Form 8-K
8-K — Contango Silver & Gold Inc.
Accession: 0001104659-26-109483
Filed: 2026-09-22
Period: 2026-09-22
CIK: 0001502377
SIC: 1040 (GOLD & SILVER ORES)
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — tm2625571d1_8k.htm (Primary)
EX-23.1 — EXHIBIT 23.1 (tm2625571d1_ex23-1.htm)
EX-99.3 — EXHIBIT 96.1 (tm2625571d1_ex96-1.htm)
EX-99.1 — EXHIBIT 99.1 (tm2625571d1_ex99-1.htm)
EX-99.2 — EXHIBIT 99.2 (tm2625571d1_ex99-2.htm)
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8-K — FORM 8-K
8-K (Primary)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 22, 2026
CONTANGO
SILVER & GOLD INC.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
001-35770
(Commission
File Number)
27-3431051
(I.R.S. Employer
Identification No.)
516 2nd Avenue, Suite 401
Fairbanks, Alaska
(Address of principal executive offices)
99701
(Zip Code)
Registrant’s Telephone Number, including
area code: (907) 888-4273
Not Applicable
(Former name, former address
and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2.):
¨ Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, Par Value $0.01 per share
CTGO
NYSE American LLC
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
On September 22, 2026, Contango Silver &
Gold Inc. (the “Company” or “Contango”) made available a new corporate presentation. A copy of this
presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is available on the Company’s website
at www.contangoore.com.
The Company’s presentation furnished as Exhibit 99.2
to this Current Report contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s
performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in
the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles
(“GAAP”). Reconciliations of these non-GAAP financial measures are not included in the furnished presentation due to
the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate the most directly comparable
GAAP financial measures. In addition, certain of the non-GAAP financial measures have been prepared by Kinross Gold Corporation, the Company’s
partner in, and the manager of, Peak Gold, LLC, a joint venture company in which the Company currently holds a 30% interest, and are based
on International Financial Reporting Standards (“IFRS”) accounting standards and detailed information to which the
Company has not had access to at this time. As a result, the Company is unable to quantify certain amounts that would be required to be
included in the most directly comparable GAAP financial measure without unreasonable efforts.
The information included herein and in Exhibit 99.2
shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, as amended (the “Exchange Act”)
or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act.
Item 8.01 Other Events.
On September 22, 2026,
Contango announced that it had completed its Technical Report Summary, with an effective date of September 11, 2026 (the “TRS”),
on the Kitsault Valley Project (the “Project”) in accordance with the mining property disclosure rules specified
in subpart 1300 of Regulation S-K. A copy of the TRS is filed as Exhibit 96.1 to this Current Report on Form 8-K and is incorporated
herein by reference. A copy of the related press release is filed as Exhibit 99.1 to this Current Report on Form 8-K. The foregoing
description of the TRS does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the TRS attached
hereto as Exhibit 96.1.
Cautionary Note Regarding Mineral Resources
Mineral resources are not
mineral reserves and do not have demonstrated economic viability. No measured mineral resources or mineral reserves are reported for the
Project. The estimate is intended to support continued evaluation of potential underground extraction and does not establish a mine development
decision. Indicated mineral resources have a lower level of confidence than measured mineral resources, and inferred mineral resources
have a lower level of confidence than indicated mineral resources; inferred mineral resources cannot be assumed to be converted to indicated
or measured mineral resources or to mineral reserves, and actual upgrading depends on future drilling, sampling, metallurgical, engineering,
environmental, permitting and economic results and is not assured.
The mineral resource estimate
is subject to material uncertainties including local geological and grade continuity, high-grade sample influence, historical data and
mined-out geometry, density variability, metallurgical response and product quality, mining dimensions and ground conditions, access and
infrastructure requirements, water and waste management, permitting, and commodity-price and operating-cost assumptions.
Cautionary Note Regarding Forward-Looking Statements
Many of the statements included or incorporated
in this Current Report on Form 8-K and the furnished exhibit constitute “forward-looking statements.” In particular,
they include statements relating to future actions, strategies, future operating and financial performance, ability to realize the anticipated
benefits of various transactions and the Company’s future financial results. These forward-looking statements are based on current
expectations and projections about future events. Readers are cautioned that forward-looking statements are not guarantees of future operating
and financial performance or results and involve substantial risks and uncertainties that cannot be predicted or quantified, and, consequently,
the actual performance of the Company may differ materially from that expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, factors described from time to time in the Company’s Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (including the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained
therein).
This Current Report on Form 8-K and the exhibits
thereto contain forward-looking information and forward-looking statements within the meaning of applicable U.S. and Canadian securities
laws (“Forward-looking Statements”). These include statements regarding Contango’s plans and expectations for
its properties and operations, the content within future annual filings, operations in respect of Contango mineral properties and any
benefits of investment in Contango, including the timing and scope of exploration, drilling, development and permitting activities; the
timing and anticipated results of mineral resource estimates, technical studies and related filings; and anticipated production, costs,
capital expenditures and cash flows.
The Forward-looking Statements regarding Contango
are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation
Reform Act of 1995 and applicable safe harbor provisions under Canadian securities laws, in each case to the extent available. The Forward-looking
Statements are based on Contango’s current expectations and includes statements regarding future results of operations, quality
and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions,
strategies or statements about future events or performance (often, but not always, using words such as “expects”, “projects”,
“anticipates”, “plans”, “estimates”, “intends”, “believes”, “forecasts”,
“predicts”, “proposes”, “contemplates”, “aims”, “seeks”, “continues”,
“potential”, “positioned”, “strategy”, “outlook”, “future”, “going forward”,
“designed to”, and similar expressions or other words of similar meaning, and the negatives thereof, or stating that certain
actions, events or results “may”, “might”, “will”, “should”, “would”, or “could”
be taken, or that they are “possible”, “probable”, or “likely” to occur or be achieved). However,
the absence of these words does not mean that the statements are not forward-looking.
Material assumptions underlying the Forward-looking
Statements include the reliability of current mineral resource and mineral reserve estimates; the timely receipt and maintenance of required
permits and approvals; the availability of financing, personnel, contractors and equipment as needed; continued access to transportation
and third-party processing facilities; and the performance of joint venture partners and contractors in accordance with their obligations.
Management considers these assumptions reasonable as of the date of this Current Report on Form 8-K, but they may prove to be incorrect.
Forward-looking Statements are based on current
expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially
from those expressed or implied by the statements. These risks include, but are not limited to: the risks of the exploration and the mining
industry (for example, operational risks in exploring for and developing mineral reserves and mining, transporting and processing ore);
risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections
relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated
minerals; the existence and extent of commercially exploitable minerals in properties acquired by Contango or the Peak Gold JV; ability
to realize the anticipated benefits of the Peak Gold JV; Contango’s limited control over the Peak Gold JV and its reliance on Kinross
and its subsidiaries, including the availability and performance of the Fort Knox processing facilities; potential delays or changes in
plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation
of mineral resources and mineral reserves; the loss of key employees or consultants; health, safety and environmental risks; risks related
to weather and other natural disasters; uncertainties as to the availability and cost of financing; Contango’s ability to service
its indebtedness and comply with financing covenants; Contango’s inability to retain or maintain its relative ownership interest
in the Peak Gold JV; inability to realize expected value from acquisitions and integration risks associated with the acquisition of Dolly
Varden Silver Corporation; inability of Contango’s management team to execute its plans to meet its goals; the extent of disruptions
caused by public health emergencies; and the possibility that government policies may change, political developments may occur or governmental
approvals may be delayed or withheld, including as a result of political or regulatory changes in the United States or Canada or the inability
to obtain or maintain mining permits.
Additional information on these and other factors
which could affect Contango’s operations or financial results is included under “Risk Factors” and elsewhere in Contango’s
most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other filings with the U.S. Securities
and Exchange Commission and applicable Canadian securities regulatory authorities, available on EDGAR and SEDAR+, respectively. Readers
are cautioned not to place undue reliance on Forward-looking Statements, which are not guarantees of future performance and actual results
or developments may differ materially from the projections in the Forward-looking Statements. Forward-looking Statements are based on
the estimates and opinions of management at the time the statements are made and speak only as of the date of this press release, unless
otherwise indicated. Contango does not assume any obligation to publicly update or revise Forward-looking Statements whether as a result
of new information, future events or otherwise, except as required by applicable law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description of Exhibit
23.1
Consent of Dave Larimer, CPG.
96.1
Technical Report Summary, dated September 21, 2026, with an effective date of September 11, 2026.
99.1
Press Release of the Company, dated September 22, 2026.
99.2
Corporate Presentation, dated September 22, 2026.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CONTANGO SILVER & GOLD INC.
Date:
September 22, 2026
By:
/s/ Mike Clark
Name: Mike Clark
Title: Chief Financial Officer and
Secretary
EX-23.1 — EXHIBIT 23.1
EX-23.1
Filename: tm2625571d1_ex23-1.htm · Sequence: 2
Exhibit 23.1
CONSENT OF QUALIFIED PERSON
September 18, 2026
Contango Silver & Gold Inc.
516 2nd
ave., Suite 401
Fairbanks, AK 99701
Re: Kitsault Valley Project Technical Report Summary
and Updated Mineral Resource Estimate 2026, dated 21 September 2026
I, Dave Larimer, CPG, hereby consent to:
1. the use of and reference to my name, qualifications, professional designation, and status as a "qualified person" as defined
in Subpart 1300 of Regulation S-K and National Instrument 43-101;
2. the filing, incorporation by reference, and use of the technical report summary titled "Kitsault Valley Project Technical Report
Summary and Updated Mineral Resource Estimate 2026," dated 21 September 2026, including any amendments or supplements thereto,
in any registration statement, annual report, current report, technical disclosure, press release, investor presentation, or other filing
or disclosure document of Contango Silver & Gold Inc. relating to the Kitsault Valley Project;
3. the use of, reference to, and summarization of the scientific and technical information, conclusions, mineral resource estimates,
interpretations, and recommendations for which I am responsible, including the sections of the technical report summary prepared by me
or under my supervision; and
4. the filing of this consent as an exhibit to any applicable filing made by Contango Silver & Gold Inc. with the United States
Securities and Exchange Commission or applicable Canadian securities regulators.
I confirm that I have reviewed the portions of the technical
report summary and related disclosure for which I am responsible, and that I consent to the disclosure of such information in the form
and context in which it appears.
Respectfully submitted,
18SEP26
Dave Larimer, CPG
Vice President, Exploration
Contango Silver & Gold Inc.
Qualified Person under Subpart 1300 of Regulation S-K and
National Instrument 43-101
516 2nd Ave Suite 401
Fairbanks, AK 99701
907-888-4273
EX-99.3 — EXHIBIT 96.1
EX-99.3
Filename: tm2625571d1_ex96-1.htm · Sequence: 3
Exhibit 96.1
Kitsault Valley Project Technical
Report Summary and updated Mineral Resource Estimate 2026
S-K 1300 Report
Prepared by:
Contango Silver and Gold
516 2nd Ave, Suite 401
Fairbanks, AK 99701
Qualified Person:
Dave Larimer, CPG
21 September 2026
Qualified
Person Statement and Signature
Kitsault Valley Project
Report title: Kitsault Valley Project
Technical Report Summary, and Updated Mineral Resource Estimate 2026
TRS issue date: September 21,
2026
Mineral resource effective date:
September 11, 2026
I, Dave Larimer,
CPG, am Vice President Exploration of Contango Silver & Gold Inc. (the Company). I am an employee of the Company and am not
independent of the registrant.
I am a Certified
Professional Geologist with the American Institute of Professional Geologists, certificate number CPG-11862, and a Certified Professional
Geologist in the State of Alaska, certificate number 115316. Both certifications were awarded in 2016, and currently in good standing
with both. I hold a bachelor’s degree in geology from the University of Colorado Boulder, awarded in 2000. My relevant professional
experience comprises 20 years of geological work, including exploration, advanced exploration, and development-stage project evaluation
for underground and surface mining; metallurgical, geometallurgical, and infrastructure risk integration; and mineral resource and reserve
governance. My areas of specialization include geological modeling, geostatistics, variography, geochemistry, ore control, resource drilling,
exploration targeting, structural interpretation, and database management. On this basis, I meet the definition of a Qualified Person
under 17 CFR 229.1300 for the responsibilities undertaken in this report.
I am the sole Qualified
Person responsible for all sections of this Technical Report Summary (TRS). I prepared or supervised its preparation, reviewed the technical
information and conclusions adopted in it, and accept responsibility for the report, subject to the specific reliance on information
provided by the registrant identified in Chapter 25 pursuant to 17 CFR 229.1302(f).
I personally inspected
the Project on September 14, 2025, and July 21–24, 2026. The nature and scope of those inspections, my data-verification
procedures and any limitations are described in Chapter 9.
The Company supplied
the project database and supporting records. Technical contributions, including Sims Resources’ modeling assistance, metallurgical
specialist review by Jeff Austin of International Metallurgy and Environmental, and market study input for Chapter 16 from Jim Cowley,
are described in Chapter 25 and identified in the report. I retain responsibility for the technical work and conclusions I adopted from
these contributions.
Based on my review
and knowledge, the TRS fairly presents the technical information and conclusions for which I am responsible, together with the material
assumptions, limitations and uncertainties described in the report. My signature below applies to the final TRS identified above.
Signature:
/s/
DAVE LARIMER
(18SEP26) Dave Larimer,
CPG
Vice President Exploration, Contango
Silver & Gold Inc.
Date signed: September 18, 2026
Table
of Contents
Qualified
Person Statement and Signature
2
Table
of Contents
3
List
of Figures
9
List
of Tables
13
1
EXECUTIVE SUMMARY
18
1.1
Purpose
and Principal Conclusions
18
1.2
Property
Description and Ownership
18
1.3
Geological
Setting and Mineralization
19
1.4
Exploration
and Data Verification
21
1.5
Mineral
Resource Estimate
21
1.6
Estimation
and Classification
25
1.7
Mineral
Processing and Metallurgical Testing
26
1.8
Mining
Concept and Resource Reporting Basis
26
1.9
Access
Infrastructure Environmental Matters and Permitting
27
1.10
Qualified
Person Conclusions and Recommendations
27
2
INTRODUCTION
30
2.1
Purpose
and Terms of Reference
30
2.2
Project
and Deposit Scope
30
2.3
Qualified
Person and Technical Contributions
30
2.4
Sources
of Information
31
2.5
Relationship
to Previous Reporting
32
2.6
Personal
Inspection
32
2.7
Effective
Date and Information Cut-offs
32
2.8
Units,
Currencies and Reporting conventions
33
3
PROPERTY DESCRIPTION
34
3.1
Description
and Location
34
3.2
Fee
Simple Service Lots
47
3.3
Royalties
and Agreements
49
3.4
Environmental
Liabilities, Permitting and Significant Factors
49
Contango Silver and Gold – Kitsault Valley Project Page 3 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
4
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
51
4.1
Accessibility
51
4.2
Physiography,
Elevation and Vegetation
53
4.3
Climate
and Operating Season
53
4.4
Local
Resources
54
4.5
Infrastructure
54
5
HISTORY
56
5.1
Overview
and Sources
56
5.2
Dolly
Varden Area
56
5.3
Homestake
Ridge Area
59
5.4
Consolidation
of the Kitsault Valley Project
61
5.5
Historical
Mineral Resource and Mineral Reserve Estimates
62
6
GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT models
65
6.1
Regional
Geology
65
6.2
Property
and Local Geology
68
6.3
Mineralization
and Material Deposits
73
6.4
Deposit
Models
78
7
EXPLORATION
80
7.1
Scope,
Attribution, and Source Basis
80
7.2
Exploration
Other Than Drilling
80
7.3
Drilling
Methods and Factors Affecting Reliability
86
7.4
Drilling
— Dolly Varden, 2011–2018
87
7.5
Drilling
— 2019–2022
89
7.6
Drilling
— 2023–2025
91
7.7
Hydrogeological
and Geotechnical Data
103
7.8
QP
Interpretation and Limitations
103
8
SAMPLE PREPARATION, ANALYSES, AND SECURITY
104
8.1
Scope
and Qualified Person Review
104
8.2
Sample
Populations and QA/QC Compilations
104
8.3
Drill
Core Handling and Sampling
104
8.4
Sample
Security and Chain of Custody
105
8.5
Laboratories,
Preparation and Analytical Methods
106
8.6
Surface,
Lithogeochemical and Density Samples
107
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Technical Report Summary and updated Mineral Resource Estimate 2026
8.7
Quality
Assurance and Quality Control
107
8.8
Completion
of the 2023 and 2023–2025 Programs
113
8.9
Data
Acceptance and Exceptions
113
8.10
Qualified
Person Opinion
114
9
DATA VERIFICATION
115
9.1
Introduction
and Scope
115
9.2
Data
Sources and Database Environment
115
9.3
Summary
of QP Verification Procedures
116
9.4
Qualified
Person Site Visits
117
9.5
Drillhole
Database and Geological Record Verification
117
9.6
Collar,
Downhole Survey and Spatial Verification
118
9.7
Assay
Database and Analytical QA/QC Verification
118
9.8
Sample
Custody, Laboratory Status and Record Reconciliation
119
9.9
Historical
Data Verification and MRE Inclusion
119
9.10
Limitations
on Data Verification
119
9.11
Data-Governance
and Continuing Verification Measures
120
9.12
Qualified
Person Opinion on Data Adequacy
120
10
MINERAL PROCESSING AND METALLURGICAL TESTING
121
10.1
Introduction
and Scope
121
10.2
Summary
of Metallurgical Test Work Programs
121
10.3
Homestake
Area Prior to Metallurgical Test Work
124
10.4
Dolly
Varden and Torbrit 2019 Metallurgical Test Work
126
10.5
Wolf
and Kitsol 2025/2026 Metallurgical Test Work
131
10.6
Processing
Implications by Mineralized Area
136
10.7
Material
Processing Risks, Deleterious Elements, and Recovery Assumptions
137
10.8
Adequacy
of the Metallurgical Data
138
10.9
Recommended
Follow-up Work
138
11
MINERAL RESOURCE ESTIMATES
140
11.1
Introduction
and Basis of Estimate
140
11.2
Resource
Database and Data Preparation
142
11.3
Project-wide
Estimation and Reporting Conventions
145
11.4
Economic
Basis and Resource Reporting Assumptions
148
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Technical Report Summary and updated Mineral Resource Estimate 2026
11.5
Homestake
Region Mineral Resource Estimates
150
11.6
Dolly
Varden Area Mineral Resource Estimates
165
11.7
Consolidated
Kitsault Valley Mineral Resource Statement
194
11.8
Comparison
with Previously Reported Estimates
196
11.9
Resource
Sensitivity
198
11.10
Uncertainty,
Limitations and Material Risks
201
11.11
QP
Conclusions on the Mineral Resource Estimate
203
12
MINERAL RESERVE ESTIMATES
204
13
MINING METHODS
205
14
PROCESSING AND RECOVERY METHODS
206
15
INFRASTRUCTURE
207
15.1
Scope
and Reporting Basis
207
15.2
Infrastructure
Setting and Status
207
15.3
Transportation
and Access
209
15.4
Current
Exploration-Support Facilities
211
15.5
Water,
Waste, Tailings, Dams, and Pipelines
212
15.6
Future
Project Infrastructures Requirements
212
15.7
QP
Interpretation and Limitations
214
16
MARKET STUDIES
215
16.1
Lead
Concentrate
215
16.2
Copper
Concentrate
215
16.3
Zinc
Concentrate
216
16.4
Summary
216
17
ENVIRONMENTAL STUDIES, PERMITTING, AND COMMUNITY
217
17.1
Scope,
Reporting Basis, and Project Stage
217
17.2
Environmental
and Social Setting
217
17.3
Current
Exploration Permitting
217
17.4
Environmental
Studies and Baseline Information
222
17.5
Wildlife,
Vegetation, and Aquatic Protection
224
17.6
Archaeology
and Cultural Heritage
225
17.7
Indigenous
Nations, Communities, and Agreements
225
17.8
Waste,
Tailings, Monitoring, and Water Management
226
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Technical Report Summary and updated Mineral Resource Estimate 2026
17.9
Future
Project Permitting Framework
226
17.10
Closure
and Reclamation
228
17.11
QP
Interpretation, Risks, and Finalization
228
18
CAPITAL AND OPERATING COSTS
229
19
ECONOMIC ANALYSIS
230
20
ADJACENT PROPERTIES
231
20.1
Scope
and Reporting Basis
231
20.2
Regional
Setting and Property Reconciliation
231
20.3
Red
Mountain Gold Project
233
20.4
Golddigger
Property and Surebet Discovery
233
20.5
Kisault
Molybdenum Project
233
20.6
Other
Surrounding Tenure
234
20.7
Qualified
Person Interpretation
234
21
OTHER RELEVANT DATA AND INFORMATION
235
22
INTERPRETATION AND CONCLUSIONS
236
22.1
Basis
and Principal Conclusions
236
22.2
Exploration
Data and Verification
236
22.3
Geological
Interpretation by Area
237
22.4
Estimation
and Classification
237
22.5
Mineral
Resource Outcome
238
22.6
Metal
Prices and Metallurgical Assumptions
239
22.7
Mining
Concept and Reasonable Prospects of Economic Extraction
239
22.8
Infrastructure,
Environment and Permitting
240
22.9
Significant
Risks and Uncertainties
240
22.10
Overall
QP Conclusion
241
23
RECOMMENDATIONS
242
23.1
Recommended
Program
242
23.2
Stage
1 – 2026 Drill Close-out, 2027 MRE Update and Initial Assessement
242
23.3
Stage
2 – Three Program Toward Pre-Feasibility Study (PFS)
242
23.4
Proposed
Budget and Sequence
243
24
REFERENCES
245
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Technical Report Summary and updated Mineral Resource Estimate 2026
25
RELIANCE ON REGISTRANT
251
25.1
Registrant
and Scope
251
25.2
Land
Status Permitting and Environmental Information
251
25.3
Historical
Reports and Public Disclosures
252
25.4
Company
Technical Data and QP Review
252
25.5
Metallurgical
Information Market Studies and Specialist Review
252
25.6
Extent
of Reliance
253
Contango Silver and Gold – Kitsault Valley Project Page 8 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
List of
Figures
Figure 1-1 Location
of the Kitsault Valley resource deposits. Red outlines show the resource deposits. Coordinates are NAD83 / UTM Zone 9N, in meters
20
Figure 1-2. Drilling coverage
supporting the mineral resource estimate. A: Homestake area. B: Dolly Varden area. Gray traces show historical drilling; red traces
identify drilling incorporated in the estimate. South Reef is labeled “Silver Reef” in the source image
23
Figure 3-1. Dolly Varden Property
mineral leases and Crown-granted mineral claims
45
Figure 3-2. Dolly Varden Property
mineral tenures
46
Figure 3-3. Dolly Varden fee
simple surface lots in Alice Arm
48
Figure 4-1. Kitsault Valley
Project regional location and access
52
Figure 6-1. Terrane setting
of the Kitsault Valley Project in the Canadian Cordillera
66
Figure 6-2. Regional geology
and location of the Kitsault Valley Project
67
Figure 6-3. Property level geology
and location of the Kitsault Valley Project
69
Figure 6-4. Simplified time-stratigraphic
and mineralization column for the Dolly Varden area (modified from Higgs and Giroux [2015] and Sebert [2013])
70
Figure 6-5. Property geology
of the Dolly Varden claim block
71
Figure 6-6. Property geology
of the Homestake claim block
73
Figure 6-7. Locations of the
principal Kitsault Valley Project deposits
77
Figure 6-8. Longitudinal section
along the Kitsault Valley trend showing the relative positions of the principal ore bodies
78
Figure 6-9. Conceptual hybrid
bimodal-felsic/siliciclastic mineralization model (after Galley et al., 2007)
79
Figure 7-1. LiDAR coverage over
the Dolly Varden claim block, 2017
82
Figure 7-2. LiDAR coverage over
the Homestake claim block and southern Kitsault Valley, 2022
85
Figure 7-3. Kitsault Valley
Project drilling locations, 2019–2025 (source: current Chapter 7 working record)
100
Figure 7-4. Homestake area drilling
locations, 2022–2025 (source: current Chapter 7 working record)
101
Figure 7-5. Dolly Varden area
drilling locations, 2019–2025 (source: current Chapter 7 working record)
102
Figure 8-1. Routine certified
reference material (CRM), blank, and field duplicate counts for the 2023–2025 programs at the Dolly Varden (DV) and Homestake
Ridge (HR) properties. Counts are from the summary tabs of the January and February 2026 QA/QC compilations
108
Figure 8-2. Representative silver
CRM control charts for (A) CDN-ME-2314 at Dolly Varden and (B) CDN-ME-2203 at Homestake Ridge. The plots show certified
values and ±3 standard-deviation limits; isolated excursions were evaluated at the batch level as described in the text
110
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Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 8-3. Gold
results for compiled 2023-2025 mafic-intrusive coarse blanks at (A) Dolly Varden and (B) Homestake Ridge. The plots include
repeat or resubmitted determinations and therefore contain more points than the routine insertion counts in Table 8-4. The dashed
line is the 0.015 ppm review limit used in the QA/QC compilation
111
Figure 8-4. Original versus
one-third-core field-duplicate silver results for 2023-2025. Axes are logarithmic and the dashed line is the 1:1 relationship
112
Figure 8-5. Comparison of original
ALS assay versus Bureau Veritas check-assay silver results. Axes are logarithmic and the dashed red line is the 1:1 relationship
113
Figure 10-1. Comparison of the
2016 Homestake Main and Homestake Silver metallurgical process concepts
125
Figure 10-2. Historical development
of the Torbrit processing flowsheet, illustrating the transition from cyanidation of native silver to flotation recovery of galena
and ruby silver minerals (Turner and McConchie, 1960)
126
Figure 10-3. Historical polished-section
images from Torbrit showing: (A) crustiform barite–galena–sphalerite mineralization; (B) galena with inclusions
of sphalerite, pyrite, and pyrargyrite; (C) pyrargyrite (ruby silver) replacing galena in calcite–barite gangue; and (D) chalcopyrite
with galena and sphalerite in barite gangue. Mineral abbreviations: Ba = barite; Gn = galena; Sp = sphalerite; Py = pyrite; Prg =
pyrargyrite (ruby silver); Ccp = chalcopyrite; and Cal = calcite. Images are qualitative and are not representative of quantitative
mineralogy. Source: adapted from Mortensen (1960)
128
Figure 10-4. Simplified flowsheet
evaluated during the 2019 Torbrit differential lead-zinc flotation program. The flowsheet represents preliminary batch testing and
is not a selected process design
129
Figure 10-5. Silver cyanidation
kinetics for selected Dolly Varden and Torbrit composites. A – Dolly Varden whole-ore cyanidation kinetics; B – Torbrit
whole-ore Cyanidation Kinetics; C – Flotation-tail cyanidation kinetics (Dolly Varden and Torbrit). Summarized results of the
2019 Blue Coast Research Ltd. metallurgical test work
130
Figure 10-6. Comparative recovery
of silver, lead, and zinc by process route and deposit. Recoveries are based on selected composite test work and represent the maximum
recoveries achieved under the conditions shown. Whole-ore cyanidation recoveries for Ag, Pb, and Zn were calculated from head assays
and leach residues. Flotation-tail cyanidation reports Ag recovery only. Source: Blue Coast Research Ltd. (2019)
131
Figure 11-1. Regional location
of the Kitsault Valley resource deposits
141
Figure 11-2. Drilling and sample
coverage supporting the Mineral Resource estimates. A – Homestake northern region. B – Dolly Varden southern region.
Historical drilling in gray with red drill traces representing holes included in this MRE
145
Figure 11-3. Homestake Main
geological domains and representative sections. Deposit views of Homestake Main showing the four modeled domains used in this MRE.
A – Plan view, B – Longitudinal view (looking SW), C – Cross-sectional view (looking NW)
151
Figure 11-4. Homestake Main
Resource Classification geometry: A – Plan view, B – Longitudinal view (looking SW), C – Cross-sectional view looking
NW. Red solid represents Indicated classification and blue Inferred classification
155
Contango Silver and Gold – Kitsault Valley Project Page 10 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 11-5. Homestake
Silver domain geometry and representative sections showing the 13 modeled domains. A – Plan view, B – Longitudinal view
(looking southwest), C – Cross-sectional view looking west
157
Figure 11-6. Homestake Silver
Mineral Resource Classification: A – Plan view, B – Longitudinal view (looking southwest), C – Cross-sectional
view looking west. Red solid represents Indicated classification and blue Inferred classification
163
Figure 11-7. Wolf domain geometry
and representative sections showing the two modeled domains: A – Plan view, B – Longitudinal view (looking northwest),
C – Cross-sectional view of the shallower Wolf Vein systems looking northeast, D – Cross-sectional view of the Wolf Deep
system looking northeast
167
Figure 11-8. Wollf Mineral Resource
classification geometry A – Plan view, B – Longitudinal view (looking northwest), C – Cross-sectional view of the
shallower Wolf Vein systems looking northeast, D – Cross sectional view of the Wolf Deep system looking northeast. Red solid
represents Indicated classification and blue Inferred classification
170
Figure 11-9. Kitsol domain geometry
and representative sections showing the modeled domains. A – Plan view, B – Longitudinal view (looking west), C –
Cross- sectional view looking northeast
172
Figure 11-10. Kitsol Mineral
Resource Classification geometry: A – Plan view, B – Longitudinal view (looking west), C – Cross- sectional view
looking northeast. Red solid represents Indicated classification and blue Inferred classification
175
Figure 11-11. Torbrit domain
geometry and representative sections showing the 11 modeled domains: A – Plan view, B – Longitudinal view (looking northeast),
C – Cross-sectional view looking northwest
177
Figure 11-12. Torbrit Mineral
Resource Classification geometry: A – Plan view, B – Longitudinal view (looking northeast), C – Cross- sectional
view looking northwest. Red solid represents Indicated classification and blue Inferred classification
182
Figure 11-13. Final mineralized
unmined model (purple) and historical underground workings and mined out (depleted) areas (black)
183
Figure 11-14. Dolly Varden geometry
and representative sections showing the modeled domain. A – Plan View, B – Longitudinal view (looking northeast), C –
Cross-sectional view (looking northwest)
185
Figure 11-15. Dolly Varden Mineral
Resource Estimate geometry: A – Plan view, B – Longitudinal view (looking northeast), C – Cross-sectional view
looking northwest. Red solid represents Indicated classification and blue Inferred classification
188
Figure 11-16. Final mineralized
unmined model (purple) and historical underground workings and mined out (depleted) areas (black)
189
Figure 11-17. Northstar geometry
and representative sections showing the modeled domain. A – Plan View, B – Longitudinal view (looking northeast), C –
Cross-sectional view (looking northwest)
190
Figure 11-18. Northstar Mineral
Resource classification geometry. A – Plan view, B – Longitudinal view (looking northeast), C – Cross-sectional
view (looking northwest). Red solid represents Indicated classification and blue Inferred classification
193
Figure 11-19. Northstar final
mineralized unmined model (purple) and historical underground workings and mined out (depleted) areas (black)
194
Contango Silver and Gold – Kitsault Valley Project Page 11 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 11-20. Change
in reported AgEq by deposit and resource category. Values are on their respective reporting bases, including different cut-offs,
metal prices and recoveries. This is not a constant-assumption revaluation. Torbrit and Kitsol are combined to match the preceding
reporting unit. South Reef has no Indicated resource
198
Figure 15-1. Regional access
and transportation setting, Kitsault Valley Project (source: initial Chapter 15 infrastructure working draft, June 2026)
210
Figure 15-2. Project-scale infrastructure
setting, showing regional roads, transmission lines, Alice Arm and Kitsault logistics nodes, historic hydroelectric works, and Stewart
port (source: initial Chapter 15 infrastructure working draft, June 2026)
214
Figure 17-1. Principal exploration
permit areas and historical infrastructure in the core Kitsault Valley corridor
219
Figure 17-2. Broader exploration
permit setting. Boundaries and permit identifiers are informational and require reconciliation with the final Chapter 4 property
boundary and executed permits
221
Figure 20-1. Kitsault Valley
Project and selected adjacent mineral tenure. Tenure ownership and boundaries are based on the June 2026 Company compilation
232
Contango Silver and Gold – Kitsault Valley Project Page 12 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
List of
Tables
Table 1-1. Mineral
resource summary by area and classification
22
Table 1-2. Indicated mineral
resource grades and contained metals
24
Table 1-3. Inferred mineral
resource grades and contained metals
24
Table 1-4. Adopted recovery
assumptions for the seven updated deposits. South Reef retains its historical reporting basis and is not included in this recovery
matrix
26
Table 1-5. Proposed program
budget in U.S. dollars
29
Table 2-1. Deposits included
in the mineral resource statement for the Kitsault Project, northwestern British Columbia
30
Table 2-2. Sources of information
used in this report
31
Table 2-3. Reporting milestones
32
Table 3-1. Kitsault Valley Project
mineral leases
34
Table 3-2. Kitsault Valley Project
mineral claims
34
Table 3-3. Kitsault Valley Project
Crown-granted mineral claims
43
Table 3-4. Kitsault Valley Project
2026 Mineral Tax fee simple lots
47
Table 4-1. Principal access
and logistics routes
51
Table 4-2. Regional climate
statistics reported in the 2023 Technical Report
54
Table 4-3. Existing and required
infrastructure
55
Table 5-1. Summary of historical
exploration of regional prospects in the Dolly Varden area
58
Table 5-2. Summary of principal
previous operators and work programs – Dolly Varden area
59
Table 5-3. Summary of principal
previous operators and work programs – Homestake Ridge area
61
Table 5-4. Historical mineral
estimates reported for the Dolly Varden area
62
Table 5-5. Homestake Ridge area
historical estimates – reported tonnage and gold-equivalent cutoff grade
63
Table 5-6. Homestake Ridge area
historical estimates – reported metal grades and sources
64
Table 6-1. Summary of host setting,
mineralization style, and principal geological controls by deposit, Kitsault Valley Project
74
Table 7-1. Summary of Dolly
Varden drilling, 2011–2018
88
Table 7-2. Selected representative
drilling results, Dolly Varden, 2011–2018
89
Table 7-3. Summary of Kitsault
Valley Project drilling, 2019–2022
89
Table 7-4. Selected representative
drilling results, 2019–2022
91
Table 7-5. Reported drilling
totals and target areas, 2023–2025
92
Table 7-6. Selected representative
exploration drill intercepts disclosed during 2023–2025
95
Contango Silver and Gold – Kitsault Valley Project Page 13 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 7-7. Target-level
drilling allocations, 2023–2025
99
Table 8-1. QA/QC compilation
totals
104
Table 8-2. Sample security controls
and QP verification
106
Table 8-3. Summary of drill
sample preparation and analytical procedures
107
Table 8-4. Current program drill
and routine control statistics
108
Table 8-5. QP review and disposition
framework
114
Table 9-1. Principal verification
evidence reviewed by the QP
115
Table 9-2. QP verification procedures
and determinations
116
Table 9-3. Site inspections
relevant to data verification
117
Table 9-4. Continuing verification
and data-governance measures
120
Table 10-1. Summary of principal
metallurgical test work programs. Summarized from Shouldice and Coombs (2016), Middleditch (2019), Hough et al. (2022), Turner and
Hough (2023), Fuse Advisors (2026), and Hall (2026a)
122
Table 10-2. Metallurgical laboratory
and specialist disclosure summary. Prepared from Shouldice and Coombs (2016), Middleditch (2019), Hough et al. (2022), Turner and
Hough (2023), Fuse Advisors (2026), and Hall (2026a)
123
Table 10-3. Homestake 2016 composite
head grades reported from duplicate head cuts. Summarized from Hough et al. (2022) and Turner and Hough (2023)
124
Table 10-4. Dolly Varden and
Torbrit composite head assays
127
Table 10-5. Preliminary silver
recovery estimates from 2019 Dolly Varden and Torbrit test work
130
Table 10-6. Wolf and Kitsol
sample selection summary
132
Table 10-7. Wolf and Kitsol
2026 composite head assays
132
Table 10-8. Selected final open-circuit
cleaner concentrate grades from 2026 Wolf and Kitsol tests
134
Table 10-9. Selected final open-circuit
cleaner flotation recoveries from 2026 Wolf and Kitsol tests
134
Table 10-10. Wolf and Kitsol
2026 cyanidation test results
135
Table 10-11. Selected deleterious
elements in 2026 final cleaner concentrates
136
Table 11-1. Deposit scope and
reporting basis
140
Table 11-2. Drill hole header
inventory by deposit
142
Table 11-3. Merged interval
inventory and analytical coverage by deposit
143
Table 11-4. Merged interval
analytical coverage by deposit and domain
144
Table 11-5. Density measurement
support and resource assignments
146
Table 11-6. Selected classification
thresholds and raw AvgD equivalents
147
Table 11-7. Commodity prices
for the 2026 updated estimates
148
Table 11-8. Recovery factors
used in the updated metal-equivalent calculations
149
Contango Silver and Gold – Kitsault Valley Project Page 14 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 11-9. Homestake
Main estimation domains
151
Table 11-10. Homestake Main
caps and capped input statistics
153
Table 11-11. Homestake Main
global block-model bounds
154
Table 11-12. Homestake Main
search and sample parameters
154
Table 11-13. Homestake Main
Mineral Resource grades
156
Table 11-14. Homestake Main
contained metals
156
Table 11-15. Homestake Silver
estimation domains
157
Table 11-16. Homestake Silver
caps and capped input statistics
159
Table 11-17. Homestake Silver
global block-model bounds
161
Table 11-18. Homestake Silver
search and sample parameters
162
Table 11-19. Homestake Silver
Mineral Resource grades
164
Table 11-20. Homestake Silver
contained metals
164
Table 11-21. South Reef Mineral
Resource grades
165
Table 11-22. South Reef contained
metals
165
Table 11-23. Wolf estimation
domains
166
Table 11-24. Wolf caps and capped
input statistics
168
Table 11-25. Wolf global block-model
bounds
169
Table 11-26. Wolf search and
sample parameters
169
Table 11-27. Wolf Mineral Resource
grades
171
Table 11-28. Wolf contained
metals
171
Table 11-29. Kitsol estimation
domains
171
Table 11-30. Kitsol caps and
capped input statistics
173
Table 11-31. Kitsol global block-model
bounds
173
Table 11-32. Kitsol search and
sample parameters
174
Table 11-33. Kitsol Mineral
Resource grades
176
Table 11-34. Kitsol contained
metals
176
Table 11-35. Torbrit estimation
domains
177
Table 11-36. Torbrit caps and
capped input statistics
178
Table 11-37. Torbrit global
block-model bounds
180
Table 11-38. Torbrit search
and sample parameters
181
Table 11-39. Torbrit Mineral
Resource grades
183
Table 11-40. Torbrit contained
metals
183
Contango Silver and Gold – Kitsault Valley Project Page 15 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 11-41. Dolly
Varden estimation domains
184
Table 11-42. Dolly Varden caps
and capped input statistics
186
Table 11-43. Dolly Varden global
block-model bounds
186
Table 11-44. Dolly Varden search
and sample parameters
187
Table 11-45. Dolly Varden Mineral
Resource grades
189
Table 11-46. Dolly Varden contained
metals
189
Table 11-47. North Star estimation
domains
190
Table 11-48. North Star caps
and capped input statistics
191
Table 11-49. North Star global
block-model bounds
192
Table 11-50. North Star search
and sample parameters
192
Table 11-51. North Star Mineral
Resource grades
194
Table 11-52. North Star contained
metals
194
Table 11-53. Indicated Mineral
Resource tonnes and grades
195
Table 11-54. Indicated Mineral
Resource contained metals
195
Table 11-55. Inferred Mineral
Resource tonnes and grades
195
Table 11-56. Inferred Mineral
Resource contained metals
196
Table 11-57. Regional and project
totals by resource category
196
Table 11-58. Indicated comparison
with the preceding resource statement
197
Table 11-59. Inferred comparison
with the preceding resource statement
197
Table 11-60. Homestake Main
classification-distance sensitivity
199
Table 11-61. Homestake Silver
classification-distance sensitivity
199
Table 11-62. Wolf classification-distance
sensitivity
199
Table 11-63. Kitsol classification-distance
sensitivity
199
Table 11-64. Torbrit classification-distance
sensitivity
200
Table 11-65. Dolly Varden classification-distance
sensitivity
200
Table 11-66. North Star classification-distance
sensitivity
200
Table 11-67. Principal sources
of resource uncertainty and their treatment
202
Table 15-1. Existing infrastructure
and future-project requirement or status
208
Table 15-2. Infrastructure definition
required for a future project study
213
Table 16-1. Commercial terms
used in economic analysis for Pb concentrate
215
Table 16-2. Commercial terms
used in economic analysis for Cu concentrate
216
Table 16-3. Commercial terms
used in economic analysis for Zn concentrate
216
Contango Silver and Gold – Kitsault Valley Project Page 16 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 17-1. Principal
exploration permits for the core Kitsault Valley area (2026 management register; verify against executed permits)
218
Table 17-2. Other exploration
permits shown in the working record
220
Table 17-3. Management-reported
operating authorizations and arrangements
222
Table 17-4. Reported 2012 reconnaissance
water-sample locations
223
Table 17-5. Environmental baseline
status and principal gaps for future development
224
Table 17-6. Engagement context
reported in the working record
225
Table 17-7. Indicative future
permitting framework
227
Table 20-1. Adjacent properties
selected for regional context
231
Table 22-1. Mineral resource
summary by area and classification
238
Table 22-2. Principal uncertainties
affecting resource confidence and further evaluation
241
Table 23-1. Proposed staged
work-program budget in U.S. dollars
244
Table 25-1. Company information
relied upon for land status, permitting and environmental matters
251
Contango Silver and Gold – Kitsault Valley Project Page 17 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
1 EXECUTIVE
SUMMARY
1.1 Purpose and Principal Conclusions
This Technical
Report Summary (TRS), dated September 21, 2026, presents the updated mineral resource estimate and supporting technical information
for the Kitsault Valley Project located in northwestern British Columbia, Canada. The report has been prepared for Contango Silver &
Gold Inc. (the Company) under Subpart 1300 of Regulation S-K. The mineral resource effective date is September 11, 2026[RV1.1][DL1.2].
Dave Larimer, CPG, Vice President Exploration, is the sole Qualified Person (QP) responsible for all sections of the report. He is an
employee of the Company and is not independent.
Mr. Larimer
holds American Institute of Professional Geologists certification CPG-11862 and State of Alaska Certified Professional Geologist certification
115316, both in good standing. His 20 years of relevant professional experience and qualifications are described on the QP statement
and signature page.
The Project contains
Indicated mineral resources of 7.660 million metric tons (Mt), containing 58.698 million ounces (Moz) of silver, 394.700 thousand ounces
(koz) of gold or 89.545 Moz of silver equivalent (AgEq), and Inferred mineral resources of 6.305 Mt, containing 22.804 Moz of silver,
620.817 koz of gold or 64.920 Moz AgEq. Indicated and Inferred resources are reported separately. No Measured mineral resources or mineral
reserves are reported. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The update establishes
a larger Indicated inventory and incorporates a substantially revised geological interpretation at Homestake Main and Homestake Silver.
Additional drilling has improved the definition of mineralized domains and the understanding of geometry and continuity relative to the
framework underlying the preceding resource statement reported in 2023. The larger Indicated inventory provides a stronger basis for
subsequent technical evaluation; it does not imply that all additional Indicated material represents conversion from the previous Inferred
estimate.
1.2 Property Description and Ownership
The Kitsault Valley
Project lies approximately 39 km southeast of Stewart and 27 km northeast of Alice Arm, in the Skeena Mining District of British Columbia.
The resource estimate covers two areas: the Homestake area, comprising Homestake Main, Homestake Silver and South Reef; and the Dolly
Varden area, comprising Wolf, Kitsol, Torbrit, Dolly Varden and North Star. Figure 1-1 shows the relative locations of the eight deposits
for which resources have been estimated.
The Company holds
its interest through its subsidiaries following completion of the merger with Dolly Varden Silver Corporation on March 26, 2026.
Project mineral rights are held through mineral claims, mineral leases and Crown-granted mineral claims. Company-owned surface parcels
at Alice Arm support exploration facilities, offices and core storage. Mineral tenure and surface rights are distinct, and maintaining
rights requires the applicable rents, taxes, assessment work or payments. Certain property portions are subject to net smelter return
royalties and other contractual obligations, as detailed in Chapter 3. The scope of the resource estimate is the eight deposits identified
above; broader regional exploration holdings are not additional mineral resources.
Contango Silver and Gold – Kitsault Valley Project Page 18 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
1.3 Geological Setting and Mineralization
The Project lies
within the Stikine Terrane and Stewart Complex of the Canadian Cordillera. The principal host rocks are Jurassic Hazelton Group volcanic,
volcaniclastic, sedimentary and subvolcanic units. Mineralization reflects both stratigraphic and structural controls, including synvolcanic
faults, hydrothermal brecciation, veining, replacement and later deformation. A single deposit model does not adequately describe all
of the different styles of mineralization.
The Dolly Varden
area is predominantly silver-rich, with variable lead, zinc, gold and copper. Torbrit and North Star include stratabound silica–barite–sulfide
mineralization and locally reworked or structurally overprinted material. Wolf and Kitsol are principally structurally controlled epithermal-style
vein and breccia systems. Homestake Main contains gold–silver–copper mineralization in silicified lenses and hydrothermal
breccias; Homestake Silver comprises silver–gold-bearing breccia and vein zones with lead and zinc; and South Reef consists of
relatively narrow gold-bearing zones associated with quartz–chlorite alteration and sulfides.
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Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 1-1 Location
of the Kitsault Valley resource deposits. Red outlines show the resource
deposits. Coordinates are NAD83 / UTM Zone 9N, in meters.
Contango Silver and Gold – Kitsault Valley Project Page 20 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
1.4 Exploration and Data Verification
Exploration has
included geological and structural mapping, surface geochemistry, airborne and ground geophysics, terrain surveys, historical-core review
and diamond drilling. Modern drilling has tested extensions of known mineralization, improved geological interpretation and increased
local drill support. Historical workings at Dolly Varden, Torbrit and North Star provide additional geological context and require appropriate
treatment of mined-out volumes.
The estimate uses
the accepted historical and modern drilling and assay database, incorporating all drilling through the completed 2025 program. The assay
dataset was locked at the start of January 2026. Geological-solid updates and database review continued through March 2026,
and the QP finalized, checked and certified the databases and supporting information on April 13, 2026. The final resource statement,
classifications and supporting assumptions were accepted as complete and current on September 11, 2026, the mineral resource effective
date.
All drilling completed
in 2026 falls outside the accepted estimation dataset is to be incorporated in the next resource update described in Section 1.10
The eight-deposit
header inventory contains 1,454 holes totaling 328,638.18 meters. The seven updated deposits have merged Leapfrog exports covering 34
geological domains, with 24,120 intervals totaling 29,842.13 meters. Of these, 23,264 intervals totaling 27,176.00 meters from 947 distinct
hole identifiers contain at least one populated metal result. These merged intervals are distinct from original assay samples and final
composites. South Reef is excluded from the seven-export inventory and retains its preceding estimation basis. Chapter 11, Section 11.2
documents these data populations; Figure 1-2 shows the drilling coverage.
The QP’s
verification included review of drilling, logging, sampling, survey and analytical procedures; selected comparisons of original drill
logs and assay certificates against digital records; review of analytical quality control; and checks for overlapping intervals, records
extending beyond hole depth, missing fields, inconsistent codes and unit-conversion errors. The QP personally inspected the Project on
September 14, 2025, and July 21–24, 2026, including review of core handling, logging, sampling and geological observations.
The inspection scope and verification work are described in Chapter 9. Some historical assay certificates remain unavailable; those records
were assessed using prior verification, internal consistency and comparison with surrounding drilling. The QP considers the accepted
data adequate for the geological interpretation and mineral resource estimation purposes described in this TRS.
1.5 Mineral Resource Estimate
Table 1-1 summarizes
the mineral resources by area and category. Tables 1-2 and 1-3 present the deposit grades and contained silver, gold, copper, lead and
zinc, together with silver-equivalent totals. The complete resource statement, classification criteria and reporting assumptions are
presented in Chapter 11.
Contango Silver and Gold – Kitsault Valley Project Page 21 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 1-1. Mineral
resource summary by area and classification.
Area
Category
Tonnage
(Mt)
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Homestake
Indicated
2.140
6.133
387.416
6.32
5.96
7.02
33.275
Dolly
Varden
Indicated
5.520
52.565
7.285
3.06
72.20
81.83
56.270
Project
total
Indicated
7.660
58.698
394.700
9.38
78.16
88.85
89.545
Homestake
Inferred
4.595
7.965
615.824
4.24
16.86
14.69¹
48.501
Dolly
Varden
Inferred
1.710
14.839
4.993
1.80
23.38
33.92
16.419
Project
total
Inferred
6.305
22.804
620.817
6.04
40.24
48.61¹
64.920
The resources are
reported in situ within the accepted resource domains, after exclusion of modeled historical mined-out material where applicable, and
before mining dilution or mining recovery. Contained metals are not recovered or payable metal. Totals may differ due to rounding. South
Reef is carried forward from the previous estimate and retains its separate reporting basis. All reported quantities in this summary
follow the final statement in Chapter 11, Section 11.7. Mlb = million pounds. ¹ Zinc totals exclude South Reef, where zinc
is not reported.
