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    gold investing

    Pure Gold Announces Positive Preliminary Economic Assessment for the Madsen Gold Project

    Written by Investing News Network
    |
    Sep. 14, 2017 08:50AM PST

    Pure Gold Mining Inc. (TSX VENTURE:PGM) (“Pure Gold” or the “Company”) is pleased to announce results of a new Preliminary Economic Assessment (“PEA”) on its 100%-owned Madsen Gold Project (“Madsen”) in the Red Lake mining district of Ontario, Canada. The PEA, based on an updated resource estimate (see news release dated August 2, 2017), shows …

    Pure Gold Mining Inc. (TSX VENTURE:PGM) (“Pure Gold” or the “Company”) is pleased to announce results of a new Preliminary Economic Assessment (“PEA”) on its 100%-owned Madsen Gold Project (“Madsen”) in the Red Lake mining district of Ontario, Canada. The PEA, based on an updated resource estimate (see news release dated August 2, 2017), shows a robust 14-year underground mining operation with highly attractive economics at base case metal prices.
    “With a significantly expanded resource, access to infrastructure, and exceptional growth potential, Madsen is one of the outstanding gold deposits in Canada,” stated Darin Labrenz, President and CEO of Pure Gold. “The completed study provides a measure of these attributes, outlining a long life high margin mine, with low initial capital requirements and a fast timeline to production. In addition, we have identified specific exploration targets and potential optimization opportunities that could further enhance the economics of the project. We look forward to rapidly advancing the Madsen Gold Project to become Ontario’s next gold mine.”
    PEA HIGHLIGHTS
    Base case parameters assume a gold price of US$1,275/oz and an exchange rate (C$ to US$) of 0.80.
    All currencies reported in Canadian dollars unless otherwise specified.
    • Pre-tax NPV5% and IRR of $365 million and 54% respectively with a 2.7 year payback of initial capital
    • After-tax NPV5% and IRR of $258 million and 47% respectively with a 2.8 year payback of initial capital
    • Mine life is of 14 years with a 12 month pre-production period
    • Life of mine (“LOM”) diluted head grade of 10.3 g/t gold
    • Average annual gold production in years 3 through 9 of approximately 75,500 ounces, with peak annual production of approximately 85,000 ounces
    • LOM direct operating cash cost(1) is estimated at US$595 per ounce of gold recovered
    • LOM operating cash cost(1) plus sustaining cost is estimated at US$714 per ounce of gold recovered
    • Pre-production capital cost estimated at $50.9 million which includes a 15% contingency
    • LOM sustaining capital costs estimated at $134.7 million which includes a 5% contingency

    (1) Cash cost includes mining cost, mine-level G&A, mill and refining cost
    The PEA was prepared by Nordmin Engineering Ltd., Mining Services Division of Sudbury, Ontario (“Nordmin”). Nordmin reported on the scoping-level capital costs, operating costs, and project economics associated with the potential development of the Madsen mineral resource.
    The PEA is preliminary in nature and includes inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
    All figures are stated in Canadian Dollars (“C$”) unless otherwise noted. The Technical Report pursuant National Instrument (“NI”) 43-101 guidelines for the Preliminary Economic Assessment will be filed on SEDAR within 45 days.
    PEA OVERVIEW
    PEA Details
    The PEA is based on an underground mining operation utilizing the existing mining, milling, and tailings management infrastructure at Madsen. The existing Madsen portal and ramp are approximately one kilometre from the existing mill, and currently provide ramp access to the top 150 metres of the mine workings. The PEA mine plan includes further development of the ramp to a depth of 1,430 metres to access the mineral resource.
    PEA Parameters

