Lundin Mining Announces Updated Share Capital and Voting Rights - January 31, 2023

Overview

Brixton Metals (TSXV:BBB,OTCQB:BBBXF,FRA:8BX1) is a Canadian mineral exploration company focused on silver, copper, gold and critical minerals across North America.

The company is currently transitioning from explorer to developer as it advances its Langis Silver Project in Ontario towards maiden mineral and tailings resource estimates. Thorn, its district-scale project in British Columbia’s Golden Triangle, remains a shared focus with three individual resource estimates expected in Q1 2027

In addition, Brixton Metals is strategically advancing non-core projects through partnerships and option agreements with companies such as Ivanhoe Electric (NYSE American:IE;TSX:IE). These partnerships provide partner-funded exploration, allowing Brixton Metals to retain upside exposure while conserving capital and strengthening its balance sheet. This approach enables the company to focus on high-impact targets while mitigating exploration risk.

Brixton Metals’ management team, led by Chairman & CEO Gary R. Thompson, brings decades of experience in resource exploration, project development, and capital markets. The team’s expertise allows the company to efficiently advance multiple projects while maintaining exposure to a diversified portfolio of metals.

In October 2026, Brixton announced the closing of its option agreement with McKnight Resources AB to acquire a 100 percent interest in the silver-focused Silvergruvan Project in Hällefors Municipality, south-central Sweden. The 1,460-hectare property sits on the western margin of the Bergslagen province. Brixton can exercise the option by issuing C$1.5 million in shares and funding C$3.3 million in exploration, with a 2 percent NSR royalty granted to McKnight upon exercise.

With global demand for copper and critical minerals set to surge over the next 25 years—driven by renewable energy, electrification, and industrial decarbonization—Brixton Metals is well positioned to capitalize on the green revolution. By combining discovery potential at its flagship project, strategic monetization of non-core assets, and disciplined exploration, Brixton Metals is advancing toward its next growth milestones while delivering significant value for investors.

Company Highlights

• High-Grade Silver Project: Langis Silver Project in the historic Cobalt Mining District of Ontario, which combines the past-producing, high-grade Langis and Hudson Bay mines.
• Pipeline Projects: Includes Thorn (BC, Canada), Hog Heaven (Montana, USA) and Atlin Goldfields (BC, Canada), providing diversified exposure to copper, gold and silver.
• Partnerships: Strategic option agreements with tier-one partners BHP and Ivanhoe Electric provide technical validation and fund exploration on non-core projects.
• Shareholder Base: Strategic investors include BHP (approx. 10.4percent) and Ivanhoe Electric.
• Management Expertise: Led by co-founder Gary Thompson, the management team has an average tenure of over 25 years, showing significant stability.
• Fully funded 2026 program: The company closed a C$9.1 million financing in August to ramp up its ongoing drill campaign at the Langis Silver Project to capitalize on record-high silver prices. Brixton also announced a non-brokered flow-through private placement of up to C$6 million in October, with proceeds directed to exploration and drilling at the Thorn and Langis projects.
• Near-term catalyst: Brixton is anticipating a maiden mineral resource estimate on the historic tailings at Langis in Q4 2026, three mineral resource estimate on the Thorn project in Q1 2027, and a maiden mineral resource estimate at Langis in Q2 2027.

Key Projects

Langis Silver Project (Ontario, Canada)

The Langis Silver Project combines the past-producing, high-grade Langis and Hudson Bay mines, which are primary silver-cobalt-nickel brownfield opportunities located in the historic Cobalt Mining District of Ontario, which has a regional production history of over 600 million ounces of silver.

Brixton Metals has actively explored these sites, with drilling at Langis yielding over 220 intervals exceeding 100 g/t silver, including high-grade intercepts such as 15,436 g/t silver and 1.98 percent cobalt between 2016 - 2022. Recent drill results included 20 m of 5,015 g/t silver, including 0.65 m of 89,125 g/t. The projects benefit from year-round road access and proximity to existing infrastructure, including a railway and the Electra Battery Metals cobalt refinery 10 km away.

Project Highlights:

• Historic Mineralization: High-grade silver and cobalt intercepts in historical drilling.
• Strategic Opportunity: Near term cash-flow by reprocessing historic tailings
• Exploration Upside: Property hosts brownfield exploration targets with known mineralization.
• Critical Minerals Exposure: Adds battery metals to Brixton Metals’ diversified portfolio.