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Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 1-2. Drilling
coverage supporting the mineral resource estimate. A: Homestake area. B: Dolly Varden area. Gray traces show historical drilling; red
traces identify drilling incorporated in the estimate. South Reef is labeled “Silver Reef” in the source image.
Contango Silver and Gold – Kitsault Valley Project Page 23 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Indicated mineral
resources
Table 1-2. Indicated
mineral resource grades and contained metals.
Deposit
Tonnage
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Homestake
Main
1.430
49.55
6.350
0.181
0.058
0.112
2.277
292.009
5.71
1.83
3.53
23.308
Homestake
Silver
0.710
168.26
4.160
0.039
0.263
0.222
3.856
95.407
0.61
4.13
3.49
9.968
Torbrit
3.250
295.43
0.014
0.018
0.546
0.440
30.847
1.428
1.29
39.06
31.52
32.394
Kitsol
0.290
301.13
0.030
0.029
0.368
0.300
2.766
0.231
0.18
2.32
1.89
2.876
Dolly
Varden
0.090
426.44
0.020
0.025
0.432
1.459
1.235
0.056
0.05
0.86
2.90
1.321
Wolf
1.530
301.90
0.050
0.027
0.714
0.864
14.850
2.246
0.92
24.09
29.15
16.108
North
Star
0.360
249.18
0.290
0.079
0.744
2.076
2.866
3.322
0.62
5.87
16.37
3.571
Inferred mineral
resources
Table 1-3. Inferred
mineral resource grades and contained metals.
Deposit
Tonnage
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Homestake
Main
0.520
11.09
4.610
0.143
0.056
0.127
0.186
77.211
1.64
0.64
1.46
5.770
Homestake
Silver
3.630
65.88
3.550
0.028
0.203
0.165
7.680
414.413
2.24
16.22
13.23
34.132
South
Reef
0.445
4.90
8.680
0.040
0.001
NR
0.100
124.200
0.36
0.00
NR
8.600
Torbrit
0.760
235.77
0.013
0.034
0.545
0.250
5.747
0.329
0.57
9.10
4.18
6.057
Kitsol
0.140
303.04
0.020
0.033
0.434
0.316
1.323
0.101
0.10
1.30
0.94
1.380
Dolly
Varden
0.140
328.78
0.030
0.048
0.506
1.519
1.456
0.149
0.15
1.54
4.61
1.604
Wolf
0.440
381.40
0.030
0.030
0.707
1.100
5.390
0.411
0.30
6.85
10.66
5.790
North
Star
0.230
123.99
0.540
0.134
0.898
2.650
0.923
4.002
0.68
4.59
13.53
1.587
The seven updated
deposits are reported at a cut-off grade of 132 g/t AgEq. South Reef retains a cut-off of 2.0 g/t AuEq. The underground extraction concept
considers mechanized mining, including longhole stoping where deposit geometry and ground conditions permit. The reporting constraints
and reasonable-prospects assessment are summarized in Section 1.8 and described in Chapter 11, Section 11.4. Mlb = million
pounds; NR = not reported.
Contango Silver and Gold – Kitsault Valley Project Page 24 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Comparison with the previous estimate
Relative to the preceding statement presented
in the 2023 combined report, Indicated tonnage increases from 4.153 to 7.660 Mt, an increase of 84.4%, and Indicated AgEq increases
from 46.368 to 89.545 Moz, an increase of 93.1%. Inferred tonnage decreases from 6.831 to 6.305 Mt, a decrease of 7.7%, and Inferred
AgEq decreases from 86.725 to 64.920 Moz, a decrease of 25.1%. These are net comparisons on their respective reporting bases and do not
measure block-by-block category conversion. The changes combine drilling, geological domains, capping, interpolation, density, classification,
depletion and reporting assumptions. Kitsol is combined with Torbrit for comparison with the earlier reporting unit, and gold was not
reported for the southern deposits in the earlier baseline.
AgEq values retain the adopted reporting
basis of each deposit. Tables 1-2 and 1-3 include copper, lead and zinc grades and contained metals; Table 1-4 summarizes the base-metal
grades by category. These metals contribute to equivalent grades for the seven updated deposits. NR = not reported. South Reef retains
0.445 Mt at 8.68 g/t Au and 4.90 g/t Ag, containing 124.200 koz Au and 0.100 Moz Ag. Its 8.600 Moz AgEq is a retained comparative metric;
the historical resource has not been re-estimated using the 2026 Homestake Silver equation or a 132 g/t AgEq filter. Displayed tonnages,
grades and contents are rounded independently.
1.6 Estimation
and Classification
The seven updated estimates were prepared
in Leapfrog Geo version 2026.1.2 with the Edge extension, using hard geological domains, prepared assay datasets, compositing and grade
capping by domain and element. Each metal was estimated independently using inverse-distance-cubed weighting. Leapfrog declustering was
applied by domain and element in every estimator. Grade-search orientations, ranges and sample-selection controls were configured by
domain, with variable orientation where appropriate. The models use 5 × 5 × 5 meter parent blocks and minimum sub-blocks
of 0.5 × 0.5 × 0.5 meters in NAD83 / UTM Zone 9N coordinates.
Target composite lengths are 2.0 meters
for Homestake Main, Homestake Silver, Wolf and Torbrit; 1.25 meters for Dolly Varden Main; and 1.5 meters for Kitsol and North Star.
Compositing used the within-boundary setting and hard domain boundaries, with residual end lengths below 1.0 meter distributed equally
and no additional compositing weight. Density assignments are 2.77 t/m³ for Homestake Main and Homestake Silver, 2.90 t/m³
for Wolf, 3.10 t/m³ for Torbrit, and 3.00 t/m³ for Dolly Varden, North Star and Kitsol. South Reef retains its historical estimation
and density basis (Table 1-4).
Classification reflects the QP’s assessment
of geological and grade continuity, data reliability and independent drill-hole support. Grade-estimation searches and classification
searches serve separate purposes. The selected nominal Indicated/Inferred limits include 38/100 meters for Homestake Main and Homestake
Silver, 45/100 meters for Wolf, 35/100 meters for Torbrit, 35/70 meters for Kitsol and 30/70 meters for Dolly Varden and North Star.
These limits use classification AvgD divided by 0.707, an approximate nominal-spacing indicator rather than measured drill-hole spacing.
Dolly Varden has a separate remnant-resource classification review. Detailed criteria and sensitivity results are presented in Chapter
11.
The 2026 equivalent-metal assumptions use
prices of US$53/oz Ag, US$3,500/oz Au, US$5.00/lb Cu, US$1.25/lb Zn and US$0.90/lb Pb. These prices were selected for resource evaluation,
with management concurrence in May 2026. The selection rationale and applicable time frame are described in Chapter 11.
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Technical Report Summary and updated Mineral Resource Estimate 2026
Table 1-4. Adopted recovery assumptions
for the seven updated deposits. South Reef retains its historical reporting basis and is not included in this recovery matrix.
Recovery
group
Ag
%
Au
%
Cu
%
Zn
%
Pb
%
Dolly
Varden area
85
75
70
80
85
Homestake
Main
80
85
65
70
75
Homestake
Silver
85
80
65
75
80
Dolly Varden area: AgEq = Ag + 58.27Au
+ 53.27Cu + 15.22Zn + 11.64Pb.
Homestake Main: AgEq = Ag + 70.17Au +
52.56Cu + 14.15Zn + 10.92Pb.
Homestake Silver: AgEq = Ag + 62.15Au
+ 49.47Cu + 14.27Zn + 10.96Pb.
In these equations, Ag and Au grades are
in g/t and Cu, Zn and Pb grades are in percent. AgEq is expressed in g/t. The coefficients reflect relative prices and assumed metallurgical
recoveries and do not represent net payable revenue after commercial deductions.
1.7 Mineral
Processing and Metallurgical Testing
The metallurgical database includes the
2016 Base Metallurgical Laboratories work on Homestake composites, the 2019 Blue Coast Research program on Dolly Varden and Torbrit,
and the 2025 sample-selection and testwork program extending modern coverage to Wolf and Kitsol. The work evaluated mineralogy, flotation,
gravity concentration where applicable, whole-ore cyanidation and cyanidation of selected flotation products or tails. The tested material
responds to conventional processing methods, but the results do not establish a single finalized flowsheet for all deposits.
The adopted recovery assumptions reflect
differing mineralogy and allowance for downstream processing losses. Some values are preliminary proxies rather than measured integrated
whole-feed recoveries. Arsenic, antimony and mercury in some tested concentrates may affect product specifications, penalties or treatment
requirements. These factors remain material to subsequent economic evaluation. The planned 2026–2027 program will evaluate five
representative composites using characterization, comminution, sequential lead–zinc flotation, locked-cycle testing, leaching and
detailed product analysis. Chapter 24 defines the recommended program and budget. This future work has not been used to claim completed
testing or improved recoveries in the current estimate.
1.8 Mining
Concept and Resource Reporting Basis
The estimate is intended to support continued
evaluation of potential underground extraction. Longhole stoping is a conceptual option for appropriately shaped and sufficiently continuous
portions of the mineralization; it is not a demonstrated mining solution for every domain. Mining widths, dilution, recovery, geotechnical
conditions, access development and the treatment of isolated mineralized volumes must be considered together with grade.
The updated resources are constrained within
underground mineralized shapes developed in Leapfrog and reported at 132 g/t AgEq. These shapes delineate spatially continuous mineralization
considered potentially amenable to future mechanized underground mining. Historical workings at Torbrit, Dolly Varden and North Star
and unclassified material are excluded. The grade threshold and spatial constraints form part of the QP’s assessment of reasonable
prospects for economic extraction. That assessment also considers access, processing and marketability, infrastructure, environmental
and permitting requirements. The QP considers the identified technical issues capable of resolution through further work, as discussed
in Chapter 11, Sections 11.4 and 11.11.
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Technical Report Summary and updated Mineral Resource Estimate 2026
The resource-stage work summarized in this
TRS does not establish a project-level construction capital estimate, a definitive operating-cost estimate or a development cash-flow
valuation. No mineral reserves, mine production schedule, project net present value or internal rate of return are declared in this summary.
1.9 Access
Infrastructure Environmental Matters and Permitting
Alice Arm provides the current exploration
base, with seasonal camp, geology and core-handling facilities. Regional supplies and personnel are mobilized through northwestern British
Columbia service centers. Roads reach Kitsault, while marine transport and helicopter support provide access to Alice Arm and field locations.
A historical road or trail corridor extends northward into the lower Kitsault Valley; the upper valley and Homestake deposits are accessed
principally by helicopter. Rugged terrain, glaciers, heavy precipitation, snow and avalanche exposure affect field operations and future
infrastructure design.
Existing facilities support exploration.
Future mining would require evaluation of road upgrades, bridges, power supply, water management, processing and waste facilities, accommodation
and product transport. Regional grid infrastructure and third-party ports provide options for study, but project capacity, access rights
and commercial arrangements are not established by their proximity.
The core exploration areas are administered
under the Dolly Varden and Homestake exploration permits, MX-1-860 and MX-1-603, respectively. Exploration activities remain subject
to permit-specific disturbance limits, reporting, reclamation, security and operating conditions. Exploration authorizations do not constitute
approval to construct or operate a mine. A future development proposal would require a project-specific permitting and assessment process,
including applicable provincial and federal requirements and engagement with affected Indigenous Nations and communities.
Environmental work includes historical and
renewed water-quality observations, meteorological monitoring, wildlife-management planning and archaeological screening. The Kitsault
River watershed, fish habitat, steep terrain and seasonal runoff are important considerations. Historical workings, the former plant
site and waste-rock accumulations require continued management and characterization. Existing baseline work is not a complete development-stage
environmental assessment. Further hydrology, hydrogeology, geochemistry, aquatic and terrestrial studies are required to support facility
selection, effects assessment and closure planning.
Engagement with Nisga’a Lisims Government
and other Indigenous Nations and regional communities is an integral part of exploration planning and future project evaluation. Consultation
associated with exploration permits should not be interpreted as consent to a future mine. Engagement commitments and the effective-date
status of permits and agreements are described in Chapter 17.
1.10 Qualified
Person Conclusions and Recommendations
The QP considers the accepted geological,
drilling, sampling, analytical and density information adequate to support the estimates at the confidence levels assigned. The geological
domains, high-grade controls, estimation parameters and classification framework described in Chapter 11 appropriately reflect the mineralized
systems and available data. The revised Homestake framework and larger Indicated inventory support continued technical evaluation. Based
on the geological setting and available drilling, the QP reasonably expects that the majority of Inferred resources should be upgraded
through continued exploration; actual upgrading depends on the results and is not assured.
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Technical Report Summary and updated Mineral Resource Estimate 2026
Material uncertainties include local geological
and grade continuity, high-grade sample influence, historical data and mined-out geometry, density variability, metallurgical response
and product quality, mining dimensions and ground conditions, access and infrastructure requirements, water and waste management, permitting,
and commodity-price and operating-cost assumptions. The magnitude of the resource does not remove these uncertainties. Inferred material
remains less certain than Indicated material and cannot be assumed to convert to a higher resource category or mineral reserves.
The QP recommends the staged program summarized
in Chapter 23. Stage 1 should complete the current 2026 drilling program, receive and validate the remaining assays, update the current
MRE in 2027 with accepted 2026 drilling, and complete the planned 2026-2027 metallurgical program described technically in Chapter 10.
After the 2027 MRE update is complete, the Company should proceed to an S-K 1300 Initial Assessment with preliminary capital and operating
costs, cash-flow analysis and sensitivities. If assay receipt, MRE updating and metallurgical inputs progress as expected, the Initial
Assessment could target completion near the end of Q2 2027; that target remains conditional on the timing and quality of the required
inputs.
Stage 2 should advance the Project toward
a pre-feasibility study over approximately the next three years. The work should focus on the PFS rollout rather than duplicating the
current drilling program, and should include staged geotechnical and hydrogeological drilling, geotechnical testing and instrumentation,
hydrology, hydrogeology, environmental baseline, geochemistry, permitting, access, infrastructure and closure-related field and engineering
studies. These activities should be released through decision points tied to the Initial Assessment results, the updated geological model,
metallurgical results, permitting priorities and field-season access.
Table 1-5 summarizes the staged planning
allowances. Stage 1 includes metallurgy, the 2027 MRE update and the Initial Assessment; it excludes the cost of the already-authorized
2026 drilling program. Stage 2 includes the additional technical, environmental, permitting and engineering work required to support
the PFS path.
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Technical Report Summary and updated Mineral Resource Estimate 2026
Table 1-5. Proposed program budget in
U.S. dollars.
Stage
Work
item and timing
US$
Estimate
Budget
basis
Stage
1
Complete
2026 drilling, assay receipt and QA/QC close-out. 2026 to early 2027.
0
No
new incremental allowance in this table; complete under the approved current program.
Stage
1
Metallurgical
program. Fall 2026 through 2027.
200,000–300,000
Representative
composites, comminution, flotation, leaching, locked-cycle/product-quality testing and coordination.
Stage
1
2027
MRE update and QP reporting. After receipt and validation of 2026 assays.
160,000–240,000
Update
the current MRE with accepted 2026 drilling and preserve the September 11, 2026 estimate as the baseline.
Stage
1
Initial
Assessment with economic analysis. After the 2027 MRE; target end of Q2 2027 if timing allows.
800,000–1,200,000
S-K
1300 Initial Assessment with preliminary mining, processing, infrastructure, environmental, permitting, capital, operating cost and
sensitivity work.
Stage
2
Geotechnical
and hydrogeological drilling - up to 5,000 meters. Staged as engineering needs are confirmed.
2,800,000–4,200,000
Support
access, underground design, water inflow, ground conditions and PFS-level engineering.
Stage
2
Geotechnical
testing and instrumentation. With staged geotechnical drilling.
350,000–500,000
Laboratory
testing, instrumentation, monitoring and specialist interpretation.
Stage
2
PFS
engineering, environmental, hydrology, permitting and field studies. Approximately three years after the Initial Assessment.
2,800,000–4,200,000
Engineering
trade-off studies, baseline expansion, hydrology/hydrogeology, geochemistry, access/infrastructure field work, permitting strategy
and reporting.
Stage
1 subtotal
1,160,000–1,750,000
Planning
sensitivity only; not a formal estimate-class accuracy range.
Stage
2 subtotal
6,000,000–9,000,000
Planning
sensitivity only; not a formal estimate-class accuracy range.
Total
proposed staged allowance
7,160,000–10,750,000
Planning
sensitivity only; not a formal estimate-class accuracy range.
Budget basis. Amounts are conceptual planning
allowances in U.S. dollars and remain subject to Company approval, final scopes, contractor pricing, laboratory schedules and exchange-rate
assumptions. The estimates reflect +/-20% planning sensitivity and are not presented as a formal estimate-class accuracy range. The retained
Stage 2 drilling allowance is limited to geotechnical and hydrogeological drilling at US$712.50 per meter, including normal field logistics;
specialist testing and instrumentation are separate.
The QP recommends staged expenditure against
confirmed scopes and results. This work supports further evaluation; it does not establish additional mineral resources, mineral reserves
or economic returns, or commit the Project to development.
Contango Silver and Gold – Kitsault Valley Project Page 29 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
2 INTRODUCTION
2.1 Purpose
and Terms of Reference
This Technical Report Summary (TRS) has
been prepared for Contango Silver & Gold Inc. (Contango or the Company) to support disclosure of the updated mineral resource
estimate for the Kitsault Valley Project (the Project), British Columbia, Canada, under Subpart 1300 of Regulation S-K. The report summarizes
the scientific and technical information, interpretations and conclusions supporting the estimate and the associated resource-stage assessment.
The mineral resource effective date is September 11, 2026. The TRS issue date is identified on the report title page.
The purpose of the work is to estimate and
classify mineral resources, document the geological and estimation basis, assess the technical and economic assumptions relevant to reasonable
prospects of economic extraction, and identify further work required to advance the Project. The scope includes review of exploration
and drilling data, sampling and analytical quality, data verification, geological modeling, metallurgical information, resource estimation
and classification, and relevant property, infrastructure and environmental information. This TRS does not declare mineral reserves or
present a preliminary or final feasibility study.
2.2 Project
and Deposit Scope
The Project is situated in northwestern
British Columbia, approximately 39 km southeast of Stewart and 27 km northeast of Alice Arm. The Company holds its interests through
subsidiaries following completion of the merger with Dolly Varden Silver Corporation on March 26, 2026 (Contango, 2026a). The mineral
resource estimate covers eight deposits grouped into two areas (Table 2-1). Property boundaries, tenure, royalties and access rights
are described in the Property Description chapter.
Table 2-1. Deposits included in the mineral
resource statement for the Kitsault Project, northwestern British Columbia.
Area
Deposits
included in the mineral resource statement
Homestake
Homestake
Main; Homestake Silver; South Reef
Dolly
Varden
Wolf;
Kitsol; Torbrit; Dolly Varden; North Star
The current work updates seven deposit models.
South Reef is carried forward as an Inferred resource at its preceding 2.0 g/t AuEq cut-off; no additional drilling is incorporated into
that retained estimate. The seven updated deposits use a 132 g/t AgEq cut-off and the underground reporting constraints described in
Chapter 11. Regional targets outside these eight deposits are excluded from reported resources.
The final statement in Chapter 11 reports
7.660 Mt Indicated containing 58.698 Moz Ag, 394.700 koz Au and 89.545 Moz AgEq, and 6.305 Mt Inferred containing 22.804 Moz Ag, 620.817
koz Au and 64.920 Moz AgEq. The categories are reported separately. South Reef is included in the Inferred totals on its retained reporting
basis.
2.3 Qualified
Person and Technical Contributions
Dave Larimer, CPG, Vice President Exploration
of Contango, is the Qualified Person (QP) responsible for the mineral resource estimate and the technical conclusions presented in this
TRS. Mr. Larimer is an employee of the Company and is not independent. The Company identifies him as a QP under Regulation S-K 1300
(Contango, 2026b). His qualifications and responsibilities are set out in the report’s QP identification and signature information.
Contango Silver and Gold – Kitsault Valley Project Page 30 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Company geological personnel supplied the
exploration database, geological records and supporting project information. Sims Resources assisted with geological modeling, statistical
evaluation and implementation in Leapfrog Geo version 2026.1.2 with Edge under the QP’s supervision. The QP reviewed and accepted
the model inputs, estimation parameters, validation and classification and takes responsibility for the adopted estimates. Technical
assistance does not replace that responsibility.
2.4 Sources
of Information
This TRS is based on Company records, prior
technical reports, laboratory and specialist reports, geological and block models, and the QP’s review and personal observations.
The principal source groups are summarized in Table 2-2 below. Detailed references and source-specific limitations are provided in the
relevant technical chapters and the References chapter.
Table 2-2. Sources of information used
in this report.
Source
group
Information
used and principal records
Previous
project reporting
Technical
Report on the Combined Kitsault Valley Project, British Columbia, Canada, dated March 23, 2023, effective September 28,
2022; earlier reports and assessment records cited in that report and in the current technical chapters.
Exploration
and analytical data
Accepted
historical and modern collars, downhole surveys, geological logs, merged intervals, assays, analytical certificates and density records.
Chapter 11 distinguishes the 1,454-hole, 328,638.18-meter deposit header inventory from the seven merged exports: 24,120 intervals
across 34 domains, including 23,264 intervals with metal results from 947 distinct hole identifiers.
Quality
control and verification
Company
sampling and analytical procedures, laboratory quality-control records, and the Dolly Varden and Homestake quality-control compilations
dated January 30 and February 2, 2026, respectively; QP verification records.
Geological
and resource models
Chapter
11 Mineral Resource Estimates and its final resource statement; Leapfrog Geo 2026.1.2 / Edge models and September 11, 2026 exports;
domain, compositing, capping and declustering records; density assignments; grade and classification estimators; validation, sensitivity
and historical-depletion evaluations.
Metallurgical
information
Base
Metallurgical Laboratories work on Homestake composites (2016); Blue Coast Research work on Dolly Varden and Torbrit (2019); and
the 2025–2026 Wolf and Kitsol testwork, including Blue Coast project PJ-5599, dated April 29, 2026, and associated interpretations
cited in the Metallurgy chapter.
Property
and project context
Company
tenure and ownership records, historical operating information, exploration infrastructure descriptions, environmental and permitting
records, and information on Indigenous and community engagement, as identified in the relevant chapters.
The QP’s data review included selected
comparisons with original records and checks of the digital data and model inputs. Some historical assay certificates were unavailable.
The treatment of those records, the verification performed and the resulting limitations are discussed in the Data Verification chapter.
The QP considers the accepted database adequate for the geological interpretation and mineral resource estimation purposes described
in this TRS.
Contango Silver and Gold – Kitsault Valley Project Page 31 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
2.5 Relationship
to Previous Reporting
The previous combined-project report is
titled Technical Report on the Combined Kitsault Valley Project, British Columbia, Canada, dated March 23, 2023, with an effective
date of September 28, 2022. Those dates are confirmed in Andrew Turner’s consent filed by Contango on June 22, 2026 (Turner,
2026). References in this TRS to the “2023 baseline” mean the resource disclosure presented in that report; the publication
year should not be interpreted as the effective date of all underlying estimates.
2.6 Personal
Inspection
Mr. Larimer personally inspected the
Project on September 14th 2025, and July 21–24, 2026. The inspections included review of core handling, geological
logging and sampling practices, and geological observations relevant to the interpretation of the mineralized systems. These observations
informed his assessment of the exploration procedures and the suitability of the information used in the resource estimate. The scope
of the inspection and the supporting verification work are described in the Data Verification chapter.
The QP’s conclusions on data adequacy
consider these field observations together with the verification procedures and limitations documented in this TRS.
2.7 Effective
Date and Information Cut-offs
The effective date of the resource estimate
is distinct from the dates on which the database, geological models and reporting files were prepared or approved. The following dates
define the preparation sequence used for this update (Table 2-3).
Table 2-3. Reporting milestones.
Milestone
Date
or reporting basis
Resource
effective date
September 11,
2026; QP acceptance of the completed resource statement, classifications and supporting assumptions.
TRS
issue date
As
stated on the report title page; distinct from the resource effective date.
Estimation
database coverage
Accepted
historical and modern data, including the completed 2025 program; assay dataset locked at the start of January 2026.
Database
certification
April 13,
2026; databases and supporting information finalized, checked and certified by the QP.
Geological-solid
updates and database review
Continued
through March 2026 before database certification.
Metal-price
assumptions
Management
concurrence in May 2026; QP-accepted prices and recovery assumptions are disclosed in Chapter 11, Section 11.4.
Final
model exports and resource statement
Final
exports locked and generated September 11, 2026; resource quantities are reported in Chapter 11, Section 11.7.
Exploration information obtained after the
estimation database cut-off is excluded from the estimate unless specifically identified as incorporated into the accepted model inputs.
Material information relevant to the report’s conclusions is addressed through the effective-date review. The dates of the data
lock, model preparation and personal inspection therefore serve different purposes.
Contango Silver and Gold – Kitsault Valley Project Page 32 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
2.8 Units,
Currencies and Reporting conventions
Unless otherwise stated, distances are reported
in meters, areas in metric units and tonnages in metric tons (t), with one metric ton equal to 1,000 kilograms. Precious-metal grades
are expressed in grams per metric ton (g/t), and base-metal grades in percent (%), except where source fields are explicitly in parts
per million (ppm). For gold and silver, 1 ppm is numerically equal to 1 g/t; base-metal ppm values are divided by 10,000 to obtain percent.
Precious-metal contents use 31.1034768 grams per troy ounce, and base-metal conversions use 2,204.62262 pounds per metric ton. Mt denotes
million metric tons, koz thousand troy ounces and Moz million troy ounces.
US$ denotes United States dollars and C$
denotes Canadian dollars. Commodity-price and cost assumptions identify their currency, and any exchange rate used is disclosed with
the relevant assumptions. The resource database and models use NAD83 / UTM Zone 9N coordinates, with eastings, northings and elevations
expressed in meters. The QP verified the coordinate-reference information used for the estimate.
AgEq and AuEq denote silver-equivalent and
gold-equivalent grades or contents. For the seven updated deposits, AgEq is calculated for each block using the adopted metal prices
and relative metallurgical recoveries before applying the reporting cut-off. South Reef retains its historical AuEq cut-off and its separately
disclosed comparative AgEq content. Equivalent values are not additional metal to be added to individual commodity contents. Resources
are reported in situ within accepted domains, after modeled historical depletion where applicable and before mining dilution and mining
recovery. Contained metal is not recovered or payable metal. No Measured resources or mineral reserves are reported; Indicated and Inferred
resources remain separate and totals may differ due to rounding. Mineral resources do not have demonstrated economic viability.
Contango Silver and Gold – Kitsault Valley Project Page 33 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
3 PROPERTY
DESCRIPTION
3.1 Description
and Location
The Kitsault Valley Project is located near
the central west coast of British Columbia (BC), approximately 39 km southeast of Stewart and 27 km northeast of Alice Arm, BC. The Project
sits within National Topographic System Sheets 103P05, 103P06, 103P11, 103P12, 103P13, and 103P14 in the Skeena Mining District and Cassiar
Land District. The Property encompasses 7 mineral leases, 253 mineral claims and 57 Crown granted mineral claims (Crown grants) listed
in Tables 3-1, 3-2 and 3-3, respectively. The Property area totals 163 square km, with non-owned land removed. The Dolly Varden mineral
leases, Crown grants and mineral claims are shown in Figures 3-1 and 3-2.
Table 3-1. Kitsault Valley Project mineral
leases.
Tenure
Number
Registered
Owner (100%)
Valid
Until
Area
(ha)
254534
Dolly
Varden
2027/JUL/06
53.397
254535
Dolly
Varden
2027/FEB/04
8.681
254536
Dolly
Varden
2027/APR/05
37.213
254537
Dolly
Varden
2027/APR/05
11.892
254538
Dolly
Varden
2027/APR/05
17.301
254542
Dolly
Varden
2027/JUL/08
41.010
254579
Dolly
Varden
2026/OCT/15
14.452
Mineral Leases have a 30-year term and are
maintained through yearly rent payments. The seven mineral leases on the project were renewed with the Chief Gold Commissioner in 2024
for another 30-year term.
Table 3-2. Kitsault Valley Project mineral
claims.
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Big
Bulk
250684
BIG
BULK
2035/DEC/03
400
Big
Bulk
254242
SKUCH
12
2035/DEC/03
225
Big
Bulk
254243
SKUCH
13
2035/DEC/03
300
Big
Bulk
523826
DOLLY
3
2035/DEC/03
237.364
Big
Bulk
523830
DOLLY
7
2035/DEC/03
18.23
Big
Bulk
526114
BIG
BULK 1
2035/DEC/03
456.161
Big
Bulk
570084
DOLLY
VARDEN BIG BULK 1
2035/DEC/03
1003.362
Big
Bulk
385586
KL
2
2032/JUL/14
400
Big
Bulk
385587
KL
3
2032/JUL/14
500
Contango Silver and Gold – Kitsault Valley Project Page 34 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Big
Bulk
385591
LAVENDER
3
2032/JUL/14
300
Big
Bulk
385592
LAVENDER
4
2032/JUL/14
450
Big
Bulk
385602
LAVENDER
5
2032/JUL/14
500
Big
Bulk
385603
LAVENDER
6
2032/JUL/14
500
Big
Bulk
385604
LAVENDER
7
2032/JUL/14
375
Dolly
Varden
383279
TIGER
2
2035/DEC/03
500
Dolly
Varden
383281
TIGER
4
2035/DEC/03
500
Dolly
Varden
384022
EVINDSON
2
2035/DEC/03
500
Dolly
Varden
523825
DOLLY
2
2035/DEC/03
218.884
Dolly
Varden
538780
DOLLY
CROWN 3
2035/DEC/03
127.574
Dolly
Varden
538781
DOLLY
CROWN 4
2035/DEC/03
163.998
Dolly
Varden
538782
DOLLY
CROWN 5
2035/DEC/03
18.223
Dolly
Varden
538783
DOLLY
CROWN 6
2035/DEC/03
91.161
Dolly
Varden
538784
DOLLY
CROWN 7
2035/DEC/03
182.283
Dolly
Varden
538785
DOLLY
CROWN 8
2035/DEC/03
437.658
Dolly
Varden
538786
DOLLY
CROWN 9
2035/DEC/03
72.971
Dolly
Varden
538787
DOLLY
CROWN 10
2035/DEC/03
127.709
Dolly
Varden
538788
DOLLY
CROWN 11
2035/DEC/03
109.477
Dolly
Varden
538804
DOLLY
CROWN 15
2035/DEC/03
36.442
Dolly
Varden
538805
DOLLY
CROWN 16
2035/DEC/03
18.232
Dolly
Varden
538806
DOLLY
CROWN 17
2035/DEC/03
164.25
Dolly
Varden
538899
DOLLY
CROWN 19
2035/DEC/03
18.2268
Dolly
Varden
538900
DOLLY
CROWN 20
2035/DEC/03
18.2248
Dolly
Varden
538901
DOLLY
CROWN 21
2035/DEC/03
18.2249
Dolly
Varden
538902
DOLLY
CROWN 22
2035/DEC/03
18.2229
Dolly
Varden
538904
DOLLY
CROWN 24
2035/DEC/03
18.2307
Dolly
Varden
538906
DOLLY
CROWN 26
2035/DEC/03
18.2403
Dolly
Varden
564163
DOLLY
CROWN 27
2035/DEC/03
18.2384
Dolly
Varden
564240
DOLLY
CROWN 28
2035/DEC/03
18.2402
Dolly
Varden
569857
DOLLY
VARDEN EAST 1
2035/DEC/03
637.293
Dolly
Varden
569859
DOLLY
VARDEN EAST 2
2035/DEC/03
655.9154
Contango Silver and Gold – Kitsault Valley Project Page 35 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Dolly
Varden
569871
DOLLY
VARDEN EAST 3
2035/DEC/03
473.5278
Dolly
Varden
569872
DOLLY
VARDEN NORTH 1
2035/DEC/03
436.943
Dolly
Varden
569873
DOLLY
VARDEN NORTH 2
2035/DEC/03
364.2831
Dolly
Varden
569874
DOLLY
VARDEN NORTH 3
2036/APR/21
273.2914
Dolly
Varden
570074
DOLL
A
2035/DEC/03
18.2229
Dolly
Varden
570075
DOLL
B
2035/DEC/03
18.2268
Dolly
Varden
570076
DOLL
C
2035/DEC/03
36.4632
Dolly
Varden
570080
DOLLY
VARDEN WEST 1
2035/OCT/21
419.2429
Dolly
Varden
570081
DOLLY
VARDEN WEST 2
2035/DEC/03
109.3779
Dolly
Varden
570082
DOLLY
VARDEN WEST 3
2036/APR/21
510.6939
Dolly
Varden
570083
DOLLY
VARDEN WEST 4
2035/DEC/03
237.1939
Dolly
Varden
589602
DOLLY
VARDEN - NORTH STAR
2035/DEC/03
18.2384
Homestake
251427
CAMBRIA
1
2036/APR/21
100
Homestake
251428
CAMBRIA
2
2036/APR/21
75
Homestake
377241
WK
1
2036/APR/21
250
Homestake
377242
WK
2
2036/APR/21
500
Homestake
377243
WK
3
2036/APR/21
400
Homestake
380949
WK
4
2036/APR/21
450
Homestake
380950
WK
5
2036/APR/21
450
Homestake
380951
KW
1
2036/APR/21
25
Homestake
380952
KW
2
2036/APR/21
25
Homestake
380953
KW
3
2036/APR/21
25
Homestake
383016
KW
5
2036/APR/21
25
Homestake
383017
KW4
2036/APR/21
25
Homestake
383037
WK
6
2036/APR/21
150
Homestake
383038
WK
7
2036/APR/21
400
Homestake
537435
HR
2036/APR/21
127.45
Homestake
537436
HRMARGIN
1
2036/APR/21
109.25
Homestake
537437
HRMARGIN2
2036/APR/21
54.599
Homestake
538791
HOMESTAKE
RIDGE 1
2036/APR/21
18.209
Homestake
540533
HOMESTAKE
RIDGE 2
2036/APR/21
18.2035
Contango Silver and Gold – Kitsault Valley Project Page 36 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Homestake
540540
HOMESTAKE
RIDGE 3
2036/APR/21
18.2074
Homestake
545945
HOMESTAKE
RIDGE 4
2036/APR/21
18.2036
Homestake
565708
HOMESTAKE
RIDGE 5
2036/APR/21
36.4169
Homestake
565709
HOMESTAKE
RIDGE 6
2036/APR/21
18.2055
Homestake
565710
HOME
STAKE 7
2036/APR/21
18.2036
Homestake
598667
VANGUARD
GOLD
2036/APR/21
18.2133
Homestake
598668
VANGUARD
EXTENSION
2036/APR/21
54.663
Homestake
950714
BRAVO
N1
2036/APR/21
327.4891
Homestake
950719
BRAVO
N2
2036/APR/21
436.5113
Homestake
950722
BRAVO
N3
2036/APR/21
436.5046
Homestake
950724
BRAVO
N4
2036/APR/21
272.8082
Homestake
950725
BRAVO
N5
2036/APR/21
381.8186
Homestake
950726
BRAVO
N6
2036/APR/21
418.0394
Homestake
950727
BRAVO
N7
2036/APR/21
417.955
Homestake
1011645
KN
HSR 1
2036/APR/21
273.8619
Homestake
1015450
KINSKUCH
NW2
2036/APR/21
1039.181
Homestake
1015588
HS
SOUTH 1
2036/APR/21
36.442
Homestake
1061421
NR
2036/APR/21
18.1958
Kinskuch
1105020
GLEB01
2035/DEC/03
454.992
Kinskuch
1105023
GLEB02
2035/DEC/03
454.8574
Kinskuch
1105026
GLEB03
2035/DEC/03
454.9309
Kinskuch
1105029
GLEB04
2035/DEC/03
454.8791
Kinskuch
1105032
GLEB05
2035/DEC/03
454.8242
Kinskuch
1105035
GLEB06
2035/DEC/03
454.8324
Kinskuch
1105038
GLEB07
2035/DEC/03
454.7061
Kinskuch
1105041
GLEB08
2035/DEC/03
454.9873
Kinskuch
1105044
GLEB09
2035/DEC/03
455.1056
Kinskuch
1105047
GLEB10
2035/DEC/03
455.0987
Kinskuch
1105050
GLEB11
2035/DEC/03
455.1276
Kinskuch
1105054
GLEB12
2035/DEC/03
455.3719
Kinskuch
1105057
GLEB13
2035/DEC/03
455.3618
Contango Silver and Gold – Kitsault Valley Project Page 37 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Kinskuch
1105060
JADE
1
2035/DEC/03
91.0605
Kinskuch
1105065
GLEB14
2035/DEC/03
455.2397
Kinskuch
1105066
JADE
2
2035/DEC/03
18.2101
Kinskuch
1105092
GLEB15
2035/DEC/03
455.389
Kinskuch
1105095
GLEB16
2035/DEC/03
437.3459
Kinskuch
1105098
GLEB17
2035/DEC/03
455.6003
Kinskuch
1105101
GLEB18
2035/DEC/03
455.6016
Kinskuch
1105104
GLEB19
2035/DEC/03
455.3952
Kinskuch
1105107
GLEB20
2035/DEC/03
437.456
Kinskuch
1105110
GLEB20A
2035/DEC/03
455.8045
Kinskuch
1105113
GLEBX
1
2035/DEC/03
437.6296
Kinskuch
1105116
GLEB21
2035/DEC/03
455.8357
Kinskuch
1105119
GLEB23
2035/DEC/03
455.7809
Kinskuch
1105122
GLEB24
2035/DEC/03
455.8772
Kinskuch
1105125
GLEB25
2035/DEC/03
455.9786
Kinskuch
1105128
GLEB26
2035/DEC/03
456.1687
Kinskuch
1105131
GLEB27
2035/DEC/03
456.4401
Kinskuch
1105134
GLEB28
2035/DEC/03
456.647
Kinskuch
1105137
GLEB29
2035/DEC/03
456.635
Kinskuch
1105141
GLEB30
2035/DEC/03
456.8963
Kinskuch
1105144
GLEB31
2035/DEC/03
456.8556
Kinskuch
1105147
GLEB32
2035/DEC/03
457.1528
Kinskuch
1105150
GLEB33
2035/DEC/03
457.3952
Kinskuch
1105153
GLEB34
2035/DEC/03
457.6379
Kinskuch
1105156
GLEB36
2035/DEC/03
457.88
Kinskuch
1105159
ILLY
7
2035/DEC/03
402.3718
Kinskuch
1105162
GLEB34A
2035/DEC/03
420.5602
Kinskuch
1105165
ILLY
10
2035/DEC/03
274.4895
Kinskuch
1105171
GLEB35
2035/DEC/03
457.5257
Kinskuch
1105174
GLEB39
2035/DEC/03
458.2964
Kinskuch
1105177
GLEB38
2035/DEC/03
458.1243
Contango Silver and Gold – Kitsault Valley Project Page 38 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Kinskuch
1105180
GLEB40
2035/DEC/03
458.0259
Kinskuch
1105183
GLEB41
2035/DEC/03
458.1559
Kinskuch
1105186
GLEB41
2035/DEC/03
458.2662
Kinskuch
1105189
KITSAULT
SOUTH 3
2035/DEC/03
458.2899
Kinskuch
1105192
GLEB23A
2035/DEC/03
458.0882
Kinskuch
1105195
GLEB44
2035/DEC/03
457.8863
Kinskuch
1105198
GLEB45
2035/DEC/03
457.6578
Kinskuch
1105201
GLEB46
2035/DEC/03
439.2692
Kinskuch
1105204
GLEB47
2035/DEC/03
457.5816
Kinskuch
1105207
ILLY16
2035/DEC/03
164.7841
Kinskuch
1105210
GLEB48
2035/DEC/03
439.4265
Kinskuch
1105213
GLEB49
2035/DEC/03
457.7444
Kinskuch
1105216
RED
BLUFF 3
2035/DEC/03
201.3713
Kinskuch
1105219
GLEB50
2035/DEC/03
457.7931
Kinskuch
1105221
GLEB51
2035/DEC/03
457.5793
Kinskuch
1105222
SILVER
CORD
2035/DEC/03
18.306
Kinskuch
1105224
GLEB52
2035/DEC/03
420.8514
Kinskuch
1105225
IXL
2035/DEC/03
18.3002
Kinskuch
1105228
GLEB53
2035/DEC/03
457.2427
Kinskuch
1105231
ILLY
8
2035/DEC/03
219.5074
Kinskuch
1105234
GLEB55
2035/DEC/03
457.0572
Kinskuch
1105237
ILLY
4
2035/DEC/03
73.1315
Kinskuch
1105240
ILLY
5
2035/DEC/03
456.9824
Kinskuch
1105243
GLEB56
2035/DEC/03
274.1288
Kinskuch
1105246
GLEB56A
2035/DEC/03
456.1801
Kinskuch
1105249
GLEB62
2035/DEC/03
456.427
Kinskuch
1105252
EAST
DOLLY 1
2035/DEC/03
456.5502
Kinskuch
1105255
GLEB57
2035/DEC/03
456.2774
Kinskuch
1105258
GLEB60
2035/DEC/03
456.5191
Kinskuch
1105261
GLEB59
2036/APR/21
456.3689
Kinskuch
1105264
KITGOLD
1
2035/DEC/03
401.9519
Contango Silver and Gold – Kitsault Valley Project Page 39 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Kinskuch
1105267
GLEB61
2035/DEC/03
456.6629
Kinskuch
1105273
GLEB63
2035/DEC/03
456.5369
Kinskuch
1105274
ZORKA
2035/DEC/03
18.2616
Kinskuch
1105277
GLEB64
2035/DEC/03
456.7166
Kinskuch
1105280
2035/DEC/03
402.028
Kinskuch
1105283
GLEB65
2035/DEC/03
456.6985
Kinskuch
1105286
GLEB66
2035/DEC/03
438.4397
Kinskuch
1105288
GLEB67
2035/DEC/03
456.9251
Kinskuch
1105289
HENDERSONS
2035/DEC/03
18.2751
Kinskuch
1105292
GLEB69
2035/DEC/03
457.6007
Kinskuch
1105295
GLEB68
2035/DEC/03
457.3609
Kinskuch
1105298
GLEB83
2035/DEC/03
54.889
Kinskuch
1105300
GLEB70
2035/DEC/03
457.4573
Kinskuch
1105301
EAGLE
2035/DEC/03
18.2905
Kinskuch
1105304
GLEB72
2035/DEC/03
456.8227
Kinskuch
1105307
GLEB71
2035/DEC/03
456.744
Kinskuch
1105310
GLEB72A
2035/DEC/03
457.2692
Kinskuch
1105313
GLEB73
2035/DEC/03
457.4402
Kinskuch
1105325
GLEB76
2035/DEC/03
457.164
Kinskuch
1105328
GLEB74
2035/DEC/03
456.9179
Kinskuch
1105331
GLEB75
2035/DEC/03
438.7854
Kinskuch
1105334
GLEB78
2035/DEC/03
329.0577
Kinskuch
1105337
GLEB76A
2035/DEC/03
457.1176
Kinskuch
1105339
GLEB77
2035/DEC/03
292.5717
Kinskuch
1105340
RIVERSIDE
2035/DEC/03
18.2887
Kinskuch
1105344
GLEB80
2035/DEC/03
457.7967
Kinskuch
1105347
COPPER
CREST
2035/DEC/03
36.623
Kinskuch
1105350
GLEB81
2035/DEC/03
384.6607
Kinskuch
1105353
GLEB81A
2035/DEC/03
457.8399
Kinskuch
1105356
KITSAULT
SOUTH 9
2035/DEC/03
458.2146
Kinskuch
1105359
GLEB82
2035/DEC/03
348.1087
Contango Silver and Gold – Kitsault Valley Project Page 40 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Kinskuch
1105362
GLEB
X2
2035/DEC/03
437.5087
Kinskuch
1105365
GLEB
X3
2035/DEC/03
437.3884
Kinskuch
1105368
GLEB
X4
2035/DEC/03
437.268
Kinskuch
1105371
GLEB
X5
2035/DEC/03
437.1475
Kinskuch
1105374
GLEB
X6
2035/DEC/03
437.027
Kinskuch
1105377
GLEB
X7
2035/DEC/03
436.9064
Kinskuch
1105380
2035/DEC/03
511.7981
Kinskuch
1105383
DOLLY
CAMP 1
2035/DEC/03
73.135
Kinskuch
1105386
RIFT
01
2035/DEC/03
437.7241
Kinskuch
1105389
RIFT
02
2035/DEC/03
437.8516
Kinskuch
1105392
RIFT
03
2035/DEC/03
437.919
Kinskuch
1105395
RIFT
04
2035/DEC/03
437.998
Kinskuch
1105398
RIFT
5
2035/DEC/03
456.3232
Kinskuch
1105401
RIFT
6
2035/DEC/03
438.1567
Kinskuch
1105404
RIFT
07
2035/DEC/03
438.2376
Kinskuch
1105412
RIFT
08
2035/DEC/03
438.3481
Kinskuch
1105414
RIFT
09
2035/DEC/03
438.4587
Kinskuch
1105415
VMS
2035/DEC/03
18.273
Kinskuch
1105419
RIFT
10
2035/DEC/03
420.2961
Kinskuch
1105422
RIFT
11
2035/DEC/03
438.6798
Kinskuch
1105425
RIFT
12
2035/DEC/03
438.7902
Kinskuch
1105428
RIFT
13
2035/DEC/03
438.8785
Kinskuch
1105431
KINSAULT
SOUTH 1
2035/DEC/03
219.9121
Kinskuch
1105434
CARL
2035/DEC/03
36.6425
Kinskuch
1105437
KINSAULT
SOUTH 2
2035/DEC/03
458.3685
Kinskuch
1105440
KINSAULT
SOUTH 4
2035/DEC/03
439.7818
Kinskuch
1105443
KINSAULT
SOUTH 5
2035/DEC/03
403.1737
Kinskuch
1105446
KINSAULT
SOUTH 8
2035/DEC/03
146.6097
Kinskuch
1105450
KINSAULT
SOUTH 6
2035/DEC/03
458.0821
Kinskuch
1105453
KINSAULT
SOUTH 7
2035/DEC/03
403.0214
Kinskuch
1105570
KITSAULT
SOUTH 10
2035/DEC/03
439.8487
Contango Silver and Gold – Kitsault Valley Project Page 41 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Title
Number
Claim
Name
Good
To
Date
Area
(ha)
Kinskuch
1105573
KITSAULT
SOUTH 12
2035/DEC/03
440.0493
Kinskuch
1105576
2035/DEC/03
896.3284
Kinskuch
1105579
RED
BLUFF 1
2035/DEC/03
109.7725
Kinskuch
1105581
RED
BLUFF 5
2035/DEC/03
36.5927
Kinskuch
1105582
RED
BLUFF 2
2035/DEC/03
18.2983
Kinskuch
1105585
RED
BLUFF 4
2035/DEC/03
164.7709
Kinskuch
1105590
RED
BUFF A
2035/DEC/03
128.2222
Kinskuch
1105593
ILLY2
2035/DEC/03
420.242
Kinskuch
1105595
ILLY1
2035/DEC/03
219.2534
Kinskuch
1105596
ILLY1A
2035/DEC/03
18.2691
Kinskuch
1105599
ILLY5
2035/DEC/03
457.209
Kinskuch
1105602
ILLY6
2035/DEC/03
347.4506
Kinskuch
1105605
ILLY11
2035/DEC/03
457.8309
Kinskuch
1105608
ILLY9
2035/DEC/03
457.5587
Kinskuch
1105611
ILLY12
2035/DEC/03
439.5922
Kinskuch
1105614
ILLY13
2035/DEC/03
109.9069
Kinskuch
1105617
RIFT
XX1
2035/DEC/03
54.87
Kinskuch
1105620
ILLY15
2035/DEC/03
457.5044
Kinskuch
1105623
ILLY14
2035/DEC/03
457.3259
Theia
1102912
THEIA2
2036/APR/21
1635.443
Theia
1102913
THEIA
1
2036/APR/21
1814.93
Theia
1102914
2036/APR/21
1708.085
Theia
1102916
THEIA#
2036/APR/21
471.9937
Theia
1102918
THEIA
2
2036/APR/21
1816.439
Theia
1102921
FLAT
GOLD
2036/APR/21
54.5337
Theia
1102922
FLAT
GOLD 2
2036/APR/21
54.528
Theia
1102950
2036/APR/21
617.927
Contango Silver and Gold – Kitsault Valley Project Page 42 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 3-3. Kitsault Valley Project Crown-granted
mineral claims.
