

CONTACTS:
For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Comstock Inc., Zach Spencer
Tel (775) 847-7532
questions@comstockinc.com

Forward Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuers.


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Comstock Inc.

Comstock Inc.

Comstock Mining Inc. (NYSE: LODE) (the 'Company') is an emerging innovator and leader in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products. To learn more, please visit www.comstockmining.com. In 2021 Comstock was included in the Russell Microcap(R) Index. Membership in the Russell Microcap(R) Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Allied Critical Metals Expands Santa Helena Breccia in Borralha with Long Tungsten Intercepts and Confirms High-Grade Trend

Allied Critical Metals Expands Santa Helena Breccia in Borralha with Long Tungsten Intercepts and Confirms High-Grade Trend

Highlights:

  • The latest drill results build on Bo_RC_14/25 drill hole (previously released as 12.0 metres @ 4.27% WO₃ from 252.0 metres, incl. 6.0 metres @ 8.39% WO₃ from 252.0 metres) and collectively suggests a larger and higher-grade Breccia complex than previously modeled.
  • Bo_RC_17/25 results included 100.0 metres @ 0.21% WO₃ from 52.0 metres, including
    • 32.0 metres @ 0.33% WO₃ (MF 10.6 m%) from 92.0 metres, including
    • 14.0 metres @ 0.52% WO₃ (MF 5.2 m%) from 106.0 metres, including
    • 6.0 metres @ 0.74% WO₃ (MF 4.4 m%) from 110.0 metres
      South infill drill hole confirms bulk-mineable medium-grade core with well-defined high-grade corridors.
  • Bo_RC_15/25 results included 2.0 metres @ 0.97% WO₃ from 164.0 metres
    South-west deep step-out drill hole with a high-grade intersection consistent with previously reported Bo_RC_14/25 drill hole.
  • Bo_RC_22/25 results included 64.0 metres @ 0.12% WO₃ from 284.0 metres, including
    • 16.0 metres @ 0.21% WO₃ from 316.0 metres
      New northern deep lode opens a new northern vector for resource growth.

Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) ("Allied" or the "Company"), which is focused on its 100% owned past producing Borralha and Vila Verde tungsten projects in northern Portugal, is pleased to announce additional significant assay results from its ongoing 4,200 metres reverse circulation (RC) drilling campaign at its Borralha Tungsten Project. The latest results from drill holes Bo_RC_1525, Bo_RC_1725, and Bo_RC_2225 extend mineralization both west and north of the previously announced Bo_RC_1425 high-grade intercept, reinforcing that the Santa Helena Breccia within the Borralha Project is emerging as a larger and higher-grade orebody than previously modeled. The Company will commence an additional fully funded 1,528 metre drilling in the fourth quarter of 2025 to build off the drilling success in July.

The results are especially timely as tungsten price has now reached a new high of U.S.$550/MTU, which is an increase of more than 40% over the past four months as demand for the critical mineral increases in the face of further supply chain restrictions from non-Western countries [Source: FastMarkets].

Roy Bonnell, CEO & Director of Allied, commented: "These thick, continuous intervals in the central-south and the new northern deep lode materially expand the working envelope at the Santa Helena Breccia in Borralha. Together with the previously reported ultra-high-grade intercept in Bo_RC_14/25, we see clear evidence of a system that is both bigger and better than we initially assumed. This is exactly the kind of data we want feeding into the upcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA). Moreover, the results demonstrate the potential of Borralha as a key strategic, safe, and secure source of tungsten for Portugal, the EU and NATO."