    Assumptions
    Gold PriceUS$1,275/oz
    Exchange Rate (C$ to US$)0.80
    Production Profile
    Total Tonnes Milled3.0 million
    Diluted Head Grade10.3 g/t
    Mine Life13.8 years
    Daily mill commercial throughput600 tpd
    Gold Recovery92%
    Total Gold Ounces Recovered911,497 oz
    Average Annual Gold Production66,109 oz
    Peak Annual Gold Production85,411 oz
    Average Annual Gold Production Years 3 – 975,466 oz
    Operating Costs
    Unit Operating Costs (per tonne processed)
    Mining Costs$155/tonne
    Processing Costs$28/tonne
    G&A$43/tonne
    Average Cash Cost Years 3-9 (1)US$537/oz
    LOM Average Cash Cost(1)US$595/oz
    LOM Cash Cost plus Sustaining CostUS$714/oz
    Capital Requirements
    Pre-production Capital Cost$50.9 million
    Sustaining Capital Cost (Life of Mine)$134.7 million
    Project Economics
    RoyaltiesNone
    Corporate Income Tax / Ontario Mining Tax25% / 10%
    Pre-Tax
    NPV (5% Discount Rate)$365 M
    Internal Rate of Return54%
    Payback Period (years)2.7
    Cumulative Cash Flows$586 M
    Post-Tax
    NPV (5% Discount Rate)$258 M
    Internal Rate of Return47%
    Payback Period (years)2.8
    Cumulative Cash Flows$417 M

    (1) Cash cost includes mining cost, mine-level G&A, mill and refining cost
    PEA Sensitivities

    Gold Price (US$/oz)$1,175$1,225$1,275$1,325$1,375
    Pre-Tax NPV5% (C$mm)$289$327$365$403$442
    After-Tax NPV5% (C$mm)$205$232$258$285$311
    Pre-Tax IRR44%49%54%59%64%
    After-Tax IRR38%42%47%51%56%
    Fx (C$ to US$)
    Base Case US$1,275/oz
    1.151.201.251.301.35
    Pre-Tax NPV5% (C$mm)$287$326$365$405$443
    After-Tax NPV5% (C$mm)$204$231$258$285$312
    Pre-Tax IRR43%48%54%59%65%
    After-Tax IRR38%42%47%51%56%

    Mineral Resource
    The Company’s August 2017 mineral resource estimate forms the basis for the PEA. The resource estimate, prepared by Ginto Consulting Inc. is based upon a database with a cut-off date of April 11, 2017 which contains the results of 14,627 core drill holes. Of those, 13,151 drill holes informed the resource estimate with an overall average spacing of 6.3 metres in the high-grade domains and 9.5 metres in the low-grade domains.
    Mineral Resource Statement for Madsen Gold Project – Effective August 2, 2017*

    Resource ClassificationTonnesGrade
    (Au g/t)
    Contained
    Gold (oz.)
    Indicated5,785,0008.91,648,000
    Inferred587,0009.4178,000
    *Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by changes in environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that may arise subsequent to the effective date. The CIM definitions were followed for the classification of Indicated and Inferred Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated Mineral Resource category. All figures have been rounded to reflect the relative precision of the estimates. Mineral Resources are reported at a cut-off grade of 4.0 g/t gold based on US$1,200 per troy ounce gold and gold metallurgical recoveries of 92 percent.

    Capital Costs
    Pre-production capital costs are estimated at $50.9 million with the majority of the costs associated with mill upgrades as well as ramp and surface development. Additional capital cost requirements include surface installations, a new ventilation system and a dewatering system which will utilize the existing shaft. Pre-production capital will be minimized by utilizing existing infrastructure, including a 600 tonne per day mill with carbon-in-pulp (CIP) circuit and tailings management facility. The existing Madsen portal and ramp will be further developed from its current access of 150 metres, down to a total depth of 1,430 metres. Access development will utilize widened and rehabilitated existing workings where possible.
    Underground mining and haulage is anticipated to be completed by a contract miner using their own equipment, operating 365 days per year. Electrical grid power will provide the power to the project over the life of the mine. The site is currently serviced by 44 kV power.
    LOM sustaining capital costs are estimated at $134.7 million with the majority of the costs associated with ramp development, slashing existing workings, and new access development.

    Capital CostsPre-ProductionSustainingTotal
    Surface Infrastructure$3.5$1.0$4.5
    Mining Infrastructure$14.3$108.6$122.9
    Mobile Equipment$1.6–$1.6
    Ventilation$5.8$11.3$17.1
    Electrical$2.4–$2.4
    Mill and Tailings Management Refurbishment$9.6$2.9$12.5
    Water Management$5.9–$5.9
    Other$1.3$3.3$4.6
    Subtotal$44.3$127.1$171.4
    Contingency %15%5%8%
    Contingency$6.6$7.6$14.2
    Total Capital Costs$50.9$134.7$185.6

