Nuvau Minerals

Investor Insight

With its combination of robust resources, permitted infrastructure and significant exploration potential – both for critical minerals and gold – Nuvau Minerals offers exposure to a world-class, highly defined mining district with top-tier infrastructure and a long history of base-metal mining, now complemented by the discovery of gold and a substantial upside still to be realized.

Overview

Nuvau Minerals (TSXV:NMC) is a Canadian metals exploration company dedicated to revitalizing production in Quebec’s Abitibi Greenstone Belt, one of the world’s most prolific mining regions. The company’s flagship Matagami Mining Camp offers an exceptional combination of historical production, district-scale exploration potential and existing infrastructure. Historically, the camp has produced nearly 60 million tons (Mt) of ore over 60 years, primarily zinc and copper, and was last operated by Glencore until June 2022.

While the company’s core focus remains on critical minerals – with the Caber Complex preliminary economic assessment supporting a near-term restart and a robust resource base – recent exploration success has revealed a new dimension: gold. In July 2025, Nuvau drilled its first gold-focused target at Matagami, intersecting visible gold in what appears to be an orogenic lode system close to existing mine workings. This highlights the untapped precious metals potential alongside its established base metals endowment.

Nuvau has an earn-in agreement with Glencore for the Matagami property; the three year earn-in has been completed and the company is working through the final steps of closing the property transfer. With full ownership of the property and an option to acquire the mill, Nuvau is positioned to re-establish Matagami as a multi-metal production hub. Backed by a skilled technical team, strong institutional investors, and the support of local communities and government, Nuvau is on track to deliver near-term production potential while unlocking the district’s broader resource opportunities.

Company Highlights

• Flagship Asset: Matagami Mining Camp – Agreement to acquire 100 percent of the property from Glencore after completing a three-year, $30 million earn-in. The camp has a 60-year operating history with nearly 60 million tons mined across 12 past mines.
• District Scale with Established Infrastructure – Covers over 1,300 sq km with more than 2,400 claims, a fully permitted 3,000-ton-per-day processing facility, rail and road access, and power.
• Robust Economics – The Caber Complex preliminary economic assessment (PEA) outlines a 9.5-year mine life and base-case after-tax NPV (8 percent) of C$115.9 million (C$296.9 million at spot prices), IRR of 20 (base case) to 36 (spot) percent, and low CAPEX due to existing infrastructure.
• Exploration Upside – Multiple high-grade base metal zones (Renaissance, McLeod Extension) and gold anomalies remain open in all directions.
• Gold Exploration Breakthrough – In July 2025, Nuvau launched its maiden gold-focused diamond drill program at Matagami. The very first hole intersected visible gold in an orogenic lode gold system adjacent to the Bracemac McLeod Mine, and assays returned 8.87 g/t Au over 1.05 m, including 16.02 g/t Au over 0.55. Visible gold was observed in three of four orientation holes completed to date, confirming the presence and continuity of the gold-bearing shear zone.

Key Asset

Matagami Mining Camp (Flagship)

The Matagami Mining Camp is Nuvau Minerals’ cornerstone asset, representing a unique combination of large-scale land position, prolific production history and exceptional potential for both base and precious metals. Located in Quebec’s Abitibi Greenstone Belt, one of the most productive mining regions in the world, the camp has produced nearly 60 Mt of ore from 12 past mines over six decades, making it a proven mineral district with established infrastructure and skilled local labor.

Project Highlights

District Scale and Strategic Location

• Covers more than 1,300 sq km and more than 2,500 mineral claims, giving Nuvau a dominant landholding in a Tier 1 mining jurisdiction.
• Excellent year-round access via road, rail and air, with nearby hydroelectric power and water supply.
• Situated near other significant mining operations in the Abitibi, providing opportunities for synergies and potential district-scale consolidation.

