SISSON PROJECT:
MINERAL RESOURCES & MINERAL RESERVES
MINERAL RESOURCES
Notes:
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1. CIM (2014) definitions were followed for Mineral Resources, as estimated by Philip Geusebroek, M.Sc., P. Geo., SLR Consulting (Canada) Ltd., the independent qualified person. The effective date for the estimate is December 31, 2025.
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2. WO3Eq = WO3% + ((Mo% x NSP_Mo x REC_Mo)/(NSP_WO3 x REC_WO3)).
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3. Mineral Resources are estimated at an NSR cut-off grade of C$12.02/t.
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4. Mineral Resources are estimated using a long-term WO3 price of US$500/MTU, and a long-term Mo price of US$23/lb. Recovery factors are based on a conditional regression formula for WO3, and set to 82% for Mo.
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5. Mineral Resources are constrained within a Whittle shell, generated using the NSR cut-off value.
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6. Bulk density is interpolated into blocks where density sample information is present and set to 2.77 t/m3 outside of the estimated blocks.
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7. Mineral Resources are inclusive of Mineral Reserves.
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8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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9. To meet reasonable prospects for eventual economic extraction, Mineral Resources assume metallurgical recoveries and processing costs to be the same as for Mineral Reserves but use higher long term metal prices to calculate NSR.
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10. Numbers may not add due to rounding.
The QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate.
MINERAL RESERVES
Notes:
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1. The Mineral Reserve estimates were prepared by Robert Gray, P.Eng., the independent Qualified Person, reported using the 2014 CIM Definition Standards, and have an effective date of August 11, 2026.
2. Mineral Reserves utilize the current Mineral Resource Estimate and are defined by the 2026 Feasibility Study life-of-mine open pit design and production schedule.
3. Mineral Reserves are mined tonnes and grade; the reference point is the mill feed at the primary crusher and includes consideration for operational modifying factors such as loss and dilution. Estimated ROM quantities and grade are based on measurements within a 10 m x 10 m x 10 m block, with a variable application of loss & dilution by block, averaging 2.56% over the model at 0% diluting grade, and a 98.76% mining recovery.
4. Mineral Reserves are reported based on a variable (by period) NSR grade cut-off, with an effective LOM cut-off at $16.31/t.
5. NSR grade assumes: US$330/MTU WO3 (Concentrate pricing) and US$20/lb Mo; $0.12/lb WO3 and $3.39/lb Mo offsite costs (transportation, losses, insurance, treatment charges, and smelter costs); variable WO3 metallurgical recovery of [(-3,904.0 x WO3%2) + (869.6 x WO3%) + 34.4] with a maximum of 82% and fixed Mo metallurgical recovery of 82%
6. Numbers have been rounded as required by reporting guidelines -
Factors that may materially affect the Mineral Reserve estimate include changes in metal prices, variations in geological interpretations of mineralization, and updated geotechnical or hydrogeological assumptions. Additionally, changes to operating and capital costs, fluctuations in process plant recoveries, or the inability to maintain necessary environmental permits and social licenses could impact these reserve estimates.
Mineral Resources and Mineral Reserves as reported in the Sisson Tungsten-Molybdenum Project 43-101 Technical Report & Feasibility Study Update, New Brunswick, Canada, effective date September 23, 2026.