    * in C$ millions, numbers may not add due to rounding
    Mining
    The PEA mine plan utilizes a combination of conventional cut & fill and shrinkage mining methods to extract the mineralized material. Mining shapes were created using Mineable Shape Optimizer as part of Datamine Studio 5D Planner, using variable cut-offs from 4.0 to 5.2 g/t, and these were evaluated for mining potential. A mining recovery of 95% and a dilution of 10% has been assumed for retained tonnes forming part of the potential mine plan. Total mineralized material mined over the course of the mine life is 2.99 million tonnes at an average diluted head grade of 10.3 g/t gold. Using an estimated mill recovery of 92%, recovered gold totals 911,497 ounces.
    All ramp and level waste development would be performed by mining contractor using a combination of two boom electric hydraulic drill jumbos, 3.5 cubic-yard bucket LHD’s, 20 tonne haul trucks, scissor lift/bolters and other rubber tired support equipment. Mining will be facilitated by a combination of diesel and battery-powered equipment, with diesel equipment being utilized for upper levels of the mine (above 16 level) and battery-powered equipment utilized for lower levels of the mine. The use of battery-powered equipment in the lower levels of the mine will eliminate emissions associated with the movement of ore and waste and will result in materially reduced ventilation requirements. A mine and mill management team will be employed by the Company and will manage the mining contractor. Total LOM waste development is summarized below.
    LOM Development in PEA Mine Plan

    Waste DevelopmentMetres
    Ramp17,164
    Slash9,781
    Ventilation Raise1,232
    Access Development10,955
    Total39,132

    Processing
    The PEA considers upgrading the existing mill and tailings management facility which have been on care and maintenance since 1999. Mill production of 600 tonnes per day is assumed to be achievable by modernizing controls and instrumentation of the reagent and grinding circuits and installation of new pumps. Mill and tailings dam upgrades, inclusive of contingency, is estimated at $12.5 million, of which $9.6 million is included as a pre-production capital cost item and $2.9 million is sustaining capital.
    The mill consists of a single stage crushing circuit and a two stage grinding circuit followed by cyanide leaching. The leached gold is collected in a CIP circuit which is subsequently stripped using mild caustic and collected on stainless steel mesh cathodes by electrowinning. The product from electrowinning is refined into doré bars in an induction furnace.
    A 92% gold recovery has been used in the cash flow model, based on the historical average recovery rate of the mill when it operated from 1997 to 1999.
    The Company benefits from existing permits, including the Environmental Compliance Approval, which allows for operation of a 1,089 tonne per day mill and CIP circuit with discharge of treated tailings to the existing tailings facility. This permit will require updating due to regulatory changes. Pure Gold is currently undertaking baseline studies focused on optimizing water resource usage, recovery and recycling and this has been used to establish an updated operation general arrangement.
    Operating Costs

    Operating Costs$/t processed$/ozUS$/oz
    Mining Cost$155$511$409
    Processing Cost$28$93$74
    G&A Cost$43$141$112
    Total Cash Cost(1)$227$745$595
    Sustaining Capital$45$148$118
    Cash Cost plus Sustaining Capital$272$892$714

    (1) Cash cost includes mining cost, mine-level G&A, mill and refining cost; numbers may not add due to rounding
    Project Enhancement Opportunities
    The PEA demonstrates that Madsen has the potential to be economically viable. The study also outlines several opportunities for project enhancement. Additional opportunities include:

    • Consideration of mineral resources in satellite deposits Russet South and Fork, to be disclosed in an updated resource estimate targeted for Q4 2017, with an opportunity to improve mine flexibility and potentially increase mill throughput;
    • Potential expansion of the Madsen Mine resource, through application of the Company’s geologic model to target extensions to the known resource;
    • Optimization of mine plan including investigation of potential for mechanized cut and fill and long hole mining, review of ramp sequencing to optimize capital requirements and optimize delivery of higher grade material;
    • Review mill processing rates as well as potential increases to throughput rate under the existing Environmental Compliance Approval which allows for operation of a 1,089 tonnes per day mill and CIP circuit, resulting in an increase in annual gold production;
    • Further metallurgical test work to optimize gold recovery which historically averaged closer to 94%; and
    • Conversion of inferred resources to measured and indicated (no certainty they will be converted)

    Next Steps
    Over the coming months, the Company will be focused on:

    • Completing a detailed Project Development schedule which will provide a critical path to a production decision, including detailed engineering and permitting;
    • Resource definition drilling from the Madsen ramp, designed to test for extensions to the current mineral resource;
    • Exploration drilling from surface with the goal of identifying and extending new zones of gold mineralization close to existing mine infrastructure, including up-dip of the 8 zone and down dip of known mineralization at Russet South
    • Resource modelling of satellite deposits with a goal of releasing an updated mineral resource estimate for Madsen in Q417; and
    • Ongoing environmental baseline work to support the update of existing permits and filing for additional permits that may be required.