Project
Name
Lot
Number
Claim
Name
Ownership
Area
(ha)
Dolly
Varden
934
ANGLO
Dolly
Varden 100%
5.7744
Dolly
Varden
4068
ARMES
Dolly
Varden 100% *
18.25
Dolly
Varden
4066
ATHOS
Dolly
Varden 100% *
13.06022
Dolly
Varden
4217
BLUEBERRY
Dolly
Varden 100%
16.01978
Dolly
Varden
4070
BONANZA
FRACTION
Dolly
Varden 100% *
17.26693
Dolly
Varden
3806
COPPER
CLIFF
Dolly
Varden 100%
18.52409
Dolly
Varden
3807
COPPER
CLIFF NO. 1
Dolly
Varden 100%
17.16805
Dolly
Varden
3808
COPPER
CLIFF NO. 2
Dolly
Varden 100%
15.59502
Dolly
Varden
3798
COPPER
CLIFF NO. 3
Dolly
Varden 100%
16.30057
Dolly
Varden
3825
DAN
PATCH
Dolly
Varden 100%
17.69157
Dolly
Varden
4071
D’ARTAGNON
Dolly
Varden 100% *
11.78304
Dolly
Varden
4069
D’ARTAGNON
NO. 1
Dolly
Varden 100% *
9.429956
Dolly
Varden
3194
DOLLY
VARDEN M.C.
Dolly
Varden 100%
17.01527
Dolly
Varden
3192
DOLLY
VARDEN NO. 1
Dolly
Varden 100%
11.92451
Dolly
Varden
3193
DOLLY
VARDEN NO. 2
Dolly
Varden 100%
12.93685
Dolly
Varden
3195
DOLLY
VARDEN NO. 4
Dolly
Varden 100%
11.34692
Dolly
Varden
3196
DOLLY
VARDEN NO. 5 M.C.
Dolly
Varden 100%
14.75147
Dolly
Varden
3197
DOLLY
VARDEN NO. 6
Dolly
Varden 100%
14.69214
Dolly
Varden
3198
DOLLY
VARDEN NO. 7
Dolly
Varden 100%
4.773376
Dolly
Varden
3815
KITSOL
NO. 1
Dolly
Varden 100%
16.12156
Dolly
Varden
3814
KITSOL
NO. 2
Dolly
Varden 100%
14.3449
Dolly
Varden
937
LAMB
Dolly
Varden 100%
7.36939
Dolly
Varden
3613
LION
Dolly
Varden 100%
15.57007
Dolly
Varden
3827
LUE
DILLON
Dolly
Varden 100%
10.66612
Dolly
Varden
3817
MAUD
MCPHEE
Dolly
Varden 100%
19.10728
Dolly
Varden
936
MOOSE
Dolly
Varden 100%
14.58834
Dolly
Varden
1241
MOOSE
NO. 1
Dolly
Varden 100%
17.17196
Dolly
Varden
1242
MOOSE
NO. 2
Dolly
Varden 100%
18.28269
Dolly
Varden
1243
MOOSE
NO. 6
Dolly
Varden 100%
16.39161
Dolly
Varden
4265
MUTT
AND JEFF FRACTION
Dolly
Varden 100%
20.54905
Dolly
Varden
3826
NANCY
HANKS
Dolly
Varden 100%
17.85157
Contango Silver and Gold – Kitsault Valley Project Page 43 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Project
Name
Lot
Number
Claim
Name
Ownership
Area
(ha)
Dolly
Varden
3634
NORTH
STAR
Dolly
Varden 100%
8.52548
Dolly
Varden
4211
NORTH
STAR FRACTION
Dolly
Varden 100%
6.916129
Dolly
Varden
3615
PLUTUS
FRACTION
Dolly
Varden 100%
0.047709
Dolly
Varden
4067
PORTHES
Dolly
Varden 100%
10.32379
Dolly
Varden
3810
RED
POINT EXTENSION
Dolly
Varden 100%
18.60226
Dolly
Varden
3809
RED
POINT NO. 1
Dolly
Varden 100%
14.09369
Dolly
Varden
4210
RUBY
Dolly
Varden 100%
11.31651
Dolly
Varden
3816
SPORTSMAN
Dolly
Varden 100%
19.57567
Dolly
Varden
3818
SUNSET
NO. 1
Dolly
Varden 100%
4.640988
Dolly
Varden
3819
SUNSET
NO. 2
Dolly
Varden 100%
18.34724
Dolly
Varden
4335
SURPRISE
Dolly
Varden 100%
11.20392
Dolly
Varden
4336
SWIFTWATER
Dolly
Varden 100%
14.53467
Dolly
Varden
3614
TIGER
Dolly
Varden 100%
16.76311
Dolly
Varden
935
TORIC
Dolly
Varden 100%
11.78887
Dolly
Varden
4337
UIST
Dolly
Varden 100%
20.45016
Dolly
Varden
3795
WOLF
Dolly
Varden 100%
20.21308
Dolly
Varden
3794
WOLF
NO. 2
Dolly
Varden 100%
19.02368
Dolly
Varden
3796
WOLF
NO. 3
Dolly
Varden 100%
18.02279
Dolly
Varden
3797
WOLVERINE
Dolly
Varden 100%
14.86634
Homestake
Ridge
3979
HOMESTAKE
FRACTION
Homestake
100%
0.918
Homestake
Ridge
6322
MILLSITE
Homestake
100%
20.915
Homestake
Ridge
3978
HOMESTAKE
NO. 3
Homestake
100%
13.922
Homestake
Ridge
3977
HOMESTAKE
NO. 2
Homestake
100%
15.053
Homestake
Ridge
3980
HOMESTAKE
NO. 1 FRACTION
Homestake
100%
4.740
Homestake
Ridge
3976
HOMESTAKE
NO. 1
Homestake
100%
20.300
Homestake
Ridge
3975
HOMESTAKE
Homestake
100%
20.921
* from Musketeer option
Contango Silver and Gold – Kitsault Valley Project Page 44 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 3-1. Dolly Varden Property mineral
leases and Crown-granted mineral claims.
Contango Silver and Gold – Kitsault Valley Project Page 45 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 3-2. Dolly Varden Property mineral
tenures.
Contango Silver and Gold – Kitsault Valley Project Page 46 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Within the Crown grant list, 11 fee simple
Mining Lands exist with Mineral Land Tax notices paid annually (Table 3-4).
Table 3-4. Kitsault Valley Project 2026
Mineral Tax fee simple lots.
Dolly
Varden Silver
Mineral Land Tax
NOA for Tax Year 2026
Folio
Tax
/ utility account
Letter
ID
Amount
067105
MLT-1059-3149
L0111970976
129.11
067237
MLT-1056-6308
L0396053152
87.78
069337
MLT-1052-3957
L0690784928
132.31
069680
MLT-1057-2533
L1895697056
40.38
069892
MLT-1054-0829
L0672238240
95.58
069930
MLT-1056-8693
L1160284832
84.20
070041
MLT-1053-9338
L2062191264
134.11
070114
MLT-1053-2754
L1861487264
117.03
070866
MLT-1055-9707
L10559707
100.11
920.61
Homestake
Resource Corporation
Mineral Land Tax
NOA for Tax Year 2026
Folio
Tax
/ utility account
Letter
ID
Amount
070483
MLT-1052-5598
L1313147552
94.75
074845
MLT-1059-3186
L0383290016
–
94.75
Total
1015.36
3.2 Fee
Simple Service Lots
Dolly Varden Silver Corporation is the registered
owner of several fee simple surface lots in the village of Alice Arm (Figure 3-3). The exploration camp, geology offices and core storage
are located on the owned lots. Include in the Alice Arm lots is a water access frontage on the road to the Alice Arm dock facilities.
Annual municipal property taxes are due on these lots.
Contango Silver and Gold – Kitsault Valley Project Page 47 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 3-3. Dolly Varden fee simple surface
lots in Alice Arm.
Contango Silver and Gold – Kitsault Valley Project Page 48 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
3.3 Royalties
and Agreements
The Kitsault Valley Project is encumbered
with several royalty agreements covering separate yet contiguous portions of the property in the form of standard Net Smelter Return
(NSR) royalty agreements.
The Company entered into an NSR royalty
agreement on March 18, 2011 with 0897287 B.C. Ltd. in consideration of title transfer for the majority of the Property, except for
the “Musketeer Option” area as described below. By an agreement dated April 1, 2011, 0897287 B.C. Ltd. sold and assigned
the Royalty Rights to 0907105 B.C. Ltd. The Musketeer Option area is subject to a 2% NSR owed to 0907105 B.C. Ltd. of which one half
can be repurchased by the Company for CDN$1,000,000 at any time (Dolly Varden Silver Corp., 2019b; Higgs and Giroux, 2015).
The second NSR agreement is with Musketeer
Holdings et al. (“Musketeer”). The initial agreement was for the Company to acquire 100% interest in the Musketeer Crown
Grants (Figure 3-1) for a purchase price of CDN$1,050,000 payable over four years, subject to a 2% NSR to Musketeer. The Option Agreement
with Musketeer has been completed through aggregate option payments by the Company of CDN$350,000, CDN$233,333 in 2013 and 2014, respectively.
In 2015, the final two payments were renegotiated to defer CDN$100,000 until February 2018 plus a renegotiation fee of CDN$10,000
to be included with the 2015 payment (Dolly Varden Silver Corporation, 2015). The agreement was renegotiated again in February 2016
with CDN$81,000 plus a renegotiation fee of CDN$10,000 paid on February 12, 2016 (Dolly Varden Silver Corporation, 2016). The final
two payments of CDN$102,334 and CDN$100,000 were made in 2017 and 2018, respectively.
Upon completion of the Option Agreement
the Company entered into an NSR royalty agreement with Musketeer on May 16, 2018, for the 2% NSR royalty. On or before May 16,
2021, Dolly Varden can deliver notice to the NSR holders with the intent to re-purchase 50% of the 2% royalty for CDN $1,750,000. After
May 16, 2021, the NSR holders have no obligation to accept an offer to buy back 1% of the NSR.
The Coombes Claims, part of the original
Homestake claim block (including Cambria 1, Cambria 2, KW1, KW2, KW3, KW4, KW5, WK1, WK3, WK4, WK6 and WK7), are subject to a 2 percent
NSR royalty by virtue of an option agreement dated July 5, 2000. The royalty includes a purchase right in favour of the Company
for C$1,000,000.
The Homestake crown grants (including DL
3975, DL 3976, DL 3977, DL 3978, DL 3979, DL 3980, and DL 6322) are subject to a 2 percent NSR royalty which includes an annual advanced
minimum royalty of C$50,000 in favour of Alice Sullivan and Mildred Keller.
3.4 Environmental
Liabilities, Permitting and Significant Factors
Exploration Permits MX-1-860, MX-1-603,
MX-1-990, MX-1-784, MX-1868 and MX-1-189 are a 5-year Multi Year, Area Based (MYAB) application that is submitted either every 5 years
or if the allotted disturbance and activities have been reached. At the end of each year an Annual Summary of Exploration Activities
(AESA) is filed which states the area disturbed, the area reclaimed and other activities completed that year. These are subtracted from
the MYAB allowance, and the remaining allowances are calculated.
Contango Silver and Gold – Kitsault Valley Project Page 49 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
A Wildlife Management Plan and Archaeological
Overview Assessment (AOA) were amended in 2025 by ERM Consultants Canada Ltd. (ERM) over the Dolly Varden project and the Homestake Project.
The Wildlife Management Plan comprises protocols to address possible goat, bear and marbled murrelet encounters and outlines protected
areas in the region. No protected areas are located within the Dolly Varden Property, although there are protected areas along the fly
route to access the Property. The AOA includes a desktop study outlining high probability chance discovery areas and culturally modified
tree (CMT) high probability areas. The Company must take pre-cautions when planning drill programs near or within these areas. Both the
Wildlife Management Plan and AOA included a consultation with the Nisga’a Lisims Government. Earlier Dolly Varden versions of these
documents were prepared by ERM Consultants Canada Ltd. (2018a, 2018b).
Regarding environmental liabilities associated
with the Dolly Varden Property, a historic plant site and numerous historic workings and waste rock dump piles are located within the
permit area. The Ministry of Energy, Mines and Petroleum Resources is aware of these historic sites, and the Company has closed off access
to these sites as a safety pre-caution. No compounded tailings have been identified to exist from the 1949 to 1959 plant site. Furthermore,
acid rock drainage (ARD) testing has been conducted on water outflow locations within the Property and all results returned are within
acceptable levels.
Contango Silver and Gold – Kitsault Valley Project Page 50 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
4 ACCESSIBILITY,
CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
This chapter describes access to the Kitsault
Valley Project (the Property), the physical setting and climate, and the regional availability of personnel and supplies. Historical
facilities are described as such; their current condition, capacity, ownership and suitability for future development have not been established
by engineering studies.
4.1 Accessibility
The Property is located near the central
west coast of British Columbia, approximately 27 km north of Alice Arm and 39 km southeast of Stewart. Primary access to the Property
is by helicopter from Alice Arm, Kitsault or Stewart. Dolly Varden personnel typically access the Property by helicopter from the Company’s
exploration camp at Alice Arm or from a staging point at kilometre 19 on the Kitsault River Road (Table 4-1, Figure 4-1).
Road access from Terrace to Kitsault is
via the Nisga’a Highway (Highway 113) and the Kitsault Mine Road, a reported total distance of approximately 167 km. Kitsault is located
on Alice Arm of Observatory Inlet. Marine transport by boat or barge is used to cross the inlet between Kitsault and Alice Arm. Alice
Arm and Kitsault may also be reached from Prince Rupert by privately contracted seaplane, boat or barge.
From Alice Arm, the Kitsault Valley Road
follows the Kitsault River along the alignment of the former railway constructed to service the Dolly Varden mine. The source reports
identify an old rail bed but do not identify an operating railway serving the Property. The current condition, ownership, maintenance
responsibility, bridge capacity and suitability of the historical road system for heavy or all-season traffic have not been established
in the source reports.
Table 4-1. Principal access and logistics
routes.
Mode
or Route
Source-Reported
Access
Current
Limitation or Qualification
Road
to Kitsault
Terrace
to Kitsault via Highway 113 and the Kitsault Mine Road; approximately 167 km.
Provides
regional road access to Kitsault, not direct all-season road access to the deposits.
Marine
Boat
or barge between Kitsault and Alice Arm; contracted marine access is also available from Prince Rupert.
Service
is privately contracted and is subject to marine and weather conditions.
Helicopter
Primary
Property access from Alice Arm, Kitsault or Stewart; routine staging from Alice Arm camp or kilometre 19.
Surface
exploration is helicopter supported and dependent on ceiling, visibility and weather.
Seaplane
Privately
contracted access to Alice Arm or Kitsault from Prince Rupert.
Seasonal
and weather dependent; no scheduled service is identified in the source reports.
Internal
road
Kitsault
Valley Road follows the Kitsault River and the former Dolly Varden railway alignment.
Road
and bridge condition and heavy-haul suitability require confirmation.
Surface exploration is generally conducted
from May through October, with the start and end of the field season adjusted for snow and weather. Snow cover, steep terrain and
variable flying conditions can restrict access to drill sites and other work areas.
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Figure 4-1. Kitsault Valley Project regional
location and access.
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4.2 Physiography,
Elevation and Vegetation
The Property is situated in the Coast Mountains
and is characterized by rugged, glaciated terrain. Elevations within the Property range from approximately 300 m to 1,300 m above sea
level. The Kitsault River flows south through the Property within a glacially formed U-shaped valley. The Homestake area deposits are
near the headwaters of the Kitsault River below the Homestake and Kitsault glaciers. Southward past the Wolf deposit and the Dolly Varden
area deposits, including Dolly Varden, Torbrit and North Star, the valley is deeply incised with steep forested slopes before opening
into a broader valley south of the Property.
The landscape includes steep slopes, narrow
valleys, ridgelines, cirques, hanging valleys, glacial till and moraines. Drainage is well developed and generally follows steep gradients
toward Alice Arm and the coastal fjord system. The Kitsault River is the principal drainage through the Property.
The Property lies within the Coastal Western
Hemlock biogeoclimatic zone and the wet submaritime subzone (Pojar et al., 1991). Lower and middle elevations are generally forested.
Reported tree species include western hemlock, Douglas-fir, spruce, western red cedar, mountain ash and cottonwood, with devil’s club,
huckleberry and blueberry common in the understorey. Vegetation grades to subalpine communities and then to alpine tundra, exposed rock,
permanent snow and ice at higher elevations.
Dense vegetation and glacial overburden
limit bedrock exposure at lower elevations. Outcrop is generally more abundant at higher elevations, where access may instead be constrained
by steep slopes, snow and ice. These conditions affect the seasonal timing and logistics of geological mapping, geophysical surveys and
drilling.
4.3 Climate
and Operating Season
The Property has a Coast Mountains climate
characterized by cool to mild, wet summers and cold, snowy winters. Turner and Hough (2023) cite Canadian Climate Normals 1981-2010 station
data published in 2018 and report the regional statistics summarized in Table 4-2. The source chapter does not identify the station name
or station elevation in the chapter text; the representativeness of these values across the Property’s approximately 1,000 m elevation
range should therefore be considered when using the data for design purposes.
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Table 4-2. Regional climate statistics
reported in the 2023 Technical Report.
Parameter
Reported
Value
Source
Context
Mean
annual temperature
5.6
degrees C
Canadian
Climate Normals 1981-2010 dataset cited by Turner and Hough (2023).
Reported
January average high
–8.7
degrees C
Value
reproduced from the 2023 technical report and should be checked against the underlying station record.
Reported
July average high
21.3
degrees C
Value
reproduced from the 2023 technical report.
September precipitation
117
mm
Reported
monthly average.
October precipitation
150
mm
Reported
monthly average and highest reported rainfall month.
January maximum
snow accumulation
Up
to 85 cm
Terminology
reproduced from the 2023 technical report.
Mean
annual precipitation
1,091.9
mm
Reported
annual average.
Precipitation increases during the autumn
and early winter, and persistent snow commonly restricts surface work outside the May-to-October field season. Helicopter-supported
work is also affected by cloud ceiling, visibility and rapidly changing mountain weather. The source reports do not establish that surface
exploration can be conducted year-round.
4.4 Local
Resources
The Company’s exploration camp is located
at Alice Arm on privately owned land leased by the Company. Food, fuel, equipment and general exploration supplies are mobilized through
the regional service centres of Prince Rupert, Terrace and Smithers and transported onward by road, marine vessel, aircraft or the historical
access road, depending on the destination and seasonal conditions. The source reports do not establish direct road delivery from Terrace
or Smithers to the Alice Arm camp without a marine transfer.
Prince Rupert, Terrace and Smithers are
full-service communities with established resource-sector businesses and access to food, fuel, equipment, contractors and general supplies.
Terrace and Smithers have regional airports with scheduled connections to Vancouver and Prince George, and the three communities are
connected to the provincial highway network. Helicopter, seaplane and marine services are available on a contract basis in northwestern
British Columbia.
The regional mining and exploration industry
provides an experienced labour and contractor base for exploration programs. The source reports consider field personnel and exploration
support services to be available from the regional centres. Project-specific requirements for construction and operations personnel,
accommodation, emergency response and long-term service capacity have not yet been defined.
4.5 Infrastructure
Existing infrastructure is principally exploration-related
or historical (Table 4-3). The Property contains historical surface and underground mine workings, access alignments and waste rock dumps
associated with the former Dolly Varden and Torbrit operations. Turner and Hough (2023) also identify a historical plant site. These
facilities should not be assumed to be operational or suitable for future development without condition assessments and engineering review.
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Table 4-3. Existing and required infrastructure.
Infrastructure
Source-Reported
Status
Qualification
or Future Requirement
Alice
Arm exploration camp
Company
exploration camp on privately owned land leased by the Company.
Supports
exploration activities; capacity and suitability for construction or operations are not established in the source reports.
Kitsault
Valley Road and former rail alignment
Historical
access follows the Kitsault River toward the Property.
Condition,
ownership, maintenance, bridge capacity and all-season heavy-haul suitability require confirmation.
Electrical
power
Connection
to the BC provincial grid is reported at Kitsault.
No
source evidence establishes an operating grid connection to the deposits; routing, voltage, capacity and required upgrades remain
to be determined.
Historical
hydroelectric facilities
A
historical dam and access road are reported near Kitsault Lake, with historical interconnections to BC Hydro.
Ownership,
operating status, water rights, capacity, condition and interconnection availability have not been established.
Water
The
Upper Kitsault River and Kitsault Lake have supplied or are available for exploration activities.
Exploration
use does not establish permitted supply, seasonal yield, water quality or suitability for future processing and domestic demand.
Historical
mine and plant areas
Historical
workings, a plant site and waste rock dumps are present; the 2023 report states that no impounded tailings were identified at the
1949-1959 plant site.
Safety,
geotechnical, geochemical and environmental conditions are addressed elsewhere in the TRS and require current verification.
Production
infrastructure
No
current mine, processing plant or production-scale site infrastructure is identified.
Potential
development would require engineered access, power distribution, water systems, camp and maintenance facilities, waste rock and tailings
management, communications and product transport systems.
Infrastructure concepts and requirements
for any future project will need to be developed and evaluated in appropriate engineering and economic studies.
Environmental liabilities, waste and tailings
management, water management, permitting and closure requirements are discussed in the applicable environmental section of the TRS.
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5 HISTORY
5.1 Overview
and Sources
This chapter summarizes previous operations
and the type, amount, quantity, and general results of exploration and development work completed by previous owners and operators within
the area now comprising the Kitsault Valley Project. The Project consolidates the Dolly Varden and Homestake Ridge areas. For historical
continuity, those areas are discussed separately below; they are not treated as separate current projects.
The history has been compiled
principally from Garrow (2011), Higgs and Giroux (2015), Turner and Nicholls (2019), Macdonald and Rennie (2016), Ross and Chamois
(2017), Chamois et al. (2020) Hough et al. (2022), and Turner and Hough (2023), together with government and assessment-report
sources cited in those reports. Much of the early information is derived from secondary historical summaries and has not been
independently verified by the Qualified Persons.
Exploration completed by or on behalf of
Dolly Varden Silver Corporation and subsequent registrant entities is described in Chapter 7.
5.2 Dolly
Varden Area
5.2.1 Early Claim Staking,
Development, and Production (1910–1959)
The first recorded claim staking in the
Dolly Varden area occurred in 1910 with the location of the Red Point No. 1 copper-gold prospect. Claims covering silver occurrences
in the Dolly Varden mine area were staked in 1911. The Sportsman and North Star claims were staked in 1912 and 1914, respectively.
Prospecting, test pitting, and underground
drifting were completed during the following years. The Dolly Varden silver deposit entered production in 1919. Between 1919 and 1921,
the Dolly Varden and North Star mines reportedly produced approximately 1.305 Moz of silver from 36,000 short tons at an average historical
grade of 35.66 oz/short ton Ag (approximately 1,109 g/t Ag). The material was direct-shipped without beneficiation, principally to the
Granby Mines smelter at Anyox (Leigh and Thompson, 1981).
Torbrit Silver Mines Ltd. subsequently developed
and operated the Torbrit Mine. From 1949 to 1959, historical records report production of 18,706,847 oz of silver (approximately 18.7
Moz) and 10.8 million lb of lead. The same historical summaries report approximately 1,377,632 tonnes processed at an average grade of
466.3 g/t Ag and 0.38% Pb. Production was reported as a silver-lead concentrate and silver bullion.
Note: The historically
reported Torbrit tonnes and average silver grade imply approximately 20.65 Moz of contained silver and therefore do not arithmetically
reconcile with the reported 18.7 Moz of silver production. This may reflect recovery, concentrate accounting, rounding, conversion, or
inconsistent historical records. The figures are presented as separate historical production metrics and should be confirmed against
primary production records before final filing.
During Torbrit production, exploration and
development continued at North Star and Wolf, with lesser work at Moose-Lamb, Tiger, and Surprise. Three holes drilled at North Star
in 1957–1958 intersected a mineralized horizon; hole NS-17 reportedly returned 3.50 m grading 72.3 g/t Ag, 3.38% Pb, and 16.48%
Zn.
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5.2.2 Exploration and Development
(1960–1990)
Sunshine Mining Company, while holding an
option on Dolly Varden Mines Ltd. interests, completed 310.9 m of drifting and crosscutting and 3,137.9 m of surface and underground
diamond drilling at Wolf in 1964. Dolly Varden Mines Ltd. completed an additional 97.5 m of percussion drilling at Wolf in 1968.
From 1969 to 1973, Dolly Varden Mines Ltd.
completed soil geochemistry over the Copper Belt on the west side of the Kitsault Valley and diamond drilling in several prospect areas.
Consultants working for Dolly Varden Minerals Inc. subsequently completed drilling and historical estimate work from 1979 to 1981. Geological
interpretations developed during the mid-1980s emphasized a possible volcanogenic origin for the Dolly Varden–North Star–Torbrit
mineralization and the importance of silver with associated zinc, lead, and copper.
Tecucomp Geological Inc., the predecessor
of Cambria Geosciences Inc., conducted mapping, geochemical sampling, and drilling on behalf of Dolly Varden Minerals Inc. in 1989 and
1990. The 1989 North Star program comprised six holes totalling 2,397 m; all six holes intersected the targeted mineralized horizon.
The 1990 program comprised 18 holes totalling 7,095.9 m across North Star, Dolly Varden, Torbrit, and the V Vein. Additional work at
Red Point during the 1989–1990 period included approximately 2,256 m of drilling. These programs tested a volcanogenic massive-sulphide
exploration model and improved understanding of stratigraphic and structural controls.
5.2.3 Exploration (1991–2010)
Available Mines Branch Notice of Work records
indicate that no material exploration was completed at the principal Dolly Varden, North Star, Red Point, and Torbrit areas from 1991
through 2009.
In 2010, Dolly Silver Corporation and Dolly
Varden Silver Ltd., a predecessor of Dolly Varden Silver Corporation, commissioned Geotech Ltd. to complete a helicopter-borne geophysical
survey using versatile time-domain electromagnetic (VTEM), gamma-ray spectrometry, and aeromagnetic methods. The survey comprised 941.7
line-km flown at 100 m line spacing and covered approximately 90% of the then-current claim block (Garrow, 2011). The survey provided
regional geophysical coverage for target identification and subsequent exploration planning.
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5.2.4 Regional Prospects
Historical exploration completed at selected
regional prospects in the Dolly Varden area is summarized in Table 5-1.
Table 5-1. Summary of historical exploration
of regional prospects in the Dolly Varden area.
Prospect
Principal
period
Type
and amount of work
General
result
Ace-Galena
1951
and 1968
Historical
drilling reported as approximately 1,845 m.
Selected
historical results included 0.5 m at 12.8 oz/short ton Ag and 8.8 m at 6.0 oz/short ton Ag.
Kitsol
1918;
1969–1973
Early
trenching and underground work; three holes totalling approximately 505 m in 1972–1973.
Reported
drilling included up to 4.88 m at 380.57 g/t Ag; trench sampling included up to 4.11 m at 626.4 g/t Ag.
Chance
/ Victory
1918–1975
Trenching,
underground work, and approximately 1,893.4 m of historical drilling.
Work
outlined silver-bearing veins and several historical estimates; selected drill results included 15.2 m at 607.2 g/t Ag.
Moose-Climax
1916–1967
Trenching
and underground work; 22 holes totalling approximately 1,654 m in 1964 and 1967.
Selected
drilling included 2.44 m at 360.0 g/t Ag and 12.5 m at 257.14 g/t Ag.
Sault
1966–1990
Geological,
geochemical, and geophysical surveys; eight holes totalling 1,269.2 m, followed by approximately 992 m of additional drilling.
Work
tested a stratiform barite-realgar-celestite occurrence and associated Ag-Pb-Zn mineralization.
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5.2.5 Summary of Principal
Previous Operators – Dolly Varden Area
The principal previous operators, work completed,
and general results for the Dolly Varden area are summarized in Table 5-2.
Table 5-2. Summary of principal previous
operators and work programs – Dolly Varden area.
Period
Owner
/ operator
Work
completed
General
result
1910–1921
Early
prospectors and Dolly Varden/North Star operators
Claim
staking, prospecting, pits, underground development, and production.
Dolly
Varden and North Star reportedly produced approximately 1.305 Moz Ag.
1949–1959
Torbrit
Silver Mines Ltd.
Underground
mine development, production, and exploration at Torbrit, North Star, Wolf, and nearby prospects.
Approximately
18.7 Moz Ag and 10.8 million lb Pb historically reported as produced.
1964–1968
Sunshine
Mining Company; Dolly Varden Mines Ltd.; Silver Butte Mines Ltd.
Underground
development and surface/underground drilling at Wolf and regional prospects.
Extended
and tested Wolf, Moose-Climax, and other mineralized occurrences.
1969–1981
Dolly
Varden Mines Ltd.; Dolly Varden Minerals Inc. and consultants
Geochemistry,
mapping, drilling, and historical estimate work.
Tested
principal deposits and regional prospects and reassessed historical mineralization.
1989–1990
Dolly
Varden Minerals Inc.; Tecucomp Geological Inc./Cambria Geosciences
Mapping,
geochemistry, and more than 9,000 m of reported drilling across major programs.
Intersected
mineralized horizons and advanced stratigraphic, structural, and volcanogenic massive-sulphide interpretations.
2010
Dolly
Silver Corporation and Dolly Varden Silver Ltd.
941.7
line-km helicopter-borne VTEM, radiometric, and magnetic survey.
Established
regional geophysical coverage for later exploration.
5.3 Homestake
Ridge Area
5.3.1 Early Exploration (1914–2000)
Claims in the Homestake group were first
staked between 1914 and 1917 and were bonded to the Mineral Claims Development Company (MCDC) in 1918. The company was reorganized as
Homestake Development in 1921. Limited surface and underground work followed, and portions of the claim group were granted Crown Grant
status in 1925. Subsequent early work included surface trenching, limited underground development, and seven short drill holes totalling
approximately 58.2 m on the Lucky Strike and Cascade claims.
Canex Aerial Exploration Ltd. completed
prospecting, geochemical sampling, electromagnetic surveying, and chip sampling in the Vanguard area in 1966. Amax Exploration examined
and extended the Vanguard work in 1967 but did not continue. Newmont Exploration of Canada Ltd. optioned the Wilberforce group in 1979
and completed magnetic and Max-Min geophysical surveys, mapping, trenching, 595 soil samples, and 82 rock samples before terminating
the option in 1980.
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Caulfield Resources Ltd. collected 102 soil
samples and completed 5.25 line-km of ground magnetic surveying in 1981. Cambria Resources Ltd. later completed mapping, lithogeochemical
sampling, trenching, and 4.3 line-km of induced-polarization and resistivity surveying. From 1989 to 1991, Noranda Exploration Company
Limited consolidated several claim groups, established a 44.3 km grid, completed magnetic and induced-polarization surveys and geological
mapping, collected 1,930 rock samples and 1,943 soil and silt samples, and drilled 12 holes totalling 1,450.05 m.
5.3.2 Teck, Bravo/Homestake
Resource, and Agnico Eagle (2000–2016)
Teck acquired interests in the Homestake
claim block in 2000 through option agreements and staking. From 2000 to 2002, Teck completed geological and geochemical surveys, trenching,
and 21 NQ diamond drill holes totalling 4,374.6 m. The program produced 618 core samples, 778 rock samples analyzed for multi-element
geochemistry and gold, and 31 whole-rock samples. The work tested a volcanogenic massive-sulphide exploration model.
Bravo Ventures Group optioned the Teck and
Crown Grant claims in 2003. Bravo was subsequently reorganized and renamed Homestake Resource Corporation on April 12, 2012. Eleven
confirmatory holes totalling 1,002.39 m were completed in 2003. The 2004 program included 313 soil samples, 39 rock samples, approximately
25 line-km of magnetic surveying, and mapping. Bravo completed 11 holes totalling 1,646.09 m in 2005 and 28 holes totalling approximately
6,488 m in 2006.
Homestake Resource continued systematic
drilling with 28 holes totalling 9,323 m in 2007; 42 holes totalling 8,724 m in 2008; 48 holes totalling 13,548 m in 2009; 48 holes totalling
18,083 m in 2010; and 23 holes totalling 7,366 m in 2011. Surface exploration from 2010 to 2012 included mapping, soil and rock sampling,
and 13.54 line-km of induced-polarization surveying. Three holes drilled in 2011 tested the South Reef target and all three reportedly
intersected intervals exceeding 30 g/t Au. Two phases of 2012 drilling further delineated the target over an interpreted area approximately
250 m by 250 m before the mineralized trend met or was offset by a major fault.
Agnico Eagle Mines Limited optioned the
claims in 2012. In 2013, Agnico Eagle completed mapping, 785 soil samples, approximately 21 line-km of induced-polarization/resistivity
and magnetic surveying, and ten holes totalling 3,947.24 m outside the Homestake Main and Homestake Silver deposits. In 2014, Agnico
Eagle completed reconnaissance work, 57 rock samples, and six holes totalling 2,578 m at the Slide Zone. The drilling supported an interpretation
that the Slide Zone is broadly concordant with the Homestake Main and Homestake Silver zones.
5.3.3 Auryn Resources and
Fury Gold Mines (2016–2021)
Auryn Resources Inc. acquired the Homestake
claims through its acquisition of Homestake Resource Corporation on September 7, 2016. Auryn completed mapping, rock and soil-talus
sampling, portable X-ray fluorescence and short-wave infrared surveys, induced-polarization surveying, relogging of historical core,
geochronological studies, airborne VTEM and magnetic surveying, and reprocessing of historical geophysical data.
The 2017 ground geophysical program comprised
17.5 line-km of pole-dipole induced-polarization surveying at 50 m dipole spacing. Data were integrated with the 2013 survey and used
to produce three-dimensional resistivity and chargeability models. The 2017 and 2019 surface programs collected 274 rock samples and
4,029 soil-talus samples. Five geochronology samples were also collected. These programs refined structural and geological interpretations
and identified geochemical anomalies around Homestake Main, Homestake Silver, South Reef, and regional targets.
Auryn completed 43 drill holes totalling
approximately 17,300 m in 2017, principally as step-outs along the Homestake Main and Homestake Silver structures. Selected gold-bearing
intervals were reported; however, the Homestake Main extension drilling was described as not returning significant results. No subsequent
drilling was reported from 2018 through 2021, although surface sampling and interpretive work continued, including the 2019 sampling
program summarized above.
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On October 9, 2020, the Auryn reorganization
and acquisition of Eastmain Resources were completed, resulting in the formation of Fury Gold Mines Limited. Fury thereby became the
owner of the Homestake Ridge Project before its later sale to Dolly Varden.
5.3.4 Summary of Principal
Previous Operators — Homestake Ridge Area
The principal previous operators, work completed,
and general results for the Homestake Ridge area are summarized in Table 5-3.
Table 5-3. Summary of principal previous
operators and work programs – Homestake Ridge area.
Period
Owner
/ operator
Work
completed
General
result
1914–1967
Early
claimholders; MCDC/Homestake Development; Canex; Amax
Claim
staking, limited underground work, trenching, short drilling, prospecting, geochemistry, and electromagnetic surveying.
Established
early mineral occurrences and claim-group history.
1979–1991
Newmont;
Caulfield; Cambria; Noranda
Mapping,
trenching, geochemistry, magnetic/IP surveys, grid establishment, and 12 Noranda holes totalling 1,450.05 m.
Advanced
regional targeting and drill-tested the consolidated claim groups.
2000–2002
Teck
Geology,
geochemistry, trenching, and 21 holes totalling 4,374.6 m.
Tested
VMS-style targets and generated modern drill and geochemical data.
2003–2012
Bravo
Ventures / Homestake Resource
Systematic
surface work and more than 230 reported holes from 2003 through 2012.
Defined
and expanded Homestake Main, Homestake Silver, and South Reef mineralization.
2013–2014
Agnico
Eagle Mines Limited
Mapping,
soil and rock sampling, approximately 21 line-km geophysics, and 16 holes totalling 6,525.24 m.
Tested
regional and Slide Zone targets.
2016–2021
Auryn
Resources / Fury Gold Mines
Geophysics,
surface sampling, core relogging, geochronology, and 43 holes totalling approximately 17,300 m in 2017.
Refined
geological models and tested deposit extensions and regional targets.
5.4 Consolidation
of the Kitsault Valley Project
Dolly Varden announced the acquisition of
the Homestake Ridge Project from Fury Gold Mines in December 2021 and completed the transaction in February 2022. The transaction
consolidated the Dolly Varden and Homestake Ridge areas as the Kitsault Valley Project. Exploration completed by or on behalf of Dolly
Varden following consolidation, and other registrant exploration relevant to the current technical assessment, is presented in Chapter
7.
Current mineral tenure, ownership, agreements,
and encumbrances are described in Chapter 3. The historical claim-block names used in this chapter are retained only to identify the
location and operator associated with prior work.
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5.5 Historical
Mineral Resource and Mineral Reserve Estimates
Note: The estimates
summarized in this section are historical estimates prepared before the effective date of this TRS. They have not been prepared or verified
as mineral resources or mineral reserves under Regulation S-K 1300, are not current estimates, and are not relied upon for the current
mineral resource estimate. Historical classifications are shown only as originally reported and must not be interpreted as S-K mineral-resource
or mineral-reserve classifications. The current mineral-resource estimate is presented in Chapter 11.
The historical estimates are included solely
to document the progression of previous technical work. They were prepared using different databases, cutoff grades, metal prices, estimation
methods, assumptions, and classification systems. The estimates should not be added together or directly compared with the current mineral-resource
estimate. Selected historical mineral estimates reported for deposits and prospects in the Dolly Varden area are summarized in the following
sections. The estimates retain the classifications and terminology used in the original sources and are not current S-K 1300 mineral-resource
estimates.
5.5.1 Dolly Varden Area Historical
Estimates
Table 5-4 presents the reported historical
mineral estimates for the Dolly Varden area.
Table 5-4. Historical mineral estimates
reported for the Dolly Varden area.
Deposit
Year
Historical
classification as
originally reported
Ag
cutoff
(g/t)
Tonnes
Ag
grade
(g/t)
Contained
Ag (oz)
Source
Dolly
Varden
1964
/ 1974
Proven &
Probable
171
42,638
754.3
1,034,000
Skerl
(1964); Mann (1974)
North
Star
1981
Proven &
Probable
137
128,437
401.5
1,657,867
Thompson &
Pearson (1981)
Torbrit
1983
Possible
171
786,531
312.0
7,889,700
Leigh &
Thompson (1983)
Wolf
No. 1
1981
Proven &
Probable
171
77,932
395.0
989,626
Thompson &
Pearson (1981)
Wolf
No. 2
1981
Proven &
Probable
171
218,512
285.9
2,008,839
Thompson &
Pearson (1981)
Wolf
No. 2
1981
Possible
171
100,295
279.4
901,031
Thompson &
Pearson (1981)
Last
Chance
1967
Possible
Not
reported
42,160
373.9
459,581
Mitchell
(1976)
Moose-Climax
1964
Possible
Not
reported
30,000
308.7
270,000
Mitchell
(1976)
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5.5.2 Homestake Ridge Area
Historical Estimates
Historical estimates were prepared for Homestake
Main (HSM), Homestake Silver (HSS), and South Reef (SR) between 2006 and 2017 using reported gold-equivalent (AuEq) cutoffs. Because
the original source tables combine multiple classifications within some rows, Table 5-5 presents the reported tonnage and gold-equivalent
cutoff grade as separate entries by year, deposit, and historical classification.
Table 5-5. Homestake Ridge area historical
estimates – reported tonnage and gold-equivalent cutoff grade.
Year
Deposit
Historical
classification as originally reported
AuEq
cutoff (g/t)
Tonnes
(million)
2006
HSM
Inferred
0.5
11.90
2006
HSM
Inferred
5.0
1.30
2010
HSM
Indicated
3.0
0.89
2010
HSM
Inferred
3.0
1.14
2010
HSS
Inferred
3.0
1.20
2011
HSS
Inferred
3.0
2.90
2012
HSM
Indicated
2.0
0.60
2012
HSM
Inferred
2.0
2.03
2012
HSS
Inferred
2.0
4.40
2012
SR
Inferred
2.0
0.33
2017
HSM
Indicated
2.0
0.60
2017
HSM
Inferred
2.0
2.098
2017
HSS
Inferred
2.0
4.81
2017
SR
Inferred
2.0
0.337
The corresponding reported gold, silver,
and copper grades, together with source of each historical estimate are presented in Table 5-6.
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Table 5-6. Homestake Ridge area historical
estimates – reported metal grades and sources.
Year
Deposit
Au
grade (g/t)
Ag
grade (g/t)
Cu
grade (%)
Source
2006
HSM
2.36
15.0
0.11
Folk &
Makepeace (2007)
2006
HSM
10.61
38.3
0.37
Folk &
Makepeace (2007)
2010
HSM
6.69
47.2
0.15
Rennie
et al. (2010)
2010
HSM
5.02
50.9
0.25
Rennie
et al. (2010)
2010
HSS
4.25
158.0
0.02
Rennie
et al. (2010)
2011
HSS
3.69
123.4
Not
available
Rennie
(2011)
2012
HSM
6.40
48.3
0.31
Macdonald &
Rennie (2016)
2012
HSM
5.65
28.6
0.18
Macdonald &
Rennie (2016)
2012
HSS
2.85
130.4
0.03
Macdonald &
Rennie (2016)
2012
SR
13.04
3.6
0.04
Macdonald &
Rennie (2016)
2017
HSM
6.25
47.9
0.18
Ross &
Chamois (2017)
2017
HSM
5.53
28.0
0.30
Ross &
Chamois (2017)
2017
HSS
2.71
124.4
0.02
Ross &
Chamois (2017)
2017
SR
12.88
3.6
0.04
Ross &
Chamois (2017)
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6 GEOLOGICAL
SETTING, MINERALIZATION, AND DEPOSIT models
This chapter describes the regional- and
property-scale geological setting of the Kitsault Valley Project, the material styles and zones of mineralization, and the deposit models
used to guide geological interpretation. The discussion is based on previous project reports and geological studies, including Garrow
(2011), Higgs and Giroux (2015), McCuaig and Sebert (2017), Ross and Chamois (2017), Atkinson and Gunson (2018), Turner and Nicholls
(2019), Hough et al. (2022), Turner and Hough (2023), and the regional work of Monger et al. (1982), Alldrick (1993), Lewis et al. (2001),
and Gagnon et al. (2012). Historical interpretations are identified where they require reconciliation with the current geological model.
6.1 Regional
Geology
The Kitsault Valley Project is located within
the Stikine Terrane (Stikinia) of the Intermontane Belt of the Canadian Cordillera (Figure. 6-1). Stikinia is an accreted island-arc
terrane that extends from southern Yukon to south-central British Columbia and is bounded by the Cache Creek Terrane to the east and
the Alexander Terrane to the west (Figure. 6-2). The project lies within the Stewart Complex, a northwest-trending metallogenic belt
that hosts precious-metal veins, porphyry, skarn, and volcanogenic massive sulphide occurrences and deposits (Monger et al., 1982; Alldrick,
1993; Gagnon et al., 2012).
The principal regional rock packages are
Upper Triassic volcanic and marine sedimentary rocks of the Stuhini Group; Lower to Middle Jurassic volcanic, volcaniclastic, sedimentary,
and intrusive rocks of the Hazelton Group; Middle to Upper Jurassic sedimentary rocks of the Bowser Lake Group; and Mesozoic to Cenozoic
intrusive rocks. The Hazelton Group records the transition from Early Jurassic arc volcanism to waning volcanism, subsidence, local rifting,
and basin development during the Early to Middle Jurassic. This transition created favourable volcanic, sedimentary, structural, and
hydrothermal environments for the mineralization recognized on the project.
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Figure 6-1. Terrane setting of the Kitsault
Valley Project in the Canadian Cordillera.
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Figure 6-2. Regional geology and location
of the Kitsault Valley Project.
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6.1.1 Hazelton Group
The Hazelton Group is a compositionally
and environmentally diverse succession deposited in subaerial to subaqueous volcanic-arc and basin settings. Abrupt lateral facies changes,
interfingering volcanic and sedimentary units, growth faults, and later deformation complicate formation-level correlation. The Lower
Hazelton Group broadly comprises Early Jurassic intermediate to felsic arc volcanic and volcaniclastic rocks, including Betty Creek Formation-equivalent
units. The Upper Hazelton Group contains a greater proportion of sedimentary and tuffaceous strata deposited during regional subsidence
and extension, locally with continued intermediate, felsic, and mafic volcanism.
In the Kitsault area, hydrothermal activity
was focused by synvolcanic basin-bounding faults and cross-faults. These structures provided fluid pathways and localized volcanic centres,
brecciation, alteration, and mineralization. This setting is important to the interpretation of both stratiform/exhalative and structurally
controlled epithermal-style mineralization on the project.
6.1.2 Intrusive and Stuctural
Activity
Regional Mesozoic magmatism includes Late
Triassic Stikine plutonic-suite intrusions (approximately 228–221 Ma), Early Jurassic Texas Creek-suite intrusions (approximately
195–190 Ma), and Early to Middle Jurassic intrusions associated spatially and temporally with Hazelton Group volcanism and basin
development (Macdonald et al., 1996).
Two broad deformation periods are material
to the project interpretation. Early to Middle Jurassic synvolcanic extension and growth faulting influenced volcanic facies, basin architecture,
and hydrothermal fluid flow. Cretaceous contraction produced broad folds, thrust faults, cleavage, and structural repetition. Later faults
and dykes locally offset or overprint earlier stratigraphy, alteration, and mineralization.
6.2 Property
and Local Geology
The Kitsault Valley Project is underlain
principally by Stuhini, Hazelton, and Bowser Lake group rocks and associated intrusive rocks (Figure. 6-3). The known mineral deposits
occur mainly within Hazelton Group volcanic, volcaniclastic, sedimentary, and subvolcanic units. The Dolly Varden and Homestake claim
blocks occupy different parts of the regional stratigraphic and structural framework and are described separately below (Figure. 6-4).
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Figure
6-3. Property level geology and location of the Kitsault Valley Project.
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Figure
6-4. Simplified time-stratigraphic and mineralization column for the Dolly Varden area (modified from Higgs and Giroux [2015] and
Sebert [2013]).
6.2.1
Dolly Varden Claim Block
The oldest mapped
units are Upper Triassic Stuhini Group mafic volcanic rocks and marine sedimentary rocks. Mafic units include dark green pyroxene-bearing
basalt flows and breccias. Sedimentary rocks include thinly bedded silty argillite, fine-grained sandstone, siliceous siltstone, and
local silty limestone. Hazelton Group rocks unconformably overlie or are faulted against the Stuhini Group and host the principal silver-rich
deposits and prospects in the southern part of the project (Figure. 6-5).
Hazelton Group
volcanic and volcaniclastic rocks are dominated by subaqueously deposited and commonly reworked andesitic to dacitic tuffs, lapilli tuffs,
tuff breccias, volcanic sandstones, and conglomerates. Local felsic units occur in the footwall of the Wolf deposit and in the Sault
stratigraphy. Sedimentary intervals include black siltstone and argillite, argillaceous sandstone, conglomerate, fossiliferous calcareous
sandstone, and graphitic argillite. Lower Jurassic hornblende–feldspar-phyric subvolcanic intrusions occur locally and may be affected
by quartz–sericite–pyrite alteration.
The Dolly Varden
area is characterized by broad north- to northwest-trending folds and large north- to northwest-trending, generally west-dipping faults.
The Mitchell Creek fault lies west of the Dolly Varden deposit and Kitsol prospect and dips approximately 60° west. The Moose Lamb
fault lies east of Torbrit, strikes northwest, and dips west. Available geological evidence indicates that some structures were active
during Hazelton deposition and were reactivated or offset during later deformation. Northeast-trending faults, fractures, and dykes are
also important locally and are associated with mineralization at Wolf, Kitsol, and other prospects.
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Figure 6-5. Property
geology of the Dolly Varden claim block.
6.2.2
Homestake Claim Block
The Homestake area
covers the transition from Upper Triassic to Lower Jurassic Stuhini Group sedimentary and volcanic rocks, through Lower to Middle Jurassic
Hazelton Group volcanic, volcaniclastic, sedimentary, and intrusive rocks, into Middle to Upper Jurassic Salmon River and Bowser Lake
sedimentary rocks (Figure. 6-6). The Hazelton succession records a transition from a volcanic-dominated lower stratigraphy through a
depositional hiatus into tuffs and sediments with bimodal volcanic components, followed by fine-grained basin sedimentation. Sulphide
occurrences and extensive alteration are concentrated in the Lower to Middle Jurassic stratigraphy.
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Geological mapping
and geophysical interpretation in the 2023 combined report defined four northwest-trending domains from southwest to northeast:
1. Domain
1 comprises Stuhini Group sedimentary and volcaniclastic rocks and fault panels of pervasively
altered Early Jurassic andesitic volcanic and volcaniclastic rocks. These rocks are intruded
and locally silicified by rhyolitic and porphyritic monzonite sills, dykes, and plugs.
