Preliminary Economic Assessment Economics

PEA Results Summary

Table notes:

1. Spot price is based on the CIBC Consensus Gold Price as of close Sep 1, 2026, rounded down to the nearest $100/oz for gold and $1/oz for silver.
2. Cash costs consist of mining costs, processing costs, mine-level G&A, offsite charges, and royalties less by-product credits.
3. All-in sustaining costs (AISC) include cash costs plus sustaining capital, closure costs, and salvage credits.
4. Free cash flow is after-tax cash flow from mine-site operating activities less capital expenditures, including closure costs (net of salvage value).
5. Processing throughput per day can come from run of mine and rehandling from stockpile.
6. Numbers may not add due to rounding.

The economic analysis contained on this webpage is preliminary in nature and is based primarily on Measured and Indicated Mineral Resources totalling 41.7% Measured and 56.5% Indicated respectively, and in part, Inferred Mineral Resources totalling 1.8% Inferred of the proposed mill feed from the Main deposit. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that economic forecasts on which this PEA is based will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The table below lists the breakdown by resource category of the run of mine (“ROM”) mill feed for the PEA life of mine plan.

ROM Mill Feed by Resource Category

Initial Capital Costs: The initial capital expenditures for the Project as integrated by BBA are summarized in the table below, and the capital expenditures to be incurred after the start-up of operations are assigned to sustaining capital and are projected to be covered by operating cash-flows.

Note: Capex increase driven by tailings and water management updates, coarse particle flotation, and royalty buydowns. Contingency is 27.1% of direct + indirect costs.

Sustaining capital: BBA estimates LOM sustaining capital of US$399M (C$539M), which is expected to be funded by operating cash flows. The sustaining capital estimate is primarily for the expansion of the tailing storage facility, mining fleet additions as total material movements increase with depth, and reclamation and closure. The PEA has assumed US$119.5M (C$161.3M) in closure and reclamation costs.

Opex: The estimated Opex for Project is US$14.44/t (C$19.49/t) of mill feed – see below table. BBA and MMTS have estimated the Opex based on first-principles calculation, industry benchmarking, proprietary information and its professional experience.

Royalties: Three Net Smelter Royalties (NSRs) apply to the current Mineral Resource – two 1.0% NSRs and one 1.5% NSR — all included in the 2026 PEA. The Company plans to exercise buydown rights for a total of US$25.9M (C$35M), paid during the initial capital period, leaving a combined NSR burden of 2—2.5% on the Main Deposit.

Qualified Persons:

• Integrating QP and Economic Evaluation: Amanda Fitch, P.Eng., BBA Engineering Ltd.
• Geology: Ron Voordouw, P.Geo., Equity Exploration
• Mineral Resource (Main and Phoenix Deposits): Bahram Bahrami, P.Geo., Equity Exploration
• Metallurgy, Processing: Colin Hardie, P.Eng., BBA Engineering Ltd.
• Mining: Marc Schulte, P.Eng., Moose Mountain Technical Services
• Infrastructure, Tailings and Water Management: Brad Russell, P.Eng., BGC
• Water Treatment: AJ MacDonald, P.Eng., Integrated Sustainability
• Geochemistry: Andrea Samuels, P.Geo., pHase Geochemistry
• Off-site Power and Electrical: Neil Brazier, P.Eng., WN Brazier Associates
• Environmental, Permitting & Community: Rolf Schmitt, P.Geo., ERM

NI 43-101 Technical Report — Preliminary Economic Assessment Update for the Spanish Mountain Gold Project (effective September 20, 2026; dated November 5, 2026)