Pedra Branca Gold Project

Preliminary Metallurgy

Source: NI 43-101 Technical Report (March 16, 2021, QP: Rodrigo Mello, FAusIMM) and SAG Metallurgical Testing Program (2022)

Phase III Exploration Program — In Progress

On April 14, 2026, the Company announced commencement of mobilization for its fully funded Phase III diamond drill program at Pedra Branca. The 5,000-metre program, announced April 14, 2026, comprises diamond drilling across three priority targets over approximately 8 months.

Program scope (as announced April 14, 2026):

• 5,000 metres of diamond drilling (HQ/NQ oriented core) targeting depth extensions and expansions at Queimadas, Mirador, and Igrejinha
• Drilling focus: Queimadas (deep testing below current 201m maximum), with Mirador and Igrejinha planned for depth extensions and southwest expansion
• Induced Polarization (IP) geophysical survey: Initially planned at approximately 14 line-km at Queimadas (April 14, 2026 announcement), mapping sulfide-bearing zones at depth along strike and dip; following encouraging preliminary results the survey is being expanded at Queimadas and extended to the Igrejinha and Mirador targets (see Program Update below)
• Core re-sampling of historical diamond drill holes: Fire assay gold and 33-element ICP-MS geochemistry on three priority targets
• First sample batch assayed (announced June 30, 2026) — see Program Update below; regular exploration updates to continue throughout the program

Funding: The program is valued at approximately C$3.0 million and is fully funded from the C$4.2 million private placement closed March 13, 2026. A concurrent $500,000 debt settlement via 10 million shares at the placement price was also completed at close.

Queimadas is the main host of the 180,000 ounces gold Inferred Mineral Resource (NI 43-101, March 2021, 4.0 Mt @ 1.38 g/t Au, 0.40 g/t cutoff), with previous drilling returning persistent gold mineralization to 201m (FCC019). Mirador and Igrejinha, together holding resource material, have not yet been extensively tested at depth.

Program Update — June 30, 2026

On June 30, 2026, the Company provided an update on the Phase III diamond drilling and induced polarization / resistivity ("IP") survey program:

• Program advancing: Seven holes complete and an eighth in progress, for approximately 1,503 metres of HQ-diameter core
• First sample batch assayed: 677 samples covering the first two completed holes (609 primary core samples accompanied by 23 certified reference standards, 22 field duplicates and 23 blanks), submitted under chain-of-custody to SGS Geosol, an independent accredited laboratory
• Deepest gold intercept identified at Queimadas to date: Hole 26DDQUE001 intersected gold mineralization at ~231 m downhole, assaying 0.5 m at 0.524 g/t Au from 231.0 m (core length, not true width), below the ~201 m maximum depth of previous drilling. Shallow historical holes at Queimadas returned 1.0 m @ 2.86 g/t Au from 46.25 m (FCC001), 0.9 m @ 11.52 g/t Au from 50.3 m (FCC002) and 1.0 m @ 7.13 g/t Au from 50.0 m (FCC003). Assay results for the remaining completed holes are pending
• IP survey providing a rapid exploration method: Preliminary data reveal chargeability responses that appear spatially coincident with the sulphide-bearing zones (predominantly pyrrhotite) logged in the drill core, extending along strike and remaining open in all directions
• New, never-before-tested areas for follow-up: Several chargeability zones to the east of, and parallel to, the known mineralization zone are novel to the exploration team
• Survey being expanded: The IP survey will be expanded at the current Queimadas target and moved to test the Igrejinha and Mirador targets

These observations are based on preliminary field data; data processing and 2D/3D inversion will follow on completion of acquisition and, once reviewed by the Qualified Person, will inform target refinement and subsequent drilling design. Chargeability reflects the sub-surface distribution of sulphide minerals, which are not necessarily gold-bearing; geophysical anomalies represent exploration targets only and require drill testing and laboratory assay to evaluate.

The Pedra Branca Gold Project hosts a NI 43-101 compliant Inferred Mineral Resource of 4.0 million tonnes grading 1.38 g/t gold, containing approximately 180,000 ounces of gold, estimated at a 0.40 g/t gold cut-off grade (technical report effective March 16, 2021; QP: Rodrigo Mello, FAusIMM). An Inferred Mineral Resource has a lower level of confidence than an Indicated Mineral Resource, must not be converted to a Mineral Reserve, does not have demonstrated economic viability, and there is no certainty that all or any part of the Inferred Mineral Resource will be upgraded to a higher category.