2. Domain
2 comprises Early Jurassic Betty Creek andesite and dacite and Brucejack Lake-member rhyolitic
to monzonitic rocks. The western margin is structurally juxtaposed against Domain 1 and the
domain is unconformably overlain to the northwest by younger sedimentary rocks.
3. Domain
3 comprises varied Lower to Middle Jurassic Hazelton Group volcanic and volcaniclastic rocks.
Fine-grained to feldspar–hornblende-phyric andesitic to latitic/trachytic units, with
local hypabyssal monzonite, form the host and footwall sequences to Homestake Main, Homestake
Silver, and South Reef. The lower succession is capped locally by volcanic breccia, debris-flow,
tuffaceous, mudstone, and sandstone units and by maroon to green andesitic and dacitic volcaniclastic
rocks.
4. Domain
4 comprises Salmon River/Quock Formation and overlying Bowser Lake Group sedimentary rocks.
Fine-grained carbonaceous and sulphidic horizons can produce strong chargeability responses
and are locally affected by slip and shear zones. North-northwest- and northeast-trending
dykes crosscut the sedimentary succession.
Structure in the
Homestake area reflects multiple deformation events. Northwest-trending stratigraphic and fold fabrics are crosscut by north- and northeast-striking
faults and dykes. The Vanguard fault is a northwest-trending, approximately 60° southwest-dipping, northeast-verging structure characterized
locally by up to approximately 50 m of variably sheared quartz–sericite–pyrite-altered rock. Northwest-southeast normal faults
along the northeastern slopes of Homestake Ridge have been interpreted as basin-bounding structures active during Early to Middle Jurassic
volcanism. These structures are interpreted to have channelled mineralizing fluids, although their timing and displacement require confirmation
in the current model.
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Figure 6-6. Property
geology of the Homestake claim block.
6.3 Mineralization
and Material Deposits
Mineralization
on the Kitsault Valley Project includes stratiform and stratabound exhalative silver–lead–zinc mineralization, reworked or
debris-flow mineralization, structurally controlled epithermal silver and gold mineralization, quartz–sericite–pyrite-associated
stockwork and breccia mineralization, and porphyry-style copper–gold mineralization at Big Bulk if that occurrence remains within
scope. Individual deposits may contain more than one style or record structural and hydrothermal overprinting.
6.3.1
Principal Mineralization Styles
· Exhalative
stratiform silica–sulphide mineralization containing variable quartz, chalcedony, barite,
carbonate, jasper, galena, sphalerite, pyrargyrite, and other silver-bearing minerals in
the Dolly Varden–Torbrit horizon at North Star and Torbrit.
· Exhalative
pyrite–sphalerite–galena–chert–carbonate mineralization at Sault
and in the upper Trout Horizon.
· Stratabound
infill and replacement silver-sulphosalt mineralization in the lower Trout Horizon.
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· Quartz–silica–carbonate
± barite epithermal mineralization containing galena, sphalerite, pyrite, and lesser
tetrahedrite, pyrargyrite, argentite/acanthite, and native silver. Colloform to crustiform
banding, bladed carbonate or barite, hydrothermal brecciation, and late veining occur locally
at Wolf, Kitsol, and Dolly Varden.
· Quartz–sericite–pyrite-altered
zones with Cu–Ag ± Au in quartz-sulphide stockworks, veins, and hydrothermal
breccias, including local chalcopyrite, sphalerite, galena, and sulphosalts.
· Homestake
mineralization with both epithermal and volcanogenic characteristics, including stratabound,
replacement, vein, and hydrothermal-breccia styles associated with sericite–pyrite,
silica, carbonate, and chlorite alteration.
6.3.2
Deposit Summary
The mineral deposits
of the Kitsault Valley Project occur within Hazelton Group volcanic and volcaniclastic rocks and exhibit a range of stratabound, replacement,
vein, breccia, and epithermal mineralization styles. Deposit geometry and continuity are principally controlled by favourable stratigraphic
horizons, hydrothermal brecciation, veining, and northwest- to northeast-trending structures. The host setting, mineralization style,
and principal geological controls for each deposit are summarized in Table 6-1.
Table 6-1. Summary
of host setting, mineralization style, and principal geological controls by deposit, Kitsault Valley Project.
Deposit/zone
Host
setting
Style
Principal
controls
Dolly
Varden
Hazelton
volcanic/ volcaniclastic rocks; DVT horizon
Exhalative
silica–sulphide and structurally overprinted epithermal Ag
Stratigraphy,
brecciation, veins, faults
North
Star
Hazelton
rocks; DVT horizon
Silica–carbonate–sulphate–sulphide
Ag–Pb–Zn
Favourable
horizon; NE to NNE structures
Torbrit
Hazelton
rocks; DVT horizon
Barite-rich
stratabound infill, exhalative/debris-flow and vein Ag–Pb–Zn
Stratigraphy,
reworking, faults and veining
Wolf
Hazelton
volcanic/ volcaniclastic rocks
Structurally
hosted epithermal Ag
NE-trending
structure; veins and breccias
Homestake
Main
Lower
Hazelton feldspar–hornblende-phyric volcanic rocks
Silica
to silica–carbonate–chlorite lenses and hydrothermal breccias; Au–Ag–Cu
NW
strike; moderate NE dip; lenses/feeders
Homestake
Silver
Lower
Hazelton volcanic rocks
Steep
hydrothermal breccias and veins; Ag–Au–Pb–Zn
Parallel
NW-striking structural zones
South
Reef
Lower
Hazelton volcanic rocks
Quartz–chlorite–pyrite-associated
Au zones
Two
NW-striking, steep NE-dipping tabular zones
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6.3.3
Dolly Varden-Area Deposits
Dolly Varden
Mineralization
at Dolly Varden includes silica–sulphide exhalative material and structurally controlled quartz–silica–carbonate mineralization
within Hazelton Group volcanic and volcaniclastic rocks. Reported minerals include pyrite, sphalerite, galena, pyrargyrite and other
silver minerals, with variable quartz, carbonate, and barite. Brecciation, open-space filling textures, and later veins record multiple
hydrothermal and structural events. (see Figure. 6-7 and Figure. 6-8).
North Star
North Star is associated
with the prospective Dolly Varden–Torbrit horizon and includes silica–carbonate–sulphate–sulphide mineralization
containing silver, sphalerite, galena, pyrite, and minor chalcopyrite in quartz–calcite–barite gangue. Sericite–pyrite
alteration is reported around the deposit, and northeast to north-northeast structures may influence geometry. The final description
should distinguish stratigraphic continuity from fault repetition and add verified current-model dimensions and depth extent.
Torbrit
Torbrit comprises
a combination of barite-rich semi-conformable pod-like stratabound infill, sheet-like veining, reworked debris-style mineralization,
and local stratiform lenses of thin-bedded barite and silica-rich exhalite. Mineralization includes silver minerals with sphalerite,
galena, pyrite, quartz, carbonate, barite, hematite, and jasper. The deposit is affected by large northwest-trending faults and local
structural repetition. The final TRS should provide current upper- and lower-zone geometry, true-thickness ranges, depth extent, and
continuity supported by the effective-date model.
Wolf and Kitsol
Wolf and Kitsol
are principally structurally hosted epithermal-style silver zones developed in northeast-trending structures. Mineralization occurs in
quartz–silica–carbonate ± barite veins, fissure fills, and breccias with galena, sphalerite, pyrite, and silver minerals.
Colloform to crustiform banding, bladed carbonate or barite, repeated hydrothermal brecciation, and later veining occur locally. Wolf
is a material deposit and requires verified current-model dimensions, depth extent, and continuity. Kitsol should be described at comparable
detail only if material to the updated TRS.
6.3.4
Homestake Deposits
The principal Homestake
deposits are Homestake Main, Homestake Silver, and South Reef. Mineralization displays both epithermal and volcanogenic characteristics
and includes Au, Ag, Cu, Pb, Zn, As, Sb, and locally Hg. Mineralization is spatially associated with Early Jurassic feldspar–hornblende-phyric
volcanic and subvolcanic rocks and commonly occurs within sericite–pyrite alteration. The deposits have been interpreted to show
vertical metal zonation from an upper Au–Ag-rich, relatively base-metal-poor association to an Ag-rich, base-metal-bearing association
over an approximate vertical interval of 250–350 m.
Homestake Main
Homestake Main
comprises northwest-striking, moderately northeast-dipping silica to silica–carbonate–chlorite-altered lenses and hydrothermal
breccias. Gold and silver mineralization occurs with pyrite, chalcopyrite, and lesser galena and sphalerite, principally within strongly
silicified or brecciated zones developed in sericite–pyrite-altered feldspar–hornblende-phyric volcanic rocks. Native gold,
pyrargyrite, and acanthite have been observed in quartz veins and quartz-carbonate hydrothermal breccias. The 2023 report described the
zone as approximately 700 m long, traced approximately 500 m down dip, and up to approximately 60 m in true width. Mineralization is
diffuse in places and the deposit may comprise faulted lenses with related steep feeders. These dimensions and the interpreted southeast
extension require update and QP confirmation.
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Homestake Silver
Homestake Silver
lies southeast of Homestake Main and comprises a cluster of parallel, northwest-trending, steeply dipping hydrothermal-breccia and structurally
controlled zones (see Figure 6-7 and Figure. 6-8). Mineralization is characterized by silver with galena and sphalerite and is generally
less copper-rich than Homestake Main. The 2023 model described an overall strike extent of approximately 700 m and down-dip extent of
approximately 550 m. Individual subzones strike approximately 140°, have near-vertical dips, and rarely exceed approximately 3 m
true thickness. The broader zone had been traced by drilling for approximately 600 m vertically and just under 800 m along strike. These
overlapping extent descriptions should be reconciled to the current model before finalization.
South Reef
South Reef is located
approximately 800 m south-southwest of Homestake Silver. Gold mineralization is associated with quartz–chlorite alteration, pyrite,
minor base-metal sulphides, and intervals of sericite–pyrite alteration. The 2023 report described two narrow, subparallel, tabular
zones striking approximately 120–130° and dipping approximately 70°–80° northeast. Reported thicknesses are approximately
1–3 m, with approximately 300 m of vertical and 400 m of strike extent. Characterization was considered preliminary because relatively
few holes intersected significant mineralization. The current model should update the geometry, continuity, and degree of uncertainty.
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Figure 6-7. Locations
of the principal Kitsault Valley Project deposits.
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Figure 6-8. Longitudinal
section along the Kitsault Valley trend showing the relative positions of the principal ore bodies.
6.4 Deposit
Models
The project is
not represented by a single deposit model. The current interpretation should integrate the observed stratigraphic, structural, mineralogical,
textural, alteration, and metal-zonation evidence and recognize that some zones may be transitional or overprinted. The models below
are exploration and interpretation frameworks and do not establish continuity or economic significance.
6.4.1
Exhalative and VMS-Related Model
Volcanogenic massive
sulphide (VMS) deposits form at or near the seafloor through focused hydrothermal-fluid discharge in submarine volcanic environments.
Typical deposits are stratabound, locally mound- or lens-shaped, and may overlie discordant stockwork or feeder zones with alteration
halos. The Dolly Varden–Torbrit horizon contains stratiform silica, sulphide, barite, carbonate, jasper, and related debris-flow
facies that support an exhalative or VMS-related component. Local reworking, replacement, faulting, and later veining complicate a simple
syngenetic interpretation (Figure 6-9).
Dolly Varden-area
deposits have been compared with precious-metal-rich hybrid bimodal-felsic/siliciclastic systems, including Eskay Creek-type models,
because they formed in Hazelton arc stratigraphy during waning volcanism, local basin development, and shallow subaqueous hydrothermal
activity. The comparison is useful where supported by stratiform mineralization, exhalative textures, epithermal-suite elements, synvolcanic
structures, and volcanic-sedimentary facies; it should not be presented as evidence that the project deposits are direct analogues of
Eskay Creek.
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Figure 6-9. Conceptual
hybrid bimodal-felsic/siliciclastic mineralization model (after Galley et al., 2007).
6.4.2
Epithermal Model
Epithermal deposits
form at shallow crustal levels in volcanic and subvolcanic environments and occur as veins, fissure fills, stockworks, breccias, and
replacements. Wolf, Kitsol, and parts of Dolly Varden and Torbrit display features consistent with epithermal mineralization, including
open-space filling, colloform and crustiform banding, bladed gangue textures, hydrothermal brecciation, repeated sealing and veining,
and Ag–Pb–Zn–Sb–As mineral associations. The occurrence of both stratiform/exhalative and epithermal features
supports a transitional or overprinted hydrothermal system in parts of the project.
6.4.3
Homestake Hybrid Model
Homestake Main,
Homestake Silver, and South Reef contain stratabound, replacement, vein, and hydrothermal-breccia mineralization associated with Lower
Hazelton volcanic and subvolcanic rocks, sericite–pyrite alteration, synvolcanic basin structures, and later faults. The combination
of volcanic-hosted, structurally focused, and vertically zoned Au–Ag–base-metal mineralization supports a hybrid volcanogenic–epithermal
interpretation. The relative timing of intrusive activity, volcanism, alteration, mineralization, and fault reactivation remains an important
control and uncertainty.
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7 EXPLORATION
7.1 Scope,
Attribution, and Source Basis
7.2 Exploration
Other Than Drilling
7.2.1
Dolly Varden Claim Block, 2010–2014
In 2010, Dolly
Silver Corporation and Dolly Varden Silver Ltd., predecessors of Dolly Varden Silver Corporation, commissioned Geotech Ltd. to complete
a helicopter-borne survey using versatile time-domain electromagnetic (VTEM), gamma-ray spectrometric, and aeromagnetic methods. Approximately
941.7 line-km were flown at 100 m line spacing, covering about 90% of the then property. A 694 line-km Z-axis tipper electromagnetic
(ZTEM) and magnetometer survey followed in 2012. Ground electromagnetic and induced-polarization (IP) surveys were completed over three
grids in 2014, together with downhole electromagnetic and IP surveys at the Dolly Varden deposit.
Geological mapping
in 2011 included surface and underground work at Wolf. The 2012 program included regional mapping at Moose Lamb, Red Point, Kitsol, and
Surprise and underground mapping at the Torbrit Mine. That work identified prospective growth faults at Moose Lamb and in the Tiger–Evindsen
area and documented intense hydrothermal alteration at Red Point. Surface and underground mapping continued at Torbrit in 2013, and property-scale
structural and lithological mapping in 2014 supported regional drill targeting.
Between 2011 and
2014, 804 rock samples, 2,412 soil samples, and 36 silt samples were collected. These datasets provided geochemical context for deposit-area
and regional targets. Because individual grab, chip, and soil samples are selective and may not be representative of average grades,
they are used as targeting information rather than as estimates of mineralized width or grade.
7.2.2
Dolly Varden Claim Block, 2010–2014
In 2010, Dolly
Silver Corporation and Dolly Varden Silver Ltd., predecessors of Dolly Varden Silver Corporation, commissioned Geotech Ltd. to complete
a helicopter-borne survey using versatile time-domain electromagnetic (VTEM), gamma-ray spectrometric, and aeromagnetic methods. Approximately
941.7 line-km were flown at 100 m line spacing, covering about 90% of the then property. A 694 line-km Z-axis tipper electromagnetic
(ZTEM) and magnetometer survey followed in 2012. Ground electromagnetic and induced-polarization (IP) surveys were completed over three
grids in 2014, together with downhole electromagnetic and IP surveys at the Dolly Varden deposit.
Geological mapping
in 2011 included surface and underground work at Wolf. The 2012 program included regional mapping at Moose Lamb, Red Point, Kitsol, and
Surprise and underground mapping at the Torbrit Mine. That work identified prospective growth faults at Moose Lamb and in the Tiger–Evindsen
area and documented intense hydrothermal alteration at Red Point. Surface and underground mapping continued at Torbrit in 2013, and property-scale
structural and lithological mapping in 2014 supported regional drill targeting.
Between 2011 and
2014, 804 rock samples, 2,412 soil samples, and 36 silt samples were collected. These datasets provided geochemical context for deposit-area
and regional targets. Because individual grab, chip, and soil samples are selective and may not be representative of average grades,
they are used as targeting information rather than as estimates of mineralized width or grade.
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7.2.3
Dolly Varden Claim Block, 2015–2018
In 2015, structural
and lithological examinations were completed underground at the Torbrit and North Star mines and on surface at Musketeer, Ace–Galena,
and Kitsol. In 2016, mapping focused on Summit Ridge, Ace–Galena–Trout, Chance Creek, the Trout hanging-wall, the northeast
sediment–volcanic contact, and Medallion. Lithogeochemical sampling accompanied the mapping: 254 rock samples were collected in
2015 and 242 in 2016. More reconnaissance-oriented mapping and sampling in 2017 and 2018 produced 235 and 229 rock samples, respectively.
Geological observations without analytical samples were recorded at 370 geostations in 2015, 121 in 2016, 233 in 2017, and 216 in 2018.
The 2015 soil program
collected 1,810 samples over Wolf, Silver Horde, Chance, and Ace–Galena–Trout. Most samples were collected at 25 m spacing
on lines 100 m apart. Silver, lead, zinc, antimony, and barium anomalies outlined the Wolf–Silver Horde corridor and an anomaly
extending northeast toward Ace–Galena–Trout; copper responses generally coincided with a lithological change along the eastern
grid margin. Gold responses were less coherent. A ten-sample portable-XRF orientation line at Ace–Galena in 2016 returned weak
to moderate relative copper and zinc responses. Portable-XRF results are semi-quantitative and were used only for relative pattern recognition.
In early 2017,
Geotech Ltd., CW Geophysics Inc., and Dolly Varden re-evaluated the 2010 VTEM and 2011/2012-era ZTEM datasets. The study concluded that
the principal lead–zinc-rich, copper-poor VMS-style mineralization was not readily distinguishable in the VTEM response, while
ZTEM resistivity patterns more clearly outlined broad high-resistivity regions around known deposits. Rugged topography and variable
flight height were identified as limitations on the controlled-source survey response. The data remain useful for regional geological
and alteration interpretation but are not treated as direct ore detectors.
McElhanney Consulting
Services Ltd. completed a LiDAR survey over the Dolly Varden claim block on August 7, 2017 using an Optech Galaxy system mounted
on a Piper Navajo fixed-wing aircraft (Figure 7-1). The reported ground resolution was approximately 25 cm. The resulting terrain model
supports topographic control, geological mapping, collar planning, and surface interpretation.
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Figure 7-1. LiDAR
coverage over the Dolly Varden claim block, 2017.
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7.2.4
Dolly Varden Claim Block, 2019–2022
Rock sampling was
completed in 2019, 2020, and 2022; no rock sampling was reported in 2021. Three samples were collected in 2019 at Goldbelt and Fisher/Silver
Tip. Seventeen samples were collected in 2020 at Red Point, Goldbelt/Starlight–Racehorse, and Surprise. Twenty-nine samples were
collected in 2022 at Kitsol, Red Point, Starlight, Surprise, V-Vein, and the 44 Zone. The 2022 program also recorded 96 geostations.
Results confirmed localized precious- and base-metal-bearing veins and alteration at several targets, but selective rock samples are
not necessarily representative of target-scale grade.
Lithogeochemical
sampling was used to characterize lithology and alteration. The programs collected 184 samples in 2019, five in 2020, none in 2021, and
seven in 2022. The 2023 technical report stated that integration and interpretation of the combined dataset remained in progress. These
data should therefore be used as supporting vectors together with mapped geology and drilling rather than as a stand-alone target ranking.
7.2.5
Homestake Claim Block, 2017–2019
Auryn Resources
completed integrated mapping, geochemical sampling, portable-XRF and shortwave-infrared (SWIR) surveys, IP, historical-core relogging,
geochronology, and airborne geophysics across the Homestake claim block. These legacy datasets are material because they informed the
geological models and targets subsequently inherited by Dolly Varden.
A total of 274
channel, chip, and grab rock samples were collected during the 2017 and 2019 programs. Sampling tested gossanous ridges north of Homestake
Main, historical occurrences around Homestake Main and South Reef, and newly exposed areas at Kombi. The programs returned anomalous
precious- and base-metal values at Kombi, Bria, and KNHSR. Sample selection was based on favourable lithology or visible mineralization;
therefore, the results indicate prospectivity but are not representative of average grade.
The 2017 and 2019
soil programs collected 1,032 Ah-horizon samples and 2,997 B-, C-, and talus-fines samples. Ah-horizon sampling was used to test for
responses through younger cover southeast of Homestake. Talus-fines samples were composited along 10 m sections, field screened, and
supported by inserted standards and duplicates. B-horizon samples were collected from test pits, screened to remove coarse material,
documented digitally, and also supported by standards and duplicates. The results outlined anomalies interpreted as possible extensions
of Homestake Silver and South Reef and identified regional precious- and base-metal anomalies at Bria, Kombi, and KNHSR.
In 2017, 17.5 line-km
of pole–dipole IP surveying were completed at 50 m dipole spacing. The new data were combined with the 2013 IP survey, and resistivity
and chargeability depth slices were incorporated into three-dimensional inversion models. The inversions, together with drill logging,
supported interpretation of an extensional structural setting and graben geometry.
A historical-core
relogging program captured alteration, brecciation, faulting, sulphide, and SWIR mineral data not consistently recorded in the original
logs. Features associated with mineralization included strong texturally destructive silicification, elevated sulphide content, hematite,
hydrothermal chlorite, multi-phase brecciation, high-crystallinity kaolinite and sericite, higher-wavelength white mica, and Mg-rich
chlorite. The relogging supported a model in which faults bound down-dropped blocks and acted as mineralizing conduits.
Five geochronology
samples were analyzed using U–Pb zircon, Ar–Ar step-heating, and galena Pb-isotope methods to constrain intrusive, volcanic,
cooling, and mineralization ages. Geotech Ltd. also completed a 574 line-km VTEM and magnetic survey over two Homestake blocks, using
50 m traverse lines and 500 m tie lines. Computational Geosciences Inc. produced individual and joint inversions integrating AeroTEM
2009, VTEM 2010, ZTEM 2012, and VTEM 2019 datasets. The inversions helped define NNE- and NNW-trending regional structures and refine
intrusive-body geometry, particularly at Kombi.
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7.2.6
Consolidated 2022 Mapping, Sampling, and Terrain Data
On the Homestake
claim block, the 2022 program collected 119 rock samples from historical workings, trenches, waste piles, and outcrop at Vanguard, Homestake
Camp, Old Homestake Camp, Rambler, and other target areas, and recorded 502 geostations. Forty-four additional samples were submitted
for whole-rock geochemical analysis to characterize lithologies and alteration at the main Homestake area and East Valley. As reported
in the 2023 technical report, final lithogeochemical interpretation remained pending.
McElhanney Ltd.
acquired LiDAR and aerial photography over the Homestake area and southern Kitsault Valley on July 27–28, 2022 using a Leica
TerrainMapper-2 mounted on a Piper Navajo fixed-wing aircraft (Figure 7-2). Integration with the 2017 Dolly Varden dataset provided near-continuous
high-resolution terrain coverage across the consolidated project and supports survey control, geomorphological interpretation, access
planning, and drill-site design.
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Figure 7-2. LiDAR
coverage over the Homestake claim block and southern Kitsault Valley, 2022.
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7.3 Drilling
Methods and Factors Affecting Reliability
7.3.1
Dolly Varden Drilling
Diamond drilling
is the principal subsurface exploration method. For the 2014 program, NQ core was processed at TerraLogic Exploration’s Alice Arm
facility. Logging included magnetic susceptibility, portable XRF, gamma-ray spectrometry, and HALO optical spectroscopy. Potassium responses,
checked intermittently by whole-rock analysis, were used to outline broad alteration envelopes around epithermal systems.
For the 2015–2018
programs, drill-site inspections were completed under the supervision of Dolly Varden or TerraLogic geologists. Core placement and depth
blocks were checked before boxes were transported by helicopter to the secure logging facility. Whole-core procedures included conversion
to metric depth, metre marking, recovery measurement, box identification, and digital capture. Geological logs recorded lithology, alteration,
brecciation, mineralization, structure, shearing, and veining. Core was photographed before sampling. Sample intervals were selected
by a project geologist; a technician visually selected the cutting line to provide comparable halves, and half core was cut with a diamond
saw. Detailed preparation, analytical, and QA/QC procedures are addressed in Chapter 8.
The 2019 technical
report states that post-2015 collars were surveyed by differential GPS, downhole surveys were collected in all drillholes, and geological
and geotechnical logs were subject to repeated validation and consistency checks. Oriented core was used in all 2020 drillholes and informed
later structural and true-width interpretations. The source reports do not provide a single consolidated table of contractor, rig, core
diameter, orientation tool, downhole instrument, and survey frequency for every Dolly Varden program; those fields should be confirmed
from annual drill logs for the current TRS.
7.3.2
Homestake Drilling
Historical Homestake
logging protocols were generally consistent after 2003. Quick logs recorded lithology, alteration, mineralogy, and significant structures.
Detailed logs recorded lithology, mineralization, alteration intensity, vein mineralogy and abundance, brecciation, fracture intensity,
faults, contacts, bedding, cleavage, and veins relative to the core axis. Geotechnical logging included recovery, rock-quality designation
(RQD), and occasional specific gravity. The 2022 Homestake technical report characterized core recovery as generally very good and concluded
that no drilling, sampling, or recovery factors materially affected accuracy or reliability.
Early collars were
positioned with handheld GPS and chain-and-compass ties from known control. Early downhole control relied on acid dip tests. Beginning
in 2006, RANGER Single Shot surveys were collected at approximately 30–60 m intervals; a RANGER Explorer Multi-shot tool was used
in 2010–2012. Collar elevations were checked against surface topography; isolated elevation discrepancies identified in three holes
were considered immaterial to the then-current resource estimate.
Auryn’s 2017
and 2018 drilling was contracted to Cyr Drilling International Ltd. using helicopter-portable Zinex A-5 hydraulic drills producing NQ2
core. Drill-pad positions were marked by handheld GPS; an Azimuth Aligner and inclinometer established initial azimuth and dip. DeviShot
single-shot readings were taken initially approximately 6 m beyond casing and nominally every 50 m thereafter. Completed collars were
surveyed by differential GPS. Core was sealed in wooden boxes, transported by helicopter to camp, checked and reconstructed in a secure
facility, geotechnically logged in 3 m runs for recovery, RQD, and magnetic susceptibility, descriptively logged for geology and mineralization,
measured by TerraSpec Halo at 3 m intervals, digitally captured, and photographed wet and dry before sampling.
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7.3.3
Hole Closure, Core Transport, and Storage
The 2018–2025
working draft states that casing is pulled following completion and the hole is marked. Where a completed hole produces water, the draft
specifies cementing the hole. The final TRS should confirm that hole closure complied with the applicable authorization and that any
exceptions are documented in the drill record.
The working draft
reports that Dolly Varden core from 2017–2025 and Homestake core from 2022–2025 is cross-stacked on private lots in Alice
Arm. Dolly Varden core from 2011–2016 is reported to be stored in a warehouse on Bornite Road outside Terrace. Historical Homestake
and Auryn-era core is reported to be stored in a warehouse in Smithers. The draft contains an apparent year inconsistency in its description
of the Auryn core; the inventory and storage locations should be verified before filing.
7.3.4
Interval Widths, Recovery, and Other Limitations
Reported drill
intervals are not interchangeable. The source reports variously provide core length, downhole length, true width calculated from sections,
or estimated true width based on interpreted geometry and oriented-core data. At Torbrit, reported true-width factors commonly range
from about 80% to 95% of core length, although individual 2022 Kitsol and Torbrit intervals range more widely depending on intersection
angle. Homestake Main and Homestake Silver true widths were reported as generally 80% to 90% of core length. True width cannot be assigned
reliably where mineralized geometry is insufficiently constrained.
Known factors requiring
explicit treatment include intersections of historical underground workings, holes lost before reaching target, variable historical survey
methods, isolated collar-elevation discrepancies, and changing geological models. These conditions do not automatically invalidate the
affected data; they require hole-specific treatment in the database and resource workflow. Detailed database validation is addressed
in Chapter 9.
7.4 Drilling
— Dolly Varden, 2011–2018
Dolly Varden and
its predecessor entities completed 205 diamond drillholes totalling approximately 63,883.57 m from 2011 through 2018 (Table 7-1). Program
objectives progressed from verification and extension of known deposits to property-scale targeting, discovery drilling, and resource
delineation.
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Table 7-1. Summary
of Dolly Varden drilling, 2011–2018.
Year
Area/target
Holes
Metres
Program
emphasis
2011
Wolf
21
4,607.36
Verified
grades and widths; tested down-dip and northern extensions.
2012
Dolly
Varden–Torbrit horizon
6
1,728.21
Tested
down-dip and strike extensions.
2013
Torbrit
14
3,069
Infill,
verification, and step-out drilling.
2014
Six
property-scale targets
12
5,280
Tested
Ag–Au targets, prospective contacts, and alteration systems.
2015
Ace–Galena,
Kitsol, sediment target
10
2,037
Tested
geochemical, vein, structural, and stratigraphic targets.
2016
Torbrit,
Ace–Galena, Chance
13
2,312
Tested
deposit extensions and Pb–Zn–Ag mineralization.
2017
Dolly
Varden claim block
45
15,715.8
Deposit
verification plus regional reconnaissance; four new targets identified.
2018
Dolly
Varden claim block
84
29,134.20
Deposit
delineation/verification plus regional alteration targets.
Total
Dolly
Varden, 2011–2018
205
63,883.57
Subtotal
reconciled to the 2023 technical report and current working chapter.
The 2011 program
at Wolf verified down-dip continuity of the central mineralized zone and identified additional mineralization along the northern extension.
The 2012 drilling tested the Dolly Varden–Torbrit mineralized horizon; the source cautions that composites may exclude internal
weakly mineralized intervals and that true widths were interpreted from sections. In 2013, all fourteen holes intersected the Torbrit
horizon, with mineralization expressed as veins, banded zones and breccias, and carbonate–quartz–barite replacement. True
widths were not estimated for the reported 2013 intervals.
The 2014 program
tested Torbrit, Torbrit Northwest, Red Point, Musketeer North, Kitsol, and Wolf. Moderately anomalous to high-grade silver was intersected
at all target areas, including a high-grade Kitsol intersection in DV14010. The 2015 and 2016 programs tested Ace–Galena, Kitsol,
Chance, and Torbrit; the Chance holes in 2016 did not return significant mineralization, an outcome relevant to target ranking. The 2017
program identified Moose–Lamb, Torbrit North, Torbrit East, and Beginner’s Luck as new or materially advanced targets. The
2018 program emphasized resource delineation and confirmed high-grade mineralization at Torbrit, Torbrit East, Moose–Lamb, Kitsol,
and Dolly Varden.
Representative
drilling results are presented in Table 7-2. The complete program tables in the source technical reports include additional mineralized
and non-mineralized holes. The omission of those holes from this chapter does not imply that they were excluded from geological interpretation
or resource estimation.
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Table 7-2. Selected
representative drilling results, Dolly Varden, 2011–2018.
Year
Hole
Target
Reported
interval
Grade
Selection
rationale
2011
WS11-107
Wolf
No. 2 vein
15.20
m core / 10.05 m true
595
g/t Ag
Verified
a broad high-grade vein interval.
2012
DV12-4
DV–Torbrit
horizon
5.55
m core / 5.30 m true
536
g/t Ag
Confirmed
mineralization in the tested horizon.
2013
TB13-03
Torbrit
17.10
m core; true width not estimated
509
g/t Ag
Representative
broad Torbrit intersection.
2014
DV14010
Kitsol
23.14
m reported true width
712.19
g/t Ag
Demonstrated
high-grade Kitsol vein mineralization.
2015
DV15019
Ace–Galena
3.15
m core; low angle to core axis
591
g/t Ag
High-grade
result with geometry caution.
2016
DV16035
Torbrit
19.40
m core; true width not stated
485.04
g/t Ag
Extended
multi-zone Torbrit mineralization.
2017
DV17063
Torbrit
North
22.74
m core / 21.37 m true
433.3
g/t Ag
Advanced
a new Torbrit North target.
2018
DV18163
Torbrit
75.45
m core / 65.34 m true
418.9
g/t Ag
Representative
resource-delineation intersection.
7.5 Drilling
— 2019–2022
Table 7-3 presents
a summary of all drilling at the Kitsault Valle Project between 2019 and 2022.
Table 7-3. Summary
of Kitsault Valley Project drilling, 2019–2022.
Year
Claim
block
Holes
Metres
Program
emphasis
2019
Dolly
Varden
44
11,863.5
Twelve
targets; reconnaissance, confirmation, strike and depth continuity.
2020
Dolly
Varden
40
11,396.6
19
Torbrit infill/step-out holes and 21 regional holes; oriented core.
2021
Dolly
Varden
31
10,506.7
21
Torbrit/Kitsol-area holes and 10 regional reconnaissance holes.
2022
Dolly
Varden
52
18,614.15
Torbrit/Kitsol
infill and step-out; Wolf and Red Point exploration.
2022
Homestake
56
18,448.1
Homestake
Main and Homestake Silver infill and extension drilling.
7.5.1
2019 Program
The 2019 program
completed 44 holes totalling 11,863.5 m at twelve Dolly Varden targets. Most holes were reconnaissance tests within the potassic-alteration
belt north of the resource areas and were designed to confirm historical results and test lateral and depth continuity. Chance, Silver
Horde, McKay, Beginner’s Luck, and Kitsol South returned results considered to warrant follow-up. At Chance, DV19-165 intersected
26.5 m core length averaging 385.4 g/t Ag, including 9.0 m averaging 968.2 g/t Ag; estimated true widths were 24.9 m and 8.46 m, respectively.
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7.5.2
2020 Program
The 2020 program
completed 40 holes totalling 11,396.6 m. Nineteen holes tested Torbrit by infill and step-out drilling, and 21 tested regional targets.
Oriented core was used in all holes. Representative Torbrit results include DV20-222, with 6.00 m core length averaging 310 g/t Ag; DV20-244,
with 45.82 m averaging 304 g/t Ag; and DV20-246, with 5.10 m averaging 306 g/t Ag. The source estimated true widths at Torbrit as approximately
80%–95% of reported core length. The drilling refined the interpreted vertical extent and internal high-grade lenses, but individual
intersections are not substitutes for the three-dimensional model.
7.5.3
2021 Program
The 2021 program
completed 31 holes totalling 10,506.7 m. Twenty-one holes tested Torbrit, Kitsol, and related extensions; ten reconnaissance holes tested
Medallion, Red Point, Syndicate, Silver Horde, and Wolf. At Kitsol, DV21-274 returned 15.28 m core length averaging 354 g/t Ag, including
3.70 m averaging 705 g/t Ag; reported true widths were 12.28 m and 2.97 m. DV21-275 returned 23.88 m core length averaging 220 g/t Ag,
with a reported true width of 18.27 m, and a separate 0.70 m core interval averaging 1,220 g/t Ag in the Torbrit extension. No significant
results were reported from Medallion; including this outcome avoids selection bias in the program narrative.
7.5.4
2022 Program — Dolly Varden
Fifty-two holes
totalling 18,614.15 m tested Torbrit/Kitsol, Wolf, and Red Point. At Kitsol, DV22-283 intersected 50.18 m core length averaging 414 g/t
Ag (30.11 m reported true width), including multiple higher-grade zones. At Wolf, wide-spaced drilling tested the southwest extension
beneath younger sedimentary cover; most holes intersected the interpreted vein system. At Red Point, three holes tested an IP chargeability
anomaly and the depth extent of gold-bearing veins. All three intersected strong quartz–pyrite–sericite alteration and stockwork
veining, with higher gold and copper grades where veining and brecciation intensified.
7.5.5
2022 Program — Homestake
Fifty-six holes
totalling 18,448.1 m tested Homestake Main and Homestake Silver through infill and extension drilling. The 2023 report interpreted the
Homestake Main results as supporting more continuous higher-grade lenses than indicated by earlier drilling and identified additional
down-dip targets. At Homestake Silver, infill and step-out drilling returned mineralization consistent with the established interpretation.
Representative reported results include HR22-328, with 9.16 m core length averaging 27.44 g/t Au and 463 g/t Ag, and HR22-362, with 2.50 m
core length averaging 0.81 g/t Au and 1,252 g/t Ag (Table 7-4). Estimated true widths were generally reported as 80–90% of core
length.
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Table 7-4. Selected
representative drilling results, 2019–2022.
Year
Hole
Target
Reported
interval
Grade
Selection
rationale
2019
DV19-165
Chance
26.50
m core / 24.90 m est. true
385.4
g/t Ag
Material
reconnaissance discovery/follow-up target.
2020
DV20-244
Torbrit
45.82
m core; 80–95% est. true
304
g/t Ag
Broad
infill/step-out result used to refine geometry.
2021
DV21-274
Kitsol
15.28
m core / 12.28 m true
354
g/t Ag
Representative
Kitsol infill and extension result.
2022
DV22-283
Kitsol
50.18
m core / 30.11 m true
414
g/t Ag
Broad
multi-zone Kitsol intersection.
2022
DV22-300
Wolf
19.85
m core / 13.90 m approx. true
584
g/t Ag
Material
southwest extension below cover.
2022
DV22-321
Red
Point
49.0
m core; 75–90% est. true
0.59
g/t Au,
13 g/t Ag
Broad
altered interval testing IP target.
2022
HR22-328
Homestake
Main
9.16
m core; 80–90% est. true
27.44
g/t Au, 463 g/t Ag
Representative
high-grade Main-zone result.
2022
HR22-362
Homestake
Silver
2.50
m core; 80–90% est. true
0.81
g/t Au, 1,252 g/t Ag
Representative
Silver-zone step-out result.
7.6 Drilling
— 2023–2025
The 2023–2025
programs continued deposit expansion, infill, metallurgical, and regional exploration drilling across the consolidated Kitsault Valley
Project (Table 7-5). The 2023 Homestake annual assessment report materially improves the program record and supports 59 NQ holes totalling
27,603.40 m based on its detailed target allocation (26 Homestake Main, 27 Homestake Silver, and six regional holes). This replaces the
83-hole working-draft value used previously. The assessment-report title page states 56 holes, but the detailed program narrative
and target allocations sum to 59; the locked collar table should be used for final QP confirmation.
Using the detailed
2023 Homestake program allocation together with the current working record for 2024 and 2025, the 2023–2025 total is 266 holes
and approximately 130,177.87 m. The supplied 2024 Dolly Varden assessment report is claim-specific: it documents the Silver Horde hole
DV24-422 and does not represent the complete 41-hole Dolly Varden program. The 2025 program totals and target allocations remain based
on the current corporate working record.
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Table 7-5. Reported
drilling totals and target areas, 2023–2025.
Year
Area
Holes
Metres
Targets
/ qualification
2023
Dolly
Varden
56
23,934.40
Includes
2 metallurgical holes (310 m); exploration/resource subtotal 23,624.40 m.
2023
Homestake
59
27,603.40
26
Main, 27 Silver, and 6 regional holes; detailed annual-report allocation.
2024
Dolly
Varden
41
19,429.41
Wolf,
Red Point, Silver Horde, North Star, Chance, Moose–Climax, Ace–Galena.
2024
Homestake
28
16,147.66
Homestake
Silver, Vanguard, and Blue Ribbon.
2025
Dolly
Varden
49
23,006
Wolf,
Musketeer, North Star, Chance, Moose–Climax, and Red Point.
2025
Homestake
31
18,011
Homestake
Silver and Homestake Main.
2025
Big
Bulk
2
2,046
Big
Bulk drilling; purpose classification to be confirmed.
7.6.1
Contractors, Equipment, and Operating Procedures
The 2023 Homestake
program was drilled by Omineca Diamond Drilling of Burns Lake, British Columbia, using NQ core and was supported by three Bell 407 helicopters
operated by Summit Helicopters of Terrace. The program operated from April 30 to October 19, 2023 from the Alice Arm camp.
The supplied 2024 Dolly Varden assessment report also identifies Omineca Diamond Drilling and Summit Helicopters. At the QP’s direction,
this draft assumes that these drill and helicopter contractors remained the same for the 2024 and 2025 programs unless the final annual
records show otherwise.
Drill sites were
inspected at cross-shift, generally near 07:00 and 19:00 when weather permitted, to confirm safety and permit compliance, correct placement
of core and depth markers, and the absence of grease or other drill additives on the core. Core boxes were lidded and secured in metal
baskets and transported by helicopter to the Alice Arm processing facility, where the box sequence and depth blocks were checked before
logging.
Geotechnical processing
included metric depth conversion, one-metre marking, run-by-run recovery measurement, RQD, and core orientation using the ACTIII system.
Bottom-of-hole marks were extended through connected core, assigned quality rankings, and used with beta corrections for alpha, beta,
and gamma structural measurements. The 2023 equipment record identifies a Reflex downhole survey tool, a Reflex core-orientation tool,
and differential GPS; the DV24-422 survey record specifically lists Reflex Multi-shot readings. Collar and downhole survey files should
be reconciled to the locked database.
Project geologists
selected sample intervals based on lithology, alteration, veining, and mineralization. The standard interval was modified as required
within a reported range of 0.50–2.00 m. Logging captured alteration, brecciation, lithology, mineralization, structure, shearing,
veins, and vein intervals in the project database. Whole core was photographed, and half-core samples were cut with a diamond saw to
provide comparable mineralized halves. The recorded drillhole dataset included recovery, sample, oriented-core, RQD, geology, magnetic-susceptibility,
photograph, and specific-gravity records. Detailed analytical methods, laboratory QA/QC, and security remain in Chapter 8.
Core from the 2023
Homestake program was stored at the Dolly Varden property in Alice Arm. Consistent with the working draft, this chapter assumes the same
Alice Arm processing and storage workflow for the 2024–2025 programs, subject to confirmation against the final core inventory
and storage register.
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7.6.2
2023 Dolly Varden Program
The 2023 Dolly
Varden program completed 56 NQ holes totalling 23,934.40 m between April 30 and October 25. Approximately two-thirds of the
program focused on resource expansion and metallurgical drilling at Wolf, Torbrit, and Kitsol, and approximately one-third tested Moose–Climax,
Red Point, North Star, Surprise, and southwest Wolf exploration targets. Two metallurgical holes totalled 310 m. The annual report cited
total program expenditures of approximately $10.47 million.
At Moose–Climax,
four holes totalling 705 m tested down-dip extensions of the Moose Vein. DV23-371 intersected 7.65 m core length averaging 269 g/t Ag
from 140.75–148.40 m, including 1.00 m averaging 712 g/t Ag. Three Red Point holes totalling 1,680 m followed the 2022 IP anomaly
and DV22-321 mineralization. DV23-360 intersected 120.62 m of quartz–sericite–pyrite alteration and stockwork veining averaging
0.05 g/t Au and 3 g/t Ag, including 2.30 m averaging 7.25 g/t Au and 15 g/t Ag. Higher gold values were associated with increased veining
and brecciation.
Two North Star
holes totalling 844 m tested the northwestern extension of the vein and intersected stratabound and vein/breccia mineralization. DV23-358
returned 7.43 m core length averaging 345 g/t Ag, 5.92 g/t Au, 2.75% Pb, and 1.60% Zn. Two Surprise holes totalling 918 m did not intersect
significant silver, lead, or zinc mineralization at the targeted contact; localized anomalous copper occurred in brecciated quartz–carbonate
veining. This negative result is retained because it affects target ranking.
At Wolf, exploration
and expansion drilling tested the steeply dipping multi-phase vein and breccia system. DV23-379 returned 18.21 m core length averaging
247 g/t Ag from 719.89–738.10 m. Expansion hole DV23-368 returned 29.34 m averaging 381 g/t Ag from 711.84–741.18 m, including
16.97 m averaging 583 g/t Ag. The program extended high-grade silver mineralization to a reported dip extent of more than 857 m and more
than 500 m from the historic Wolf Mine.
Kitsol drilling
included exploration and six expansion holes. DV23-336 returned 18.00 m core length averaging 342 g/t Ag from 70.00–88.00 m, including
0.50 m averaging 2,270 g/t Ag. At Torbrit, two expansion holes totalled 300 m; DV23-348 returned 3.50 m averaging 334 g/t Ag from the
interpreted lower Torbrit horizon, while DV23-350 intersected mafic dykes at the expected target depth and returned no anomalous precious-
or base-metal grades.
7.6.3
2023 Homestake Program
The detailed annual
report describes 59 NQ holes totalling 27,603.40 m. At Homestake Main, 26 holes totalled 11,281.40 m: 17 infill holes (6,535.90 m) targeted
definition and potential upgrading of Inferred material, and nine exploration holes (4,745.50 m) tested the northern and southern extents
of the mineralized lenses. HR23-390 returned 50.30 m core length averaging 1.92 g/t Au and 4 g/t Ag from 167.70–218.00 m, including
0.50 m averaging 129 g/t Au and 218 g/t Ag. The high-grade shoot remained open down dip in the annual interpretation.
At Homestake Silver,
27 holes totalled 14,630 m. Thirteen infill holes (5,823 m) tested the central lens cluster and fourteen step-out/exploration holes (8,807
m) tested northern and southern extensions. HR23-416 returned 1.02 m core length averaging 55.40 g/t Au and 4,830 g/t Ag. Southern step-out
HR23-411 returned 10.55 m averaging 369 g/t Ag and 0.91 g/t Au, including 0.55 m averaging 1,925 g/t Ag and 1.73 g/t Au. The northern
drilling identified additional high-grade gold in irregular quartz–carbonate veins.
Six regional holes
totalling 1,692 m tested Tip Top, Fox Reef, Slide Zone, South Reef, Dilly, and Rambler. The holes intersected faulting and generally
low-density quartz–carbonate veining. HR23-424 at Fox Reef returned 0.50 m averaging 5.72 g/t Au and 21.5 g/t Ag; HR23-423 at Rambler
returned 1.10 m averaging 1.37 g/t Au and 0.60 g/t Ag. Regional results were weaker than those from Homestake Main and Silver but improved
the structural and alteration framework.
Contango Silver and Gold – Kitsault Valley Project Page 93 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
7.6.4
2023 Magnetotelluric Surveys
Simcoe Geoscience
Ltd. completed three-dimensional ultra-wideband magnetotelluric surveys on both claim blocks. At Homestake, 97 sites covered a centralized
17 line-km grid between August 2 and September 21, 2023. The survey was designed to identify resistivity and conductivity responses
at depth, refine northwest-trending structural and lithological interpretations, and generate drill targets. At Dolly Varden, eight MT
sites over 1.5 lines covered approximately 4.6 line-km. The Dolly Varden inversion outlined northwest–southeast conductive features
interpreted as possible intrusions and helped map subparallel faults and lineaments associated with alteration and anomalous metal responses.
7.6.5
2024 Program
The current corporate
working record reports 69 holes and 35,577.07 m in 2024: 41 holes and 19,429.41 m at Dolly Varden and 28 holes and 16,147.66 m at Homestake.
The Dolly Varden program was distributed among Wolf, Red Point, Silver Horde, North Star, Chance, Moose–Climax, and Ace–Galena;
the Homestake program focused on Homestake Silver, Vanguard, and Blue Ribbon.
The supplied 2024
Dolly Varden assessment report documents only the Silver Horde component credited to claim 538781 and is not a complete annual-program
report. It records DV24-422 as an NQ hole at Silver Horde, with 100 m reported for assessment-credit purposes; the narrative also describes
the hole as reaching 468 m, an internal inconsistency that should be checked against the collar table. The hole tested extensions of
silver-bearing veins identified in 2019 and 2021. The reported analytical highlight was 1.00 m averaging 36 g/t Ag from 177.00–178.00
m. The report concluded that the hole did not reach the intended target depth and returned no material result for the planned target,
supporting additional three-dimensional modelling before further drilling.
7.6.6
2025 Program
The current working
record reports 82 holes and 43,063 m in 2025. Dolly Varden drilling comprised 49 holes and 23,006 m: 32 holes (16,482 m) at Wolf, eight
holes (2,739 m) distributed among Musketeer, North Star, and Chance, and nine holes (3,785 m) at Moose–Climax and Red Point. Homestake
drilling comprised 31 holes and 18,011 m, dominated by 29 holes (16,813 m) at Homestake Silver and two holes (1,198 m) at Homestake Main.
Two Big Bulk holes totalled 2,046 m.
Under the QP-directed
assumption that contractors and controlled procedures were unchanged, the 2025 drilling is described using the Omineca/Summit helicopter-supported
NQ workflow and the TerraLogic/Dolly Varden logging, ACTIII orientation, Reflex survey, recovery/RQD, photography, specific-gravity,
and half-core sampling procedures summarized in Section 7.6.1. The supplied report package does not contain a complete 2025 analytical-results
report. Accordingly, Table 7-6 includes selected 2025 intercepts only from approved corporate disclosures; those results remain subject
to reconciliation to the locked 2025 assay database and are presented as representative rather than exhaustive results.
Table 7-6 provides
a QP-selected compilation of representative exploration drill intercepts from results disclosed during 2023 through 2025. The selection
spans the Homestake Ridge area, principal Dolly Varden deposits and prospects, and other exploration targets, and is intended to illustrate
the range of mineralization, interval widths, target styles, and exploration outcomes encountered during the campaigns.