World-class Infrastructure

• Fully permitted 3,000 tpd concentrator with two float circuits, maintained in excellent condition by Glencore until its closure in June 2022.
• Existing rail loading facility, core processing facility, administration offices and alternative tailings storage options with no inherited liabilities.
• The Bracemac McLeod mine infrastructure remains in place, with underground development to 1,400-meter depth.

Established Resource Base & Robust Economics

• Caber Complex (Caber, Caber Nord, PD1):
  • Measured and Indicated: 3.36 Mt @ 5.18 percent zinc 1.10 percent copper, 14.3 grams per ton (g/t) silver, 0.16 g/t gold
  • Inferred: 7.32 Mt @ 2.43 percent zinc, 1.28 percent copper, 11.5 g/t silver, 0.09 g/t gold
  • PEA (July 2023): 9.5-year mine life, base-case after-tax NPV (8 percent) C$115.9 million, IRR 20 percent (base case), low initial CAPEX of C$172.3 million due to existing infrastructure.
    
• Bracemac McLeod Mine:
  • Past production: 8.1 Mt @ 6.1 percent zinc, 0.9 percent copper, 24 g/t silver, 0.5 g/t gold
  • Remaining resources in McLeod Deeps and new high-grade McLeod Extension discovery (2023: 16.4 m @ 14.22 percent zinc, 2.72 percent copper).
  • Low-cost restart potential with metallurgy and mine plan well understood.

Exploration Upside

• Over 80 geophysical targets identified in the Northern Domain alone.
• Multiple high-grade volcanogenic massive sulphide (VMS) systems, including the Renaissance Zone discovery – the first VTEM anomaly drilled by Nuvau, hosting massive and semi-massive sulphides with high-grade precious metals.
• Significant gold potential, including:
  • Visible gold intercept in the first-ever gold-focused drill hole at Matagami, near Bracemac McLeod.
  • Regionally significant gold till anomaly with over 2,000 gold grains per 10 kg sample – potentially the highest recorded in the Abitibi – indicating a nearby source.
• Additional underexplored zones adjacent to historical mines, where lower historical metal prices left mineralized extensions untouched.

Management Team

Steven Bowles – Chair of the Board

Steven Bowles has extensive experience in the mining and metals sector, encompassing private equity investment, project management and operations management. He currently serves as managing director at Nebari Partners. Prior to this role, he was the senior director of investment in natural resources and energy within Investment Quebec’s private equity group. Throughout his career, Bowles has led development teams on numerous large-scale mining projects, guiding them from study phases to construction and commissioning in various regions, including the Canadian Arctic, the Middle East and Latin America. He has been recognized for his outstanding leadership and was awarded the Bedford Canadian Young Mining Leaders Awards.

Peter van Alphen – President, CEO and Director

Peter van Alphen has over 25 years of experience in leadership roles within the mining industry, encompassing all aspects from construction projects to production. Most recently, he served as the chief operating officer at Premier Gold Mines, managing the company’s mining and development endeavors. Prior roles include country manager for Canada at Pan American Silver, vice-president of operations at Tahoe Resources and Lake Shore Gold, and various management positions at FNX Mining in Sudbury, Ontario. Van Alphen holds a Bachelor of Science in mining engineering from the University of the Witwatersrand.

Steve Filipovic – Chief Financial Officer

Steve Filipovic is a chartered professional accountant with more than 23 years of financial management and oversight experience. He was a founding executive team member and chief financial officer at Premier Gold Mines, playing an integral role in transitioning the company from explorer to producer until its acquisition by Equinox Gold in 2021. Prior to that, he served as chief financial officer of Zinifex Canada and was vice-president, finance of Wolfden Resources, until its acquisition by Zinifex in 2007. Filipovic holds an Honours Bachelor of Commerce Degree from Lakehead University and is an ICD.D designated member of the Institute of Corporate Directors.