    Qualified Persons and 43-101 Disclosure
    Ken Donner, P.Eng., Vice President, Operations for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
    Marc Jutras, P.Eng, of Ginto Consulting Inc., is an independent Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release. Mr. Jutras supervised the preparation of the Mineral Resource estimate with an effective date of August 2, 2017.
    Roy Levesque P.Eng., Sr. Mining Engineer for Nordmin Engineering Ltd., is an independent Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release. Mr. Levesque is responsible for Financial Analysis, Mine Planning, Development and Operating Costs.
    John Folinsbee, P. Eng, of Heads Ore Tails Metallurgical Consulting Inc. is an independent Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release. Mr. Folinsbee is responsible for Mineral Processing and Metallurgy.
    Conference Call and Webcast
    Pure Gold will host a conference call and webcast today, Thursday September 14, 2017 at 10:00 a.m. Eastern Time.
    Pure Gold will provide an overview of the results of the PEA before opening the call to questions from participants. To join the call please dial:

    Toll Free:1-800-319-4610
    Local / International:+1-604-638-5340

    An accompanying webcast is available at https://services.choruscall.ca/links/puregold20170914.html.
    A replay of the teleconference will be available for seven days at 1-604-638-9010, access code 1703.
    ABOUT PURE GOLD
    Our mandate is pure and simple. To dream big. To colour outside the lines. To use smart science and creativity to unlock the next major discovery at the Madsen Gold Project in Red Lake, Ontario. And become Canada’s next iconic gold company.
    Additional information about the Company and its activities may be found on the Company’s website at www.puregoldmining.ca and under the Company’s profile at www.sedar.com.
    ON BEHALF OF THE BOARD
    Darin Labrenz, President & CEO
    All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to Pure Gold within the meaning of applicable securities laws, including, but not limited to statements with respect to those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “planned”, “expect”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “potential”, and similar expressions, or describes a “goal”, or variation of such words and phrases or state that certain actions, events or results “may”, “should”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pure Gold and there is no assurance they will prove to be correct.
    Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Madsen Gold Project; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated June 16, 2017 in the section entitled “Risk Factors”, under Pure Gold’s SEDAR profile at www.sedar.com.
    Although Pure Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pure Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

    Investor inquiries: Pure Gold Mining Inc.
    Adam Buchanan
    Manager, Investor Relations
    604-646-8000
    info@puregoldmining.ca
    www.puregoldmining.ca
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    Hernan Dorado is a fifth-generation miner with over 20 years of experience in mining operations, particularly in Mexico. He was a founding member of Guanajuato Silver, where he served as COO. His expertise includes permitting, community engagement and sustainability practices. He ensures responsible development across Heliostar’s operations.

    Vitalina Lyssoun – Chief Financial Officer (CFO)

    Vitalina Lyssoun is a Chartered Professional Accountant (CPA, CA) with more than 16 years of experience in financial management within the resource sector. She has extensive expertise in public company reporting, compliance and internal controls. Prior to joining Heliostar, she led the corporate accounting function at Gatos Silver. Her experience spans multiple international jurisdictions.

    Stephen Soock – VP Investor Relations & Development

    Stephen Soock has nearly 20 years of experience across mining operations and capital markets. He began his career in technical roles at mine sites before transitioning to equity research, where he spent eight years covering growth-stage mining companies. He is a mining engineer and CFA Charterholder. At Heliostar, he leads investor relations and supports capital markets strategy.

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    Investor Insight

    GoldInxs Mining Corp. (TSXV:INXS, OTCQB: INXGF) provides investors with exposure to early-stage gold-copper exploration in British Columbia, leveraging a portfolio of high-potential projects in Tier 1 jurisdictions, within established gold districts, surrounded by strong regional infrastructure and led by an experienced management team committed to accelerating discovery and delivering shareholder value.

