Mineral Resources

Cactus Mine Project

Table 1: The Cactus Project MRE (September 16, 2025) $4.20 Copper Price

Material Type	Tons kt	Grade CuT %	Grade Cu Tsol %	Contained Total Cu (k lbs)	Contained Cu Tsol (k lbs)	Contained Total Cu Short Tons	Contained Total Cu Tonnes
Total Leachable	101,500	0.91	0.79	1,853,400	1,605,800	926,700	840,700
Total Primary	29,900	0.42	0.05	251,000	30,200	125,500	113,800
Total Measured	131,400	0.80	0.62	2,104,400	1,636,000	1,052,200	954,500
Total Leachable	658,000	0.48	0.42	6,354,900	5,580,200	3,177,400	2,882,500
Total Primary	353,400	0.36	0.04	2,535,900	270,900	1,268,000	1,150,300
Total Indicated	1,011,400	0.44	0.29	8,890,800	5,851,100	4,445,400	4,032,800
Total Leachable	759,500	0.54	0.47	8,208,300	7,186,000	4,104,200	3,723,200
Total Primary	383,200	0.36	0.04	2,786,900	301,100	1,393,400	1,264,100
Total M&I	1,142,800	0.48	0.33	10,995,200	7,487,100	5,497,600	4,987,300
Total Leachable	95,100	0.40	0.34	760,900	653,400	380,500	345,200
Total Primary	138,400	0.34	0.04	947,100	121,500	473,600	429,600
Total Inferred	233,400	0.37	0.17	1,708,100	774,900	854,100	774,800

NOTES:

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.
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.
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.
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.
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.
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).
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.
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.
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.
Totals may not add up due to rounding.

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

Material Type	Tons kt	Grade CuT %	Grade Cu Tsol %	Contained Total Cu (k lbs)	Contained Cu Tsol (k lbs)	Contained Total Cu Short Tons	Contained Total Cu Tonnes
Total Leachable	46,400	1.07	0.91	996,500.0	842,900	498,300	452,000
Total Primary	11,200	0.53	0.06	119,000.0	13,000	59,500	54,000
Total Measured	57,600	0.97	0.74	1,115,500.0	855,900	557,800	506,000
Total Leachable	406,600	0.58	0.51	4,682,500	4,160,500	2,341,300	2,124,000
Total Primary	49,800	0.51	0.07	506,900	69,000	253,500	229,900
Total Indicated	456,400	0.57	0.46	5,189,400	4,229,500	2,594,700	2,353,900
Total Leachable	453,000	0.63	0.55	5,679,000	5,003,300	2,839,500	2,576,000
Total Primary	61,000	0.51	0.07	626,000	82,000	313,000	284,000
Total M&I	514,100	0.61	0.49	6,304,900	5,085,300	3,152,500	2,859,900
Total Leachable	22,100	0.60	0.54	265,600	239,900	132,800	120,500
Total Primary	1,700	0.84	0.35	28,100	11,800	14,100	12,700
Total Inferred	23,800	0.62	0.53	293,700	251,700	146,900	133,200

NOTES: refer to TABLE 1

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

Material Type	Tons kt	Grade CuT %	Grade Cu Tsol %	Contained Total Cu (k lbs)	Contained Cu Tsol (k lbs)	Contained Total Cu Short Tons	Contained Total Cu Tonnes
Total Leachable	55,100	0.78	0.69	857,000	762,900	428,500	388,700
Total Primary	18,700	0.35	0.05	131,900	17,200	66,000	59,800
Total Measured	73,700	0.67	0.53	988,900	780,100	494,500	448,600
Total Leachable	180,300	0.39	0.33	1,414,900	1,202,200	707,500	641,800
Total Primary	303,600	0.33	0.03	2,029,000	201,900	1,014,500	920,300
Total Indicated	483,900	0.36	0.15	3,443,900	1,404,000	1,722,000	1,562,100
Total Leachable	235,400	0.48	0.42	2,271,900	1,965,000	1,136,000	1,030,500
Total Primary	322,200	0.34	0.03	2,160,900	219,100	1,080,500	980,200
Total M&I	557,600	0.40	0.20	4,432,800	2,184,200	2,216,400	2,010,700
Total Leachable	71,700	0.34	0.29	491,800	410,500	245,900	223,100
Total Primary	136,700	0.34	0.04	919,000	109,700	459,500	416,900
Total Inferred	208,400	0.34	0.12	1,410,800	520,200	705,400	639,900

NOTES: refer to TABLE 1

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

Material Type	Tons kt	Grade CuT %	Grade Cu Tsol %	Contained Total Cu (k lbs)	Contained Cu Tsol (k lbs)	Contained Total Cu Short Tons	Contained Total Cu Tonnes
Total Leachable	71,100	0.18	0.15	257,400	217,600	128,700	116,800
Total Indicated	71,100	0.18	0.15	257,400	217,600	128,700	116,800
Total Leachable	71,100	0.18	0.15	257,400	217,600	128,700	116,800
Total M&I	71,100	0.18	0.15	257,400	217,600	128,700	116,800
Total Leachable	1,200	0.15	0.13	3,600	3,000	1,800	1,600
Total Inferred	1,200	0.15	0.13	3,600	3,000	1,800	1,600

NOTES: refer to TABLE 1

Quality Assurance / Quality Control
Drilling completed on the project between 2020 and 2024 was supervised by on-site ASCU personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.

Scientific and technical information contained herein has been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.