João Barros, President & COO of Allied, stated: "Tungsten is recognized by the European Union as both a critical and strategic raw material under the CRMA. With Europe producing less than 3% of its annual needs and facing increasing Chinese export restrictions, the Borralha Project represents a vital opportunity to strengthen secure, Western-aligned supply chains. Our work directly supports the EU target of sourcing at least 10% of its critical raw materials domestically by 2030, while reinforcing Portugal's role as a key contributor to Europe's strategic independence. "

General (Ret.) James A. "Spider" Marks, Director of the Company's U.S. subsidiary, stated: "Expanding the mineral resource at the Borralha Project is an essential next step in path to fulfilling the immense need in Portugal, the EU, NATO and the United States for tungsten powders, concentrates and other byproducts. The U.S. and NATO defense military complexes are dependent on tungsten. Without domestic supply of tungsten, the Borralha Project becomes a very important piece to the critical mineral supply chains for the United States and NATO."

These latest drilling results are highly significant because they combine both scale and grade. The long intercepts at 0.21-0.33% WO₃ in Bo_RC_17/25 are particularly meaningful in wolframite systems. In addition, the drilling program is clearly growing the footprint of the Breccia complex. The Bo_RC_22/25 delineates a northern deep lode, while Bo_RC_15/25 ties the west-deep high-grade corridor back to the main body-both lines of evidence supporting a larger Santa Helena Breccia, the principal mineralized body at Borralha Project.

Table 1 - Drill Hole Collar Locations

Drill Hole ID Coordinates (WGS84) Az.(º) Dip.(º) PFD (m) DEPTH (m)
Bo_RC_14/25 585445 4611405 109 80 250 264.00
Bo_RC_15/25 585347 4611368 109 70 300 255.00
Bo_RC_16/25 585406 4611329 105 60 240 251.00
Bo_RC_17/25 585426 4611295 109 75 250 255.00
Bo_RC_18/25 585461 4611431 109 75 300 241.00
Bo_RC_19/25 585470 4611493 109 82 350 247.00
Bo_RC_21/25 585484 4611552 109 85 400 370.00
Bo_RC_22/25 585484 4611552 109 70 360 375.00
Bo_RC_26/25 585586 4611449 289 60 400 287.00

Table 2 - Drill Hole Interval Highlights

Drill Hole ID From (m) To (m) DH length (m) [1] True factor [1] True Width (m) [1] WO3 (%)
Bo_RC_14/25 52.0 64.0 12.0 tbd [2] - [2] 4.27
incl. 52.0 58.0 6.0 tbd [2] - [2] 8.39
Bo_RC_15/25 164.0 166.0 2.0 0.88 1.8 0.97
Bo_RC_17/25 52.0 152.0 100.0 0.90 89.9 0.21
incl. 92.0 124.0 32.0 0.90 28.8 0.33
incl. 106.0 120.0 14.0 0.90 12.6 0.52
incl. 110.0 116.0 6.0 0.90 5.4 0.74
Bo_RC_22/25 284.0 348.0 64.0 tbd [2] - [2] 0.12
incl. 316.0 332.0 16.0 tbd [2] - [2] 0.21

Notes: [1] Reported intervals are downhole lengths. Estimated true widths were calculated from hole orientation and the interpreted geometry of the mineralized corridors. Estimates may vary locally where geometry changes. Where intervals fall outside the resource block-model domains, true widths are not estimated and only downhole lengths are reported. [2] True widths are unknown.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/11632/265932_59740f4fd42498c1_001.jpg

Figure 1 – Drill collar plan showing planned holes for the ongoing 5,728 m RC campaign at the Borralha Project. The red outline delineates the main mineralized breccia zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/265932_59740f4fd42498c1_001full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/11632/265932_59740f4fd42498c1_002.jpg

Figure 2 – Geological Cross-Section for hole Bo_RC_17/25.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11632/265932_59740f4fd42498c1_002full.jpg

Geologic Interpretation

The geologic interpretation indicates that the Santa Helena Breccia is expanding: the combination of broad medium-grade intervals and discrete high-grade intercepts points to a larger, better-connected breccia body than previously modeled. Priority vectors for follow-up include the west-dip high-grade trend (Bo_RC_14/25 and Bo_RC_15/25) and the northern wider deep lode (Bo_RC_22/25), which will guide near-term drilling and feed the Q4 2025 MRE and subsequent PEA workstreams.

