Ann: High-grade Gold, Silver & Copper Intercepts at Independence, page-4

Maybe not stellar but the investment case stacks up nicely here as follows......

• High-Grade Resource:

  • Skarn resource: 6.67 g/t Au (Inferred) – significantly higher than nearby producers.
  • Near-surface oxide resource: 0.32–0.40 g/t Au, amenable to heap-leach processing.

• Exploration Upside:

  • New intercepts (e.g., 6.7 g/t Au, 167 g/t Ag, 1.2% Cu) suggest expansion potential beyond current resource.
  • Rebel Peak and North Hill are largely untested and show strong early results.

• Polymetallic Potential:

  • Presence of copper and silver adds value and diversification to the gold resource.

• Tier 1 Jurisdiction:

  • Located in Nevada, adjacent to the Phoenix Mine, with excellent infrastructure and permitting.

• Low-Cost Extraction Potential:

  • Heap-leach processing is cost-effective, especially for oxide gold.

• Upcoming Catalysts:

  • More drill results expected in August 2025.
  • Metallurgical test results pending.
  • Drilling at Rebel Peak could unlock new high-grade zones.