Contango Silver and Gold – Kitsault Valley Project Page 94 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 7-6. Selected
representative exploration drill intercepts disclosed during 2023–2025.
Drill
Year
Property
Area
Location
/
Deposit
Hole
ID
Interval
Class
Length
(m)
Ag
(g/t)
Au
(g/t)
AgEq
(g/t)
AuEq
(g/t)
Pb
(g/t)
Zn
(g/t)
Cu
(g/t)
Context
/ Significance
2022
Homestake
Ridge
Homestake
Main
HR22-333
Main
composite
25
70
46.31
—
—
—
—
0.19
Highlighted
main interval
2022
Homestake
Ridge
Homestake
Main
HR22-336
Separate
interval
3.9
1,844
6.19
—
—
—
—
—
Highlighted
separate interval
2022
Homestake
Ridge
Homestake
Main
HR22-345
Main
composite
29.54
12
8.73
—
—
—
—
—
Highlighted
main interval
2022
Homestake
Ridge
Homestake
Silver
HR22-361
Main
composite
1.2
2,500
15.04
—
—
—
—
0.17
Highlighted
interval
2023
Homestake
Ridge
Homestake
Silver
HR23-416
Main
composite
93.95
213
1.74
357
—
—
—
—
Mineralized
envelope
2023
Homestake
Ridge
Homestake
Silver
HR23-416
Included
interval
1.02
4,830
55.4
9,422
—
—
—
—
Highest-grade
emphasized subinterval
2023
Homestake
Ridge
Homestake
Silver
HR23-389
Main
composite
12.45
60
79.49
—
80.21
—
—
—
New
gold-rich zone
2023
Homestake
Ridge
Homestake
Silver
HR23-399
Separate
interval
1.75
418
40.33
—
45.37
—
—
—
Highlighted
high-grade vein
2024
Homestake
Ridge
Homestake
Silver
HR24-432
Broad
envelope
48.23
5
8.85
—
—
—
—
—
Mineralized
envelope
2024
Homestake
Ridge
Homestake
Silver
HR24-435
Included
interval
34.93
84
12.23
—
—
—
—
—
Stronger
breccia-vein interval
2024
Homestake
Ridge
Homestake
Silver
HR24-431
Main
composite
8.72
27
21.55
—
—
—
—
—
North
step-out
2024
Homestake
Ridge
Homestake
Silver
HR24-433
Broad
envelope
29.5
13
3.48
—
—
—
—
—
Eastern
lens
2024
Homestake
Ridge
Homestake
Silver
HR24-437
Main
composite
10.2
97
5.54
—
—
—
—
—
South
infill
Contango Silver and Gold – Kitsault Valley Project Page 95 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Drill
Year
Property
Area
Location
/
Deposit
Hole
ID
Interval
Class
Length
(m)
Ag
(g/t)
Au
(g/t)
AgEq
(g/t)
AuEq
(g/t)
Pb
(g/t)
Zn
(g/t)
Cu
(g/t)
Context
/ Significance
2025
Homestake
Ridge
Homestake
Silver
HR25-456
Broad
envelope
120
3
3.34
—
—
—
—
—
45
m step-out along strike
2025
Homestake
Ridge
Homestake
Silver
HR25-469
Main
composite
14.76
34
26.74
—
—
0.77
0.9
—
Large
open area
2025
Homestake
Ridge
Homestake
Silver
HR25-464
Main
composite
6.65
2
9.22
—
—
—
—
—
Newly
recognized stockwork zone
2025
Homestake
Ridge
Homestake
Silver
HR25-475
Main
composite
21.18
75
14.5
—
—
0.76
1.1
—
Assay-table
and introductory length used; highlight bullet states 21.60 m
2022
Dolly
Varden
Wolf
DV22-329
Main
composite
15.94
1,499
—
—
—
1.89
0.46
—
50
m step-out; east offset
2022
Dolly
Varden
Wolf
DV22-320
Main
composite
12.85
321
—
—
—
0.84
0.84
—
63
m down-plunge step-out
2022
Dolly
Varden
Kitsol
DV22-323
Main
composite
15
301
—
—
—
0.23
0.56
—
85
m down-plunge step-out
2023
Dolly
Varden
Kitsol
DV23-334
Main
composite
8.32
297
—
—
—
0.28
0.22
—
Near-surface
extension
2023
Dolly
Varden
Kitsol
DV23-336
Main
composite
18
342
—
—
—
0.58
0.57
—
Near-surface
extension
2023
Dolly
Varden
Kitsol
DV23-337
Main
composite
9.57
496
—
—
—
0.78
0.38
—
41
m up-plunge step-out
2023
Dolly
Varden
Torbrit
DV23-348
Main
composite
3.5
334
0.13
—
—
0.03
0.05
—
South
extension
2023
Dolly
Varden
Wolf
DV23-368
Main
composite
29.34
381
0.09
418
—
0.46
0.39
—
75
m down-plunge step-out
2023
Dolly
Varden
Wolf
DV23-375
Main
composite
26.99
296
—
461
—
1.68
3.01
—
81
m step-out; AgEq includes Ag, Au, Pb and Zn
2024
Dolly
Varden
Wolf
DV24-404
Main
composite
9.38
1,091
0.06
—
—
1.35
1.4
—
40
m southwest step-out
Contango Silver and Gold – Kitsault Valley Project Page 96 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Drill
Year
Property
Area
Location
/
Deposit
Hole
ID
Interval
Class
Length
(m)
Ag
(g/t)
Au
(g/t)
AgEq
(g/t)
AuEq
(g/t)
Pb
(g/t)
Zn
(g/t)
Cu
(g/t)
Context
/ Significance
2024
Dolly
Varden
Wolf
DV24-412
Main
composite
16.2
606
—
—
—
0.61
1.43
—
Body/table
length used; release title states 16.38 m
2024
Dolly
Varden
Wolf
DV24-414
Broad
envelope
15.02
254
—
—
—
0.86
1.34
—
Wide
vein-breccia zone
2024
Dolly
Varden
Wolf
DV24-416
Main
composite
21.48
654
—
—
—
0.47
0.57
—
Upper
vertical extension
2024
Dolly
Varden
Wolf
DV24-408
Main
composite
27.19
513
—
—
—
2.95
1.82
—
Lower
vertical extension
2024
Dolly
Varden
Wolf
DV24-421
Main
composite
21.69
379
—
—
—
0.64
0.66
—
120
m step-out
2025
Dolly
Varden
Wolf
DV25-446
Main
composite
21.7
1,422
0.51
—
—
3.05
1.42
—
105
m up-plunge from DV24-421
2025
Dolly
Varden
Wolf
DV25-446
Included
interval
1
10,700
2.54
—
—
4.33
1.68
—
Highest-grade
included interval
2022
Dolly
Varden
Red
Point
DV22-321
Broad
interval
49
13
0.59
—
—
—
—
—
Broad
altered interval
2022
Dolly
Varden
Red
Point
DV22-321
Included
interval
5
83
2.94
—
—
—
—
1.65
Included
in broader system
2022
Dolly
Varden
Red
Point
DV22-321
Included
interval
1
244
8.1
—
—
—
—
5.16
Highest-grade
included interval
2022
Dolly
Varden
Red
Point
DV22-322
Separate
interval
1.15
23
17.2
—
—
0.07
0.13
1.93
Assay
table value used; highlight text lists 1.65% Cu
2023
Dolly
Varden
Moose
DV23-371
Main
composite
7.55
269
—
285
—
0.38
0.13
—
Initial
Moose drilling
2023
Dolly
Varden
Moose
DV23-371
Included
interval
1
712
—
728
—
0.29
0.19
—
Highest-grade
included interval
2024
Dolly
Varden
Moose
DV24-387
Main
composite
5
977
—
—
—
—
—
—
Headline
rounds to 978 g/t Ag; table/highlight states 977 g/t Ag
Contango Silver and Gold – Kitsault Valley Project Page 97 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Drill
Year
Property
Area
Location
/
Deposit
Hole
ID
Interval
Class
Length
(m)
Ag
(g/t)
Au
(g/t)
AgEq
(g/t)
AuEq
(g/t)
Pb
(g/t)
Zn
(g/t)
Cu
(g/t)
Context
/ Significance
2024
Dolly
Varden
Moose
DV24-387
Included
interval
0.79
3,670
—
—
—
—
—
—
Highest-grade
included interval
2024
Dolly
Varden
Chance
DV24-388
Main
composite
23.03
206
—
—
—
—
—
—
First
2024 Chance result
2024
Dolly
Varden
Chance
DV24-388
Included
interval
0.5
749
—
—
—
—
—
—
Highest-grade
emphasized subinterval
2024
Dolly
Varden
North
Star
DV24-423
Broad
envelope
22.78
124
0.13
—
—
0.5
2.83
—
Newly
reported exploration result
2024
Dolly
Varden
North
Star
DV24-423
Included
interval
3.04
432
—
—
—
1.39
5.28
—
Silver-rich
layer
2024
Dolly
Varden
Red
Point
DV24-400
Broad
envelope
20.15
—
0.79
—
—
—
—
—
Newly
reported broad stockwork zone
2024
Dolly
Varden
Red
Point
DV24-400
Included
interval
0.5
—
21.1
—
—
—
—
—
Highest-grade
included interval
2024
Dolly
Varden
Red
Point
DV24-395
Broad
envelope
59.09
—
0.5
—
—
—
—
—
Newly
reported broad stockwork zone
2024
Dolly
Varden
Red
Point
DV24-395
Included
interval
3.11
—
2.99
—
—
—
—
—
Highest-grade
included interval
Notes: This is a selected and representative
compilation and is not a complete assay or drill-hole database. Drill year is shown in the first column; certain 2022 drilling results
were disclosed in 2023. Reported lengths are drill-core or downhole lengths unless the applicable source expressly reports an estimated
true width. Included intervals are contained within broader reported intervals and must not be summed with their parent intervals. AgEq
and AuEq values are reproduced only where reported and depend on the metal-price, recovery, and formula assumptions stated in the applicable
disclosure. The selected results do not, by themselves, demonstrate continuity or support mineral-resource classification.
Contango Silver and Gold – Kitsault Valley Project Page 98 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
7.6.7
Target Allocations and Reconciliation
The following target
allocations combine the detailed 2023 Homestake annual report with the current 2023–2025 corporate working record (Table 7-7, Figures
7-3 to 7-5). The 2024 and 2025 allocations are retained pending final reconciliation to the locked collar and purpose-classification
tables.
Table 7-7. Target-level
drilling allocations, 2023–2025.
Year
Area
Target
allocation
Holes
Metres
2023
Dolly
Varden
Wolf
32
16,712.40
2023
Dolly
Varden
Red
Point / Surprise / Moose
9
3,303
2023
Dolly
Varden
North
Star / Kitsol / Torbrit
13
3,609
2023
Dolly
Varden
Metallurgical
2
310
2023
Homestake
Homestake
Main
26
11,281.40
2023
Homestake
Homestake
Silver
27
14,630
2023
Homestake
Tip
Top / Slide / South Reef / Dilly / Rambler / Fox Reef
6
1,692
2024
Dolly
Varden
Wolf
22
13,614.06
2024
Dolly
Varden
Red
Point / Silver Horde / North Star / Chance
11
3,898.35
2024
Dolly
Varden
Moose–Climax
/ Ace–Galena
8
1,917
2024
Homestake
Homestake
Silver
25
15,403.7
2024
Homestake
Vanguard
/ Blue Ribbon
2
744
2025
Dolly
Varden
Wolf
32
16,482
2025
Dolly
Varden
Musketeer
/ North Star / Chance
8
2,739
2025
Dolly
Varden
Moose–Climax
/ Red Point
9
3,785
2025
Homestake
Homestake
Silver / Homestake Main
31
18,011
2025
Big
Bulk
Big
Bulk
2
2,046
The detailed 2023
Homestake allocation reconciles to 59 holes and 27,603.40 m. The assessment-report title page lists 56 holes, while its body, individual
target allocations, and results sections consistently support 59. For 2024 Homestake, the working-draft target rows account for 27 holes,
one fewer than the stated 28, while metres reconcile within rounding. The 2024 Dolly Varden and 2025 allocations reconcile to the stated
headline counts and metres.
The working record
further reports 25,420 core samples and 682 mapping rock samples for 2023; 16,314 core samples and 291 mapping rock samples for 2024;
and 23,289 core samples and 329 mapping rock samples for 2025. The 2023 Homestake count includes 682 re-samples from 2022 drilling. These
counts should be retained only after “core sample” is defined and original samples, re-samples, QA/QC insertions, and metallurgical
samples are separated consistently.
Contango Silver and Gold – Kitsault Valley Project Page 99 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 7-3. Kitsault
Valley Project drilling locations, 2019–2025 (source: current Chapter 7 working record).
Contango Silver and Gold – Kitsault Valley Project Page 100 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 7-4. Homestake
area drilling locations, 2022–2025 (source: current Chapter 7 working record).
Contango Silver and Gold – Kitsault Valley Project Page 101 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 7-5. Dolly
Varden area drilling locations, 2019–2025 (source: current Chapter 7 working record).
Contango Silver and Gold – Kitsault Valley Project Page 102 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
7.7 Hydrogeological
and Geotechnical Data
Geotechnical information
collected during routine drilling includes core recovery, RQD, fracture and structural observations, and, in some programs, specific
gravity and magnetic susceptibility. The historical Homestake programs and Auryn’s 2017–2018 drilling explicitly recorded
recovery and RQD; Dolly Varden’s post-2015 procedures explicitly recorded recovery and detailed structural information. These data
support geological interpretation and identify intervals affected by poor recovery or structural complexity.
The source reports
reviewed for this chapter do not describe a standalone project-scale hydrogeological drilling, packer-testing, pumping-testing, or groundwater-monitoring
program, nor do they present a feasibility-level geotechnical domain model. At the current exploration/resource stage, the absence of
such a program does not affect the reporting of exploration results, but dedicated hydrogeological and geotechnical investigations will
be required if the project advances to mine design and economic assessment.
7.8 QP
Interpretation and Limitations
The combined exploration
record demonstrates progressive testing of known deposits, favourable stratigraphic horizons, structural corridors, alteration systems,
geochemical anomalies, and geophysical targets. At Dolly Varden, the programs refined the Torbrit–Kitsol system, extended Wolf
beneath cover, advanced North Star and related connectors, and tested regional alteration corridors. At Homestake, integrated surface
geochemistry, geophysics, relogging, and drilling refined the structural and alteration framework around Homestake Main, Homestake Silver,
South Reef, and regional targets.
The principal limitations
are: selective surface samples are not representative of average target grade; some historical procedure records are incomplete; interval
reporting alternates between core length and true width; true-width confidence depends on local geometry and oriented-core control; historical
collar and downhole survey methods changed through time; certain holes encountered workings or were lost; and geological interpretations
evolved as drilling density increased. These limitations are manageable when they are carried through the validated database and geological
model and disclosed consistently.
No conclusion regarding
continuity or resource classification is based on a single high-grade intersection. Representative results in this chapter were selected
to demonstrate material program outcomes and include at least one negative or cautionary result where relevant. Complete hole populations,
including non-significant intersections, remain part of the project database and resource workflow.
Contango Silver and Gold – Kitsault Valley Project Page 103 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
8 SAMPLE
PREPARATION, ANALYSES, AND SECURITY
8.1 Scope
and Qualified Person Review
The QP reviewed
the procedures and results for the former Dolly Varden and Homestake Ridge properties, now components of the Kitsault Valley Project
(the Project). The QP's review included the prior technical and assessment reports cited in Section 8.11, analytical certificates
and dispatch records available for the modern programs, the Dolly Varden QAQC Compilation dated January 30, 2026, and the Homestake
Ridge QAQC Compilation dated February 2, 2026. The two workbooks contain annual drill and sample statistics, CRM control charts,
blank results, field-duplicate pairs, and interlaboratory check-assay results.
The QP also reviewed
the completion status of previously outstanding assays, laboratory independence and accreditation, sample custody and receipt reconciliation,
and the inclusion or exclusion of historical data in the mineral-resource database. Based on that review, the QP has replaced the provisional
action items in the earlier draft with the determinations and conclusions set out below.
Note:
This chapter addresses preparation, analysis, QA/QC and custody of geological samples. Drill methods and sample representativeness
are addressed in Chapter 7; database verification is addressed in Chapter 9; metallurgical samples are addressed in Chapter 10; and Appendix
A will identify the drill intercepts and analytical records used in the current mineral-resource estimate (MRE). Final cross-references
should follow the filed TRS numbering.
8.2 Sample
Populations and QA/QC Compilations
The analytical
database includes diamond-drill core, surface rock and soil samples, lithogeochemical samples, density specimens and historical samples
collected by several operators. The MRE relies principally on validated drill-core assays. Surface geochemical and portable-XRF results
support exploration targeting and geological interpretation and are not treated as substitutes for resource-supporting drill assays.
The QA/QC compilations
summarize 519 Dolly Varden holes and 507 Homestake Ridge holes (Table 8-1). Together, they cover approximately 352,010 m of drilling
and 150,763 reported samples, with 6,135 CRM insertions, 5,248 blanks, 2,758 field duplicates and 3,513 check-assay determinations. These
are workbook compilation totals and include historical programs with different operators, procedures and check-assay objectives.
Table 8-1. QA/QC
compilation totals.
Area
Compiled
period
Holes
Metres
Reported
samples
CRMs
Blanks
Field
duplicates
Checks
Dolly
Varden
2011-2025
519
172,126.4
67,706
2,664
2,134
918
552
Homestake
Ridge
2002-2025
507
179,883.9
83,057
3,471
3,114
1,840
2,961
Combined
2002-2025
1,026
352,010.3
150,763
6,135
5,248
2,758
3,513
8.3 Drill
Core Handling and Sampling
Drill core is placed
in labelled boxes at the drill, inspected under Company or geological-contractor supervision and transported to the Alice Arm camp. For
recent remote programs, core was transported by helicopter in metal baskets. At the secured logging facility, personnel inspect the core;
record summary, geological and geotechnical logs; measure recovery and rock-quality designation; mark metre intervals and sample boundaries;
attach box and sample tags; collect digital photographs; and enter the information into the project database.
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A project geologist
selects sample intervals with reference to lithology, alteration, structure, veining and mineralization. Recent procedures generally
use nominal one-metre intervals modified at geological contacts, commonly within reported limits of approximately 0.5 m to 2.0 m. Historical
Homestake intervals extended to 3 m, while the 2016-2020 Auryn programs generally used continuous two-metre intervals. The QP considered
these differences when determining whether each population was suitable for its intended use.
Core is cut longitudinally
with a diamond saw. The technician orients the cut so that submitted and retained halves comparably represent visible mineralization.
One half is placed in a pre-labelled plastic bag and the other half is returned to the core box as a permanent record. The saw is cleaned
between sample intervals. Individual bags are sealed, ordered and checked against the sample log and manifest before being packed into
labelled woven rice bags. Remaining core is stored at Alice Arm or, for portions of the historical Homestake collection, in secure storage
in Prince Rupert.
8.3.1
Historical Sampling Limitations
Written procedures
for some pre-2003 Homestake work are incomplete. Previous reviews dismissed samples whose locations could not be verified and did not
use historical trench or underground samples in the MRE. The QP confirmed that historical data not used in the current MRE have been
excluded from the resource database. Appendix A will identify the drill intercepts used in the MRE and provide the auditable boundary
between accepted and excluded records.
8.4 Sample Security and Chain of
Custody
Modern samples
remain under Company or contractor control through drill-site handling, logging, cutting, bagging and dispatch. Individual sample bags
and outer rice bags are sealed. Sample identifiers, dates and bag numbers are recorded, and dispatch manifests accompany shipments. Surface
samples are returned to camp daily, organized, dried where applicable, catalogued and shipped separately from drill-core samples.
Samples have been
transported by helicopter, Company personnel, expeditors and commercial freight carriers to the applicable preparation facility. On receipt,
the laboratory logs the shipment into its tracking system and identifies discrepancies or condition issues. The QP reviewed and spot-checked
modern custody records for each year from 2011 onward. The QP's checks reconciled dispatch logs to laboratory receipts, including sample
counts, bag counts, missing or damaged bags, relabelling, rejects and resubmissions. The spot-checked records reconciled correctly, and
the QP identified no unresolved custody exception that would materially affect the validity of the analytical database.
Sample security
controls and QP verification procedures are summarized in Table 8-2).
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Table 8-2. Sample
security controls and QP verification.
Custody
stage
Control
QP
determination
Drill
site to camp
Labelled
boxes, supervised transfer and recorded core intervals
Spot
checks of modern records completed; no unresolved exception
Logging
and cutting
Restricted
work area, sample tags, digital/sample logs and retained half core
Sample
identities and interval sequences reconciled
Dispatch
Sealed
sample and rice bags, manifests and bag-sequence checks
Dispatch
logs reconciled to laboratory receipts
Transport
Helicopter/staging,
expeditor and commercial freight
Bag
counts, missing/damaged bags and relabelling reviewed
Laboratory
receipt
Computerized
receipt, preparation tracking and pulp transfer
Rejects,
resubmissions and receipt exceptions reviewed and resolved
8.5 Laboratories, Preparation and
Analytical Methods
8.5.1
Laboratory Independence and Certification
ALS Canada Ltd.
(ALS) is the principal recent laboratory. Preparation facilities reported for the modern database include Terrace, Kamloops, Vancouver
and Yellowknife, Canada, with some 2019 preparation in Elko, Nevada. Analytical work was performed principally in Vancouver, British
Columbia, with some work in Reno, Nevada. Bureau Veritas Mineral Laboratories (Bureau Veritas) was used for earlier primary assays, lithogeochemistry,
check assays and umpire work. Historical work also used Acme Analytical Laboratories Ltd., Eco-Tech Laboratories Ltd., International
Plasma Labs Ltd., AGAT Laboratories and Activation Laboratories Ltd.
The QP confirmed
the locations and independence from the registrant of the assay laboratories materially supporting the current database. The QP also
confirmed that the current laboratories are ISO-certified commercial facilities and that the applicable certifications are current. Historical
accreditation was not documented for every early facility; the QP considered that limitation together with the available check assays,
control results and database verification when assessing the relevant historical data.
8.5.2
Current 2023–2025 Procedures
The QP confirmed
that the sample counts, custody controls, laboratory preparation, analytical suite, over-limit treatment and QA/QC procedures were materially
the same for the 2023, 2024 and 2025 programs (Table 8-3). Samples were prepared at ALS, principally at Terrace, by logging and drying
the samples, crushing the entire sample to the specified passing size, splitting and pulverizing the analytical portion to the specified
fine fraction. Pulps were submitted to ALS analytical facilities for the methods described below.
The primary suite
comprised a four-acid digestion followed by multi-element ICP-MS (reported as ME-MS61) and a 30 g gold fire assay with atomic-absorption
finish (Au-AA23). Ore-grade silver, copper, lead and zinc were rerun using four-acid digestion with ICP-AES finish (ME-OG62). High-silver
samples were rerun by gravimetric fire assay. The QP reconciled the earlier 1,000 ppm versus 1,500 ppm narrative discrepancy and the
Ag-GRA21/Ag-GRAV21 notation against the applicable dispatches, certificates and program procedures; the final database reflects the correct
program-specific over-limit result and method. These procedures are conventional mineral-industry methods for the commodities and grade
ranges reported.
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Table 8-3. Summary
of drill sample preparation and analytical procedures.
Program
Laboratory
Reported
preparation
Principal
analytical procedures
2003-2006
Homestake
Acme;
Eco-Tech in 2003
~80%
passing 10 mesh; ~250 g split; ~85% passing 150 mesh
Au/Ag
fire assay with ICP-AES; gravimetric and base-metal over limits; ICP-MS
2007-2008
Homestake
Acme
and IPL
~80%
passing 10 mesh; 250 g split; ~90% passing 150 mesh
One-assay-ton
fire assay/AA; gravimetric Au over limit; aqua-regia ICP
2009-2012
Homestake
Acme
1
kg crushed; 500 g split; ~85% passing 150/200 mesh
Au/Ag
fire assay/ICP-ES; gravimetric over limits; ICP-MS and base metals
2013
Homestake
ALS
Commercial
preparation at Terrace/Vancouver
Au-AA23
and ME-MS61; CRM, blank, field and preparation duplicates
2016-2020
Homestake
ALS
>90%
passing 2 mm; 250 g split to >85% passing 75 micrometres
Au
fire assay/AAS; Au and Ag over limits; four-acid 48-element ICP-MS
2015-2022
Dolly Varden
Bureau
Veritas, then principally ALS
Generally
>70% passing 2 mm; split to >85% passing 75 micrometres
Au
fire assay/AAS; four-acid ICP-MS; ore-grade and gravimetric over limits
2023-2025
Project
ALS;
Bureau Veritas checks
Common
current preparation procedure confirmed for all three years
ME-MS61,
Au-AA23, ME-OG62 and certificate-specific gravimetric Ag reruns
8.6 Surface, Lithogeochemical and
Density Samples
Rock samples are
generally 1 kg to 2 kg of material placed in heavy plastic bags. Field coordinates, geology, alteration and other observations are recorded,
and the sample site is marked. Soil samples are generally collected from the B horizon where available, with depth, slope, sample quality
and site observations recorded. Soil samples are dried before shipment. Rock and soil samples are packed and shipped separately.
Recent rock samples
were prepared by crushing, splitting and pulverizing under ALS or Bureau Veritas procedures and analyzed using fire-assay, multi-element
and ore-grade methods as required. Lithogeochemical samples were prepared for whole-rock major-oxide XRF and trace-element ICP-MS. Portable-XRF
work is semi-quantitative exploration information and is not treated as accredited laboratory assay data.
Density specimens
were selected at wider spacing in unaltered or unmineralized rock and at closer spacing through altered and mineralized intervals. Intact
core pieces were photographed, dried and measured by water immersion using weights in air and water. The QP addresses the use and verification
of density data in the resource-estimation and data-verification chapters.
8.7 Quality Assurance and Quality
Control
8.7.1
2023–2025 Control Counts
The current programs
inserted CRMs and blanks at approximately one in every 20 routine samples, staggered in the sample stream, and field duplicates at approximately
one in every 50 samples. Additional blanks were inserted around high-grade intervals or at the geologist's discretion. The 2023–2025
workbooks summarize 58,881 reported samples and 6,221 routine external controls, comprising 2,554 CRMs, 2,428 blanks and 1,239 field
duplicates (Table 8-4, Figure 8-1). Routine controls therefore represent approximately 10.6% of the reported sample count.
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Table 8-4. Current
program drill and routine control statistics.
Area
Year
Holes
Metres
Reported
samples
CRMs
Blanks
Field
dups
Routine
controls
Controls
/
samples
Dolly
Varden
2023
56
26,396.81
7,595
339
342
157
838
11.0%
Dolly
Varden
2024
41
15,549.50
5,145
246
111
114
471
9.2%
Dolly
Varden
2025
50
22,889.00
12,030
482
491
237
1,210
10.1%
Homestake
Ridge
2023
59
27,593.40
14,654
652
658
326
1,636
11.2%
Homestake
Ridge
2024
28
16,180.65
9,514
431
426
209
1,066
11.2%
Homestake
Ridge
2025
32
18,011.00
9,943
404
400
196
1,000
10.1%
Combined
2023–2025
266
126,620.36
58,881
2,554
2,428
1,239
6,221
10.6%
Figure 8-1. Routine
certified reference material (CRM), blank and field duplicate counts for the 2023–2025 programs at the Dolly Varden (DV) and Homestake
Ridge (HR) properties. Counts are from the summary tabs of the January and February 2026 QA/QC compilations.
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8.7.2
Certified Reference Materials
The CRM suite spans
silver, gold and base-metal grades relevant to the Project. The QP reviewed the control charts by CRM, analyte, laboratory batch and
program year. The charts contain isolated results outside the workbook's ±3 standard-deviation limits and, for some CRMs, method-
or analyte-specific patterns (Figure. 8-2). The QP did not treat every isolated excursion as evidence that all results in a batch were
invalid. The QP reviewed the applicable certificate, adjacent CRMs and blanks, laboratory internal controls, method suitability and re-assay
results.
Where a control
failure affected a resource-relevant analyte, the affected batch was investigated and rerun or otherwise resolved before acceptance.
The QP accepted data when repeat analysis resolved the failure, surrounding controls and laboratory controls supported the batch, or
the excursion concerned an analyte or method for which that CRM was not the acceptance control. Rejected or superseded determinations
were not used as final MRE assays. The QP identified no unresolved CRM failure that causes a material systematic bias in the accepted
database.
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Figure 8-2. Representative
silver CRM control charts for (A) CDN-ME-2314 at Dolly Varden and (B) CDN-ME-2203 at Homestake Ridge. The plots show certified
values and ±3 standard-deviation limits; isolated excursions were evaluated at the batch level as described in the text.
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8.7.3
Blanks and Contamination
The current coarse
blank is mafic intrusive material. The QP reviewed blank results in sequence and relative to preceding mineralized samples. The compiled
2023-2025 determination sheets contain 1,074 Dolly Varden and 1,509 Homestake gold determinations, including repeat or resubmitted determinations;
routine inserted blank counts are those in Table 8-4. Eleven compiled gold determinations exceeded the 0.015 ppm review line—one
in the Dolly Varden compilation and ten in the Homestake compilation (Figure. 8-3). The QP reviewed these isolated exceptions and their
associated batches. Corrective work and surrounding controls did not indicate persistent preparation contamination, and no unresolved
blank issue materially affects the accepted assay database.
Figure 8-3. Gold
results for compiled 2023-2025 mafic-intrusive coarse blanks at (A) Dolly Varden and (B) Homestake Ridge. The plots include
repeat or resubmitted determinations and therefore contain more points than the routine insertion counts in Table 8-4. The dashed line
is the 0.015 ppm review limit used in the QA/QC compilation.
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8.7.4
Field Duplicates
Current field duplicates
are one-third-core pairs generated by retaining approximately one third of the core and dividing the remaining material between the original
and duplicate samples. The 2023-2025 compilations contain 508 usable Dolly Varden and 731 usable Homestake Ridge silver pairs. Pearson
correlations for silver are 0.954 and 0.948, respectively (Figure 8-4). Copper, lead and zinc duplicate correlations are also strong
overall; gold precision varies more in low-grade Dolly Varden samples because many results are near detection and because coarse precious-metal
mineralization introduces sampling variance.
The QP reviewed
the duplicate plots by grade range and did not identify a systematic high or low bias between original and duplicate samples. Scatter
increases at low grades and in locally coarse or nuggety mineralization, as expected for field duplicates. The duplicate performance
is adequate for the intended geological and resource-estimation uses when considered with CRM, blank, check-assay and geological controls.
Figure 8-4. Original
versus one-third-core field-duplicate silver results for 2023-2025. Axes are logarithmic and the dashed line is the 1:1 relationship.
8.7.5
Check Assays and Re-assays
The workbooks compile
interlaboratory and historical check programs. The modern ALS-Bureau Veritas datasets contain 140 paired Dolly Varden samples and 202
paired Homestake Ridge samples. Silver results show very strong agreement, with Pearson correlations of 0.998 and approximately 1.000,
respectively (Figure 8-5). The paired copper, lead and zinc results also show strong agreement. The QP evaluated gold checks using method-,
unit- and detection-limit-appropriate comparisons because the pooled historical and modern gold fields include different reporting conventions.
The QP reviewed
re-assays, over-limit results, rejected determinations and corrective actions in conjunction with the control charts. The final database
uses the accepted result after completion of the applicable rerun, over-limit or corrective-action sequence. Superseded results are retained
for auditability but are not used as the final MRE assay. The QP found no material between-laboratory bias in the accepted silver or
base-metal data.
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Figure 8-5. Comparison
of original ALS assay versus Bureau Veritas check-assay silver results. Axes are logarithmic and the dashed red line is the 1:1 relationship.
8.8 Completion of the 2023 and 2023–2025
Programs
The February 2023
technical report identified some 2022 assays as outstanding at the time of writing. The QP confirmed that all of those assays were subsequently
received, passed the applicable QA/QC review and were loaded correctly into the database. There is no remaining 2022 analytical-completion
limitation.
The QP confirmed
that the 2023, 2024 and 2025 programs used materially the same sample-handling, custody, preparation, analytical, over-limit and QA/QC
procedures described in this chapter. The QP compiled and reviewed the actual control counts, control charts, duplicate and check-assay
figures, re-assays, corrective actions, accepted exceptions and final assay status by program. The QP found no unresolved exception that
requires exclusion of an otherwise accepted 2023-2025 program from the current database.
8.9 Data Acceptance and Exceptions
The QP's acceptance
review was conducted at the laboratory-batch and program level. A plotted point outside a control line was treated as a review trigger,
not automatically as proof that every result in the batch was invalid. The QP considered the CRM's certified analytes and grade range,
analytical method, adjacent control samples, blank response, laboratory internal standards, duplicate behavior, preceding sample grade,
re-assay or over-limit result and the materiality of the affected analyte to the MRE (Table 8-5).
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Table 8-5. QP
review and disposition framework.
Review
trigger
QP
action
Disposition
CRM
outside control limits
Review
certificate, adjacent controls and method fitness; request rerun where resource-relevant
Accepted
only after resolution or supported batch-level justification
Elevated
blank
Review
preceding samples and preparation sequence; reassay affected interval/batch as appropriate
No
unresolved systematic contamination identified
Duplicate
variance
Assess
grade, detection limit, mineral texture and pair identity
Accepted
where variance is consistent with sampling heterogeneity and no directional bias
Check-assay
variance
Confirm
sample pairing, units, method and detection limits; repeat or exclude mismatched pair
Final
accepted result retained; superseded result remains auditable
Custody
discrepancy
Reconcile
dispatch, bag count, receipt, relabelling, reject and resubmission records
No
unresolved material custody exception
Historical
unsupported data
Exclude
from current resource database unless specifically validated
Excluded
data identified through Appendix A boundary
8.10 Qualified Person Opinion
In the QP's opinion,
the sample preparation, analytical methods, sample-security measures and QA/QC programs used for the material drill data supporting this
TRS are appropriate for the styles of mineralization and commodities at the Project. The current commercial laboratories are independent
of the registrant and operate under current ISO-certified quality systems. The analytical procedures relied upon are conventional mineral-industry
methods.
The QP has confirmed
receipt, QA/QC acceptance and correct database loading of the assays that were outstanding when the February 2023 report was issued.
The QP has also confirmed the common 2023-2025 procedures, reviewed annual custody reconciliation from 2011 onward, evaluated the 2023-2025
control results and corrective actions, and confirmed exclusion of unsupported historical data from the MRE database. Isolated control
excursions and expected duplicate scatter do not indicate a material systematic analytical bias or unresolved sample-security issue.
Accordingly, the
QP considers the accepted sample preparation, security and analytical data adequate for the exploration interpretations and MRE purposes
for which they are used in this TRS. This opinion should be read together with the drill-sampling discussion in Chapter 7, the data-verification
work in Chapter 9, the resource-estimation discussion, and the accepted drill-intercept population in Appendix A.
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9 DATA
VERIFICATION
9.1 Introduction and Scope
The QP's review
was directed to information material to the geological interpretation and MRE, including drillhole collars and downhole surveys; geological,
geotechnical and density logging; sample intervals and assay results; analytical quality-control records; laboratory and sample-custody
documentation; and the transfer, validation and use of those data in the resource database and geological models. Verification was performed
on a representative and risk-based basis and was supplemented by prior QP verification work where the source records and procedures remained
relevant.
9.2 Data Sources and Database Environment
The Project database
contains historical and current collar, downhole survey, geological logging, geotechnical, sample interval, assay, density and analytical
quality-control information for the former Dolly Varden and Homestake Ridge project areas. Geovia GEMS has served as the principal drilling
and assay database through the effective date of this working draft. Controlled comma-separated-value exports are imported into Leapfrog
Geo for geological interpretation, project tracking and model review. The QP reviewed the relationship between the source records, the
controlled database and the modelling exports to determine whether the data lineage was sufficiently auditable for MRE use (Table 9-1).
The January 30,
2026 Dolly Varden and February 2, 2026 Homestake Ridge QA/QC compilations summarize 1,026 drillholes, approximately 352,010 m of
drilling and 150,763 reported samples. Those workbook totals provide the broad verification population; they are not, by themselves,
the final MRE assay population. The accepted MRE population is the validated subset identified through the resource database and Appendix
A.
Table 9-1. Principal
verification evidence reviewed by the QP.
Evidence
category
Information
reviewed
Verification
purpose
Primary
database
GEMS
collar, survey, interval, geology, assay, density and QA/QC tables
Internal
consistency, completeness, relational integrity and export control
Original
records
Drill
logs, survey files, analytical certificates, dispatches and laboratory receipts
Selected
comparison to corresponding digital records
Physical
evidence
Selected
drill core, drill sites/collars and core-processing facilities
Comparison
of observed location, geology, alteration and mineralization with recorded information
QA/QC
compilations
Dolly
Varden and Homestake Ridge workbooks through 2025
Control
counts, control charts, duplicates, blanks, checks, re-assays and final disposition
Prior
technical reports
2015,
2019, 2022 and 2023 technical reports
Historical
verification procedures, certificate comparisons and prior QP check sampling
Recent
operating reports
2023
Homestake Ridge and 2024 Dolly Varden assessment reports
Current
logging, sampling, analytical and database procedures
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9.3 Summary of QP Verification Procedures
The QP completed
or reviewed the procedures summarized in Table 9-2. The source-document selections were intended to test material data pathways and representative
drilling populations rather than to duplicate every record in the database. The QP considered both the result of each test and whether
exceptions indicated an isolated transcription issue or a systematic condition capable of affecting the MRE.
Table 9-2. QP
verification procedures and determinations.
Verification
area
Procedure
QP
determination
Site
inspection
Inspected
Project facilities, field procedures, selected drill core and geological records; discussed workflows with Project personnel
Observed
procedures and selected records were consistent; no material issue identified
Drill
logs
Compared
original logs for an approximately 10% representative selection of Project drillholes with digital records
No
material discrepancy identified in the reviewed population
Assay
certificates
Compared
certificates for an approximately 10% representative selection of drillholes where source certificates were available
No
material data-entry error identified in the reviewed population
Database
validation
Tested
interval overlaps, end-of-hole exceedances, missing or inconsistent fields, missing assays and invalid codes
Material
validation exceptions were resolved or excluded before MRE use
Survey
review
Reviewed
collar and downhole survey procedures, coordinate reasonableness and anomalous survey records
No
material unresolved collar or downhole survey issue identified
Custody
reconciliation
Spot-checked
each modern program year from 2011 onward against dispatch and laboratory receipt records
No
unresolved material custody exception identified
Analytical
QA/QC
Reviewed
CRMs, blanks, field duplicates, check assays, re-assays, over-limits and corrective actions
No
unresolved systematic bias or contamination issue identified in accepted data
Database
acceptance
Confirmed
final accepted results, superseded-result treatment and exclusion of unsupported historical records
Accepted
database considered suitable for the current MRE
Earlier verification
provides additional support. For the Dolly Varden database, prior QPs compared 60 analytical certificates representing approximately
18% of available certificates and approximately 15% of assay intervals reviewed for the 2019 MRE. For Homestake Ridge, prior verification
compared approximately 5,000 certificate values, reported as approximately 12% of the then-current database. Prior QP site inspections
in 2018, 2022, 2025, and 2026 included collar checks, observation of logging and sampling, and independent check sampling. The current
QP reviewed those programs as supporting evidence and did not rely on them as a substitute for the current verification described in
this chapter.
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9.4 Qualified Person Site Visits
Table 9-3 outlines
in person site visits from prior and current QPs and to what degree the data collection visit was used for.
Table 9-3. Site
inspections relevant to data verification.
Date
QP
status
Principal
scope
Use
in this TRS draft
October 1–2,
2018
Prior
QP
Dolly
Varden area; field procedures, collars, core and six independent check samples
Completed;
supporting historical verification
January 20,
2022
Prior
QP
Homestake
Ridge area; physiography, historical core and six half-core check samples
Completed;
supporting historical verification
September 28–29,
2022
Prior
QP
Combined
Project; Alice Arm logging/sampling, collars and six check samples
Completed;
supporting historical verification
September 14,
2025
Current
QP
Active
Project operations, procedures, selected core and database discussions
Completed;
relied upon in this chapter
August 21–24,
2026
Current
QP
Planned
follow-up inspection and confirmation of current operations
Completed;
relied upon in this chapter
9.4.1
September 14, 2025, QP Site Visit
The QP visited
the Project on September 14, 2025, during active operations. The visit included discussions with Project personnel; observation
of core receipt, handling, logging, marking, cutting and sampling activities; review of sample dispatch and database-management procedures;
inspection of selected drill core; and comparison of observed lithology, alteration, mineralization and structural characteristics with
the corresponding geological records. The QP also reviewed the physical setting of the Project and the relationship of the operating
areas to the principal deposits and exploration targets.
The selected geological
records reasonably reflected the core inspected by the QP. The observed core-handling, logging, sampling and data-capture procedures
were consistent with the written procedures reviewed for the modern programs. The QP identified no material condition during the September 14,
2025, visit that would preclude use of the accepted data for geological interpretation or the current MRE.
9.4.2
July 21–24, 2026, QP Site Visit
A further QP site
visit was conducted on July 21–24, 2026. In this visit follow-up inspection of active drilling and core-processing operations,
review of any material workflow changes, examination of selected 2026 core and records, and confirmation that the procedures described
in Chapters 7 through 9 remain current. The QP identified no material condition during the July 2026 visit that would preclude use
of the accepted data for geological interpretation or the current MRE.
9.5 Drillhole Database and Geological
Record Verification
The QP reviewed
the controls applied to the principal database tables and modelling exports. Validation tests included intervals extending beyond end-of-hole
depth, overlapping intervals, gaps or missing mandatory fields, inconsistent sample intervals, absent or duplicate sample identifiers,
missing assays, invalid or non-standard lithology and alteration codes, unreasonable collar coordinates or elevations, and anomalous
downhole survey entries. Exceptions were evaluated against source records and were corrected, documented or excluded as appropriate before
the data were used for the MRE.
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Original drill
logs for an approximately 10% representative selection of Project drillholes were compared with corresponding database records, including
lithology codes and interval boundaries. The QP also compared selected physical core with recorded lithology, alteration, mineralization
and structure. No material transcription issue or systematic coding problem was identified in the reviewed population. Minor interpretive
differences typical of geological logging do not materially affect the geological model.
The centralized
database, defined data formats and validation queries provide an appropriate framework for the Project. To preserve auditability, the
database version used for the MRE, its extraction date, the export files provided to the resource modeller and material post-export changes
should be retained together in the MRE archive.
9.6 Collar, Downhole Survey and Spatial
Verification
The QP reviewed
collar survey procedures and available collar records. Modern and selected historical collars have been surveyed or resurveyed using
differential GPS equipment where applicable, and prior QP site inspections compared selected field positions with database coordinates.
The current verification included reasonableness checks for coordinate system, easting, northing, elevation, azimuth, dip and total depth,
together with spatial review against topography, drilling patterns and known workings.
The QP reviewed
downhole survey procedures and the storage of survey data in the Project database. Validation included checks for missing surveys, duplicate
depths, survey stations beyond end-of-hole, implausible azimuth or inclination changes and inconsistent survey sequences. Where a questionable
record was identified, the survey was compared with the available source file and adjacent stations before acceptance or correction.
The QP identified no unresolved material collar or downhole survey issue affecting the accepted MRE database.
9.7 Assay Database and Analytical
QA/QC Verification
The QP compared
selected digital assays with original laboratory certificates where certificates were available and reviewed interval continuity, unit
conventions, detection limits, over-limit replacement, resubmissions and the treatment of null, below-detection, rejected and superseded
determinations. The QP confirmed that the assays reported as outstanding in the February 2023 technical report were subsequently
received, passed the applicable QA/QC review and were loaded correctly into the database. No 2022 analytical-completion limitation remains.
For the 2023, 2024
and 2025 programs, the QP confirmed materially consistent custody, sample preparation, analytical, over-limit and QA/QC procedures. The
program workbooks summarize 58,881 reported samples and 6,221 routine external controls, comprising 2,554 CRMs, 2,428 blanks and 1,239
field duplicates. The QP reviewed control charts and batch-level exceptions, including re-assays and corrective actions, and confirmed
that the final database contains the accepted result after the applicable resolution sequence.
The 2023-2025 compilations
contain 508 usable Dolly Varden and 731 usable Homestake Ridge silver field-duplicate pairs, with Pearson correlations of 0.954 and 0.948,
respectively. The modern ALS-Bureau Veritas check datasets contain 140 paired Dolly Varden and 202 paired Homestake Ridge samples; silver
correlations are 0.998 and approximately 1.000, respectively. Eleven compiled 2023-2025 gold blank determinations exceeded the 0.015
ppm review line, but review of the associated batches, adjacent controls and corrective work did not indicate persistent preparation
contamination. The QP identified no unresolved systematic analytical bias or contamination issue in the accepted data. Detailed QA/QC
results and figures are presented in Chapter 8.
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9.8 Sample Custody, Laboratory Status
and Record Reconciliation
The QP reviewed
and spot-checked custody records for each modern program year from 2011 onward. The checks reconciled dispatch logs to laboratory receipts
and included sample counts, bag counts, missing or damaged bags, relabelling, rejects, resubmissions and final receipt status. The spot-checked
documentation reconciled correctly, and the QP identified no unresolved custody exception that would materially affect the analytical
database.
The QP confirmed
the locations and independence from the registrant of the assay laboratories materially supporting the current database and confirmed
that the current laboratories operate under current ISO-certified quality systems. Historical accreditation is not documented for every
early facility; the QP considered that limitation together with historical check assays, prior verification, database consistency and
the current MRE inclusion criteria.
9.9 Historical Data Verification
and MRE Inclusion
Historical records
vary in completeness. Some original certificates, drill logs or survey records are unavailable for portions of the early drilling, and
certain early data were reconstructed from mine plans, sections or surviving records. Previous technical reports document substantial
historical compilation and verification, including source-record comparisons, coordinate checks and independent check assays. The QP
reviewed that prior work and considered it together with the current database checks, spatial and grade continuity, retained core where
available, and the use or exclusion of each data population in the current MRE.
The QP confirmed
that historical data not accepted for the current MRE have been excluded from the resource database used for estimation. Historical trench,
underground or drill records that lack adequate support may be retained for exploration context, but they are not treated as MRE assays
unless specifically validated and accepted. Appendix A will identify the drill intercepts used in the MRE and provide the auditable boundary
between accepted and excluded records.
9.10 Limitations on Data Verification
The principal limitation
is the incomplete availability of original certificates and other primary source records for some historical drilling. This limits direct
record-by-record verification of those specific records. The QP mitigated the limitation by reviewing prior verification, comparing available
certificates and logs, testing database consistency, examining spatial and grade continuity, reviewing historical check assays and retained
core where available, and excluding unsupported records from the MRE database.
The QP's program
was representative and risk-based rather than a complete audit of every Project record. The verification therefore provides reasonable
assurance regarding material reliability but is not a guarantee that the database contains no immaterial transcription or coding errors.
The QP identified no failure to conduct verification and no unresolved limitation that materially impairs use of the accepted database
for the current MRE.
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9.11 Data-Governance and Continuing
Verification Measures
Table 9-4 summarizes
the continuing verification and data-governance measures recommended to maintain database integrity, traceability and auditability for
future mineral resource updates.
Table 9-4. Continuing
verification and data-governance measures.
Control
area
Measure
Purpose
Historical
source records
Continue
locating, cataloguing and reconciling recovered certificates, logs and survey files
Preserves
source-document auditability and may permit validation of additional historical records
MRE
database freeze
Archive
the final GEMS database, extraction date, validation report, export files and checksum/version identifiers
Establishes
the exact data population used by the resource modeller
Change
control
Maintain
an auditable change log for material edits, including reason, source, approver and affected records
Supports
traceability between verification and estimation
Pre-estimation
validation
Repeat
database, collar, survey, interval, assay and QA/QC validation before each MRE update
Confirms
that later drilling and edits have not introduced material exceptions
9.12 Qualified Person Opinion on
Data Adequacy
In the QP's opinion,
the drilling, collar, downhole survey, geological logging, sampling, assay, density and analytical quality-control data accepted for
the Kitsault Valley Project MRE were collected, recorded, validated and managed using procedures appropriate for the current stage of
Project evaluation. The QP considers the completed verification procedures appropriate for the purposes of this TRS.
The QP identified
no material data-entry, survey, logging, sampling, analytical, custody or database-integrity issue that would invalidate use of the accepted
Project database for geological interpretation or the 2026 MRE. The incomplete availability of some historical primary records is a recognized
limitation, but it does not materially impair the current MRE because the QP considered corroborating verification evidence and confirmed
that unsupported historical data were excluded from the estimation database.