    GoldInxs Mining Corp

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    Overview

    GoldInxs Mining Corp. is a discovery-focused mineral exploration company dedicated to identifying and advancing high-potential copper-gold assets in proven geological belts. The Company's strategy centers on acquiring overlooked and underexplored projects with large-scale potential, applying modern exploration techniques to rapidly evaluate targets and unlock shareholder value through discovery.

    The Company’s. common shares started trading on the TSX Venture Exchange in July 2026 under the symbol INXS, positioning itself to capitalize on favorable copper and gold market fundamentals.

    GoldInxs Mining sample rocks

    Copper demand is forecasted to grow steadily through 2030, with the global copper market expected to expand to over US$340 billion by 2030, driven by electric vehicles, renewable energy and infrastructure growth.

    On the other hand, gold continues to provide a safe-haven hedge against policy risks and market volatility, making GoldInxs’ dual focus on copper and gold particularly compelling for investors.

    The Company’s portfolio is anchored by two priority projects: the Fishpot Project in central British Columbia, interpreted as an emerging, large epithermal system with strong infrastructure access and jurisdiction quality as well as early indications of blackwater-style mineralization, and the non-core Millar Project in the prolific B.C Golden Triangle, a district renowned for world-class discoveries. While surrounding deposits attracted billions of dollars in investment, Fishpot received only sporadic historical exploration despite widespread hydrothermal alteration and numerous anomalous gold, silver and copper results. Artemis Gold’s Blackwater Mine has announced tripling production with an intended $1.56B investment, which sits only 65 km from the Fishpot property.

    Backed by a management team with expertise in exploration, project development and capital markets, GoldInxs is positioned to rapidly advance its assets, deliver near-term exploration catalysts and create shareholder value through discovery and strategic growth.

    Company Highlights

    • Mining-friendly jurisdiction: Projects are in British Columbia, which ranked second in Canada and 20th globally in the 2025 Fraser Institute investment attractiveness rankings.
    • Flagship and district-scale assets: Portfolio is anchored by the flagship Fishpot Project (“Fishpot”) in central B.C., showing strong geological indicators of mineralization, blackwater-style mineralization potential and immense exploration upside potential with only 378 meters of historical drilling. Fishpot is strategically located in the same region as Artemis Gold’s Blackwater Mine and Evolution Mining’s optioned Clisbako property.
    • Clear path to 2026 catalysts: GoldInxs secured a drill permit for an upcoming maiden 2,000-metre drill program at Fishpot, near-term exploration programs are designed to define mineralized systems, outline blackwater-style potential and create shareholder value following the completion of a 3D IP survey and drill targeting.

    Key Projects

    Fishpot Project

    GoldInxs Mining Fishpot Project


    Fistpot property

    The Fishpot Project represents the cornerstone asset within the GoldInxs portfolio. Covering up to 5,500 hectares in Central British Columbia, and located ~95 km north of Quesnel, Fishpot hosts a large hydrothermal alteration system that exhibits many of the geological characteristics observed in major epithermal and intrusion-related gold systems throughout the region. Fishpot encompasses five claim blocks, held under an option to acquire 100 percent subject to a 2 percent NSR, representing a significant exploration opportunity in a highly prospective region.

    Fishpot represents a largely untested hydrothermal mineral system where multiple independent exploration datasets, including gold-silver-copper surface geochemistry, alteration and geology, airborne magnetics, 3D IP chargeability/resistivity and identified epithermal-to-potential-porphyry target environments, are converging to define drill targets, despite only 378 metres of historical drilling across two holes.

    Fishpot is situated within the highly prospective Stikine Terrane and is underlain by Hazelton Group volcanic rocks and intrusive units comparable to those associated with several significant deposits in British Columbia. Extensive quartz-sericite alteration, hydrothermal brecciation, pyrite mineralization and multi-element geochemical anomalies support the interpretation of a robust mineralizing system. Fishpot is strategically positioned near active and historical mining operations, including Artemis Gold’s Blackwater Deposit, Newton Gold Project, Capoose and 3Ts Project, underscoring its large-scale discovery potential. Importantly, based on early-exploration results, Fishpot shares several regional geological characteristics commonly associated with Blackwater-style gold systems, including felsic volcanics, strong alteration, pyrite-rich mineralization and gold-silver geochemical associations. Despite the similarities the Company cannot yet make any formal connections to the surrounding properties, nor can they guarantee that such deposits exist on their ground.