Next steps

Ongoing drilling continues to target west-deep and northern extensions while tightening spacing across the MRE backbone. Additional assays from completed holes will be released as received and validated. The program remains aligned with the timeline toward an updated MRE (Q4 2025) and PEA thereafter.

Technical Information and Quality Assurance/Quality Control (QA/QC)

Drilling was completed using reverse-circulation (RC). All sample bags were pre-labelled with a unique internal sequence number used consistently for the assay sample and corresponding reject. Sampling was conducted on 2.0 m intervals for analytics. For each 2.0 m interval, two 1.0 m reject samples were also collected as representative splits. Splitting was performed at the rig via a rotary splitter integral to the RC cyclone.

Sampling followed pre-prepared sample lists that recorded downhole metreage, sequence, and the placement of Certified Reference Materials (CRMs) and field duplicates. CRMs were inserted at a rate of 1 in 20 samples (5%) and field duplicates at 1 in 20 samples (5%), arranged so that every 10th sample alternated between a CRM and a duplicate.

Analytical and reject samples were boxed at the drill site and transported by company personnel to the project core/logging facility. Analytical samples were stored on labelled pallets pending direct shipment to ALS's preparation laboratory in Seville, Spain. Pulps and rejects were subsequently stored securely in the project logging room.

At ALS Seville, samples were crushed to 70% passing 2 mm, riffle-split to ~250 g, and pulverized using hardened steel to 85% passing 75 μm. Pulps were shipped to ALS Loughrea (Ireland) for analysis. The primary analytical method was ME-MS81 (lithium borate fusion with ICP-MS finish). Base metals were also reported using ME-4ACD81 (four-acid digestion with ICP-MS finish). Over-limit tungsten results were re-assayed using W-XRF15b (lithium borate fusion with XRF). Analytical results were delivered directly by ALS to the Company via secure electronic transfer.

To the best of the Company's knowledge, no drilling, sampling, recovery, or other factors have been identified that would materially affect the accuracy or reliability of the data referenced herein.

Where reported, metal factor (m·%WO₃) is the product of interval length and grade and is provided as supplemental context only. Primary disclosure remains the reported grade and interval length (and true width where known).

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. Vítor Arezes, BSc, MIMMM (QMR) (Membership Nº. 703197, Vice-President Exploration of Allied Critical Metals, who is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Arezes is not independent of Allied Critical Metals Inc. as he is an officer of the Company.

Understanding Tungsten

To understand tungsten, it is critical to understand the difference between wolframite tungsten mineralization and scheelite tungsten mineralization. Scheelite often reports higher grades (0.3%-1.0% WO₃) but is more costly and complex to process, requiring flotation methods with higher capital and operating expenditures and lower recoveries.i In contrast, wolframite, which is the focus of Allied, can be processed more efficiently using gravity and magnetic separation, resulting in lower costs and higher recoveries, making lower grades (~0.15%-0.25% WO₃) economically viable in wolframite deposits. For example, a wolframite deposit with 0.4% WO₃ over 3 metres can be more profitable than a scheelite deposit with 0.7% WO₃ over the same interval due to lower processing costs and higher recovery rates.ii

In Western exploration drilling, tungsten grades typically range from 0.3% to 1.0% WO₃.iii The cut-off grade for economic viability is generally around 0.1% WO₃, with highly efficient operations able to mine at grades as low as 0.08% WO₃. Skarn deposits, a common deposit type, typically range from 0.34% to 1.4% WO₃, with intercepts of 0.4% WO₃ over 1-5 metres considered very good and 0.7% WO₃ over 1-3 metres considered very high-grade.iv Intercept lengths can range from 0.6 metres to over 100 metres, with longer intercepts at strong grades generally preferred for economic mining.