Accordingly, the
QP considers the accepted data sufficiently reliable for the geological modelling and mineral resource estimation purposes for which
they are used in this TRS. This opinion should be read together with the sampling and QA/QC conclusions in Chapters 7 and 8, the resource-estimation
validation, and the final accepted drill-intercept population.
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10 MINERAL
PROCESSING AND METALLURGICAL TESTING
10.1 Introduction and Scope
This chapter summarizes
mineral processing and metallurgical testing information reviewed for the Kitsault Valley Project and identifies how the available work
informs preliminary process concepts, recovery assumptions, processing risks, and additional work requirements. The discussion incorporates
prior NI 43-101 technical report summaries, historical metallurgical programs, the 2019 Blue Coast Research Ltd. work on Dolly Varden
and Torbrit, the 2026 Fuse Advisors metallurgical sample selection and results presentation, and the 2026 Blue Coast Research Ltd. Wolf
and Kitsol metallurgical testwork report.
The available test
work is sufficient to demonstrate that the principal mineralized areas tested to date respond to conventional mineral processing methods,
principally selective flotation, whole-ore cyanidation, and cyanidation of flotation tails. However, the database remains insufficient
by itself for final flowsheet selection, detailed plant design, mineral reserve conversion, or reserve-level recovery estimates. The
principal gaps are locked-cycle flotation, comminution variability, geometallurgical variability, leach optimization, environmental characterization,
and concentrate marketing.
The most material
new work since the prior chapter draft is the 2025/2026 metallurgical program on Wolf and Kitsol composites. This new work materially
reduces a prior data gap because the earlier technical reports noted that no recent metallurgical test work had been completed on Wolf
or North Star and that the Dolly Varden/Torbrit work did not cover all resource areas. The 2026 program specifically extends the modern
test-work basis to Wolf and Kitsol using a scope similar to the 2019 Dolly Varden/Torbrit program.
10.2 Summary of Metallurgical Test
Work Programs
Table 10-1 summarizes
the principal metallurgical programs reviewed for this chapter. Additional older work may exist in historical project files; however,
the programs below are the principal datasets described in the source technical reports and recent metallurgical work reviewed for this
draft.
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Table 10-1.
Summary of principal metallurgical test work programs. Summarized from Shouldice and Coombs (2016), Middleditch (2019), Hough et al.
(2022), Turner and Hough (2023), Fuse Advisors (2026), and Hall (2026a).
Area
/ deposits
Laboratory
/ consultant
and timing
Program
scope
Disclosure
use and key limitations
Homestake
Main and Homestake Silver domains
Base
Metallurgical Laboratories Ltd. (Base Met Labs), Kamloops, British Columbia; 2016 program completed for a prior owner
Gravity
concentration, selective sulphide flotation, cleaner flotation, cyanide leaching of selected flotation products, and limited concentrate-quality
assays
Prior-owner
test work. Useful for preliminary flowsheet definition and risk identification. Not a complete variability program and not sufficient
by itself for final flowsheet selection or reserve-level recovery assumptions.
Dolly
Varden and Torbrit deposits
Blue
Coast Research Ltd., Parksville, British Columbia; 2019 program completed for Dolly Varden Silver Corporation
Head
assays, QEMSCAN mineralogy, Bond Ball Work Index testing for Torbrit, flotation, whole-ore cyanidation, cyanidation of flotation
tails, and gravity-recoverable silver testing
Preliminary
modern test work on selected composites. Useful for scoping-level process-response assessment. Additional variability, locked-cycle
flotation, leach optimization, environmental, and concentrate-marketing work required.
Wolf
and Kitsol deposits
Fuse
Advisors sample selection work in 2025/2026 and Blue Coast Research Ltd. project PJ-5599, final report dated April 29, 2026
Composite
selection from assay rejects, sample preparation and characterization, TESCAN TIMA mineralogy, bulk and sequential rougher flotation,
cleaner flotation, whole-ore cyanidation, and flotation tails cyanidation
New
modern test work that materially expands metallurgical coverage to Wolf and Kitsol. Results are positive and support sequential Pb-Zn
flotation and cyanidation as process options. The work remains open-circuit and preliminary; locked-cycle, comminution, variability,
and concentrate marketing work are required.
10.2.1
Laboratory Relationship, Quality-System, and Certification Disclosure
The metallurgical
laboratories and consultants identified in the source reports are summarized in Table 10-2 below. For an exploration/initial assessment-level
TRS, the laboratory identity and general work scope are sufficient to support a preliminary discussion of metallurgical response. For
final filing, the QP should confirm and document each laboratory or specialist relationship to the registrant, any relevant certification
or accreditation, and any limitations on QA/QC, chain-of-custody, or sample representativeness.
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Table 10-2.
Metallurgical laboratory and specialist disclosure summary. Prepared from Shouldice and Coombs (2016), Middleditch (2019), Hough et al.
(2022), Turner and Hough (2023), Fuse Advisors (2026), and Hall (2026a).
Laboratory
/
specialist
Work
summarized
Location
stated in
source
Relationship
/
independence status
for draft
Certification
/ quality-system
status for draft
Blue
Coast Research Ltd.
2019
Dolly Varden/Torbrit and 2025/2026 Wolf/Kitsol metallurgical test work, including sample preparation, characterization, flotation,
cyanidation, and selected concentrate analyses.
Parksville,
British Columbia
Third-party
metallurgical testwork laboratory retained for project test work; no ownership interest or affiliation is identified in the source
reports reviewed for this draft.
Certification/accreditation
status is not stated in the source summaries reviewed. QP/lab confirmation is required before final filing.
Base
Metallurgical Laboratories Ltd. / Base Met Labs
2016
Homestake Main and Homestake Silver process development work including flotation, gravity, cyanidation of flotation products, and
limited concentrate-quality assays.
Kamloops,
British Columbia
Third-party
metallurgical testwork laboratory retained for prior-owner test work; no ownership interest or affiliation is identified in the source
summaries reviewed for this draft.
Certification/accreditation
status is not stated in the source summaries reviewed. QP/lab confirmation is required before final filing.
Fuse
Advisors
2026
metallurgical sample selection review, program planning, and summary presentation for Wolf and Kitsol work.
Not
applicable / consulting presentation
Technical
advisor/consultant role based on the presentation reviewed; relationship, independence, and reliance basis should be confirmed by
the issuer and QP.
Not
a testing laboratory in the materials reviewed. Certification status is not applicable unless the QP relies on specialist opinions
beyond sample selection and program coordination.
TESCAN
TIMA mineralogical analysis as reported by Blue Coast Research
Mineralogical
characterization, modal mineralogy, deportment, grain size, and liberation work for Wolf and Kitsol composites.
Reported
within Blue Coast Research work program
Performed
as part of the Blue Coast Research testwork package; specific subcontractor or internal laboratory status should be confirmed if
material to disclosure.
Quality-system
and instrument calibration documentation should be confirmed by the QP if relied upon for final filing.
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10.3 Homestake Area Prior to Metallurgical
Test Work
10.3.1
Program Status and Source
The Homestake metallurgical
information summarized in the 2023 Kitsault Valley technical report was extracted from prior technical reports, including Ross and Chamois
(2017) and Chamois et al. (2020)and is supported by the 2016 Base Met Labs program. Because the work was completed for previous owners,
it should be described as prior test work and used with appropriate qualification regarding data verification, laboratory records, and
sample representativeness.
The 2016 program
evaluated a hybrid process concept consisting of sulphide flotation followed by cyanide leaching of selected flotation products. The
primary objective was to maximize precious metal recovery while producing potentially saleable base-metal concentrates where mineralogy
and grade supported that approach.
10.3.2
Composite Samples and Representativeness
The composites
appear appropriate for initial process-response testing of the specific mineralization types selected (Table 10-3). The available summaries
do not demonstrate that the composites cover all material grade ranges, lithologies, mineralized domains, alteration intensity, oxidation
state, or sulphide assemblage variability. Additional variability testing is therefore required before recovery assumptions are applied
broadly across the Homestake resource domains.
Table 10-3.
Homestake 2016 composite head grades reported from duplicate head cuts. Summarized from Hough et al. (2022) and Turner and Hough (2023).
Composite
Reported
mineralization
represented
Au
(g/t)
Ag
(g/t)
Representativeness
note
Main
composite
Copper-dominant
portion of the Homestake Main deposit
4.62
6
Represents
a specific copper-dominant metallurgical domain; available summaries do not demonstrate full project-scale variability coverage.
Silver
composite
Higher
silver-lead-zinc mineralization
7.76
198
Materially
higher in Ag, Pb, and Zn than the Main composite; represents a distinct metallurgical response that should not be generalized to
all Homestake mineralization without additional testing.
10.3.3
Flowsheet Concepts and Results
For the Main composite,
the 2016 test work evaluated sequential recovery of a gravity concentrate, copper concentrate by flotation, gold-bearing pyrite concentrate
by flotation, and cyanide leaching of combined copper cleaner tailings and pyrite concentrate. For the Silver composite, the copper stage
was replaced with sequential lead, zinc, and gold-bearing pyrite flotation. Tests were completed both with and without gravity concentration.
The contrasting process concepts evaluated for the Homestake Main and Homestake Silver composites are compared in Figure 10-1.
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Figure 10-1.
Comparison of the 2016 Homestake Main and Homestake Silver metallurgical process concepts.
· Gravity
concentration recovered approximately 21% of feed gold from the Main composite into a concentrate
grading about 83 g/t Au and approximately 28% of feed gold from the Silver composite into
a concentrate grading about 249 g/t Au. Gravity was not consistently beneficial to total
downstream performance and should be re-evaluated in future integrated testing.
· Main
composite rougher flotation achieved approximately 85% to 90% copper recovery at rougher
mass recoveries of approximately 6% to 10%. Combined recovery of gold to gravity, copper
rougher, and pyrite concentrate was approximately 95% at about 30% mass recovery. Silver
recovery to concentrates was approximately 90% at about 30% mass recovery.
· Main
composite cleaner flotation recovered approximately 70% of copper to final cleaner concentrate,
with concentrate grades up to approximately 28% Cu. Without gravity in the circuit, approximately
50% to 55% of feed gold and 40% to 45% of feed silver were expected to report to final copper
concentrate.
· Silver
composite rougher flotation recovered up to approximately 80% of lead to the lead rougher
concentrate. Gold recovery to all concentrates was approximately 95% at about 20% mass recovery,
and silver recovery to all concentrates ranged from approximately 90% to 95% at about 20%
mass recovery.
· Silver
composite cleaner flotation, without gravity concentration, recovered approximately 65% of
lead to a concentrate grading approximately 30% Pb. Gold recovery to final lead concentrate
ranged from approximately 66% to 68%, with silver recovery ranging from approximately 23%
to 50%.
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· Cyanide
leaching of pyrite concentrate and cleaner-tailings streams recovered additional precious
metals, but the leach tests were limited to 24 hours and kinetics were incomplete, particularly
for silver. For the Main composite, leaching without gravity achieved approximately 73% gold
extraction and 57% silver extraction. For the Silver composite, average concentrate leach
extractions without gravity were approximately 80% gold and 65% silver.
· Limited
concentrate assays indicated arsenic, antimony, and mercury at levels that may attract smelter
penalties. Additional concentrate generation, multi-element assaying, and marketing review
are required.
10.4 Dolly Varden and Torbrit 2019
Metallurgical Test Work
10.4.1
Program Status and Source
In January 2019,
selected samples from the Torbrit and Dolly Varden deposits were submitted to Blue Coast Research Ltd. in Parksville, British Columbia,
for preliminary metallurgical assessment. The program included feed characterization by head assay, QEMSCAN mineralogy, Bond Ball Work
Index testing, froth flotation, whole-ore cyanidation, cyanidation of flotation tails, and gravity-recoverable silver testing. Historical
development of the Torbrit processing approach, including the transition from cyanidation to flotation, is summarized in Figure 10-2.
Figure 10-2.
Historical development of the Torbrit processing flowsheet, illustrating the transition from cyanidation of native silver to flotation
recovery of galena and ruby silver minerals (Turner and McConchie, 1960).
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The program was
appropriate for evaluating whether the selected mineralization responded to conventional silver-lead-zinc flotation and cyanidation process
options. It was not designed as a full variability program and should not be treated as sufficient by itself for final flowsheet selection,
detailed plant design, or reserve-level recovery assumptions. The preliminary program proposal and final testwork report are documented
by Middleditch (2018, 2019)
10.4.2
Composite Samples, Head Grades, and Mineralogy
The 2019 metallurgical
program evaluated separate composites representing the Dolly Varden and Torbrit deposits. Table 10-4 summarizes the head assays for these
composites, including their silver, base-metal, iron and total sulfur contents.
Table 10-4.
Dolly Varden and Torbrit composite head assays.
Composite
Cu
(%)
Pb
(%)
Zn
(%)
Fe
(%)
Ag
(g/t)
Total
S (%)
Dolly
Varden
0.03
0.35
1.11
8.29
347
7.67
Torbrit
0.02
0.55
0.39
4.44
290
8.23
QEMSCAN analysis
indicated that lead and zinc were primarily hosted in galena and sphalerite, respectively, while silver occurred as native silver, acanthite,
and polybasite. These minerals are generally amenable to conventional froth flotation. At a nominal primary grind size of approximately
120 μm, galena and sphalerite liberation were poor, indicating that finer primary grinding and/or regrinding would likely be required
for improved metal recovery and concentrate quality. Historical polished-section images illustrating intergrowths among barite, galena,
pyrargyrite, sphalerite, and associated sulphides are presented in Figure 10-3.
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Figure 10-3.
Historical polished-section images from Torbrit showing: (A) crustiform barite–galena–sphalerite mineralization; (B) galena
with inclusions of sphalerite, pyrite, and pyrargyrite; (C) pyrargyrite (ruby silver) replacing galena in calcite–barite gangue;
and (D) chalcopyrite with galena and sphalerite in barite gangue. Mineral abbreviations: Ba = barite; Gn = galena; Sp = sphalerite;
Py = pyrite; Prg = pyrargyrite (ruby silver);
Ccp = chalcopyrite; and Cal = calcite. Images are qualitative and are not representative of quantitative mineralogy. Source: adapted
from Mortensen (1960).
10.4.3
Key Results
· Torbrit
material was relatively soft based on a single Bond Ball Work Index test, which returned
9.5 kWh/t at a closing size of 106 μm and measured product P80 of 78 μm.
· Torbrit
differential flotation was successful in the best test, producing a high-grade lead-silver
concentrate grading approximately 58% Pb, 25,000 g/t Ag, and 3% Zn at approximately 76% Pb
recovery and 64% Ag recovery. A zinc concentrate grading approximately 36% Zn and 2,700 g/t
Ag was produced at approximately 64% zinc recovery and 7% silver recovery, for total silver
recovery by flotation of approximately 71%. The simplified differential lead-zinc flotation
flowsheet evaluated for Torbrit is shown in Figure 10-4.
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Figure 10-4.
Simplified flowsheet modified from the 2019 Torbrit differential lead-zinc flotation program. The flowsheet represents preliminary batch
testing and is not a selected process design.
· Dolly
Varden differential lead-zinc flotation was more challenging due to the higher zinc-to-lead
ratio in the feed. The best test produced a bulk concentrate grading approximately 21% Pb,
23% Zn, and 22,000 g/t Ag at recoveries of approximately 59% Pb, 21% Zn, and 65% Ag. The
concentrate was high grade in silver but may not attract favorable smelter payment terms
without further separation or marketing support.
· Whole-ore
cyanidation produced silver extractions ranging from approximately 63% to 86% for the Dolly
Varden composite and approximately 54% to 87% for the Torbrit composite. The highest extractions
required fine grind sizes, longer retention times, and cyanide consumptions of approximately
7.5 kg/t to 8.0 kg/t.
· Cyanidation
of flotation tails recovered approximately 54% of silver from Dolly Varden tails and approximately
59% of silver from Torbrit tails (Table 10-5). Calculated combined silver recoveries were
approximately 84% for Dolly Varden and 88% for Torbrit. The whole-ore and flotation-tail
silver cyanidation kinetics for the Dolly Varden and Torbrit composites are shown in Figure
10-5.
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Figure 10-5.
Silver cyanidation kinetics for selected Dolly Varden and Torbrit composites. A – Dolly Varden whole-ore cyanidation kinetics;
B – Torbrit whole-ore Cyanidation Kinetics; C – Flotation-tail cyanidation kinetics (Dolly Varden and Torbrit). Summarized
results of the 2019 Blue Coast Research Ltd. metallurgical test work.
Table 10-5.
Preliminary silver recovery estimates from 2019 Dolly Varden and Torbrit test work.
Zone
Flotation
only -
lead concentrate
(%)
Flotation
only -
zinc concentrate
(%)
Cyanidation
of
flotation tails (%)
Flotation
+
cyanidation (%)
Whole-ore
cyanidation (%)
Dolly
Varden
65
Not
tested
54
84
86
Torbrit
64
7
59
88
87
Source: Summarized
from Turner and Hough (2023) and Middleditch (2019).
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Figure 10-6 compares
selected silver, lead, and zinc recoveries achieved by process route for the Dolly Varden and Torbrit composites.
Figure 10-6.
Comparative recovery of silver, lead, and zinc by process route and deposit. Recoveries are based on selected composite test work and
represent the maximum recoveries achieved under the conditions shown. Whole-ore cyanidation recoveries for Ag, Pb, and Zn were calculated
from head assays and leach residues. Flotation-tail cyanidation reports Ag recovery only. Source: Blue Coast Research Ltd. (2019).
10.5 Wolf and Kitsol 2025/2026 Metallurgical
Test Work
10.5.1
Program Objective and Status
Fuse Advisors prepared
a metallurgical sample selection presentation for the Kitsault Valley Project dated April 30, 2026. The stated objective was to
complete a metallurgical test-work program to better define processing requirements for the Dolly Varden resource, particularly the Wolf
and Kitsol deposits, and to ensure that each major Dolly Varden and Homestake Ridge deposit has metallurgical test work sufficient to
support a future preliminary economic assessment. The stated test-work focus included mineralogy, comminution, cyanidation, flotation,
preliminary flowsheet development, and investigation of antimony as a potential saleable product where warranted.
Blue Coast Research
Ltd. was contracted by Dolly Varden Silver, c/o Fuse Advisors, to complete metallurgical test work on two composites from the Kitsault
Valley Project. The final Blue Coast Research report, project PJ-5599, is dated April 29, 2026. The program incorporated sample
characterization, mineralogy, flotation, whole-ore cyanidation, and flotation tails cyanidation. It was designed at a similar level of
scope to the prior Blue Coast Research program completed on Dolly Varden and Torbrit.
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10.5.2
Sample Selection and Representativeness
The 2026 sample
selection work targeted composite grades broadly aligned with estimated mineral resource grades, with silver as the primary metal and
lead and zinc as secondary metals. The sample selection considered Dolly Varden-recommended drill intervals, MRE grade targets, grade
trimming to align with target grades, lithology, grain size, and available sample mass. Sample selection was from a combination of 2022-2024
drill holes for Wolf and 2021-2023 drill holes for Kitsol (Table 10-6). Fuse Advisors noted that no suitable drilling had been completed
at North Star for metallurgical testing.
Table 10-6.
Wolf and Kitsol sample selection summary.
Composite
Selected
drill intervals /
sources
Approximate
mass
selected
Selection
comments
Kitsol
DV21274
134.85-146.8 m;
DV22291 121.72-132.7 m;
DV22298 25.45-40.0 m;
DV23336 74-88 m
Approximately
80 kg selected; Blue Coast sample preparation inventory reports 88.9 kg in the final Kitsol composite
Composite
grade was mass-weighted and trimmed to align with a 425 g/t Ag target. Spatial representation was described as acceptable, with a
good range of lithology and grain size. Large internal grade swings may indicate potential for ore sorting or pre-concentration.
Wolf
DV22300
325.5-354.7 m;
DV22320 647.9-661.25 m;
DV23375 746.15-777 m;
DV24416 662.52-685.66 m;
DV24421 757.37-779.06 m
Approximately
161 kg selected; Blue Coast sample preparation inventory reports 147.7 kg in the final Wolf composite
Composite
grade was mass-weighted and trimmed to align with a 400 g/t Ag target. Spatial representation was described as good, with a good
range of lithology and grain size. The larger composite mass was retained to preserve grade and lithology variability.
Source: Summarized
from Fuse Advisors (2026) and Hall (2026a).
The selected composites
are appropriate for preliminary process-response testing of Wolf and Kitsol material. However, Blue Coast Research stated that its interpretations
are based on samples made available by the client and that no assurance can be made on representativeness. Therefore, the composites
should not be treated as fully representative of all spatial, mineralogical, lithological, oxidation, and grade variability within the
deposits.
10.5.3
Sample Preparation and Head Assays
A total of approximately
230 kg of assay reject material was submitted to Blue Coast Research in Parksville, British Columbia, in October 2025. The samples
were inventoried, weighed, stage crushed to 100% passing 6 mesh (3.35 mm), homogenized through a rotary splitter, and split into head
assay subsamples and replicate charges for metallurgical testing. Gold was analyzed by fire assay with ICP finish; silver, lead, zinc,
and iron by four-acid digest with ICP finish; and total sulphur by combustion IR using an ELTRA carbon-sulphur analyzer. The resulting
head assays for the Wolf and Kitsol composites are summarized in Table 10-7.
Table 10-7.
Wolf and Kitsol 2026 composite head assays.
Sample
ID
Au
(g/t)
Ag
(g/t)
Pb
(%)
Zn
(%)
Fe
(%)
Total
S (%)
Wolf
0.08
397
0.60
0.78
7.35
4.46
Kitsol
0.10
387
0.38
0.32
9.65
6.04
Source: Hall (2026a).
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The Wolf composite
silver grade was close to the target grade of 400 g/t Ag. The Kitsol composite silver grade was lower than the 425 g/t Ag target but
close to the grade predicted during sample selection. Zinc and lead grades for both composites were close to the predicted sample-selection
values.
10.5.4
Mineralogy and Liberation
Mineralogical analysis
was completed using TESCAN TIMA. Each composite was ground to a target of 75 μm and screened into +75 μm, –75/+38 μm,
and –38 μm size fractions. Polished sections were prepared from each fraction. The predominant sulphide minerals were pyrite,
sphalerite, and galena. Quartz, feldspar, chlorite, and carbonates were the predominant non-sulphide minerals.
· Both
sphalerite and galena are fine grained and have low liberation in the +75 μm fraction.
This indicates that a coarse primary grind would constrain flotation recovery and concentrate
quality.
· Sphalerite
and galena grain-size statistics showed P80 values ranging from approximately 28 to 35 μm.
· Zinc
deportment was entirely to sphalerite and lead deportment was entirely to galena in the TIMA
data.
· Sulphur
was overwhelmingly hosted in pyrite. Kitsol was more pyrite-dominant than Wolf, while Wolf
showed relatively higher sphalerite content.
The new mineralogical
data support a primary grind near or finer than 75 μm for flotation testing, with regrinding used to improve cleaner concentrate quality.
10.5.5
Floatation Test Work
The flotation program
targeted silver, lead, and zinc recovery using both bulk and sequential lead-zinc flowsheet concepts. A total of eight rougher tests
and ten cleaner tests were completed. Silver was reported to be strongly associated with lead; therefore, in the sequential flowsheet,
silver recovery to the lead concentrate is preferred, although silver may reach payable levels in zinc concentrate.
· Bulk
rougher flotation at approximately 75 μm P80 produced lower lead, silver, and zinc recoveries
than sequential flotation, especially for Kitsol. The bulk flowsheet was not pursued further
and is not expected to provide strong concentrate payabilities.
· Sequential
rougher flotation achieved better results than the bulk flowsheet. Initial sequential rougher
tests showed promising recoveries, generally higher for Wolf than Kitsol.
· A
coarser primary grind of approximately 125 μm on Wolf reduced recovery and increased zinc
misplacement to the lead rougher concentrate. The coarser grind was not pursued further.
· Testing
of a stainless-steel mill on Kitsol was intended to address negative oxidation-reduction
potential but adversely affected lead-zinc selectivity and did not improve Pb/Zn/Ag recoveries.
The program reverted to mild steel grinding.
· Increasing
zinc depressants in the lead circuit reduced zinc misplacement to the lead concentrate. The
increased depressant regime was carried forward into cleaner tests.
· Cleaner
flotation optimization included increased regrind time, circulation of lead cleaner 1 tails
to the zinc cleaner circuit, increased zinc regrind time, and copper sulphate addition in
the zinc cleaner circuit.
Contango Silver and Gold – Kitsault Valley Project Page 133 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Selected final
concentrate grades from the optimized open-circuit cleaner tests are summarized in Table 10-8.
Table 10-8.
Selected final open-circuit cleaner concentrate grades from 2026 Wolf and Kitsol tests.
Test
ID
Sample
ID
Product
Ag
(g/t)
Pb
(%)
Zn
(%)
S
(%)
F-17
Wolf
Pb
Cln 3 Conc
29,230
51.5
5.8
22.53
F-17
Wolf
Zn
Cln 3 Conc
2,912
1.7
56.0
33.48
F-18
Kitsol
Pb
Cln 3 Conc
42,053
56.9
2.8
18.93
F-18
Kitsol
Zn
Cln 3 Conc
7,504
2.9
53.1
32.89
Source: Hall (2026a).
The corresponding
silver, lead and zinc recoveries from these tests are summarized in Table 10-9.
Table 10-9.
Selected final open-circuit cleaner flotation recoveries from 2026 Wolf and Kitsol tests.
Test
ID
Sample
ID
Product
Ag
recovery (%)
Pb
recovery (%)
Zn
recovery (%)
F-17
Wolf
Pb
Cln 3 Conc
70.5
77.7
6.6
F-17
Wolf
Zn
Cln 3 Conc
8.4
3.0
76.4
F-18
Kitsol
Pb
Cln 3 Conc
43.2
65.5
3.5
F-18
Kitsol
Zn
Cln 3 Conc
4.6
2.0
39.5
Source: Hall (2026a).
The optimized open-circuit
cleaner tests achieved final lead and zinc concentrate grades above the target grades used by Blue Coast Research. The Wolf composite
showed stronger flotation recovery than Kitsol, especially in zinc recovery. Kitsol may require blending or further optimization if production
of a separate zinc concentrate is considered material, because its lower zinc head grade limits zinc units available to the circuit.
Locked-cycle tests
were not included in the 2026 test-work program. Accordingly, the cleaner test results should be treated as open-circuit performance
indicators and not final metallurgical projections. Locked-cycle testing is required to evaluate circulating-load effects, final concentrate
quality, and steady-state recoveries.
10.5.6
Cyanidation Test Work
Eight cyanidation
tests were completed on whole ore and flotation tails. Each cyanidation test maintained sodium cyanide concentration at 3.0 g/L, 40%
solids, and pH 10.5 to 11 using lime. Kinetic samples were taken at 2, 6, 24, and 48 hours, with 72-hour duration for two extended tests.
Table 10-10 summarizes the cyanidation test purposes, reagent consumptions, grind sizes and resulting silver recoveries for the Wolf
and Kitsol composites
Contango Silver and Gold – Kitsault Valley Project Page 134 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 10-10.
Wolf and Kitsol 2026 cyanidation test results.
Test
ID
Composite
Purpose
NaCN
consumption
(kg/t)
CaO
consumption
(kg/t)
P80
(um)
Ag
recovery (%)
CN-1
Wolf
Baseline
whole-ore bottle roll
10.70
0.42
49
81.8
CN-2
Kitsol
Baseline
whole-ore bottle roll
12.29
0.44
51
83.0
CN-3
Wolf
Flotation
tails cyanidation
3.89
0.21
74
57.9
CN-4
Kitsol
Flotation
tails cyanidation
4.96
0.27
76
50.9
CN-5
Wolf
Pre-aeration,
72-hour leach
6.81
0.85
49
85.1
CN-6
Kitsol
Pre-aeration,
72-hour leach
6.19
1.21
53
79.1
CN-7
Wolf
Fine
grind and pre-aeration
6.18
0.52
42
82.6
CN-8
Kitsol
Fine
grind and pre-aeration
6.72
0.58
44
76.1
Source: Hall (2026a).
· Baseline
whole-ore cyanidation at approximately 50 μm P80 recovered approximately 82% Ag from Wolf
and 83% Ag from Kitsol. Cyanide consumption was high at approximately 10.7 kg/t for Wolf
and 12.3 kg/t for Kitsol.
· Pre-aeration
reduced cyanide consumption materially. For Wolf, pre-aeration plus extended leach time increased
silver recovery to approximately 85.1% while reducing cyanide consumption to approximately
6.8 kg/t. For Kitsol, pre-aeration reduced cyanide consumption to approximately 6.2 kg/t
but silver recovery was approximately 79.1%.
· A
finer primary grind near 40 μm did not improve silver recovery for either composite, unlike
the behavior previously observed for Dolly Varden and Torbrit.
· Flotation
tails cyanidation recovered a moderate amount of residual silver, approximately 57.9% from
Wolf flotation tails and 50.9% from Kitsol flotation tails.
· Kitsol
and Torbrit appear to have slower silver leach kinetics than Wolf and Dolly Varden, based
on the 2026 presentation comparison of leach residence-time curves.
10.5.7
Concentrate Quality and Deleterious Elements
The final lead
and zinc concentrates from tests F-17 and F-18 were submitted for selected assays for deleterious elements (Table 10-11). Sample mass
was limited, and not all analyses were performed. The results indicate that future concentrate marketing and penalty-element assessment
are material work items.
Contango Silver and Gold – Kitsault Valley Project Page 135 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 10-11.
Selected deleterious elements in 2026 final cleaner concentrates.
Test
ID
Sample
ID
Product
Hg
(ppm)
Cd
(ppm)
Se
(ppm)
Sb
(ppm)
W
(ppm)
Cl
(%)
F
(%)
F-17
Wolf
Pb
Cln 3 Conc
51
1,017
414
8,996
533
0.02
<0.01
F-17
Wolf
Zn
Cln 3 Conc
23
8,522
11
533
5,263
0.01
<0.01
F-18
Kitsol
Pb
Cln 3 Conc
86
659
78
18,399
252
0.03
<0.01
F-18
Kitsol
Zn
Cln 3 Conc
38
8,064
<10
4,827
4,872
–
<0.01
Source: Hall (2026a).
The antimony, mercury,
cadmium, selenium, tungsten, chlorine, and fluorine results should be considered preliminary because they were generated from limited
open-circuit concentrate mass. However, the reported antimony, mercury, cadmium, and tungsten values are sufficiently material that locked-cycle
concentrate generation and formal concentrate marketing review should be considered mandatory before any economic assumptions are adopted.
10.5.8
Principal Conclusions from the New Wolf and Kitsol Work
· The
2026 program demonstrates that Wolf and Kitsol mineralization responds to conventional sequential
Pb-Zn flotation and cyanidation process options.
· Sequential
flotation is clearly preferred over bulk flotation for both composites based on rougher recovery
and likely concentrate payability.
· A
primary grind near 75 μm performed better than a coarser grind of approximately 125 μm.
Mineralogy indicates that sphalerite and galena liberation improves at finer sizes, supporting
grind-size optimization around the 75 μm range and regrinding of cleaner feeds.
· Open-circuit
cleaner testing produced above-target Pb and Zn concentrate grades for both composites. Wolf
showed better overall flotation response than Kitsol, especially for zinc recovery.
· Whole-ore
cyanidation can achieve approximately 80% silver recovery for both composites, but cyanide
consumption is high. Pre-aeration reduces cyanide consumption and should be included in further
optimization.
· Flotation
tails cyanidation recovers residual silver and may support a combined flotation-plus-leach
flowsheet, but integrated locked-cycle flotation and tails leach testing is required.
· Deleterious
elements in final concentrates require further evaluation. The new work identifies a clear
concentrate-quality and marketing workstream, particularly for Sb, Hg, Cd and W.
10.6 Processing Implications by Mineralized
Area
10.6.1
Homestake
The Homestake test
work indicates that the tested material responds to selective sulphide flotation and cyanide leaching. Homestake Main behaves principally
as a copper-gold-silver system, while Homestake Silver behaves more as a lead-zinc-silver-gold system. Potentially high-value precious-metal-bearing
copper and lead concentrates were produced in batch tests, but additional work is required to confirm locked-cycle performance, concentrate
quality, smelter penalties, and marketability.
Contango Silver and Gold – Kitsault Valley Project Page 136 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
10.6.2
Dolly Varden and Torbrit
The 2019 Blue Coast
Research program indicates that Dolly Varden and Torbrit respond to conventional metallurgical processes, but their flotation behavior
differs materially. Torbrit appears more favorable for differential lead-zinc flotation. Dolly Varden requires additional lead-zinc separation
development due to zinc misplacement to the lead or bulk concentrate. Whole-ore cyanidation and flotation plus tailings cyanidation produced
encouraging preliminary silver recoveries, but cyanide consumption and environmental management remain important trade-offs.
10.6.3
Wolf and Kitsol
The 2026 Wolf and
Kitsol program is the most important new addition to the metallurgical database. Wolf appears to respond well to sequential Pb-Zn flotation,
with strong silver deportment to lead concentrate and improved zinc recovery in optimized cleaner testing. Kitsol can produce high-grade
lead and zinc concentrates in open-circuit tests, but its lower zinc head grade and lower zinc recovery make zinc concentrate economics
more sensitive to blending strategy, payability, penalty terms, and circuit configuration.
For both Wolf and
Kitsol, whole-ore cyanidation provides an alternative or complementary recovery path, but high cyanide consumption means that cyanidation
should be assessed in an integrated economic and environmental framework rather than as a recovery metric alone. Pre-aeration is a meaningful
optimization lever and should be incorporated into future leach testing.
10.7 Material Processing Risks, Deleterious
Elements, and Recovery Assumptions
The following risk
discussion is framed for exploration/initial assessment-level use. The recovery values in this chapter are not proposed as final recovery
assumptions. They are laboratory-scale indications of metallurgical response and are appropriate for identifying processing opportunities,
constraints, and follow-up work. Any economic model that uses these values should clearly identify them as preliminary and subject to
change after locked-cycle, variability, comminution, environmental, and marketing work.
The prior and recent
metallurgical programs demonstrate that mineralization tested to date can respond to conventional flotation and cyanidation process options.
However, the test work also identifies processing risks that should be reflected in recovery assumptions and project risk evaluation.
· Sample
representativeness: The tested composites represent selected mineralization types and
target grades but do not constitute a complete variability database across all relevant deposits
and domains.
· Flowsheet
maturity: Most flotation results are based on batch and open-circuit tests. Locked-cycle
flotation and integrated flotation-leach tests are required to confirm recirculating-load
effects, final concentrate quality, and metal deportment.
· Lead-zinc
separation: Dolly Varden, Homestake Silver, Wolf, and Kitsol each require additional
separation optimization to determine whether separate zinc concentrate production is economically
justified under realistic smelter terms.
Contango Silver and Gold – Kitsault Valley Project Page 137 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
· Comminution:
Only limited Bond Ball Work Index data are available from prior Torbrit testing, and the
2026 Wolf/Kitsol program did not include full grindability test work. JK Drop Weight/SMC,
Bond Ball Work Index, and Abrasion Index testing are required for process design.
· Cyanide
consumption and leach kinetics: Whole-ore and concentrate cyanidation can achieve encouraging
precious-metal extraction, but cyanide consumption and incomplete or variable kinetics are
material issues for operating costs, detoxification, permitting, and tailings management.
· Concentrate
quality: Arsenic, antimony, mercury, cadmium, selenium, tungsten, chlorine, and fluorine
require confirmation using sufficient locked-cycle concentrate mass and appropriate analytical
methods.
· Environmental
characterization: Cyanidation residues, flotation tailings, sulphide-bearing tailings,
WAD cyanide formation, acid rock drainage potential, and metal leaching potential require
environmental and geochemical characterization before final process selection.
· Recovery
assumptions: Recovery values from batch and open-circuit tests should not be applied
as reserve-level assumptions without locked-cycle confirmation, variability testing, and
geometallurgical domain support.
10.8 Adequacy of the Metallurgical
Data
In the opinion
of the QP, the metallurgical database is adequate for an exploration/initial assessment-level TRS to describe preliminary processing
response and material process risks. It is not adequate for mineral reserve conversion, final plant design, or final project-level recovery
projections.
Based on the source
summaries and recent reports reviewed for this chapter, the available metallurgical data are adequate to demonstrate preliminary metallurgical
response for selected Homestake, Dolly Varden, Torbrit, Wolf, and Kitsol mineralization. The new Wolf and Kitsol test work materially
improves the project metallurgical coverage because it adds modern data for deposits that were not covered by the 2019 Blue Coast Research
program.
The available metallurgical
database is not yet considered sufficient, by itself, to support final flowsheet selection, detailed plant design, mineral reserve conversion,
final concentrate marketing assumptions, or reserve-level recovery estimates. Before the metallurgical assumptions are used for reserve-level
disclosure or detailed economic analysis, additional confirmatory and variability test work should be completed under an approved metallurgical
test plan.
10.9 Recommended Follow-up Work
The following follow-up
work is recommended to advance the metallurgical basis for the Kitsault Valley Project. The work should be organized into phases with
budgets and decision points consistent with the overall level of study. The recommended scope should be finalized against the applicable
laboratory quotations and proposals (ALS Canada Ltd., 2026; Hall, 2026b)
Phase 1 - Confirmatory
and Design-Basis Testing
· Develop
a geometallurgical composite selection plan covering Homestake Main, Homestake Silver, South
Reef, Dolly Varden, Torbrit, Wolf, Kitsol, North Star, and other relevant domains where applicable.
· Complete
grindability testing to support comminution design, including JK Drop Weight/SMC, Bond Ball
Work Index, and Abrasion Index testing.
Contango Silver and Gold – Kitsault Valley Project Page 138 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
· Complete
locked-cycle flotation tests on representative composites to validate sequential flotation
performance and generate metallurgical projections.
· Generate
sufficient final concentrate mass for detailed multi-element concentrate characterization,
deleterious-element deportment, and concentrate marketing review.
· Optimize
primary grind and regrind sizes for flotation recovery, concentrate grade, liberation, leach
response, and energy consumption.
Phase 2 - Variability
and Flowsheet Optimization
· Complete
variability testing by deposit, lithology, grade range, mineralized domain, alteration intensity,
sulphide assemblage, oxidation state, and spatial location.
· Optimize
lead-zinc separation, especially for Dolly Varden, Homestake Silver, Wolf, and Kitsol, and
determine whether zinc concentrate production has economic value in each domain or requires
blending.
· Optimize
cyanidation parameters, including grind size, residence time, cyanide concentration, oxygenation,
pre-aeration, pH control, lead nitrate or other additives, and detoxification requirements.
· Evaluate
combined flotation plus tailings cyanidation under integrated conditions rather than as isolated
batch tests.
· Investigate
pre-concentration or ore sorting potential where large grade swings exist within mineralized
intervals, particularly where indicated by the Kitsol sample selection review.
Phase 3 - Environmental,
Marketing, and Model Integration
· Complete
environmental characterization of flotation tailings, cyanidation residues, sulphide-bearing
materials, WAD cyanide potential, acid rock drainage potential, and metal leaching potential.
· Complete
independent concentrate marketing review using locked-cycle concentrate products and realistic
payable, penalty, treatment, refining, and freight terms.
· Investigate
antimony deportment and the potential for antimony to represent either a saleable product
opportunity or a penalty/liability.
· Prepare
metallurgical recovery models supported by test work and geometallurgical domains for use
in resource optimization, process design, and future economic evaluation.
· Confirm
laboratory QA/QC, chain-of-custody, sample storage, and laboratory quality-system information
for all test-work programs used to support disclosure.
Contango Silver and Gold – Kitsault Valley Project Page 139 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
11 MINERAL
RESOURCE ESTIMATES
11.1 Introduction and Basis of Estimate
This chapter presents
the 2026 Mineral Resource estimates for the Kitsault Valley Project. The Homestake region comprises Homestake Main, Homestake Silver
and South Reef. The Dolly Varden area comprises Wolf, Kitsol, Torbrit, Dolly Varden and North Star. Seven deposits have updated geological
and resource models. South Reef is retained as an Inferred Mineral Resource on its preceding estimation and reporting basis.
The Project contains
7.66 Mt of Indicated Mineral Resources with 58.698 Moz Ag and 394.700 koz Au, reported as 89.545 Moz AgEq, and 6.305 Mt of Inferred Mineral
Resources with 22.804 Moz Ag and 620.817 koz Au, reported as 64.920 Moz AgEq. Copper, lead and zinc grades and contained quantities are
disclosed with individual deposits. The Inferred totals include the carried-forward South Reef estimate. Indicated and Inferred resources
are reported separately because their levels of confidence differ.
Dave Larimer is
the Qualified Person responsible for the Mineral Resource estimates and this chapter. Mr. Larimer is employed by the Company and
is not independent. Sims Resources assisted with geological modeling, statistical evaluation and implementation of the Leapfrog resource
models under the QP’s supervision. The QP reviewed and accepted the model inputs, estimation parameters, validation and classification
and takes responsibility for the estimates. Qualifications and responsibilities are described in Chapter 2.
The reporting reference
point is in-situ mineralized material within the accepted resource domains, above the applicable reporting cut-off and after removal
of modeled historical depletion, before mining dilution and mining recovery. Estimated metallurgical recoveries enter the metal-equivalent
calculation but are not deductions from the individually reported in-situ contained metals. No Measured Mineral Resources or Mineral
Reserves are reported. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
The effective date
of the Mineral Resource estimate is September 11th, 2026. The resource databases and supporting information were locked, checked
and certified by the QP as of that date. Subsequent model-archive and parameter-export dates are documentation dates and do not change
the effective date.
Table 11-1 summarizes
the estimation scope. The resource table in Section 11.7 retains the final approved quantities and reporting cut-offs, including
South Reef’s separate basis. See Figure 11-1 for deposit location map.
Table 11-1.
Deposit scope and reporting basis.
Region
Deposit
Estimation
status
Reporting
cut-off
Homestake
Homestake
Main
Updated
2026 model
132
g/t AgEq
Homestake
Homestake
Silver
Updated
2026 model
132
g/t AgEq
Homestake
South
Reef
Carried-forward
Inferred estimate
2.0
g/t AuEq
Dolly
Varden
Wolf
Updated
2026 model
132
g/t AgEq
Dolly
Varden
Kitsol
Updated
2026 model
132
g/t AgEq
Dolly
Varden
Torbrit
Updated
2026 model
132
g/t AgEq
Dolly
Varden
Dolly
Varden
Updated
2026 model
132
g/t AgEq
Dolly
Varden
North
Star
Updated
2026 model
132
g/t AgEq
Contango Silver and Gold – Kitsault Valley Project Page 140 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Figure 11-1.
Regional location of the Kitsault Valley resource deposits. Red outlines show the resource deposits. Coordinates are NAD83 / UTM
Zone 9N, in meters.
Contango Silver and Gold – Kitsault Valley Project Page 141 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
11.2 Resource Database and Data Preparation
The Mineral Resource
database comprises drill-hole collar locations, downhole surveys, geological logging, analytical results and bulk-density measurements
assembled for the Kitsault Valley Project. The Qualified Person (QP) reviewed and accepted the database for resource estimation, including
the consistency of collar and survey information, interval definitions, analytical units, missing or invalid values, and the relationship
of samples to the interpreted geological domains. Drilling and sampling procedures are described in Chapter 7, analytical methods and
quality control in Chapter 8, and data verification in Chapter 9.
The assay dataset
was locked at the start of January 2026 following receipt and incorporation of the results accepted for the estimate. Geological-solid
updates and database review continued through March 2026. The resource databases and supporting information were finalized, checked
and certified by the QP on April 13th, 2026 and is the database certification date. The final resource statement, classifications
and supporting technical and economic assumptions were accepted by the QP as complete and current on September 11, 2026, the Mineral
Resource effective date.
The database and
resource models use NAD83 / UTM Zone 9N coordinates, with eastings, northings and elevations expressed in meters. The QP verified the
coordinate-reference information used for the estimate. Gold and silver in the merged exports are reported in parts per million (ppm),
numerically equivalent to grams per tonne (g/t). Gold fields labelled AU_PPM or Au_ppm are already in these units. Copper, lead and zinc
are stored in ppm and are divided by 10,000 when expressed as percentages.
The project header
inventory contains 1,873 holes totaling 433,933.73 m. Of these, 1,454 holes totaling 328,638.18 m are assigned to the eight resource-reporting
deposits; the remaining 419 holes, totaling 105,295.55 m, are assigned to other or unmapped prospects. Table 11-2 summarizes the
deposit header inventory and the drilling recorded from each prior resource effective-date year onward. Drilled meters are the full lengths
recorded in the header database. The interval populations selected within the geological models are summarized separately in Tables 11-3
and 11-4.
Table 11-2.
Drill hole header inventory by deposit.
Deposit
All
holes
All
drilled
meters
Underlying
prior
MRE date
Post-effective-
date holes
Post-effective-
date meters
Homestake
Main
228
57,945.18
2019-12-31
72
25,410.34
Homestake
Silver
151
77,712.01
2019-12-31
90
53,530.43
South
Reef
47
16,128.51
2019-12-31
1
222.00
Wolf
231
84,465.75
2019-05-08
117
71,308.92
Kitsol
35
10,965.46
2019-05-08
22
7,532.00
Torbrit
540
51,289.11
2019-05-08
58
13,257.68
Dolly
Varden
78
12,351.50
2019-05-08
1
390.00
North
Star
144
17,780.66
2015-05-18
10
3,834.35
Total
1,454
328,638.18
Deposit-specific
371
175,485.72
Contango Silver and Gold – Kitsault Valley Project Page 142 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
The estimation-input
inventory was compiled from merged interval tables exported directly from Leapfrog for Homestake Main, Homestake Silver, Wolf, Kitsol,
Torbrit, Dolly Varden and North Star. The seven exports contain 24,120 intervals totaling 29,842.13 m from 1,023 distinct hole identifiers.
Of these, 23,264 intervals totaling 27,176.00 m, from 947 distinct hole identifiers, contain at least one populated result for Ag, Au,
Cu, Pb or Zn. The remaining 856 intervals, totaling 2,666.13 m, have no populated result for these metals. All exported hole identifiers
were matched to the project header inventory.
Table 11-3 summarizes
analytical coverage by deposit. Each metal has its own input population because analytical coverage varies, particularly in historical
southern-deposit data. Interval meterage is calculated from the exported start and end depths.
Table 11-3.
Merged interval inventory and analytical coverage by deposit.
Deposit
Export
holes
Holes
with
results
Ag
results
Au
results
Cu
results
Pb
results
Zn
results
Assayed
meters
Homestake
Main
176
174
6,552
6,552
6,552
6,552
6,552
8,535.30
Homestake
Silver
114
114
7,429
7,429
7,429
7,429
7,429
7,950.11
Wolf
145
139
2,040
1,428
1,428
1,475
1,470
1,576.43
Kitsol
17
16
377
377
377
377
377
289.20
Torbrit
417
354
5,630
1,713
1,713
1,910
1,969
7,291.51
Dolly
Varden
54
51
453
358
358
378
378
618.10
North
Star
100
99
783
110
281
401
416
915.34
Total
1,023
947
23,264
17,967
18,138
18,522
18,591
27,176.00
Table 11-4 summarizes
analytical coverage within 34 exported geological domains. Domain-level hole counts are not additive because a hole may intersect several
domains. Merged tables can split original assay intervals at geological or other table boundaries, so row counts differ from original
sample and final composite counts. Geological-model fields define the grouping; secondary vein fields were retained for traceability
and were not used as an additional exclusion filter.
Contango Silver and Gold – Kitsault Valley Project Page 143 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 11-4.
Merged interval analytical coverage by deposit and domain.
Deposit
Domain
Holes
with
results
Ag
results
Au
results
Cu
results
Pb
results
Zn
results
Assayed
meters
Homestake
Main
FW
72
541
541
541
541
541
592.54
Homestake
Main
HW
103
677
677
677
677
677
715.73
Homestake
Main
LOWGRADE
174
5,173
5,173
5,173
5,173
5,173
7,093.45
Homestake
Main
MIDLENS
37
161
161
161
161
161
133.58
Homestake
Silver
HS1
62
671
671
671
671
671
560.34
Homestake
Silver
HS2
28
264
264
264
264
264
223.43
Homestake
Silver
HS3
9
48
48
48
48
48
34.15
Homestake
Silver
HS4
4
45
45
45
45
45
44.14
Homestake
Silver
HS5
37
277
277
277
277
277
238.45
Homestake
Silver
HS6
7
35
35
35
35
35
30.78
Homestake
Silver
HS7
10
65
65
65
65
65
55.86
Homestake
Silver
HS8
4
21
21
21
21
21
14.61
Homestake
Silver
HS9
9
44
44
44
44
44
40.31
Homestake
Silver
HS10
5
12
12
12
12
12
8.73
Homestake
Silver
HS11
4
22
22
22
22
22
14.63
Homestake
Silver
HS12
9
49
49
49
49
49
38.81
Homestake
Silver
LG_HALO
114
5,876
5,876
5,876
5,876
5,876
6,645.90
Wolf
Upper
veins
76
850
238
238
285
280
761.14
Wolf
Deep
63
1,190
1,190
1,190
1,190
1,190
815.29
Kitsol
Kitsol
vein
16
377
377
377
377
377
289.20
Torbrit
TB_A
265
3,761
847
847
969
1,030
5,082.39
Torbrit
TB_B
clip A
54
561
106
106
109
109
745.84
Torbrit
TB_C
clip A
35
286
105
105
126
121
354.25
Torbrit
TB_D
clip A
30
183
23
23
23
23
245.12
Torbrit
TB_E
clip A
18
235
85
85
136
139
304.08
Torbrit
TB_F
15
192
192
192
192
192
190.85
Torbrit
TB_G
14
90
90
90
90
90
69.42
Torbrit
TB_H
12
76
76
76
76
76
64.19
Torbrit
TB_I
10
115
115
115
115
115
105.27
Torbrit
TB_J
6
31
31
31
31
31
23.01
Torbrit
TB_K
22
100
43
43
43
43
107.10
Dolly
Varden
DV_Main
48
384
305
305
318
318
534.89
Dolly
Varden
DV_HW
12
69
53
53
60
60
83.21
North
Star
North
Star vein
99
783
110
281
401
416
915.34
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The export reconciliation
identified no duplicate hole–from–to records, non-positive interval lengths or internal interval overlaps. All exported intervals
were retained for the inventory, with missing analytical coverage identified. These checks complement the QP verification in Chapter
9.
