Summary – 2025 North Island Project PEA
The 2025 PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI43-101”) by Ausenco Engineering Canada ULC (“Ausenco”) in conjunction with an updated mine plan prepared by Moose Mountain Technical Services (“Moose Mountain”) and incorporates the previously announced integrated resource estimate for the North Island Project prepared by Moose Mountain (the “2024 Resource Estimate”). The 2025 PEA also includes an updated Mine Waste Storage Facility (“MWSF”) design prepared by Ausenco and updated metallurgical test work, also overseen by Ausenco. The Company plans to file the complete 2025 PEA report on SEDAR+ at www.sedarplus.ca within 45 days of this press release. The 2025 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the projections described in the 2025 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2025 PEA Economic Sensitivity
An economic analysis was conducted based on spot metal prices (the “Spot Price”) as of February 11, 2025 and assumed no changes to any other modifying factors.