Thorn Project (BC, Canada)

The Thorn Project covers approximately 2,945 sq km on the same geological trend as British Columbia’s Golden Triangle, a region renowned for world-class porphyry and epithermal systems. The project hosts porphyry-style alteration with copper, gold, silver, and molybdenum, with significant exploration potential. Its proximity to regional infrastructure and road access reduces logistical challenges and supports accelerated exploration programs.

Project Highlights:

• Camp Creek Corridor: An 80-kilometer-long northeast-southwest trending corridor that hosts multiple underexplored porphyry-style prospects.
• Trapper Target: High-grade gold intercepts demonstrate multiple vein systems with near-term resource potential.
• Catalyst Target: First-ever drilling confirms copper-gold porphyry mineralization, advancing the exploration pipeline.
• Tempest Target: Initial drilling reveals a multiphase porphyry system with copper-gold-silver-molybdenum mineralization and strong hydrothermal alteration.

Hog Heaven Project (Montana, USA)

Located in western Montana, Hog Heaven is a historical silver-gold-copper property with significant porphyry potential. Hog Heaven is currently under an earn-in agreement where Ivanhoe Electric can earn up to 75 percent interest through staged cash payments and exploration expenditures. This arrangement provides funding for exploration while retaining Brixton Metals’ upside exposure.

The property contains multiple mineralized zones, including historical drill targets with notable copper, gold, and silver intercepts. Ivanhoe’s initial drilling has confirmed mineralization and highlighted the project’s potential for large-scale porphyry systems. Brixton retains exposure to exploration success while de-risking development costs.

Project Highlights:

• Option Agreement: Ivanhoe Electric can earn up to 75 percent through US$4.5 million in cash and US$40 million in work over 11 years. US$3.5M cash payments have been made, and approximately US$21 million has been spent on the project to date.
• Mineralization: Historical drilling confirms copper, gold, and silver mineralization across multiple targets.
• Exploration Focus: Targets include porphyry-style and epithermal systems.

Atlin Goldfields Project (British Columbia, Canada)

The Atlin Goldfields Project is located in northwestern British Columbia, an area historically known for placer gold production, offering strong potential for hard-rock gold discoveries.

Exploration at Atlin focused on identifying orogenic and intrusion-related gold targets, with early work confirming mineralization continuity in key areas. The property benefits from proximity to historic mining infrastructure and geology conducive to high-grade gold zones, providing an attractive exploration and growth opportunity.

Project Highlights:

• Historic Production: Located near areas of historic placer gold production, indicating strong geological potential.
• Exploration Targets: Focused on orogenic and intrusion-related gold deposits with high-grade potential.

Management Team

Gary R. Thompson - Chairman and CEO, President, Director

Gary Thompson is a co-founder of Brixton Metals with over 25 years of experience in the resources sector, spanning precious and base metals, oil & gas, and geothermal energy. He has led public companies since 2006 and has held senior roles in both junior and major mining companies, including Newmont Mining, NovaGold Resources, and Encana Corporation. Thompson took Cayley Geothermal public in 2006 through the acquisition of Sierra Geothermal Power and served as CEO until its acquisition by Ram Power in 2010.

Cale Moodie – CFO and Director

Cale Moodie, a co-founder of Brixton Metals, has over 15 years of public markets experience. A CPA and serial entrepreneur, he has served as founder, CEO, CFO, director, and audit committee chair for multiple publicly traded companies on the TSXV and CSE. Moodie holds a Bachelor of Science from UBC and earned his CPA designation while working at KPMG in Vancouver. He has been involved in over $150 million in financings for resource and technology companies.

Michael Rapsch – Vice President, Investor Relations

Michael Rapsch has 20 years of capital markets experience in the resource sector, including senior roles in corporate communications and corporate development. He led investor relations and marketing programs for SilverCrest Mines until its acquisition by First Majestic in 2015, and from 2015 to 2018 managed investor relations for SilverCrest Metals, owner of the Las Chispas silver-gold project in Mexico. In 2019, he founded Cologne Communications, providing investor relations consulting to publicly traded resource companies, and has been instrumental in capital raises and market communications throughout his career.