South Reef remains
a carried-forward Inferred Mineral Resource. Its header inventory appears in Table 11-2. The seven merged exports do not include South
Reef; its retained estimation basis is described in Section 11.5.4.
The QP considers
the verified database and preparation procedures adequate for resource estimation. Drilling and sample coverage are to be illustrated
in Figure 11-2.
Figure 11-2.
Drilling and sample coverage supporting the Mineral Resource estimates. A – Homestake northern region. B – Dolly Varden southern
region. Historical drilling in gray with red drill traces representing holes included in this MRE.
11.3 Project-wide
Estimation and Reporting Conventions
The seven block
models were created in Leapfrog Geo version 2026.1.2, with the resource-estimation functionality provided by the Edge extension. Final
Exports are locked and generated on September 11, 2026.
The common workflow
comprises geological interpretation, selection of samples within mineralized domains, compositing and high-grade treatment, declustering
by domain and element, independent estimation of each metal, evaluation onto sub-blocked models, density assignment, resource classification,
depletion where relevant and application of the reporting cut-off. Geological boundaries determine the populations available to an estimator.
Search ellipsoids control which eligible samples can inform an estimate. Classification then describes the confidence in that estimate.
A block passing a grade cut-off is not a Mineral Resource unless it also meets the geological, spatial and classification requirements.
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Block model.
The updated models
use 5 × 5 × 5 m parent blocks and minimum sub-blocks of 0.5 × 0.5 × 0.5 m. Sub-blocking represents domain and
depletion boundaries more closely; it does not create additional sample support or justify a higher resource category. Block tonnage
is the accepted mineralized volume multiplied by the assigned density. Contained precious metal is calculated from tonnes and g/t using
31.1034768 grams per troy ounce. Base-metal reporting uses 2,204.62262 pounds per metric tonne and the stated grade units.
Density Assignment
Bulk-density measurements
were obtained from intact drill-core specimens using the Archimedes water-immersion method. Core was weighed in air and submerged in
water; density was calculated from the mass in air divided by the difference between the air and submerged masses. The reported BULK_DENS
and SG_FIELD values were used in the statistical review, with recalculated densities retained as a quality-control check where both mass
measurements were available. Numerically, g/cm³ and t/m³ are equivalent.
The reviewed populations
support validation but do not automatically represent the volume-weighted density of the final mineralized domains. Historical and current
counts overlap and are not additive. Changes in count are not identified as new measurements without reconciliation of sample identifiers,
dates and domain membership. Table 11-5 summarizes the screened density measurements, supporting drill holes, screened mean densities
and resource density assignments for each deposit.
Table 11-5.
Density measurement support and resource assignments
Deposit
Screened
measurements
Supporting
holes
Screened
mean
(t/m³)
Resource
density
(t/m³)
Homestake
Main
926
48
2.759
2.77
Homestake
Silver
2612
51
2.751
2.77
South
Reef
77
14
2.970
3.01
Wolf
31
15
2.898
2.90
Kitsol
33
11
2.890
3.00
Torbrit
389
72
3.337
3.10
Dolly
Varden
156
22
2.977
3.00
North
Star
0
–
–
3.00²
Grade Capping
Capping is selected
by element within each domain using the distribution of grades, the influence of extreme values and their geological and spatial context.
The current grade-capping worksheet reports the capped input count, cap, number affected, input-metal reduction and resulting statistics.
The percentage of records capped is calculated as the number affected divided by the domain count. Its Metal Loss % column is an input-data
statistic; it is not the percentage of resource ounces removed by capping. Resource-metal effects require paired evaluations with the
same sample selection, interpolation settings, block population, cut-off and depletion constraints. Each deposit capping by domain is
described below in their respective section.
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Sample Compositing
Target composite
lengths of 2.0 m for Homestake Main, Homestake Silver, South Reef, Wolf and Torbrit; 1.25 m for Dolly Varden Main (DV_Main); and 1.5
m for Kitsol and North Star. All deposits used the within boundary (hard boundary) compositing setting with hard domain boundaries. Residual
end lengths of less than 1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing.
These compositing settings are distinct from the deposit-specific interpolation and declustering settings described below.
Interpolation
IDW with power
3 is used in the updated parameter sets. Search directions are either fixed dip/dip-azimuth/pitch values or variable-orientation fields
that follow local mineralized geometry. Search limits are not interchangeable with classification thresholds.
Declustering
Declustering was
evaluated and applied in every estimator for all deposits used in Leapfrog’s declustering program. Declustering was performed separately
within each estimation domain for each element, and the resulting declustering weights were applied in the respective estimators. Declustering
during estimation is separate from the compositing procedure, for which no additional weighting was applied. The capping tables report
capped arithmetic input statistics, not declustered means.
Classification
Distances
The classification
calculations for Homestake Main, Homestake Silver, Wolf, Torbrit, Kitsol and North Star use the average distance (AvgD) to samples from
dedicated classification estimators, divided by 0.707 (Table 11-6). This is an approximate nominal-spacing indicator derived from idealized
sampling geometry, not a direct measurement of actual hole spacing. It is also not an anisotropic distance. The raw AvgD field remains
the mean sample-to-block distance in meters. Geological continuity and independent drill-hole support are assessed in addition to the
numerical thresholds.
Table 11-6.
Selected classification thresholds and raw AvgD equivalents.
Deposit
Nominal
Indicated
limit (m)
Nominal
Inferred
limit (m)
Raw
AvgD Indicated
limit (m)
Raw
AvgD Inferred
limit (m)
Homestake
Main
38
100
26.866
70.700
Homestake
Silver
38
100
26.866
70.700
Wolf
45
100
31.815
70.700
Kitsol
35
70
24.745
49.490
Torbrit
35
100
24.745
70.700
North
Star
30
70
21.210
49.490
Dolly
Varden
30
70
21.210
49.490
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11.4 Economic
Basis and Resource Reporting Assumptions
11.4.1
Conceptual Mining and Processing Scenario
The reporting scenario
is potential underground extraction of the mineralized lenses and veins. Mechanized long-hole stoping is a conceptual method where thickness,
dip, continuity and rock conditions support it. Narrow or geometrically complex portions may require more selective methods or may not
form reportable mining volumes. The resource model is intended to support further engineering evaluation; it is not a mine design or
a production schedule.
The processing
concept builds on the flotation and leaching test work discussed in Chapter 10. Recovery assumptions distinguish the silver-dominant
southern deposits from Homestake Main and Homestake Silver. The inclusion of multiple metals assumes compatible recovery routes and marketable
products. Regional recovery factors do not establish that every metal recovery has been demonstrated simultaneously in an integrated
circuit or that a common plant has been designed for all deposits.
11.4.2
Commodity Prices and Selection Basis
The QP reviewed
and accepted the long-term commodity-price assumptions used in the 2026 resource models. Senior management concurred with the price basis
in May 2026. The selected gold and silver prices imply a gross gold-to-silver price ratio of approximately 66:1. The QP considers
these prices reasonable for resource evaluation and intended to moderate the elevated spot-price environment at the time the assumptions
were established (Table 11-7).
Table 11-7.
Commodity prices for the 2026 updated estimates
Commodity
Assumed
price
Price
unit
Silver
53.00
US$/troy
oz
Gold
3,500.00
US$/troy
oz
Copper
5.00
US$/lb
Zinc
1.25
US$/lb
Lead
0.90
US$/lb
11.4.3
Metallurgical Recovery Assumptions
The recovery matrix
reflects available metallurgical and geometallurgical information through 2025 and the differing metal associations in the three regional
metallurgical groups (Table 11-8). The QP accepted the factors for this resource evaluation. Some non-silver recoveries in the southern
area, and Pb and Zn recoveries at Homestake Main, are judgmental proxy assumptions. The Homestake Silver factors are rounded interpretations
of available rougher, cleaner and leach results, rather than a single measured whole-feed integrated recovery.
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Table 11-8.
Recovery factors used in the updated metal-equivalent calculations
Deposit group
Ag
(%)
Au
(%)
Cu
(%)
Pb
(%)
Zn
(%)
Dolly
Varden area
85
75
70
85
80
Homestake
Main
80
85
65
75
70
Homestake
Silver
85
80
65
80
75
The southern Ag
assumption of 85% is lower than the 90% used previously. Homestake Main assumptions of 85% Au, 80% Ag and 65% Cu are lower than the earlier
92%, 88% and 87.5% assumptions. The reductions allow for the difference between individual test-stage recoveries and overall recovery
through a potential operating circuit. Recovery, payability and marketability are distinct. Further variability testing, concentrate
characterization and assessment of treatment charges, refining charges and penalties are required as the Project advances.
11.4.4
Metal Equivalent Formulae
AgEq expresses
the estimated metals on a common silver-value basis using their prices and relative metallurgical recoveries. Silver and gold grades
are in g/t; copper, lead and zinc grades in the equations below are percentages. Because the equations are normalized to recovered silver
value, the Ag coefficient is one. The recoveries are therefore already embedded in the relative coefficients and must not be applied
again to those contributions when interpreting the AgEq grade.
For a precious-metal
term, the conversion coefficient is the metal price multiplied by its recovery, divided by the silver price multiplied by silver recovery.
For a base-metal grade expressed as percent, the conversion also includes 22.0462262 lb per tonne for each 1% grade and 31.1034768 g
per troy ounce. If base-metal model fields remain in ppm, they must be divided by 10,000 before applying the coefficients shown above.
AgEq is calculated from individual block grades before selection at the reporting cut-off.
The approved South
Reef row reports 8.60 Moz AgEq as a retained comparative metric. Its physical tonnage and grades are carried forward at 2.0 g/t AuEq.
That 8.60 Moz value has not been presented as the result of applying the 2026 Homestake Silver equation or a 132 g/t AgEq filter to the
South Reef block model.
11.4.5
Unit Costs and Cut-off Grade Derivation
The seven updated
deposits are reported at 132 g/t AgEq. This reporting threshold is separate from the equivalent-grade conversion. At the adopted prices,
2.0 g/t Au has a gross metal value equivalent to approximately 132.08 g/t Ag. Mineral resources for the updated deposits are reported
from three-dimensional block models constrained within underground shapes developed in Leapfrog, using an adopted reporting cut-off of
132 grams per metric ton silver equivalent (g/t AgEq). These shapes delineate spatially continuous mineralization, considered potentially
amenable to future mechanized underground mining. Silver-equivalent grades incorporate the adopted metal prices and assume metallurgical
recoveries. The grade threshold and underground constraints form part of the assessment of reasonable prospects for economic extraction
at the project’s current exploration stage.
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11.4.6
Spatial and Technical Constraints on Resource Reporting
The updated resource
calculations use mineralized domains, accepted classifications, the AgEq cut-off and mined/unmined coding where applicable.
Historical mine
workings are excluded from Torbrit, Dolly Varden and North Star. Cat4 or otherwise unclassified material is excluded from all reported
resources, even where its estimated grade exceeds the cut-off. Small, disconnected blocks and narrow unsupported projections are considered
in the QP’s spatial review. Mineralized model volumes outside the supported classified resource are not included in the resource
statement.
11.4.7
Reasonable Prospects for Economic Extraction
The QP’s
assessment of reasonable prospects considers underground access, geometry and continuity, processing options, recovery and marketability,
infrastructure, environmental and permitting requirements, and the economic assumptions used to select the reporting cut-off. The established
mining district, available regional access and services, historical underground operations in the southern area and metallurgical response
provide a basis for continued evaluation. Historical production and prior conceptual studies support the assessment but do not demonstrate
the economic viability of the current resources.
In the QP’s
opinion, the identified technical issues can be addressed through further drilling, metallurgical testing and engineering evaluation.
Permitting, environmental management, access and community-related factors are addressed in the relevant TRS chapters. No mine development
decision or Mineral Reserve is established by this Mineral Resource estimate.
11.5 Homestake
Region Mineral Resource Estimates
11.5.1
Regional Overview and Shared Methodology
The Homestake region
contains structurally controlled gold-silver mineralization at Homestake Main, Homestake Silver and South Reef. Updated grade-shell and
lens interpretations are used for Homestake Main and Homestake Silver. Both employ hard boundaries, capped five-metal inputs, IDW
with power 3, 2.77 t/m³ density and 38/100 nominal classification thresholds. Their recovery matrices differ. South Reef is carried
forward and retains its original domain densities, classification and AuEq cut-off.
The two updated
models require separate consideration of high-grade lenses and broader lower-grade envelopes. Changes in the proportions of those domains
can alter tonnage and average grade even where the total drilled mineralized footprint is similar. The geological basis and estimation
procedures are described for each deposit below.
11.5.2
Homestake Main
11.5.2.1
Estimation Basis and Input Data
The Homestake Main
estimate uses the SRs HS Main Grade Shell GM interpretation and the HS Capped_DGL estimation dataset. The current interpretation incorporates
the drilling and geological review completed for the 2026 update. The preceding estimate was accepted with an underlying effective date
of January 20, 2022 and was subsequently reviewed in the 2023 combined Kitsault Valley report. The 2026 estimate replaces that estimate
for Homestake Main.
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Technical Report Summary and updated Mineral Resource Estimate 2026
The deposit header
inventory contains 228 holes totaling 57,945.18 m. Of these, 29 holes totaling 14,024.76 m fall in years after the preceding effective-date
year; a further 43 holes totaling 11,385.58 m are in the boundary year. These are inventory counts, with the estimation-input population
defined by domain and assay acceptance as described in Section 11.2.
11.5.2.2
Geological Interpretation and Estimation Domains
Mineralization
is organized into hanging-wall, footwall and middle lenses within a broader lower-grade envelope (Table 11-9). The modeled system follows
a northwest-trending structural corridor and has a sigmoidal geometry with a northwest plunge. Higher-grade lenses are associated with
stronger silicification, quartz veining and brecciation, and sulphide development. Broader sericite-pyrite alteration and stockwork veining
support the lower-grade envelope. The domains separate populations with different grade distributions and geological continuity. They
also prevent the broad low-grade population from diluting the higher-grade lenses during interpolation. The spatial relationships and
geometry of the four modeled Homestake Main domains are illustrated in plan, longitudinal and cross-sectional views in Figure 11-3.
Table 11-9.
Homestake Main estimation domains.
Model
domain
Geological
role
HM_2026_FW
Footwall
mineralized lens
HM_2026_HW
Hanging-wall
mineralized lens
HM_2026_LOWGRADE
Lower-grade
envelope around and between the principal lenses
HM_2026_MIDLENS
Middle
mineralized lens
Figure 11-3.
Homestake Main geological domains and representative sections. Deposit views of Homestake Main showing the four modeled domains used
in this MRE. A – Plan view, B – Longitudinal view (looking SW), C – Cross-sectional view (looking NW).
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11.5.2.3
Sample Statistics and Compositing
The domain capping
populations comprise 305 records in FW, 361 in HW, 3,569 in LOWGRADE and 73 in MIDLENS for each of the five estimated elements. The 17,610-record
parent population includes material outside these four domain populations and is not the count of informing composites within the reported
resource domains. Capped mean gold grades are approximately 5.34 g/t in FW, 5.57 g/t in HW, 0.42 g/t in LOWGRADE and 2.89 g/t in MIDLENS.
The much larger low-grade population illustrates why a project-wide arithmetic mean is not an appropriate validation target for the higher-grade
lenses.
Homestake Main
samples were composited to a target length of 2.0 m using the within boundary setting and hard domain boundaries. Residual end lengths
of less than 1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing. The
following capping table reports capped input means and coefficients of variation. The capped arithmetic input statistics are distinct
from declustered statistics and volume-weighted block grades.
11.5.2.4
Grade Capping
Gold caps are 70
g/t in FW, 80 g/t in HW, 7 g/t in LOWGRADE and 22 g/t in MIDLENS. Silver caps are 100, 1,750, 70 and 60 g/t, respectively. The caps reflect
the different grade distributions within each domain. The MIDLENS silver cap is 60 g/t in the current capping schedule, superseding the
61 g/t example in the initial chapter draft. Gold input-metal reductions range from 9.61% to 22.89%. Base-metal distributions are more
sensitive in some domains, particularly MIDLENS, where Pb and Zn input-metal reductions are 77.37% and 89.38%. These large percentages
concern small, highly skewed input populations and are not equivalent to percentage reductions in the deposit resource. Table 11-10 reports
the caps and capped input statistics for Homestake Main.
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Table 11-10.
Homestake Main caps and capped input statistics.
Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
FW
Ag
305
100
5
1.64
16.36
9.96
1.64
HW
Ag
361
1,750
6
1.66
9.01
80.09
3.25
LOWGRADE
Ag
3,569
70
8
0.22
20.03
3.58
2.01
MIDLENS
Ag
73
60
2
2.74
1.54
6.92
1.64
FW
Au
305
70
4
1.31
22.89
5.338
2.04
HW
Au
361
80
3
0.83
11.12
5.573
2.13
LOWGRADE
Au
3,569
7
7
0.20
10.18
0.416
1.61
MIDLENS
Au
73
22
2
2.74
9.61
2.888
1.39
FW
Cu
305
4,200
38
12.46
29.06
955.05
1.49
HW
Cu
361
14,000
12
3.32
19.10
1,454.69
2.27
LOWGRADE
Cu
3,569
7,700
20
0.56
15.73
230.57
3.68
MIDLENS
Cu
73
5,200
7
9.59
41.68
826.07
1.94
FW
Pb
305
2,200
8
2.62
28.36
284.74
1.80
HW
Pb
361
4,900
17
4.71
29.69
601.95
2.16
LOWGRADE
Pb
3,569
3,200
25
0.70
27.29
108.80
3.44
MIDLENS
Pb
73
1,000
6
8.22
77.37
136.93
2.01
FW
Zn
305
3,500
19
6.23
40.32
553.54
1.74
HW
Zn
361
11,500
12
3.32
20.13
1,149.20
2.22
LOWGRADE
Zn
3,569
12,000
14
0.39
14.26
310.77
3.60
MIDLENS
Zn
73
400
8
10.96
89.38
141.20
0.81
11.5.2.5
Bulk Density Assignment
A constant bulk
density of 2.77 t/m³ is applied to the four domains. The mineralized-sample review contains 926 measurements from 48 drill holes
with an arithmetic mean of 2.759 t/m³. The assignment is approximately 0.4% above that screened mean and is consistent with the
earlier mineralized-zone mean of approximately 2.75 t/m³. The QP considers 2.77 t/m³ appropriate for the current estimate.
Density should continue to be assessed by final domain because the screened average does not quantify the relative volumes of individual
lenses.
11.5.2.6
Block Model Definition
The model is fully
sub-blocked, with 116 × 117 × 150 = 2,035,800 nominal parent cells, 5 × 5 × 5 m parent dimensions and minimum
0.5 × 0.5 × 0.5 m sub-blocks. The Leapfrog base point is 462663.5543706773, 6179100.853788124, 1140 m. Its local boundary
dimensions are 580, 585, 750 m and its rotation is azimuth 0°, dip 0° and pitch 0°. The reported base-point elevation is
the upper Z boundary; the model extends downward from that elevation (Table 11-11).
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Table 11-11.
Homestake Main global block-model bounds.
Axis
Minimum
(m)
Maximum
(m)
X
/ Easting
462,663.554
463,243.554
Y
/ Northing
6,179,100.854
6,179,685.854
Z
/ Elevation
390.000
1,140.000
11.5.2.7
Grade Interpolation and Estimation Parameters
Ag, Au, Cu, Pb
and Zn are estimated independently using inverse-distance cubed weighting within hard boundaries. Variable-orientation fields follow
the local geometry of each domain. The grade estimators require 4 to 20 composites and limit contributions to two samples per drill hole.
Dedicated classification estimators use three samples with a one-sample-per-hole limit. The classification searches are intentionally
broader than the grade searches and provide distance-support information rather than the reported grades. Leapfrog declustering was applied
separately by domain and element in every Homestake Main estimator. The variogram sheet contains no fitted variogram parameters; the
estimate uses IDW with power 3. Table 11-12 summarizes the search geometries, orientation controls, sample-selection limits and per-hole
restrictions applied to the Homestake Main grade and classification estimators.
Table 11-12.
Homestake Main search and sample parameters.
Domain
Metal
Estimator
purpose
Ranges
(m)
major × inter. × minor
Orientation
Samples
min–max
Max
per
hole
FW
Ag
Classification
150
× 75 × 50
VO
3–3
1
HW
Ag
Classification
200
× 100 × 75
VO
3–3
1
LOWGRADE
Ag
Classification
150
× 75 × 50
VO
3–3
1
MIDLENS
Ag
Classification
150
× 75 × 50
VO
3–3
1
FW
Ag/Au/Cu/Pb/Zn
Grade
72
× 43.2 × 14.4
VO
4–20
2
HW
Ag/Au/Cu/Pb/Zn
Grade
80
× 48 × 16
VO
4–20
2
LOWGRADE
Ag/Au/Cu/Pb/Zn
Grade
80
× 48 × 16
VO
4–20
2
MIDLENS
Ag/Au/Cu/Pb/Zn
Grade
72
× 43.2 × 14.4
VO
4–20
2
Source: parameters
Homestake Main.xlsx, Search and Interpolant. All listed current estimators are IDW, power 3. VO = variable orientation; fixed values
are dip / dip azimuth / pitch in degrees. Per-sector drill-hole-limit option is enabled.
11.5.2.8
Model Validation
Validation focused
on separation of the higher-grade lenses from the lower-grade envelope, the influence of high-grade gold and silver observations, and
continuity through the sigmoidal structure. The QP reviewed the geological coding, capped input distributions, block grades and classification
volumes and considered the model suitable for resource reporting at the assigned confidence levels. The different silver response of
the hanging-wall lens and the lower silver grades in FW and MIDLENS require domain-based validation. In particular, the high base-metal
capping losses in MIDLENS should be interpreted alongside its small contribution to reported tonnage and metal.
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11.5.2.9
Mineral Resource Classification
The QP selected
nominal spacing thresholds of 38 m for Indicated and 100 m for Inferred, applied to the dedicated classification AvgD divided by 0.707.
These correspond to raw AvgD limits of 26.866 m and 70.700 m. Classification also considers the continuity of each lens, the spatial
distribution of the informing holes and the coherence of classified volumes. Inferred material is principally the continuation of established
domains into areas with less direct drilling support. The QP expects that the majority of this material could be upgraded through appropriately
located infill drilling, subject to confirmation of the interpreted lens geometry and grade continuity.
In the classification
review model, reducing the Indicated threshold from 38 to 35 m transferred approximately 173,061 t and 2.566 Moz AgEq from Indicated
to Inferred. Increasing it from 38 to 42 m transferred approximately 180,274 t and 2.562 Moz AgEq in the opposite direction. Reducing
the Inferred threshold from 100 to 75 m left the Indicated inventory unchanged and removed approximately 14,081 t and 0.086 Moz AgEq
from the classified inventory. These tests support the selected confidence boundary when read with the spatial review. The resulting
Indicated and Inferred classification geometry for Homestake Main is shown in plan, longitudinal and cross-sectional views in Figure
11-4.
Figure 11-4.
Homestake Main Resource Classification geometry: A – Plan view, B – Longitudinal view (looking SW), C – Cross-sectional
view looking NW. Red solid represents Indicated classification and blue Inferred classification.
11.5.2.10
Depletion, Exclusions and Reporting Constraints
No historical production
depletion is applied to the Homestake Main resource. Reporting is limited to classified mineralization within the accepted domain model
and above the 132 g/t AgEq cut-off. The lower-grade envelope contributes resources only where the estimated block grades satisfy the
reporting cut-off and the QP accepts their spatial continuity. Geological inclusion within LOWGRADE alone is insufficient for resource
reporting.
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11.5.2.11
Deposit Mineral Resource Statement
The final estimate
contains more Indicated material and less Inferred material than the preceding estimate (Table 11-13 and 11-14). Indicated gold grade
decreases from 7.02 to 6.35 g/t, while Indicated gold content increases from 166,000 to 292,009 oz. Inferred gold content decreases from
355,600 to 77,211 oz. These changes reflect the combined effects of the new geological interpretation, additional data, capping, interpolation,
classification and reporting assumptions. They cannot be represented as a measured one-for-one conversion of the previous Inferred blocks
to Indicated.
Table 11-13.
Homestake Main Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Indicated
1.43
49.55
6.350
0.181
0.058
0.112
Inferred
0.52
11.09
4.610
0.143
0.056
0.127
Table 11-14.
Homestake Main contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
2.277
292.009
5.71
1.83
3.53
23.308
Inferred
0.186
77.211
1.64
0.64
1.46
5.770
11.5.3
Homestake Silver
11.5.3.1
Estimation Bias and Input Data
The Homestake Silver
estimate uses the SRs HS Silver GM 2026 geological model and the HS Silver Capped DGL estimation dataset. It replaces the estimate with
an underlying effective date of January 20, 2022 that was reviewed in the 2023 combined report. The current model reports an Indicated
population in addition to Inferred resources, whereas the preceding Homestake Silver resource was entirely Inferred.
The deposit header
inventory contains 151 holes totaling 77,712.01 m. Of these, 78 holes totaling 47,061.43 m fall in years after the preceding effective-date
year; a further 12 holes totaling 6,469.00 m are in the boundary year. These are inventory counts, with the estimation-input population
defined by domain and assay acceptance as described in Section 11.2.
11.5.3.2
Geological Interpretation and Estimation Domains
The deposit consists
of a steep, structurally controlled mineralized corridor containing twelve numbered lenses and a surrounding lower-grade halo (Table
11-15, Figure 11-5). The higher-grade lenses and halo are modeled separately to respect their different geological controls and grade
distributions. The 2026 lens arrangement is more detailed than the nine high-grade lenses described for the preceding model. Fixed and
variable search orientations are used according to local lens geometry. The modeling thresholds that define the lenses and halo are geological
guides and are distinct from the 132 g/t AgEq reporting cut-off.
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Table 11-15.
Homestake Silver estimation domains.
Model
domain
Geological
role
HS1
Mineralized
lens 1
HS2
Mineralized
lens 2
HS3
Mineralized
lens 3
HS4
Mineralized
lens 4
HS5
Mineralized
lens 5
HS6
Mineralized
lens 6
HS7
Mineralized
lens 7
HS8
Mineralized
lens 8
HS9
Mineralized
lens 9
HS10
Mineralized
lens 10
HS11
Mineralized
lens 11
HS12
Mineralized
lens 12
LG_HALO
Lower-grade
envelope associated with the lens system
Source: current
parameter and model rollup files; descriptive geological context from the initial Chapter 11 draft and the accepted interpretation.
Figure 11-5.
Homestake Silver domain geometry and representative sections showing the 13 modeled domains. A – Plan view, B – Longitudinal
view (looking southwest), C – Cross-sectional view looking west.
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11.5.3.3
Sample Statistics and Compositing
The thirteen domain
populations contain 4,118 capping-input records for each of the five elements. LG_HALO accounts for 3,330 records, while individual lens
populations range from six records in HS10 to 283 in HS1. Small populations in several lenses limit the stability of distribution statistics
and are an important source of uncertainty. Capped mean grades and coefficients of variation are reported with the capping schedule.
They characterize the prepared input populations and are not tonnage-weighted resource grades.
Homestake Silver
samples were composited to a target length of 2.0 m using the Within boundary setting and hard domain boundaries. Residual end lengths
of less than 1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing. The
following capping table reports capped input means and coefficients of variation. The capped arithmetic input statistics are distinct
from declustered statistics and volume-weighted block grades.
11.5.3.4
Grade Capping
Grade caps are
assigned separately by element and lens (Table 11-16). Silver caps range from 7 g/t in HS4 to 2,270 g/t in HS2, with 405 g/t applied
to LG_HALO. Gold caps range from 0.463 g/t in HS3 to 37 g/t in HS1, with 12.7 g/t in LG_HALO. Several small lens populations have substantial
input-metal reductions: Au decreases by 84.04% in HS3 and 82.96% in HS12, and Ag by 51.46% in HS9. These results reflect the influence
of a small number of extreme observations. The QP has retained the domain-specific caps to control extrapolation of those values, with
the geological and spatial evidence considered alongside the statistics.
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Table 11-16.
Homestake Silver caps and capped input statistics.
Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
HS1
Ag
283
350
5
1.77
9.82
23.17
2.53
HS2
Ag
116
2,270
4
3.45
9.86
239.22
1.99
HS3
Ag
19
350
4
21.05
9.59
178.79
0.73
HS4
Ag
22
7
3
13.64
10.78
3.17
0.69
HS5
Ag
121
300
3
2.48
5.18
40.48
1.68
HS6
Ag
17
266
3
17.65
44.35
69.04
1.37
HS7
Ag
29
183
4
13.79
36.87
79.14
0.79
HS8
Ag
7
174
3
42.86
5.60
104.46
0.67
HS9
Ag
20
269
7
35.00
51.46
155.34
0.66
HS10
Ag
6
108
2
33.33
22.97
68.31
0.57
HS11
Ag
7
20.2
2
28.57
16.15
15.60
0.35
HS12
Ag
21
250
3
14.29
8.86
62.71
1.38
LG_HALO
Ag
3,330
405
12
0.36
10.99
14.80
2.59
HS1
Au
283
37
6
2.12
24.96
3.907
1.61
HS2
Au
116
18
7
6.03
15.32
3.770
1.28
HS3
Au
19
0.463
5
26.32
84.04
0.221
0.84
HS4
Au
22
3.74
4
18.18
13.17
2.315
0.46
HS5
Au
121
22.6
5
4.13
14.06
4.293
1.30
HS6
Au
17
2.29
4
23.53
53.01
1.291
0.50
HS7
Au
29
8.37
3
10.34
48.34
1.819
1.32
HS8
Au
7
1.66
2
28.57
1.74
1.078
0.44
HS9
Au
20
4.39
2
10.00
9.54
1.081
1.21
HS10
Au
6
12.1
2
33.33
18.64
6.994
0.59
HS11
Au
7
1.85
1
14.29
0.62
1.404
0.16
HS12
Au
21
27.3
2
9.52
82.96
5.174
1.56
LG_HALO
Au
3,330
12.7
9
0.27
11.51
0.359
2.55
HS1
Cu
283
2,390
6
2.12
2.48
347.92
1.53
HS2
Cu
116
2,430
3
2.59
3.14
366.76
1.45
HS3
Cu
19
210
4
21.05
26.55
109.61
0.64
HS4
Cu
22
297
4
18.18
5.81
141.45
0.71
HS5
Cu
121
1,600
5
4.13
5.41
271.19
1.50
HS6
Cu
17
389
2
11.76
13.97
88.34
1.37
HS7
Cu
29
1,310
5
17.24
19.75
376.95
1.24
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Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
HS8
Cu
7
148
2
28.57
2.74
87.44
0.55
HS9
Cu
20
380
2
10.00
33.45
147.15
0.79
HS10
Cu
6
195
2
33.33
9.13
116.53
0.56
HS11
Cu
7
1,540
2
28.57
22.44
674.38
0.90
HS12
Cu
21
742
2
9.52
5.96
164.61
1.28
LG_HALO
Cu
3,330
1,280
10
0.30
1.95
61.51
2.06
HS1
Pb
283
18,800
5
1.77
14.50
1,462.09
2.24
HS2
Pb
116
61,900
3
2.59
5.60
4,952.39
2.31
HS3
Pb
19
3,150
3
15.79
11.78
1,259.96
0.87
HS4
Pb
22
2,870
4
18.18
35.22
668.11
1.64
HS5
Pb
121
27,500
3
2.48
13.61
2,239.68
2.42
HS6
Pb
17
3,120
2
11.76
3.50
733.27
1.28
HS7
Pb
29
30,000
2
6.90
10.03
3,353.82
2.35
HS8
Pb
7
895
2
28.57
1.57
603.94
0.49
HS9
Pb
20
11,300
2
10.00
19.61
2,408.26
1.44
HS10
Pb
6
2,210
2
33.33
15.21
1,267.52
0.83
HS11
Pb
7
295
2
28.57
12.20
172.39
0.55
HS12
Pb
21
16,100
2
9.52
44.05
3,361.26
1.49
LG_HALO
Pb
3,330
7,300
13
0.39
11.90
276.09
2.85
HS1
Zn
283
33,100
3
1.06
5.09
1,534.12
2.96
HS2
Zn
116
20,800
6
5.17
15.08
2,795.83
1.86
HS3
Zn
19
4,520
3
15.79
3.23
1,563.09
1.01
HS4
Zn
22
5,150
2
9.09
12.64
755.11
2.03
HS5
Zn
121
21,300
4
3.31
22.49
1,958.09
2.40
HS6
Zn
17
6,900
2
11.76
16.90
1,234.19
1.78
HS7
Zn
29
12,200
2
6.90
33.84
1,906.87
1.75
HS8
Zn
7
1,550
2
28.57
9.68
798.40
0.68
HS9
Zn
20
7,610
2
10.00
46.32
1,722.37
1.41
HS10
Zn
6
1,260
2
33.33
12.31
635.12
0.85
HS11
Zn
7
251
2
28.57
1.56
161.41
0.47
HS12
Zn
21
3,780
3
14.29
47.51
835.89
1.59
LG_HALO
Zn
3,330
4,250
20
0.60
15.77
240.51
2.08
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11.5.3.5
Bulk Density Assignment
A bulk density
of 2.77 t/m³ is applied throughout the estimated Homestake Silver domains. The screened mineralized population contains 2,612 measurements
from 51 drill holes and has an arithmetic mean of 2.751 t/m³. The selected assignment is approximately 0.7% higher than this
mean and is consistent with the earlier mineralized-zone mean of approximately 2.76 t/m³. The QP considers the assignment appropriate
for the current estimate, while recognizing that density variation among individual lenses remains a subject for continuing domain-based
review.
11.5.3.6
Block Model Definition
The model is fully
sub-blocked, with 200 × 200 × 200 = 8,000,000 nominal parent cells, 5 × 5 × 5 m parent dimensions and minimum
0.5 × 0.5 × 0.5 m sub-blocks. The Leapfrog base point is 463180, 6178390, 1030 m. Its local boundary dimensions are 1000,
1000, 1000 m and its rotation is azimuth 0°, dip 0° and pitch 0°. The reported base-point elevation is the upper Z boundary;
the model extends downward from that elevation (Table 11-17).
Table 11-17.
Homestake Silver global block-model bounds.
Axis
Minimum
(m)
Maximum
(m)
X
/ Easting
463,180.000
464,180.000
Y
/ Northing
6,178,390.000
6,179,390.000
Z
/ Elevation
30.000
1,030.000
Source: model rollup,
block model data. For rotated models, global axis-aligned bounds differ from local boundary dimensions. Nominal parent-cell count is
not mineralized-block count. Horizontal coordinates: NAD83 / UTM Zone 9N (meters).
11.5.3.7
Grade Interpolation and Estimation Parameters
All five metals
are estimated using inverse-distance cubed weighting and hard boundaries. Grade searches use 4 to 10 composites with a maximum of two
samples per drill hole. Classification searches use three samples and a maximum of one sample per hole. The parameter export contains
material element-specific orientation differences: HS1 silver uses a 200 × 150 × 40 m grade search, while its Au, Cu, Pb
and Zn searches are 140 × 100 × 35 m. HS9 Ag, Cu, Pb and Zn use a fixed orientation, while Au uses a variable-orientation
field. These distinctions are preserved in the parameter table. Leapfrog declustering was applied separately by domain and element in
every Homestake Silver estimator. Search and sample parameters are presented in Table 11-18.
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Table 11-18.
Homestake Silver search and sample parameters.
Domain
Metal
Estimator
purpose
Ranges
(m)
major × inter. × minor
Orientation
Samples
min–max
Max
per
hole
HS10
Ag
Classification
70
× 68 × 20
85/39.4/110.11
3–3
1
HS11
Ag
Classification
65
× 56 × 20
85/44/90
3–3
1
HS12
Ag
Classification
140
× 84 × 28
35/30/63
3–3
1
HS1
Ag
Classification
140
× 100 × 35
VO
3–3
1
HS2
Ag
Classification
200
× 200 × 50
VO
3–3
1
HS3
Ag
Classification
120
× 80 × 35
43/40/65
3–3
1
HS4
Ag
Classification
120
× 70 × 35
87.78/19/90
3–3
1
HS5
Ag
Classification
140
× 85 × 30
VO
3–3
1
HS6
Ag
Classification
100
× 60 × 20
85/41/70
3–3
1
HS7
Ag
Classification
140
× 85 × 30
85/48/90
3–3
1
HS8
Ag
Classification
70
× 50 × 30
80/45/90
3–3
1
HS9
Ag
Classification
180
× 105 × 35
85/51/100
3–3
1
LG_HALO
Ag
Classification
150
× 100 × 80
90/44/90
3–3
1
HS10
Ag/Au/Cu/Pb/Zn
Grade
70
× 68 × 20
85/39.4/110.11
4–10
2
HS11
Ag/Au/Cu/Pb/Zn
Grade
65
× 56 × 20
85/44/90
4–10
2
HS12
Ag/Au/Cu/Pb/Zn
Grade
140
× 84 × 28
35/30/63
4–10
2
HS1
Ag
Grade
200
× 150 × 40
VO
4–10
2
HS2
Ag/Au/Cu/Pb/Zn
Grade
140
× 100 × 35
VO
4–10
2
HS3
Ag/Au/Cu/Pb/Zn
Grade
120
× 80 × 35
43/40/65
4–10
2
HS4
Ag/Au/Cu/Pb/Zn
Grade
120
× 70 × 35
87.78/19/90
4–10
2
HS5
Ag/Au/Cu/Pb/Zn
Grade
140
× 85 × 30
VO
4–10
2
HS6
Ag/Au/Cu/Pb/Zn
Grade
100
× 60 × 20
85/41/70
4–10
2
HS7
Ag/Au/Cu/Pb/Zn
Grade
140
× 85 × 30
85/48/90
4–10
2
HS8
Ag/Au/Cu/Pb/Zn
Grade
70
× 50 × 30
80/45/90
4–10
2
HS9
Ag/Cu/Pb/Zn
Grade
180
× 105 × 35
85/51/100
4–10
2
LG_HALO
Ag/Au/Cu/Pb/Zn
Grade
150
× 100 × 80
90/44/90
4–10
2
HS1
Au/Cu/Pb/Zn
Grade
140
× 100 × 35
VO
4–10
2
HS9
Au
Grade
180
× 105 × 35
VO
4–10
2
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11.5.3.8
Model Validation
Validation considered
the continuity and mutual separation of the lenses, the behavior of the broad halo and the influence of extreme observations in the smallest
populations. The QP reviewed the resource model against geological interpretation and sample support and considers the overall estimation
approach appropriate. The Indicated inventory is concentrated in the better-supported portions of the lens system. Low sample counts
and substantial local cap effects remain relevant to uncertainty even where aggregate deposit statistics appear stable.
11.5.3.9
Mineral Resource Classification
The selected classification
thresholds are 38 m nominal spacing for Indicated and 100 m for Inferred, equivalent to raw AvgD limits of 26.866 m and 70.700 m. The
distance measure is calculated using the dedicated classification estimators, then reviewed within the accepted geological model. Numerical
thresholds do not override poor lens continuity or inadequate spatial support. Most of the deposit remains Inferred. The QP considers
that the majority of the Inferred resources have a reasonable prospect of upgrading through continued infill drilling, particularly where
the drilling can resolve lens thickness, structural offsets and the relationship between the lenses and halo.
The review-model
35/100 case contains approximately 0.564 Mt Indicated, compared with 0.891 Mt in the selected 38/100 case and 1.352 Mt in the 42/100
case. Reducing the Inferred threshold from 100 to 75 m removes approximately 465,056 t and 3.544 Moz AgEq from the classified inventory.
This is a materially larger peripheral response than at Homestake Main. The QP retained the 100 m nominal threshold only where the mineralized
domains remain geologically coherent and supported by estimation. The resulting Indicated and Inferred classification geometry for Homestake
Silver is shown in plan, longitudinal and cross-sectional views in
Figure 11-6.
Figure 11-6.
Homestake Silver Mineral Resource Classification: A – Plan view, B – Longitudinal view (looking southwest), C – Cross-sectional
view looking west. Red solid represents Indicated classification and blue Inferred classification.
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11.5.3.10
Depletion, Exclusions and Reporting Constraints
No historical production
depletion is applied. Resources are reported within accepted mineralized domains at or above 132 g/t AgEq and with Indicated or Inferred
classification. HS4, HS8 and HS11 do not contribute Indicated resources in the final domain report. A very small Inferred contribution
from HS11 rounds to 0.00 Mt in the domain export; rounding does not make it a separate material resource population.
11.5.3.11
Deposit Mineral Resource Statement
The final estimate
establishes 0.71 Mt of Indicated resources at 168.26 g/t Ag and 4.16 g/t Au (Table 11-19 and 11-20). The Inferred estimate contains 3.63
Mt at 65.88 g/t Ag and 3.55 g/t Au. Relative to the preceding entirely Inferred estimate, the Inferred silver grade decreases from 146.0
to 65.88 g/t, while Inferred gold grade increases from 3.13 to 3.55 g/t. The different response of the two metals is consistent with
changes to the modeled lens and halo populations and their allocation between categories. A controlled model reconciliation would be
required to isolate each contributing effect.
Table 11-19.
Homestake Silver Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Indicated
0.71
168.26
4.160
0.039
0.263
0.222
Inferred
3.63
65.88
3.550
0.028
0.203
0.165
Source: approved
Roll Up_USE worksheet. Cut-off: 132 g/t AgEq. In-situ, unmined resource before mining dilution and recovery. Mineral Resource effective
date: September 11, 2026.
Table 11-20.
Homestake Silver contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
3.856
95.407
0.61
4.13
3.49
9.968
Inferred
7.680
414.413
2.24
16.22
13.23
34.132
Contained metals
are in situ. NR means not reported, not zero. Rounding may cause apparent differences.
11.5.4 South Reef
11.5.4.1
Estimation Bias and Input Data
The South Reef
Inferred Mineral Resource is carried forward at 0.445 Mt grading 8.68 g/t Au and 4.90 g/t Ag, with 124,200 oz Au and 100,000 oz Ag as
reported in the approved rollup. The underlying estimate was accepted with an effective date of January 20, 2022 and was reviewed
in the combined technical report dated February 23, 2023, effective September 28, 2022. The historical estimation model derives
from the Homestake work described by Chamois et al. (2020). No 2026 re-estimation or re-filtering at 132 g/t AgEq is claimed.
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11.5.4.2
Mineral Resource Classification
South Reef remains
entirely Inferred. No Indicated category has been created by applying the 2026 Homestake distance rules. The classification reflects
the lower level of drilling support and the confidence in the retained geological model. Additional drilling is expected to permit upgrading
of the majority of the resource where it confirms the interpreted vein geometry and grade continuity. The expectation of upgrading is
not a guarantee of conversion to Indicated resources or Mineral Reserves.
11.5.4.3
Depletion, Exclusions and Reporting Constraints
The retained resource
uses 2.0 g/t AuEq cut-off. The 2023 report identifies the original commodity assumptions as US$1,300/oz Au, US$20/oz Ag and US$2.50/lb
Cu, with recoveries of 92% Au, 88% Ag and 87.5% Cu. No current historical-production depletion deduction is identified for South Reef.
The original cut-off and reporting constraints are preserved; the estimate is not represented as recalculated under the current Homestake
Silver recovery matrix.
No historical stope
tonnage is reported here as a reserve or production inventory.
11.5.4.4
Deposit Mineral Resource Statement
South Reef quantities
and grades are unchanged from the preceding physical-resource statement. Zinc is not reported. The change from 8.585 Moz AgEq in the
comparison column to 8.60 Moz in the approved 2026 column is a presentation/conversion matter and is not mineral-resource growth or evidence
of new drilling in the estimate.
Table 11-21.
South Reef Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Inferred
0.445
4.90
8.680
0.040
0.001
NR
Source: approved
Roll Up_USE worksheet. Cut-off: 2.0 g/t AuEq; carried forward. Mineral Resource effective date: September 11, 2026.
Table 11-22.
South Reef contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Inferred
0.100
124.200
0.36
0.00
NR
8.600
Contained metals
are in situ. NR means not reported, not zero. Rounding may cause apparent differences. The approved South Reef AgEq value is retained
pending insertion of its conversion basis.
11.6 Dolly
Varden Area Mineral Resource Estimates
11.6.1
Regional Overview and Shared Methodology
The southern area
contains five separately reported deposits. Their principal resource commodity is silver, with Au, Cu, Pb and Zn estimated where supported
by the accepted data. Each uses the southern recovery matrix and a 132 g/t AgEq cut-off. The models share 5 m parent blocks, 0.5 m minimum
sub-blocks and IDW with power 3, but their domain geometries, cap values, density assignments, search orientations, sample coverage and
classification distances differ.
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Historical underground
mining affects Torbrit, Dolly Varden and North Star. The current resource statement uses the unmined populations for those deposits.
Kitsol is separately reported in 2026, requiring its recombination with Torbrit for comparison with the preceding reporting unit. Historic
assays in parts of the region emphasize silver, so confidence in non-silver credits is assessed independently of silver sampling density.
11.6.2 Wolf
11.6.2.1
Estimation Bias and Input Data
The Wolf estimate
uses the Wolf GMs 2026 geological model and DGL_Wolf Grade Capped 2026 input dataset. Two estimation domains, the combined upper veins
and Wolf Deep, provide the current resource. The estimate replaces Wolf resource with an underlying effective date of May 8, 2019.
The large amount of subsequent drilling provides a substantially expanded geological and grade-estimation basis.
The deposit header
inventory contains 231 holes totaling 84,465.75 m. Of these, 111 holes totaling 69,194.82 m fall in years after the preceding effective-date
year; a further 3 holes totaling 878.20 m are in the boundary year. These are inventory counts, with the estimation-input population
defined by domain and assay acceptance as described in Section 11.2.
11.6.2.2
Geological Interpretation and Estimation Domains
The model separates
WOLF_1_2_3_VEINS_CLIPPED from WOLF_DEEP (Table 11-23, Figure 11-7). The upper domain combines the interpreted vein system after clipping
overlaps, while the deep domain represents the deeper continuation defined by later drilling. This separation respects differences in
geometry, metal distribution and available sample support. In particular, the deep domain has appreciably higher Pb and Zn grades than
the combined upper veins. Hard boundaries restrict interpolation to the applicable domain.
Table 11-23.
Wolf estimation domains.
Model
domain
Geological
role
WOLF_1_2_3_VEINS_CLIPPED
Combined
and clipped upper vein domains
WOLF_DEEP
Deeper
mineralized domain
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Figure 11-7.
Wolf domain geometry and representative sections showing the two modeled domains: A – Plan view, B – Longitudinal view (looking
northwest), C – Cross-sectional view of the shallower Wolf Vein systems looking northeast, D – Cross-sectional view of the
Wolf Deep system looking northeast.
11.6.2.3
Sample Statistics and Compositing
The capping statistics
include 406 Ag records in the combined upper veins and 415 in Wolf Deep. The upper-vein Au and Cu populations contain only 98 records
each, compared with 121 Pb and 117 Zn records. Wolf Deep has 415 records for every estimated element. This imbalance demonstrates the
more limited historical coverage of gold and base metals in the upper veins. It is carried into the assessment of equivalent-grade uncertainty
and is not treated as evidence that missing assays have zero metal content.
Wolf samples were
composited to a target length of 2.0 m using the Within boundary setting and hard domain boundaries. Residual end lengths of less than
1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing. The following capping
table reports capped input means and coefficients of variation. The capped arithmetic input statistics are distinct from declustered
statistics and volume-weighted block grades.
