Mineral Reserves and Resources

NOTES:

1. Mineral Reserves have an effective date of September 17, 2025. The Qualified Person for the open pit estimates of Parks/Salyer and Cactus West is Gordon Zurowski of AGP Mining Consultants Inc.
2. The Mineral Reserves were estimated in accordance with the CIM Definition Standards for Mineral Resources and Reserves;
3. The Mineral Reserves are supported by an open pit mine plan, based on designs and schedules, guided by relevant optimization procedures. Inputs to that process are:
4. Metal prices of Cu $4.20/lb
   1. Processing costs which are variable and based upon material type, processing destination, copper grade, and copper recovery. Processing costs include a fixed unit cost component of $1.50/t, a net acid consumption cost, and a $0.33/lb cost for refining and selling copper cathode. 
   2. General and administration cost of $0.40/t processed.
   3. Spatially variable royalty costs of 2.50%, 2.54% and 0.00% for Parks/Salyer and 2.54% for Cactus West
   4. Process recoveries which are variable based upon total soluble copper grade (CU-AS + CU-CN).
   5. Open pit geotechnical design criteria from Call and Nicholas Inc.
   6. Open pit mining costs including an escalation factor with pit depth and variable base costs by material type to reflect differing blasting requirements.
5. No allowance for mining dilution or ore loss has been provided in the open pit mining inventories.
6. Ore/Waste delineation in open pit areas was based on a Block Value cut-off of $0/t considering metal prices, recoveries, royalties, process, and G&A costs as per LG shell parameters stated above. 
7. The life-of-mine (LoM) stripping ratio in tons is 3.3.1.
8. All figures are rounded to reflect the relative accuracy of the estimate.   Totals may not sum due to rounding as required by reporting guidelines.

NOTES:

1. Mineral Resources are inclusive of Mineral Reserves.
2. Total soluble copper grades (Cu TSol) are reported using sequential assaying to calculate the soluble copper grade. Leachable material includes oxide and secondary enriched material types. Primary includes Primary Sulfide material. Tons are reported as short tons.
3. Stockpile mineral resource estimates have an effective date of March 1, 2022, Cactus and Parks/Salyer mineral resource estimates have an effective date of September 16, 2025. All mineral resource estimates use a copper price of US$4.20/lb.
4. Technical and economic parameters defining mineral resource conceptual pit shells: mining cost US$2.43/t; G&A US$0.55/t, 10% dilution, and 44°-46° pit slope angle.
5. Technical and economic parameters defining underground mineral resource estimates: mining cost US$27.62/t, G&A US$0.55/t, and 5% dilution. Underground mineral resource estimates are only reported for material located outside of the conceptual open pit mineral resource estimate shells. Designation as open pit or underground mineral resources are conceptual and not indicative of the mining method that may be employed at the mine design stage.
6. Technical and economic parameters defining processing: Oxide heap leach (HL) processing cost of US$2.24/t assuming 86.3% recoveries, enriched HL processing cost of US$2.13/t assuming 90.5% recoveries, sulphide mill processing cost of US$8.50/t assuming 92% recoveries. HL selling cost of US$0.27/lb; Mill selling cost of US$0.62/lb.
7. Royalties of 2.54% applies to the Cactus private lands and an assumed 2.50% applies to state lands. No royalties apply to the Parks/Salyer South (formerly, the MainSpring property).
8. Variable cut-off grades were reported depending on material type, conceptual mining method, potential processing method, and applicable royalties. For Cactus private lands and state lands - Oxide conceptual open pit or underground material = 0.087% or 0.483% TSol respectively; conceptual enriched open pit or underground material = 0.081% or 0.459% TSol respectively; conceptual Primary Sulphide open pit or underground material = 0.197% or 0.600% CuT respectively. For Parks/Salyer South – conceptual Oxide open pit or underground material = 0.085% or 0.471% TSol respectively; enriched open pit or underground material = 0.079% or 0.447% TSol respectively; conceptual Primary Sulphide open pit or underground material = 0.192% or 0.585% CuT respectively. Stockpile cutoff = 0.095% TSol.
9. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing, or other relevant factors. See also more detailed cautionary statements at the end of this press release.
10. The quantity and grade of reported Inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these Inferred mineral resources as an Indicated or Measured mineral resource estimate; it is uncertain if further exploration will result in upgrading Inferred mineral resources to an Indicated or Measured classification. See also more detailed cautionary statements at the end of this press release.
11. Totals may not add up due to rounding.

TABLE 2: Parks/Salyer MRE September 16, 2025. $4.20 Copper Price  

NOTES: refer to TABLE 1

TABLE 3: Cactus West and East MRE September 16, 2025. $4.20 Copper Price

NOTES: refer to TABLE 1

TABLE 4: Stockpile MRE September 16, 2025. $4.20 Copper Price

NOTES: refer to TABLE 1