Nuvau Minerals

Investor Insight

With a 10.6 Mt resource, permitted infrastructure, and a 9.5-year mine plan, the company is positioned for near-term production while its district-scale land package and recent gold discoveries provide exposure to both critical minerals and precious metals in one of Canada’s most prolific mining camps.

Overview

Nuvau Minerals (TSXV:NMC) is a Canadian exploration and development company focused on revitalizing production in one of the world’s most productive mining regions. Its flagship Matagami Mining Camp is a historic base-metal district that produced approximately 60 Mt of ore over roughly 60 years from 12 past mines before operations c eased in June 2022. The company’s strategy centers on leveraging existing infrastructure, known deposits, and district-scale exploration potential to re-establish the camp as a multi-metal production hub.

The company’s strategy is twofold:

1. Advance a near-term restart of base-metal production leveraging existing infrastructure and defined resources.
2. Unlock district-scale exploration potential across both volcanogenic massive sulphide (VMS) systems and newly recognized gold targets.

The Caber Complex underpins the company’s near-term production strategy. Technical studies support a 9.5-year mine life with average annual production of 36 Mlb copper equivalent and total life-of-mine output of 342 Mlb copper equivalent. Sensitivity analysis demonstrates strong leverage to metal prices, with after-tax NPV (8 percent) increasing from C$115.9 million at base-case assumptions to C$296.9 million under spot pricing scenarios.

In parallel, Nuvau is advancing district-wide exploration targeting both volcanogenic massive sulphide systems and newly recognized gold potential. Historical exploration in the camp focused primarily on base metals, leaving gold-bearing structures underexplored. Recent drilling, till sampling and compilation of historical data have confirmed the presence of gold mineralization and highlighted multiple priority targets.

Following completion of the earn-in requirements, the company has submitted notice to finalize the property transfer. With permitted infrastructure, remaining resources at past-producing mines and multiple active exploration fronts, Nuvau is positioned to advance toward production while targeting extension of mine life through continued resource growth.

Company Highlights

• Flagship District Asset — a past producing complex with permitted infrastructure and a large exploration land package hosting multiple past and current exploration successes
• District-Scale Land Position: Covers more than 1,380 sq km in mining-friendly Quebec within the prolific Abitibi Greenstone Belt.
• Established Infrastructure: Permitted, built mine with resources, 3,000 tpd processing facility, and access to existing infrastructure.
• Defined Resource Base: Caber Complex hosts 3.36 Mt measured and indicated and 7.32 Mt inferred resources.
• Strong Economics: July 2023 PEA outlines after-tax NPV (8 percent) of C$115.9 million, IRR of 20.0 percent and initial CAPEX of C$172.3 million.
• Exploration Upside: Extremely large land package with gold and critical metal (copper, zinc, and silver) discovery potential
• Gold Discovery Momentum: Initial drilling intersected 8.87 g/t gold over 1.05 m, including 16.02 g/t over 0.55 m.
• Defined Metal Inventory: Approximately 550 Mlb copper equivalent resource defined across deposits.

Key Asset

Matagami Mining Camp (Flagship)

The Matagami Mining Camp is Nuvau’s cornerstone asset and the foundation of its development and exploration strategy. The district combines a long production history with extensive existing infrastructure and large-scale exploration potential within a single consolidated property. Historic production of approximately 60 Mt from 12 mines confirms the camp’s mineral endowment and operational continuity.

Highlights

• Covers more than 1,380 sq km.
• Approximately 60 Mt mined historically across 12 mines.
• Fully permitted 3,000-tpd concentrator with two float circuits.
• Rail loading facility, administration buildings and processing infrastructure.
• Underground development at Bracemac McLeod to 1,400 m depth.

Caber Complex — Development Project

The Caber Complex is the company’s primary development-stage asset and near-term production driver. It comprises the Caber, Caber North and PD1 deposits, all located within trucking distance of the Matagami concentrator. Existing infrastructure materially reduces capital requirements and supports a clear path to restart.

Bracemac McLeod Mine — Restart Opportunity

Bracemac McLeod is a permitted, past-producing underground mine with remaining resources and developed infrastructure in place. The project offers a potential low-capital restart opportunity supported by known metallurgy and mine design. Recent exploration has identified extensions that could add tonnage close to existing workings.

Renaissance Zone — Emerging Discovery

The Renaissance Zone is a recently discovered volcanogenic massive sulphide system located near the Caber Complex. Drilling completed between 2023 and winter 2025 confirmed massive and semi-massive sulphide mineralization. The discovery validates the company’s geophysical targeting approach and highlights the district’s exploration potential beyond known deposits.

Gold Targets — District Exploration

Nuvau has identified multiple gold targets across the Matagami property through geological compilation, drilling and till sampling. These targets represent the first systematic gold-focused exploration campaign undertaken across the district. Early results confirm gold mineralization and support further follow-up drilling.

Management Team

Steven Bowles — Chair of the Board

Steven Bowles has extensive experience in mining investment, project development and operations. Bowles is managing director at Nebari Partners and previously held senior roles within Investissement Québec. He has led development teams on large-scale mining projects across multiple jurisdictions and is a recipient of the Bedford Canadian Young Mining Leaders Awards.

Peter van Alphen — President, Chief Executive Officer and Director

Peter van Alphen has more than 25 years of experience in mine construction, operations and development. Van Alphen previously served as chief operating officer of Premier Gold Mines and held senior roles with Pan American Silver, Tahoe Resources, Lake Shore Gold and FNX Mining. He holds a mining engineering degree from University of the Witwatersrand.

Steve Filipovic — Chief Financial Officer

Steve Filipovic is a chartered professional accountant with more than 23 years of financial leadership experience. Filipovic was a founding executive and CFO of Premier Gold Mines until its acquisition by Equinox Gold in 2021 and previously served as CFO of Zinifex Canada. He holds an Honours Bachelor of Commerce from Lakehead University.

Gilles Roy — Director of Exploration

Gilles Roy is a geologist with more than 30 years of global exploration experience. Roy spent much of his career with Glencore, where he led programs that resulted in discovery of the McLeod deposit in 2004 and the Bracemac deposit in 2006. He holds a degree in geology from Université du Québec à Montréal.

Bastien Fresia — Technical Services Director

Bastien Fresia has over 15 years of international experience in geology, mine planning and resource development. Fresia previously held senior technical roles with Glencore Zinc and led multidisciplinary teams across Canada, Burkina Faso, Peru, Bolivia and Kazakhstan.

Philippe Rio Roberge — Director of Project Development

Philippe Rio Roberge has 19 years of experience in project management, geotechnics, tailings and water management. Roberge has overseen feasibility studies and construction programs and holds a civil engineering degree from Université de Sherbrooke.

Christina McCarthy — Director

Christina McCarthy is a geologist with more than 15 years of experience in the resource capital markets. McCarthy previously served as president and CEO of Paycore Minerals prior to its acquisition by i-80 Gold and has held senior corporate development and capital markets roles across the sector.

Ewan Downie — Director

Ewan Downie is a mining entrepreneur with more than 25 years of experience. Downie is chief executive officer of i-80 Gold and previously served as president and CEO of Premier Gold Mines. He is also chairman of Wolfden Resources and director of Clean Air Metals.

Michael Vitton — Director

Michael Vitton previously served as executive managing director and head of US equity at BMO Capital Markets, where he originated and executed more than US$200 billion in equity financings and transactions.

Fariah Mir — Director

Fariah Mir is senior manager, accounting policy and advisory at TD Bank Group. Mir previously worked with Deloitte LLP and IAMGOLD Corporation and holds a Bachelor of Commerce from York University.