Gilles Roy – Director of Exploration

Gilles Roy is a highly skilled geologist with over 30 years of experience in mineral exploration across various countries, including Canada, Peru, Chile, Kazakhstan, Australia and Burkina Faso. Specializing in base metal deposits in volcanic host rocks, he spent much of his career at Glencore, leading exploration programs that resulted in the discovery of the McLeod deposit in 2004 and the Bracemac deposit in 2006. Roy holds a Bachelor of Science in geology from Université du Québec à Montréal and is a member of the Ordre des géologues du Québec.

Bastien Fresia – Technical Services Director

Bastien Fresia brings over 15 years of international experience in geology, mine planning, and resource development to Nuvau Minerals, where he serves as technical services director. He previously held senior technical roles at Glencore Zinc, leading multidisciplinary teams and delivering strategic studies across Canada, Burkina Faso, Peru, Bolivia and Kazakhstan. His accomplishments include the discovery of satellite deposit extensions in Matagami and Perkoa, as well as the implementation of technical frameworks that significantly improved business performance in Peru and Kazakhstan.

At Nuvau, Fresia leads the company’s technical planning, integration, and execution. He holds two M.Sc. degrees in Geosciences and an MBA in Strategy and Risk Management, and is a registered professional geologist with the Ordre des Géologues du Québec and a chartered professional (Mining) with the Australasian Institute of Mining and Metallurgy.

Philippe Rio Roberge – Director of Project Development

Philippe Rio Roberge is a project management professional with 19 years of experience in the mining sector. With a strong background from the consultation world, he is specialized in geotechnics, tailings and water management, as well as in project management and construction. He has been involved in multiple feasibility studies for greenfield and brownfield projects and has overseen heavy earthwork construction projects. Roberge has been involved in the full life cycle of mine waste management facilities, from design through permitting and construction to closure and reclamation. While doing so, he has ensured the strategic development and integration of projects in a sensitive environmental and economic context. Philippe holds a degree in civil engineering from Université de Sherbrooke

Christina McCarthy – Director

Christina McCarthy is a geologist with over 15 years of experience in the resource capital markets. She is the former president and CEO of Paycore Minerals, which was acquired by i-80 Gold Corp for a $90 million valuation. Previously, she was vice-president of corporate development for New Oroperu Resources, acquired by Anacortes Mining in 2021. McCarthy also served as director of corporate development for McEwen Mining from 2014 to 2019. She has held various management and board roles, including positions in equity research at Euro Pacific and institutional sales at Haywood Securities. Prior to entering the resource capital markets, she managed exploration programs in Scandinavia for a junior exploration company. McCarthy holds a Bachelor of Science in geology.

Ewan Downie – Director

Ewan Downie is a successful company builder and entrepreneur with over 25 years of experience in the mining industry. He currently serves as the chief executive officer of i-80 Gold. Previously, he was the president and CEO of Premier Gold Mines, and is now serving as non-executive chairman and director of Wolfden Resources, as well as a director of Clean Air Metals. Throughout his career, Downie has been part of several gold and base metal discoveries, earning recognition for his achievements, including being awarded the 2003 Prospectors and Developers Association of Canada’s “Bill Dennis Prospector of The Year.”

Michael Vitton – Director

Michael Vitton served as the executive managing director and head of US equity at BMO Capital Markets, where he was instrumental in originating and executing over US$200 billion worth of public and secondary offerings and M&A transactions across all sectors. In the metals and mining sector, he has been involved in numerous significant deals as a seed investor, lead/co-lead underwriter, or in an M&A capacity. Vitton holds a degree from the University of Michigan Business School and has served as a seat holder on the NYSE, and president of the New York Society of Metals Analysts.

Fariah Mir - Director

Fariah Mir is currently the senior manager, accounting policy & advisory at TD Bank Group. Prior to that, Mir worked as a senior accountant, assurance advisory at Deloitte LLP, and as a senior financial analyst at IAMGOLD Corporation. Mir holds a Bachelor of Commerce, Honours Accounting from York University. She is also a member in good standing with the Chartered Professional Accountants of Ontario.