CombinedAnalysis of Rock Chip and Soil Sampling Reports for...

CombinedAnalysis of Rock Chip and Soil Sampling Reports for Flicka Lake Project

Summary ofFindings

1. Rock Chip Sampling (First Document):

• 91 rock chip samples were collected across 10 target zones.
• Best results: 24.2 g/t Au and 19.4 g/t Au from Vein #2, and 9.35 g/t Au from Vein #3 in the Flicka Zone.
• Additional sampling 800m west-southwest of the main Flicka Zone identified potential extensions, with a pyritic vein sample returning 0.514 g/t Au.
• Historical results from Troon Ventures confirmed comparable grades, indicating geological continuity and further exploration potential.

1. Soil Sampling (Second Document):

• Conducted in parallel with rock chip sampling, collecting 283 soil samples over a broader area.
• Results highlighted two new gold-rich zones and two copper-rich polymetallic anomalies.
• Best soil assay results included gold grades up to 17.8 g/t Au and copper up to 2420 ppm Cu.
• Soil anomalies correspond well with identified structures, suggesting mineralization continuity and potential drilling targets.

Analysis

Geologicaland Resource Potential

• High Grades and Continuity: Both rock chip and soil assays revealed exceptionally high gold grades, with values well above typical economic thresholds.
• Extension Potential: Sampling west-southwest of the Flicka Zone suggests mineralization extends along the main shear zone.
• Polymetallic Potential: Significant copper anomalies indicate the possibility of a valuable polymetallic deposit, enhancing the project’s economic appeal.
• Favourable Geological Setting: The Flicka Lake project lies in the Tier 1 Meen-Dempster Greenstone Belt, known for its rich orogenic gold and base metal deposits.

CurrentStage and Future Steps

• The project is in the early exploration phase, with no resource estimation or drilling completed yet.
• Further work, including detailed geochemical analysis and drilling, is planned to test identified anomalies and confirm resource potential.

KeyConsiderations for Investors

• Upside Potential: Exceptional gold grades and the discovery of multiple mineralized zones provide significant upside.
• Risks: The project remains in a high-risk exploration phase with unquantified reserves and resources.
• Infrastructure: No details are provided about accessibility or logistical support, which may impact development costs.

1. Resourceand Reserve Assessment

• The current findings indicate high-grade gold mineralization but lack formal resource estimates.
• Geological continuity and extensions along shear zones are promising, requiring drilling to quantify reserves.

2.Feasibility and Costs

• Early exploration results are promising but do not include financial details. Investors should inquire about the budget for the next exploration phases, including drilling and potential metallurgical studies.

3. Revenueand Profitability

• Gold grades (up to 24.2 g/t Au) and copper anomalies are highly competitive.
• Future economic viability depends on resource scale, mining costs, and commodity prices.

4. Timelineand Milestones

• The next milestones include:
  • Receiving full base metal assay results.
  • Evaluating soil and rock chip data to prioritize drilling targets for the 2025 Canadian field season.
• Timelines for resource estimation or feasibility studies are not yet available.

5.Geological and Technical Risks

• The geological setting is favourable, but the project remains high-risk without drilling to confirm grades and resource size.
• Metallurgical studies will be necessary to assess recovery rates for gold and copper.

6.Infrastructure and Logistics

• Infrastructure details are missing. Investors should verify access to roads, power, water, and transport facilities.

7.Environmental, Social, and Governance (ESG) Factors

• The project is in an early exploration phase, with no major environmental or community risks reported.
• Negotiations with First Nations are ongoing, which could influence permitting.

8.Management and Team

• RMX has demonstrated expertise in exploration but has not yet transitioned the Flicka Lake project to advanced stages.
• Investors should assess the team’s experience in developing similar projects.

9. Financingand Ownership

• RMX owns 100% of the Flicka Lake project but has not disclosed funding details for future exploration.
• Potential funding gaps could lead to equity dilution or delays.

10. Marketand Economic Context

• High gold and copper prices enhance the project's market potential.
• The project's viability depends on sustaining favourable market conditions during development.

11.Competitive Position

• The Flicka Lake project compares favourably to other projects in the region, particularly due to its high grades and proximity to proven deposits (e.g., Golden Patricia Mine).
• The discovery of polymetallic zones adds a competitive edge.

12. ExitStrategy

• RMX has not outlined an exit strategy. Investors should inquire whether the company plans to partner, sell, or develop the project independently.

Conclusion

The Flicka Lake project exhibits strong exploration potential, with ‘bonanza-grade’ gold results and significant copper anomalies. However, as the project is in its early stages, investors should focus on RMX's ability to execute follow-up exploration, secure funding, and manage risks associated with infrastructure and permitting.