Published exploration results in Western jurisdictions demonstrate the standards for wolframite, with reported intercepts such as ~9-15 m @ 0.6-0.8% WO₃, ~18 m @ 1.0% WO₃, and typical intervals of 1-5 m @ 0.25-0.5% WO₃. A result like 0.5% WO₃ over 3 metres is generally considered strong within Western tungsten exploration benchmarks, especially for wolframite tungsten mineralization.v

It is also important to recognize that China, Russia, and North Korea control approximately 87% of the world's tungsten supply, using cheap labor and minimal environmental standards in authoritarian regimes. vi As a result, production costs and grades in these countries are not comparable to Western projects, which operate under higher labor, ESG, and energy cost structures. Evaluating projects outside these regions provides a realistic benchmark for what grades and intercepts are economically viable while supporting secure, NATO-aligned supply chains.

For Allied, this context is significant. Wolframite tungsten grades, ranging from 0.2% to 1.0% WO₃ are strong global wolframite benchmark values. The Company's focus on wolframite ensures lower processing costs and higher recoveries, supporting project economics even at lower grades. Allied's operations in secure jurisdictions align with Western critical mineral needs, avoiding geopolitical risks associated with China and Russia while positioning the Company to benefit from growing tungsten demand across defense, aerospace, and electrification sectors. Allied's strong grades, low-cost processing advantages, and secure location position it as a strategic and responsible tungsten exploration company, well placed to support robust project economics in a rising-demand market. vii

*The results and intercepts referenced are drawn from publicly available disclosures of third-party mineral projects and are presented for industry benchmarking and comparison purposes only. Allied has no interests in those projects or entities.

ON BEHALF OF THE BOARD OF DIRECTORS,

"Roy Bonnell"

Roy Bonnell, CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell
Vice President, Corporate Development
Email: daveb@alliedcritical.com
Tel: 403-410-7907
Toll Free: 1-888-221-0915

ABOUT Allied Critical Metals

Allied Critical Metals Inc. (CSE: ACM,OTC:ACMIF) (OTCQB: ACMIF) (FSE: 0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal with advantageous wolframite tungsten mineralization. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China, Russia and North Korea represent approximately 86% of the total global supply and reserves. Tungsten is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please also visit our website at www.alliedcritical.com.

Also visit us at:

LinkedIn: https://www.linkedin.com/company/allied-critical-metals-inc
X: https://x.com/@alliedcritical/
Instagram: https://www.instagram.com/alliedcriticalmetals/

The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking statements", including with respect to the use of proceeds. Wherever possible, words such as "may", "would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "potential for" and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company's management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company's Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company's profile at www.sedarplus.ca ). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and use of proceeds for exploration and development of the Company's mineral projects as described in the Company's Listing Statement, news releases, and corporate presentations. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Listing Statement dated April 23, 2025 and news release dated May 16, 2025, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

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Highlights:

  • Auld Creek hosts an inferred resource contained within two mineralized shoots, Bonanza and Fraternal, which outcrop at surface. Recent drilling has increased the vertical extent of the resource from 160m to 300m and increased the strike length from 350m to 620m. The resource remains open in all directions, with every drill hole intersecting the structure.

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      • Including 5m @ 11.1 g/t AuEq1 (7.0g/t Au & 1.0% Sb)

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      • Including 10m @ 15.3 g/t AuEq1 (5.0g/t Au & 2.4% Sb)

  • Two rigs are currently drilling at Auld Creek, testing the Bonanza shoot in the north and the Fraternal shoot in the south. Surface soil geochemistry has confirmed the system can be traced over a 2.5km strike length.

  • The drilling program at the first Cumberland target, Gallant, has concluded after sixteen drill holes. Initial results were encouraging, identifying three correlated mineralized quartz veins; however, these have not demonstrated continuity on a larger scale due to structural complexity.

  • Regional Program: VRIFY AI modelling has guided target generation for regional exploration work >30km south of Reefton at Bell Hill (refer to Figure 6). Initial surface rock-chip sampling of outcropping quartz veins returned grades of 14.2 g/t and 14.3g/t Au. September 8, 2025

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