    Fishpot Exploration Technology: GoldInxs advanced its Fishpot targeting program by combining a conventional 3D IP survey with emerging Virtual DRILL™ remote-sensing technology as an additional targeting layer, using multiple geological, geochemical and geophysical datasets to refine and prioritize targets ahead of a planned ~2,000-metre drill program.

    Fishpot Drill Permit & Expansion: GoldInxs has received the required drilling permits and expanded Fishpot to 5,509 hectares, positioning the Company to proceed with its inaugural ~2,000-metre modern drill program on a property that has seen very limited historical drilling, while refining targets through integrated geological, geochemical and geophysical data.

    Despite multiple encouraging exploration indicators, Fishpot has been subjected to only two historic drill holes totaling 378 metres, leaving the broader mineral system largely untested and providing significant leverage to future exploration success.

    Recent exploration completed by GoldInxs generated the highest reported gold value on Fishpot to date, returning up to 5.65 g/t Au from surface sampling, while airborne geophysical surveys identified multiple coincident magnetic and geochemical anomalies that have strengthened the Company's exploration model and target pipeline.

    The 2025 program returned rock samples of up to 5.65 g/t Au, 11.35 g/t Ag and 0.42% Cu, while historical work reportedly returned up to 4.36 g/t Au and 3.2% Cu.

    The property exhibits the potential low-sulphidation epithermal targets at Fishpot North, intermediate-sulphidation signatures at Fishpot East, and a large central magnetic high being evaluated for potential porphyry mineralization at depth. The Company is focused on finalizing drill targeting and preparing for the inaugural diamond drill campaign at Fishpot in the coming months following completion of the IP survey. GoldInxs is preparing to drill-test a 5,509-hectare, largely undrilled hydrothermal system in central British Columbia where high-grade surface gold-silver-copper results, Blackwater-style geological characteristics and multiple coincident geophysical targets have converged to define a portfolio of high-priority exploration targets.

    Management Team

    Nick Michael – President and CEO

    Mr. Michael is a veteran mining executive and technical director with over 37 years of global experience spanning mine development, engineering and operational leadership. His expertise covers the full project lifecycle, including design, construction, technical due diligence and Independent Engineer assignments for institutional investors and project financiers. He also leads CJK Milling, a company focused on reprocessing historical mine waste to recover discarded gold decades ago, when it was less valuable.

    Carlo Rigillo, CPA, Chief Financial Officer

    Mr. Rigillo is an experienced Chartered Professional Accountant with over two decades of experience. He holds a Bachelor of Commerce from the University of Toronto.

    Barry Miller – Executive Chairman and Director

    Mr. Miller brings over 30 years of experience in public markets, including roles as a broker, consultant and financier. He is the founder of GoldInxs and has been actively involved in the resource sector through leadership positions, including as director of Tinova Resources Corp., an exploration company focused on tin and rare earth elements in British Columbia and Alaska.

    Tara Asfour - Vice President, Corporate Development and Communications

    An executive consultant with over 13 years of experience, Tara Asfour holds expertise in corporate development, capital markets, investor relations and strategic communications. She has led strategic financings, partnerships and offtake initiatives within the resource sector through previous corporate development and investor relations roles with multiple publicly listed companies.

    Al Fabbro – Director

    With over three decades of experience spanning both the mining and finance sectors, Mr. Fabbro previously led Yorkton Securities’ retail trading department and was part of its Natural Resources Group. He later served as Lead Director of Roxgold Inc. and currently holds executive leadership roles in the mining industry.

    Darcy Vis, P.Geo. – VP Exploration and Director

    Mr. Vis is an economic geologist with over 17 years of experience in mineral exploration. He has held senior technical roles across multiple exploration companies and is the President of Tripoint Geological Services Ltd. His expertise includes target generation, project evaluation and exploration program execution.

    Stephen Soock, P.Eng., CFA – Director

    Mr. Soock is a mining professional with nearly 20 years of experience spanning both technical operations and capital markets. He currently serves as Vice President, Investor Relations and Development at Heliostar Metals.

    Christopher Kelly, PQS, FCIArb – Director

    Mr. Kelly has over 15 years of experience in construction and natural resources. He holds a BSc in Construction Economics and Management and an MSc in Construction Law and Dispute Resolution, and runs Trachtala Consulting Ltd.

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