11.6.2.4
Grade Capping
Silver caps are
2,260 g/t for the combined upper veins and 2,060 g/t for Wolf Deep (Table 11-24). They affect four records in each domain, or approximately
0.99% and 0.96%, respectively, and reduce input silver metal by 6.71% and 6.95%. A gold cap of 0.20 g/t applies to both domains. Base-metal
caps are lower in the upper-vein population than in Wolf Deep, consistent with their differing distributions. The Pb caps are 20,000
and 56,000 ppm, and Zn caps are 5,900 and 72,000 ppm, respectively.
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Table 11-24.
Wolf caps and capped input statistics.
Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean¹
CV
Upper
veins
Ag
406
2,260
4
0.99
6.71
280.67
1.52
Wolf
Deep
Ag
415
2,060
4
0.96
6.95
246.91
1.35
Upper
veins
Au
98
0.2
4
4.08
22.87
0.022
1.91
Wolf
Deep
Au
415
0.2
20
4.82
20.05
0.049
1.02
Upper
veins
Cu
98
500
4
4.08
3.09
133.70
0.95
Wolf
Deep
Cu
415
2,000
8
1.93
6.93
315.51
1.37
Upper
veins
Pb
121
20,000
5
4.13
16.80
2,911.95
1.55
Wolf
Deep
Pb
415
56,000
10
2.41
11.02
7,882.58
1.50
Upper
veins
Zn
117
5,900
5
4.27
7.88
1,676.92
0.92
Wolf
Deep
Zn
415
72,000
9
2.17
6.69
10,687.03
1.45
11.6.2.5
Bulk Density Assignment
A constant density
of 2.90 t/m³ applies to both Wolf domains. The screened density population contains 31 measurements from 15 drill holes, with an
arithmetic mean of 2.898 t/m³. The close agreement supports the selected value, although the small population should be expanded
as drilling continues into the deep domain. The current screened population and historical density datasets overlap and should not be
added together as independent population measurement.
11.6.2.6
Block Model Definition
The model is fully
sub-blocked, with 177 × 200 × 211 = 7,469,400 nominal parent cells, 5 × 5 × 5 m parent dimensions and minimum
0.5 × 0.5 × 0.5 m sub-blocks. The Leapfrog base point is 466740, 6172931, 612 m. Its local boundary dimensions are 885, 1000,
1055 m and its rotation is azimuth 0°, dip 0° and pitch 0°. The reported base-point elevation is the upper Z boundary; the
model extends downward from that elevation (Table 11-25).
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Table 11-25.
Wolf global block-model bounds.
Axis
Minimum
(m)
Maximum
(m)
X
/ Easting
466,740.000
467,625.000
Y
/ Northing
6,172,931.000
6,173,931.000
Z
/ Elevation
-443.000
612.000
Source: model rollup,
block model data. For rotated models, global axis-aligned bounds differ from local boundary dimensions. Nominal parent-cell count is
not mineralized-block count. Horizontal coordinates: NAD83 / UTM Zone 9N (meters).
11.6.2.7
Grade Interpolation and Estimation Parameters
Grades use IDW
with power 3. Upper-vein Ag uses a fixed 150 × 100 × 40 m search at dip 87°, dip azimuth 294° and pitch 90°,
with 3 to 15 samples. Upper-vein Au and base metals use the same ranges, 4 to 20 samples and a fixed 87.76° / 294.03° / 90°
orientation. Wolf Deep uses a variable-orientation 100 × 60 × 20 m search with 4 to 15 samples. Grade estimators allow two
samples per hole. Classification uses three samples, one per hole, with fixed 150 × 100 × 40 m searches. Leapfrog declustering
was applied separately by domain and element in every Wolf estimator. Search and sample parameters are presented in Table 11-26.
Table 11-26.
Wolf search and sample parameters.
Domain
Metal
Estimator
purpose
Ranges
(m)
major × inter. × minor
Orientation
Samples
min–max
Max
per
hole
Upper
veins
Ag
Classification
150
× 100 × 40
87/294/90
3–3
1
Wolf
Deep
Ag
Classification
150
× 100 × 40
89/136/76
3–3
1
Upper
veins
Ag
Grade
150
× 100 × 40
87/294/90
3–15
2
Wolf
Deep
Ag/Au/Cu/Pb/Zn
Grade
100
× 60 × 20
VO
4–15
2
Upper
veins
Au/Cu/Pb/Zn
Grade
150
× 100 × 40
87.76/294.03/90
4–20
2
11.6.2.8
Model Validation
The QP reviewed
the connection between the upper veins and Wolf Deep, the consistency of block grades with their respective input populations and the
influence of isolated high-grade silver observations. Validation considers the differing metal associations and sample coverage in the
two domains. The final domain report attributes approximately 12.233 Moz of the Indicated AgEq inventory to Wolf Deep and 3.875 Moz to
the combined upper veins. This concentration makes validation of deep-domain continuity and orientation
11.6.2.9
Mineral Resource Classification
Wolf uses selected
nominal spacing thresholds of 45 m for Indicated and 100 m for Inferred, equivalent to raw AvgD thresholds of 31.815 m and 70.700 m.
The QP considered the coherent geometry of the mineralized system, the distribution of the informing holes and the spatial continuity
of the classified volumes. The Inferred category covers lower-confidence extensions within the interpreted domains. Targeted infill drilling
is expected to increase the majority of the Inferred resource where the interpreted continuity is confirmed.
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In the classification
review model, reducing the Indicated threshold from 45 to 40 m transfers approximately 214,611 t and 2.341 Moz AgEq to Inferred. Increasing
it from 45 to 50 m transfers approximately 160,308 t and 1.758 Moz AgEq to Indicated. Reducing the Inferred threshold from 100 to 75
m removes approximately 10,549 t and 0.100 Moz AgEq without changing Indicated resources. The QP selected 45/100 based on geological
confidence and spatial support, with sensitivity tests illustrating the effect of neighboring choices. The resulting Indicated and Inferred
classification geometry for the Wolf deposit, including the shallower vein systems and Wolf Deep domain, is shown in Figure 11-8.
Figure 11-8.
Wollf Mineral Resource classification geometry A – Plan view, B – Longitudinal view (looking northwest), C – Cross-sectional
view of the shallower Wolf Vein systems looking northeast, D – Cross sectional view of the Wolf Deep system looking northeast.
Red solid represents Indicated classification and blue Inferred classification.
11.6.2.10
Depletion, Exclusions and Reporting Constraints
No mined-out deduction
is identified in the final Wolf resource report. The reported resource includes only Indicated and Inferred material above 132 g/t AgEq
in the two accepted domains. Unclassified material is excluded. Geological extensions beyond the supported estimation and classification
limits remain exploration potential and are not included as Mineral Resources.
11.6.2.11
Deposit Mineral Resource Statement
Wolf shows the
largest increase in Indicated AgEq among the separately reported deposits, from 3.834 Moz to 16.108 Moz (Table 11-27 and 11-28). Indicated
tonnage increases from 0.402 Mt to 1.53 Mt, with silver grade changing from 296.6 to 301.90 g/t. Inferred tonnage increases from 0.010
Mt to 0.44 Mt. The increase is consistent with the expanded drilled footprint and development of the deep domain, but the net change
also includes updated density, capping, classification and reporting assumptions.
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Table 11-27.
Wolf Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Indicated
1.53
301.90
0.050
0.027
0.714
0.864
Inferred
0.44
381.40
0.030
0.030
0.707
1.100
Table 11-28.
Wolf contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
14.850
2.246
0.92
24.09
29.15
16.108
Inferred
5.390
0.411
0.30
6.85
10.66
5.790
Contained metals
are in situ. NR means not reported, not zero. Rounding may cause apparent differences.
11.6.3 Kitsol
11.6.3.1
Estimation Bias and Input Data
Kitsol is estimated
and reported as a separate deposit in the current update. It was included in the Torbrit reporting unit in the preceding estimate, so
comparisons use the May 8, 2019 Torbrit effective date and combine Torbrit and Kitsol when assessing like-for-like reporting totals.
The current model is Kitsol GM 2026 and the input is SRs Kitsol Estimation Dataset Capped, retaining the source object spelling for traceability.
The deposit header
inventory contains 35 holes totaling 10,965.46 m. Of these, 20 holes totaling 6,639.00 m fall in years after the preceding effective-date
year; a further 2 holes totaling 893.00 m are in the boundary year. These are inventory counts, with the estimation-input population
defined by domain and assay acceptance as described in Section 11.2.
11.6.3.2
Geological Interpretation and Estimation Domains
The resource is
constrained to the Kitsol_VN mineralized vein domain (Table 11-29, Figure 11-9). It is evaluated independently of Torbrit for grade estimation,
density assignment and classification. The domain boundary is hard. This treatment recognizes the local geological geometry and avoids
assigning resource confidence solely by association with the adjacent Torbrit system.
Table 11-29.
Kitsol estimation domains.
Model
domain
Geological
role
Kitsol_VN
Kitsol
mineralized vein domain
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Figure 11-9.
Kitsol domain geometry and representative sections showing the modeled domains. A – Plan view, B – Longitudinal view (looking
west), C – Cross- sectional view looking northeast.
11.6.3.3
Sample Statistics and Compositing
The capping schedule
contains 194 records for each of Ag, Au, Cu, Pb and Zn. The current estimator reads a prepared capped dataset using the QP-confirmed
compositing settings below. The capped mean silver grade is 290.18 g/t with a coefficient of variation of 0.83. Capped mean gold grade
is 0.0364 g/t.
Kitsol samples
were composited to a target length of 1.5 m using the Within boundary setting and hard domain boundaries. Residual end lengths of less
than 1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing. The following
capping table reports capped input means and coefficients of variation. The capped arithmetic input statistics are distinct from declustered
statistics and volume-weighted block grades.
11.6.3.4
Grade Capping
The current caps
are 800 g/t Ag, 0.30 g/t Au, 1,000 ppm Cu, 17,500 ppm Pb and 10,500 ppm Zn (Table 11-30). These supersede the earlier draft values where
they differ. The silver cap affects 18 of 194 records, or 9.28%, and removes 12.86% of input silver metal. The gold cap affects five
records and removes 53.57% of input gold metal. This large relative gold change has limited influence on a resource dominated by silver,
but the gold credit still requires consistent treatment and disclosure.
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Table 11-30.
Kitsol caps and capped input statistics.
Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean¹
CV
Kitsol_VN
Ag
194
800
18
9.28
12.86
290.18
0.83
Kitsol_VN
Au
194
0.3
5
2.58
53.57
0.036
1.63
Kitsol_VN
Cu
194
1,000
11
5.67
21.32
268.70
1.06
Kitsol_VN
Pb
194
17,500
7
3.61
7.25
3,534.48
1.20
Kitsol_VN
Zn
194
10,500
6
3.09
5.52
2,937.12
0.83
Source: Model rollups
for all in progress.xlsx, grade capping. ¹Ag and Au in g/t; Cu, Pb and Zn in ppm. Means and CV describe capped inputs. Input metal
loss is the exported data statistic, not loss of classified resource metal. Domain names abbreviated in this table are defined above.
None means no numerical cap is specified.
11.6.3.5
Bulk Density Assignment
The QP assigned
3.00 t/m³ to Kitsol, consistent with the Dolly Varden assignment. The mineralized density screen contains 33 measurements from 11
drill holes and has a mean of 2.890 t/m³. The assignment is approximately 3.8% higher than that mean. Its basis includes the geological
setting and the representativeness of samples within the resource domain. The assignment is not inherited automatically from the 3.10
t/m³ Torbrit value, and the limited Kitsol measurement population remains a source of tonnage uncertainty.
11.6.3.6
Block Model Definition
The model is fully
sub-blocked, with 24 × 30 × 61 = 43,920 nominal parent cells, 5 × 5 × 5 m parent dimensions and minimum 0.5 ×
0.5 × 0.5 m sub-blocks. The Leapfrog base point is 467580, 6172060, 390 m. Its local boundary dimensions are 120, 150, 305 m and
its rotation is azimuth 0°, dip 0° and pitch 0°. The reported base-point elevation is the upper Z boundary; the model extends
downward from that elevation (Table 11-31).
Table 11-31.
Kitsol global block-model bounds.
Axis
Minimum
(m)
Maximum
(m)
X
/ Easting
467,580.000
467,700.000
Y
/ Northing
6,172,060.000
6,172,210.000
Z
/ Elevation
85.000
390.000
Source: model rollup,
block model data. For rotated models, global axis-aligned bounds differ from local boundary dimensions. Nominal parent-cell count is
not mineralized-block count. Horizontal coordinates: NAD83 / UTM Zone 9N (meters).
11.6.3.7
Grade Interpolation and Estimation Parameters
The five metals
use IDW with power 3 and a variable-orientation 100 × 60 × 20 m grade search, selecting 4 to 15 composites with a maximum
of two samples per drill hole. Leapfrog declustering was applied separately by domain and element in every Kitsol estimator. The grade-estimator
export identifies the SRs_Kitsol_Grade Capped_2026 declustering object. The dedicated Class_ID 2 estimator uses a fixed 150 × 100
× 40 m search, with dip 75.62°, dip azimuth 268.48° and pitch 90°, and selects three samples with a one-sample-per-hole
limit. A nearest-neighbour Ag estimator is also present for comparison; its 100 × 60 × 35 m fixed search differs from the
grade estimator and should be considered when interpreting local differences. Search and sample parameters are presented in Table 11-32.
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Table 11-32.
Kitsol search and sample parameters.
Domain
Metal
Estimator
purpose
Ranges
(m)
major × inter. × minor
Orientation
Samples
min–max
Max
per
hole
Kitsol_VN
Ag
Classification
150
× 100 × 40
75.62/268.48/90
3–3
1
Kitsol_VN
Ag/Au/Cu/Pb/Zn
Grade
100
× 60 × 20
VO
4–15
2
11.6.3.8
Model Validation
The QP reviewed
sections through the Kitsol vein, the distribution of informing samples, capped and uncapped silver estimates and classification volumes.
The selected 35/70 export in the distance-classification workbook reports Indicated silver of 2.766 Moz in the capped estimate and 3.237
Moz in the uncapped estimate. For Inferred, the corresponding values are 1.323 and 1.382 Moz. These differences are approximately 14.55%
and 4.25% relative to the uncapped inventories.
11.6.3.9
Mineral Resource Classification
The selected nominal
spacing thresholds are 35 m for Indicated and 70 m for Inferred, equivalent to raw AvgD limits of 24.745 m and 49.490 m. The QP selected
these limits after reviewing the 30/60, 35/70, 40/75 and 35/50 cases with the geological model and drill support. The selected classification
remains coherent, adequately supported portions of the vein as Indicated and its less directly supported continuation as Inferred. The
majority of Inferred material is considered capable of upgrading with infill drilling that confirms the interpreted vein geometry and
grade continuity.
The selected 35/70
case contains 285,743.63 t Indicated and 135,796.50 t Inferred, leaving 1,330.50 t unclassified in the tested above-cut-off population.
Increasing the Indicated threshold to 40 m adds approximately 47,199 t to Indicated. Reducing the Inferred threshold from 70 to 50 m
removes approximately 33,368 t and 0.284 Moz AgEq from Inferred. The detailed exports provide the AgEq values used here; several overview
cells in the sensitivity workbook contain Ag or uncapped Ag under AgEq headings and have not been used for this comparison. The resulting
Indicated and Inferred classification geometry for the Kitsol deposit is shown in plan, longitudinal and cross-sectional views in Figure
11-10.
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Figure 11-10.
Kitsol Mineral Resource Classification geometry: A – Plan view, B – Longitudinal view (looking west), C – Cross- sectional
view looking northeast. Red solid represents Indicated classification and blue Inferred classification.
11.6.3.10
Depletion, Exclusions and Reporting Constraints
No mined-out deduction
is identified in the final Kitsol resource report. The report contains a small Cat4 population that is excluded from the approved resource
statement. The final reported quantities are the Indicated and Inferred rows only, rather than the worksheet Total row, which includes
Cat4.
11.6.3.11
Deposit Mineral Resource Statement
The standalone
resource contains 0.29 Mt Indicated at 301.13 g/t Ag and 0.14 Mt Inferred at 303.04 g/t Ag (Table 11-33). The corresponding AgEq inventories
are 2.876 Moz and 1.380 Moz (Table 11-34). A separate historical Kitsol resource was not reported, so a numerical change from a zero
historical resource would be misleading. Section 11.8 compares the combined Torbrit–Kitsol reporting unit.
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Table 11-33.
Kitsol Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Indicated
0.29
301.13
0.030
0.029
0.368
0.300
Inferred
0.14
303.04
0.020
0.033
0.434
0.316
Source: approved
Roll Up_USE worksheet. Cut-off: 132 g/t AgEq. In-situ, unmined resource before mining dilution and recovery. Mineral Resource effective
date: September 11, 2026.
Table 11-34.
Kitsol contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
2.766
0.231
0.18
2.32
1.89
2.876
Inferred
1.323
0.101
0.10
1.30
0.94
1.380
Contained metals
are in situ. NR means not reported, not zero. Rounding may cause apparent differences.
11.6.4 Torbrit
11.6.4.1
Estimation Bias and Input Data
The Torbrit estimate
uses SRs Torbrit GM 2026 and the sub-blocked model compiled for the 2026 update. The current capping and estimator files replace earlier
working settings in the initial chapter draft. The preceding reporting unit included Kitsol and had an underlying effective date of May 8,
2019. Current Torbrit resources are reported after excluding modeled historical mining.
The deposit header
inventory contains 540 holes totaling 51,289.11 m. Of these, 57 holes totaling 13,099.68 m fall in years after the preceding effective-date
year; a further 1 hole totaling 158.00 m are in the boundary year. These are inventory counts, with the estimation-input population defined
by domain and assay acceptance as described in Section 11.2.
11.6.4.2
Geological Interpretation and Estimation Domains
Eleven mineralized
domains define the Torbrit estimate (Table 11-35, Figure 11-11). The interpretation uses the established mineralized wireframes, including
clipped domains that avoid overlapping with the principal TB_A domain. Broader control surfaces provide local orientation fields for
the curving and folded mineralized geometry. Hard boundaries prevent samples in one domain from informing another. Historical workings
are modeled separately from the mineralized domains so that geological volume, estimated grade and mining depletion remain distinct components
of the calculation.
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Table 11-35.
Torbrit estimation domains.
Model
domain
Geological
role
TB_A
Principal
mineralized domain
TB_B_Clip_A
Clipped
mineralized domain
TB_C_Clip_A
Clipped
mineralized domain
TB_D_Clip_A
Clipped
mineralized domain
TB_E_Clip_A
Clipped
mineralized domain
TB_F
Subsidiary
mineralized domain
TB_G
Subsidiary
mineralized domain
TB_H
Subsidiary
mineralized domain
TB_I
Subsidiary
mineralized domain
TB_J
Subsidiary
mineralized domain
TB_K
Subsidiary
mineralized domain
Figure 11-11.
Torbrit domain geometry and representative sections showing the 11 modeled domains: A – Plan view, B – Longitudinal view
(looking northeast), C – Cross-sectional view looking northwest.
Contango Silver and Gold – Kitsault Valley Project Page 177 of 253
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11.6.4.3
Sample Statistics and Compositing
The estimator export
identifies SRs_Torbrit_2m_numeric_composite_2026 as its input, establishing a nominal 2.0 m composite basis. Silver coverage is
substantially more extensive than Au and base-metal coverage in parts of the historical dataset. TB_A contains 2,711 Ag records but 375
Au and Cu records, 479 Pb records and 528 Zn records in the capping schedule. The Unknown population is outside the named estimation
domains and is excluded from the deposit capping tables. Population-wide statistics that include Unknown are not representative of the
resource-domain inputs.
Torbrit samples
were composited to a target length of 2.0 m using the Within boundary setting and hard domain boundaries. Residual end lengths of less
than 1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing. The following
capping table reports capped input means and coefficients of variation. The capped arithmetic input statistics are distinct from declustered
statistics and volume-weighted block grades.
11.6.4.4
Grade Capping
The current silver
cap for TB_A is 3,100 g/t, replacing the 2,020 g/t value in the earlier draft (Table 11-36). The TB_B_Clip_A silver cap is 1,400 g/t.
The remaining domain caps range from 175 to 1,600 g/t. Silver input-metal reductions are approximately 8.00% in TB_A, 0.24% in TB_B_Clip_A,
20.78% in TB_F and 16.44% in TB_H. Base-metal caps are also domain-specific, including 130,000 ppm Pb in TB_C_Clip_A. No numerical Au
top cut is specified for TB_D_Clip_A, where the schedule records no capped samples. The QP considers the variable cap treatment appropriate
to the different domain distributions.
Table 11-36.
Torbrit caps and capped input statistics.
Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
TB_A
Ag
2,711
3,100
10
0.37
8.00
315.65
1.27
TB_B
(clipped)
Ag
407
1,400
4
0.98
0.24
281.40
0.86
TB_C
(clipped)
Ag
187
1,200
3
1.60
1.29
211.54
1.10
TB_D
(clipped)
Ag
138
1,600
2
1.45
1.16
262.48
1.03
TB_E
(clipped)
Ag
157
500
6
3.82
2.80
145.97
0.93
TB_F
Ag
99
600
4
4.04
20.78
104.76
1.35
TB_G
Ag
35
400
2
5.71
1.98
103.09
1.09
TB_H
Ag
32
175
4
12.50
16.44
73.64
0.75
TB_I
Ag
52
800
2
3.85
3.19
137.73
1.53
TB_J
Ag
12
350
1
8.33
1.77
118.06
0.83
TB_K
Ag
59
1,100
2
3.39
2.07
217.64
1.22
TB_A
Au
375
0.2
4
1.07
11.02
0.013
1.79
TB_B
(clipped)
Au
53
0.2
2
3.77
17.21
0.016
2.38
TB_C
(clipped)
Au
51
0.05
0
0.00
0.00
0.010
0.78
TB_D
(clipped)
Au
10
None
0
0.00
0.00
0.006
0.40
TB_E
(clipped)
Au
44
0.05
1
2.27
0.92
0.010
0.94
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Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
TB_F
Au
99
0.1
2
2.02
5.78
0.012
1.48
TB_G
Au
35
0.05
1
2.86
1.50
0.014
0.96
TB_H
Au
32
0.2
1
3.12
16.34
0.024
1.63
TB_I
Au
52
0.1
8
15.38
6.86
0.035
1.01
TB_J
Au
12
0.3
1
8.33
1.08
0.041
2.05
TB_K
Au
17
0.02
1
5.88
0.60
0.008
0.65
TB_A
Cu
375
1,200
6
1.60
8.88
196.52
1.33
TB_B
(clipped)
Cu
53
1,000
3
5.66
19.86
259.58
1.03
TB_C
(clipped)
Cu
51
1,800
3
5.88
24.25
494.61
1.02
TB_D
(clipped)
Cu
10
800
1
10.00
9.85
239.93
1.27
TB_E
(clipped)
Cu
44
1,600
3
6.82
19.78
384.83
1.17
TB_F
Cu
99
700
8
8.08
8.33
198.55
1.03
TB_G
Cu
35
600
1
2.86
15.91
140.26
1.18
TB_H
Cu
32
800
2
6.25
10.04
257.85
0.90
TB_I
Cu
52
3,300
3
5.77
15.57
514.56
1.63
TB_J
Cu
12
250
1
8.33
1.64
87.66
0.83
TB_K
Cu
17
500
2
11.76
3.04
156.16
1.15
TB_A
Pb
479
49,000
5
1.04
3.77
5,465.83
1.58
TB_B
(clipped)
Pb
56
13,500
7
12.50
8.59
4,281.65
0.96
TB_C
(clipped)
Pb
69
130,000
3
4.35
6.12
14,115.18
2.14
TB_D
(clipped)
Pb
10
11,000
1
10.00
4.50
3,199.86
1.14
TB_E
(clipped)
Pb
87
30,000
2
2.30
3.85
5,974.26
1.27
TB_F
Pb
99
13,000
2
2.02
17.25
1,998.20
1.49
TB_G
Pb
35
15,500
1
2.86
35.13
2,402.35
1.75
TB_H
Pb
32
6,220
9
28.12
34.78
3,018.11
0.87
TB_I
Pb
52
38,000
2
3.85
18.05
2,784.31
2.71
TB_J
Pb
12
3,600
2
16.67
9.61
1,554.32
0.84
TB_K
Pb
17
5,000
1
5.88
5.23
1,159.13
1.07
TB_A
Zn
528
42,000
6
1.14
6.03
5,456.64
1.44
TB_B
(clipped)
Zn
56
16,500
4
7.14
7.80
4,192.40
1.20
TB_C
(clipped)
Zn
65
13,000
8
12.31
40.92
5,025.57
0.89
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Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
TB_D
(clipped)
Zn
10
4,700
1
10.00
1.78
1,623.64
0.91
TB_E
(clipped)
Zn
91
41,100
5
5.49
2.37
10,503.79
1.15
TB_F
Zn
99
5,278
2
2.02
9.84
1,471.20
0.83
TB_G
Zn
35
15,800
3
8.57
5.70
2,208.91
1.95
TB_H
Zn
32
6,300
4
12.50
12.61
1,958.70
1.11
TB_I
Zn
52
37,500
2
3.85
3.91
6,222.47
1.47
TB_J
Zn
12
2,940
2
16.67
5.42
1,328.03
0.74
TB_K
Zn
17
3,000
2
11.76
2.56
1,550.60
0.54
11.6.4.5
Bulk Density Assignment
Torbrit resources
use 3.10 t/m³. The grade-screened density population contains 389 measurements from 72 drill holes and has a mean of 3.337 t/m³.
The screened mean is about 7.6% higher than the assignment. It gives greater representation to mineralized samples and is not automatically
a volume-representative density for every domain. The QP retained 3.10 t/m³ in the approved resource estimate. Domain membership,
sulfide abundance and spatial support remain relevant to future refinement of this assignment.
11.6.4.6
Block Model Definition
The model is fully
sub-blocked, with 98 × 225 × 148 = 3,263,400 nominal parent cells, 5 × 5 × 5 m parent dimensions and minimum
0.5 × 0.5 × 0.5 m sub-blocks. The Leapfrog base point is 468076, 6170973, 565 m. Its local boundary dimensions are 490, 1125,
740 m and its rotation is azimuth 330°, dip 0° and pitch 0°. The reported base-point elevation is the upper Z boundary; the
model extends downward from that elevation (Table 11-37).
Table 11-37.
Torbrit global block-model bounds.
Axis
Minimum
(m)
Maximum
(m)
X
/ Easting
467,513.500
468,500.352
Y
/ Northing
6,170,973.000
6,172,192.279
Z
/ Elevation
-175.000
565.000
Source: model rollup,
block model data. For rotated models, global axis-aligned bounds differ from local boundary dimensions. Nominal parent-cell count is
not mineralized-block count. Horizontal coordinates: NAD83 / UTM Zone 9N (meters).
11.6.4.7
Grade Interpolation and Estimation Parameters
The exported estimators
use inverse-distance cubed weighting and variable orientation. Grade searches differ among domains, with minimum sample requirements
of two to four and maxima of 15 or 20 for the exported silver estimators. A two-sample-per-hole limit applies. Dedicated classification
estimators use three samples and a one-sample-per-hole limit. The parameter export is incomplete for the TB_A silver estimator and for
TB_B_Clip_A, so the earlier reviewed values for those two searches are identified separately instead of being represented as newly exported
settings. Leapfrog declustering was applied separately by domain and element in every Torbrit estimator. Search and sample parameters
are presented in Table 11-38.
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Table 11-38.
Torbrit search and sample parameters.
Domain
Metal
Estimator
purpose
Ranges
(m)
major × inter. × minor
Orientation
Samples
min–max
Max
per
hole
TB_C
(clipped)
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_D
(clipped)
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_E
(clipped)
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_F
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_G
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_H
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_I
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_J
Ag
Classification
200
× 200 × 100
VO
3–3
1
TB_K
Ag
Classification
150
× 75 × 50
VO
3–3
1
TB_C
(clipped)
Ag/Au/Cu/Pb/Zn
Grade
75
× 50 × 20
VO
3–20
2
TB_D
(clipped)
Ag/Au/Cu/Pb/Zn
Grade
45
× 30 × 20
VO
3–20
2
TB_E
(clipped)
Ag/Au/Cu/Pb/Zn
Grade
50
× 50 × 20
VO
3–20
2
TB_F
Ag/Au/Cu/Pb/Zn
Grade
120
× 72 × 24
VO
3–15
2
TB_G
Ag/Au/Cu/Pb/Zn
Grade
100
× 75 × 30
VO
2–20
2
TB_H
Ag/Au/Cu/Pb/Zn
Grade
100
× 60 × 25
VO
3–15
2
TB_I
Ag/Au/Cu/Pb/Zn
Grade
100
× 75 × 24
VO
4–15
2
TB_J
Ag/Au/Cu/Pb/Zn
Grade
175
× 150 × 35
VO
2–20
2
TB_K
Ag/Au/Cu/Pb/Zn
Grade
80
× 55 × 25
VO
4–15
2
TB_A
Au/Cu/Pb/Zn
Grade
150
× 75 × 50
VO
4–20
2
TB_A
Ag
Earlier
review¹
150
× 75 × 50
VO
4–20
2
TB_B
(clipped)
All
Earlier
review¹
65
× 50 × 35
VO
3–10
2
11.6.4.8
Model Validation
Validation includes
the comparison of block grades with domain composites, review of local orientation controls, capped and uncapped evaluations and reconciliation
of modeled depletion to historical production. The initial technical review reports expected smoothing in the Torbrit swath comparisons
without pervasive global bias. The final unmined export gives Ag grades of 295.43 g/t capped versus 305.28 g/t uncapped for Indicated,
and 235.77 versus 259.23 g/t for Inferred. These are reductions of approximately 3.23% and 9.05% relative to the uncapped grades on the
reported evaluation.
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11.6.4.9
Mineral Resource Classification
The selected Torbrit
criteria use 35 m nominal spacing for Indicated and 100 m for Inferred, equivalent to raw AvgD limits of 24.745 m and 70.700 m. The distance
estimate is evaluated within mineralized domains and reviewed against drilling and geological continuity. The QP applies greater confidence
to coherent, well-supported volumes than to isolated numerical passes of the threshold. The inferred extensions lie within the accepted
mineralized framework, and the majority are expected to be capable of upgrading with infill drilling and, where relevant, improved control
on historical workings.
The 35/75 and 35/100
cases in the review model produce identical classified tonnes and AgEq ounces. Extending the Inferred threshold from 75 to 100 m therefore
adds no resources in that test population. Increasing the Indicated threshold from 35 to 40 m transfers approximately 221,361 t and 2.111
Moz AgEq from Inferred to Indicated. The QP retained 35 m for Indicated based on the geological and spatial review. The test population
is smaller than the final Torbrit export, so its absolute inventories are not used as final resources. The resulting Indicated and Inferred
classification geometry for the Torbrit deposit is shown in plan, longitudinal and cross-sectional views in Figure 11-12.
Figure 11-12.
Torbrit Mineral Resource Classification geometry: A – Plan view, B – Longitudinal view (looking northeast), C – Cross-
sectional view looking northwest. Red solid represents Indicated classification and blue Inferred classification.
11.6.4.10
Depletion, Exclusions and Reporting Constraints
The final resource
statement uses the Unmined rows from the Torbrit export. The same report identifies approximately 1.25 Mt of mined material in the Indicated-classified
portion of the model and approximately 0.01 Mt in the Inferred-classified portion. Those mined populations contain approximately 20.701
Moz and 0.145 Moz Ag, respectively, and are excluded. Historical recovered production of approximately 18.6–18.7 Moz Ag is not
directly comparable with modeled in-situ contained metal. Applying the historical 84.5% recovery to production implies about 22.0 Moz
Ag in mill feed. The final modeled depleted silver inventory of about 20.846 Moz is approximately 5.2% below that indicative contained-metal
benchmark. This is a deposit-scale reasonableness check, not a survey reconciliation of individual stopes. Figure 11-13 illustrates the
Torbrit mineralization model, distinguishing interpreted historically mined material from the remaining unmined mineralized material.
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Figure 11-13.
Final Torbrit mineralized unmined model (purple) and historical underground workings and mined out (depleted) areas (black).
11.6.4.11
Deposit Mineral Resource Statement
The approved unmined
resource contains 3.25 Mt Indicated at 295.43 g/t Ag and 0.76 Mt Inferred at 235.77 g/t Ag (Tables 11-39 and 11-40). The historical-depletion
reconciliation tab contains an earlier evaluation of 1,236,649 t and 20.386 Moz Ag. Those earlier values do not replace the mined and
unmined values in the final Torbrit tab. The uncertainty in the location and extent of individual historical workings remains material
to local resource interpretation.
Table 11-39.
Torbrit Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Indicated
3.25
295.43
0.014
0.018
0.546
0.440
Inferred
0.76
235.77
0.013
0.034
0.545
0.250
Table 11-40.
Torbrit contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
30.847
1.428
1.29
39.06
31.52
32.394
Inferred
5.747
0.329
0.57
9.10
4.18
6.057
Contained metals
are in situ. NR means not reported, not zero. Rounding may cause apparent differences.
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11.6.5 Dolly Varden
11.6.5.1
Estimation Bias and Input Data
The Dolly Varden
deposit estimate is complete and included in the approved 2026 resource statement. It uses DV Main GM 2026 and SRs DV_Main Estimation
Dataset Capped.
The deposit header
inventory contains 78 holes totaling 12,351.50 m. Of these, 0 holes totaling 0.00 m fall in years after the preceding effective-date
year; a further 1 hole totaling 390.00 m are in the boundary year. These are inventory counts, with the estimation-input population defined
by domain and assay acceptance as described in Section 11.2.
11.6.5.2
Geological Interpretation and Estimation Domains
The reported estimate
is restricted to the DV_Main mineralized domain (Table 11-41, Figure 11-14). Historical mining is represented by a separate mined/unmined
geological evaluation. The earlier classification review discusses hanging-wall and footwall meshes, but those meshes are not separate
reporting domains in the final DV_Main-filtered resource export. The final chapter therefore does not assign resources to DVHW or DVFW
independently of the approved reporting domain.
Table 11-41.
Dolly Varden estimation domains
Model
domain
Geological
role
DV_Main
Principal
Dolly Varden mineralized domain used for reporting
Contango Silver and Gold – Kitsault Valley Project Page 184 of 253
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Figure 11-14.
Dolly Varden geometry and representative sections showing the modeled domain. A – Plan View, B – Longitudinal view (looking
northeast), C – Cross-sectional view (looking northwest).
11.6.5.3
Sample Statistics and Compositing
The prepared capping
population contains 445 Ag records, 224 Au and Cu records, and 235 Pb and Zn records. The differing populations reflect the less complete
historical coverage of metals other than silver. The capped mean silver grade is 246.82 g/t with a coefficient of variation of 1.99.
The capped Au mean is 0.0224 g/t. The resource average is calculated from qualifying blocks and is not expected to equal the arithmetic
mean of these broader input populations.
Dolly Varden Main
samples were composited to a target length of 1.25 m using the Within boundary setting and hard domain boundaries. Residual end lengths
of less than 1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing. The
following capping table reports capped input means and coefficients of variation. The capped arithmetic input statistics are distinct
from declustered statistics and volume-weighted block grades.
11.6.5.4
Grade Capping
Caps of 3,000 g/t
Ag, 0.20 g/t Au, 2,200 ppm Cu, 25,500 ppm Pb and 46,000 ppm Zn are applied in DV_Main (Table 11-42). The silver cap affects six of 445
records, or 1.35%, with an input-metal reduction of 6.30%. The Pb and Zn input-metal reductions are 38.29% and 25.37%, reflecting more
pronounced upper-tail influence in those populations. The QP considers this treatment necessary to limit extrapolation of local high
values through the remaining mineralized volume.
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Table 11-42.
Dolly Varden caps and capped input statistics.
Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
DV_Main
Ag
445
3,000
6
1.35
6.30
246.82
1.99
DV_Main
Au
224
0.2
3
1.34
6.13
0.022
1.72
DV_Main
Cu
224
2,200
7
3.12
20.04
224.93
1.94
DV_Main
Pb
235
25,500
8
3.40
38.29
2,547.65
2.17
DV_Main
Zn
235
46,000
12
5.11
25.37
10,622.15
1.15
11.6.5.5
Bulk Density Assignment
The model uses
3.00 t/m³. The grade-screened density review contains 156 measurements from 22 drill holes and has a mean of 2.977 t/m³, approximately
0.8% below the selected assignment. The QP considers the density appropriate for the current resource. Interpretation of remnant mineralization
near historical workings requires the density assignment and depletion model to be considered together.
11.6.5.6
Block Model Definition
The model is fully
sub-blocked, with 80 × 39 × 72 = 224,640 nominal parent cells, 5 × 5 × 5 m parent dimensions and minimum 0.5
× 0.5 × 0.5 m sub-blocks. The Leapfrog base point is 467620, 6170686, 689 m. Its local boundary dimensions are 400, 195,
360 m and its rotation is azimuth 0°, dip 0° and pitch 0°. The reported base-point elevation is the upper Z boundary; the
model extends downward from that elevation (Table 11-43).
Table 11-43.
Dolly Varden global block-model bounds.
Axis
Minimum
(m)
Maximum
(m)
X
/ Easting
467,620.000
468,020.000
Y
/ Northing
6,170,686.000
6,170,881.000
Z
/ Elevation
329.000
689.000
Source: model rollup,
block model data. For rotated models, global axis-aligned bounds differ from local boundary dimensions. Nominal parent-cell count is
not mineralized-block count. Horizontal coordinates: NAD83 / UTM Zone 9N (meters).
11.6.5.7
Grade Interpolation and Estimation Parameters
Ag, Au, Cu, Pb
and Zn are estimated using IDW with power 3, a variable-orientation 150 × 100 × 50 m search and hard domain boundaries. Each
estimator requires 4 to 15 composites and limits contributions to two samples per hole. Leapfrog declustering was applied separately
by domain and element in every Dolly Varden Main estimator. The grade-estimator export identifies the SRs DV_Main Grade Capped 2026 declustering
object. The export contains the grade estimators but no separately named classification estimator, so it does not by itself establish
which AvgD field was used for classification. Search and sample parameters are presented in Table 11-44.
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Table 11-44.
Dolly Varden search and sample parameters.
Domain
Metal
Estimator
purpose
Ranges
(m)
major × inter. × minor
Orientation
Samples
min–max
Max
per
hole
DV_Main
Ag/Au/Cu/Pb/Zn
Grade
150
× 100 × 50
VO
4–15
2
Source: parameters
- DollyVarden.xlsx, Search and Interpolant. All listed current estimators are IDW, power 3. ²VO = variable orientation; fixed values
are dip / dip azimuth / pitch in degrees. Per-sector drill-hole-limit option is enabled.
11.6.5.8
Model Validation
Validation emphasizes
the distribution of remnant mineralization relative to historical workings, the representation of high-grade silver samples and the influence
of sparse Au and base-metal data. The QP reviewed the accepted DV_Main domain and the unmined reporting population. Capped base-metal
distributions are retained in the equivalent calculation, with their more limited sample support recognized as a source of uncertainty.
11.6.5.9
Mineral Resource Classification
The classification
review selects 30/70 for Dolly Varden. The 30/70 selection reflects the QP’s assessment of continuity and support in the remnant
mineralized domain.
The valid historical
test cases compare 25/50, 30/50, 35/50 and 30/40. Their results demonstrate the sensitivity of the remnant inventory to classification
boundaries, but their tonnes and ounces differ from the final DV_Main export. They are therefore reported as supporting review-model
results only. The QP’s classification decision is based on geological and sample support rather than maximizing classified tonnes.
Continued infill work is expected to upgrade the majority of Inferred material where the continuity and position of the remaining mineralized
lenses can be confirmed. The resulting Indicated and Inferred classification geometry for the Dolly Varden deposit is shown in plan,
longitudinal and cross-sectional views in Figure 11-15.
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Figure 11-15.
Dolly Varden Mineral Resource Estimate geometry: A – Plan view, B – Longitudinal view (looking northeast), C – Cross-sectional
view looking northwest. Red solid represents Indicated classification and blue Inferred classification.
11.6.5.10
Depletion, Exclusions and Reporting Constraints
The final resource
statement includes only the unmined Indicated and unmined Inferred rows under the DV_Main filter. Mined material and Cat4 are excluded.
The export identifies approximately 0.1886 Moz AgEq and 0.1761 Moz Ag in the mined Indicated and Inferred populations. Those quantities
are not added to the remaining resource. Additional mined Cat4 material is present in the model but has no resource classification. Figure
11-16 illustrates the Dolly Varden mineralization model, distinguishing interpreted historically mined material from the remaining unmined
mineralized material.
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Figure 11-16.
Final Dolly Varden mineralized unmined model (purple) and historical underground workings and mined out (depleted) areas (black).
11.6.5.11
Deposit Mineral Resource Statement
The approved estimate
contains 0.09 Mt Indicated at 426.44 g/t Ag and 0.14 Mt Inferred at 328.78 g/t Ag (Table 11-45). Indicated AgEq decreases from 2.078
to 1.321 Moz relative to the preceding statement, while Inferred AgEq increases from 0.754 to 1.604 Moz (Table 11-46). The change reflects
the revised model, remnant-volume interpretation, estimation and classification, rather than substantial newly drilled deposit expansion.
Table 11-45.
Dolly Varden Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Indicated
0.09
426.44
0.020
0.025
0.432
1.459
Inferred
0.14
328.78
0.030
0.048
0.506
1.519
Source: approved
Roll Up_USE worksheet. Cut-off: 132 g/t AgEq. In-situ, unmined resource before mining dilution and recovery. Mineral Resource effective
date: September 11, 2026.
Table 11-46.
Dolly Varden contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
1.235
0.056
0.05
0.86
2.90
1.321
Inferred
1.456
0.149
0.15
1.54
4.61
1.604
Contained metals
are in situ. NR means not reported, not zero. Rounding may cause apparent differences.
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11.6.6 North
Star
11.6.6.1
Estimation Bias and Input Data
The North Star
estimate uses Northstar GM 2026 and the prepared SRs Northstar Estimation Dataset Capped. The approved resource export identifies the
DIST 30_70 classification evaluation. It replaces the deposit estimate with an underlying effective date of May 8, 2019.
The deposit header
inventory contains 144 holes totaling 17,780.66 m. Of these, 10 holes totaling 3,834.35 m fall in years after the preceding effective-date
year. These are inventory counts, with the estimation-input population defined by domain and assay acceptance as described in Section 11.2.
11.6.6.2
Geological Interpretation and Estimation Domains
The mineralized
volume is represented by the DV_Northstar_VN domain and a separate mined/unmined evaluation (Table 11-47, Figure 11-17). The geometry
is interpreted from drilling and historical information within the silver-bearing mineralized system. The hard domain boundary limits
grade interpolation to the accepted vein volume. The final model does not treat all material near the vein or within the broader bounding
box as resource.
Table 11-47.
North Star estimation domains.
Model
domain
Geological
role
DV_Northstar_VN
Principal
North Star mineralized vein domain
Figure 11-17. Northstar geometry
and representative sections showing the modeled domain. A – Plan View, B – Longitudinal view (looking northeast), C –
Cross-sectional view (looking northwest).
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11.6.6.3
Sample Statistics and Compositing
The prepared population
contains 638 Ag records but only 61 Au records, 191 Cu records, 299 Pb records and 316 Zn records. The capped mean silver grade is 197.43
g/t with a coefficient of variation of 1.31. The much smaller gold population and incomplete base-metal coverage are material considerations
because those metals contribute to AgEq, particularly in the lower-silver-grade Inferred population.
North Star samples
were composited to a target length of 1.5 m using the Within boundary setting and hard domain boundaries. Residual end lengths of less
than 1.0 m were distributed equally within the boundary interval. No additional weighting was applied during compositing. The following
capping table reports capped input means and coefficients of variation. The capped arithmetic input statistics are distinct from declustered
statistics and volume-weighted block grades.
11.6.6.4
Grade Capping
The current caps
are 1,700 g/t Ag, 1.70 g/t Au, 5,400 ppm Cu, 32,000 ppm Pb and 100,000 ppm Zn (Table 11-48). The silver cap affects five of 638 records,
or 0.78%, and reduces input silver metal by 1.03%. Lead has a greater input-metal reduction of 28.94%, while Au, Cu and Zn reductions
are 11.31%, 12.85% and 6.10%.
Table 11-48.
North Star caps and capped input statistics.
Domain
Metal
Input
N
Cap
Capped
N
Capped
(%)
Input
metal
loss (%)
Capped
mean
CV
North
Star vein
Ag
638
1,700
5
0.78
1.03
197.43
1.31
North
Star vein
Au
61
1.7
3
4.92
11.31
0.204
1.81
North
Star vein
Cu
191
5,400
9
4.71
12.85
936.82
1.37
North
Star vein
Pb
299
32,000
13
4.35
28.94
6,420.62
1.30
North
Star vein
Zn
316
100,000
9
2.85
6.10
16,189.24
1.49
11.6.6.5
Bulk Density Assignment
The QP assigned
3.00 t/m³ by analogy with Dolly Varden and the comparable mineralized setting. The North Star source contains 42 density records,
but none qualifies under the silver-greater-than-10-g/t screen used in the density review. The screen therefore provides no direct North
Star mean for comparison. The assignment does not imply that no density information exists; it identifies the limited support within
the selected mineralized population. Additional measurements backflagged to the resource domain are recommended.
11.6.6.6
Block Model Definition
The model is fully
sub-blocked, with 99 × 88 × 87 = 757,944 nominal parent cells, 5 × 5 × 5 m parent dimensions and minimum 0.5
× 0.5 × 0.5 m sub-blocks. The Leapfrog base point is 467381.385, 6171225.407, 540 m. Its local boundary dimensions are 495,
440, 435 m and its rotation is azimuth 45°, dip 0° and pitch 0°. The reported base-point elevation is the upper Z boundary;
the model extends downward from that elevation (Table 11-49).
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Table 11-49.
North Star global block-model bounds.
Axis
Minimum
(m)
Maximum
(m)
X
/ Easting
467,381.385
468,042.530
Y
/ Northing
6,170,875.389
6,171,536.534
Z
/ Elevation
105.000
540.000
Source: model rollup,
block model data. For rotated models, global axis-aligned bounds differ from local boundary dimensions. Nominal parent-cell count is
not mineralized-block count. Horizontal coordinates: NAD83 / UTM Zone 9N (meters).
11.6.6.7
Grade Interpolation and Estimation Parameters
The Ag estimator
uses a variable-orientation 200 × 100 × 35 m search. Au, Cu, Pb and Zn use 150 × 100 × 35 m variable-orientation
searches. All grade estimators use IDW with power 3, select 4 to 15 composites and impose a two-sample-per-hole limit. Leapfrog declustering
was applied separately by domain and element in every North Star estimator; the grade-estimator export identifies the North Star declustering
object. The Class_ID 3 estimator uses a variable-orientation 200 × 150 × 35 m search and selects three samples with a one-sample-per-hole
limit. A fixed-orientation nearest-neighbour Ag estimator is retained as a comparison. Search and sample parameters are presented in
Table 11-50).
Table 11-50.
North Star search and sample parameters.
Domain
Metal
Estimator
purpose
Ranges
(m)
major × inter. × minor
Orientation
Samples
min–max
Max
per
hole
North
Star vein
Ag
Classification
200
× 150 × 35
VO
3–3
1
North
Star vein
Ag
Grade
200
× 100 × 35
VO
4–15
2
North
Star vein
Au/Cu/Pb/Zn
Grade
150
× 100 × 35
VO
4–15
2
Source: parameters
North Star.xlsx, Search and Interpolant. All listed current estimators are IDW, power 3. ²VO = variable orientation; fixed values
are dip / dip azimuth / pitch in degrees. Per-sector drill-hole-limit option is enabled.
11.6.6.8
Model Validation
The QP reviewed
block grades and domain boundaries in section, the distribution of historical and recent samples, and the change in the Inferred envelope
under the 30/70 classification. Validation of Au and base-metal credits requires particular attention because their sample populations
are smaller than the silver population. The final Inferred resource has an Ag grade of 123.99 g/t and an AgEq grade of 213.24 g/t. Its
qualification at 132 g/t AgEq therefore depends materially on the other estimated metals and their assumed recoveries.
11.6.6.9
Mineral Resource Classification
The selected criteria
are 30 m nominal spacing for Indicated and 70 m for Inferred, equivalent to raw AvgD limits of 21.210 m and 49.490 m. The calculation
uses dedicated classification AvgD divided by 0.707. The QP retained the 30 m Indicated boundary and extended the Inferred boundary from
50 to 70 m where the vein remains geologically coherent and supported by the estimation. Isolated or unsupported projections remain unclassified.
Infill drilling and improved density support are expected to permit upgrading of the majority of the Inferred resource, subject to confirming
the interpreted continuity.
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The selected 30/70
case contains 357,735.38 t Indicated and 231,552.00 t Inferred. Compared with 30/50, the selected case adds approximately 54,627 t and
0.319 Moz AgEq to Inferred without changing Indicated. The unclassified above-cut-off inventory decreases from 77,849.25 t to 23,221.88
t. Reducing the Indicated boundary from 30 to 25 m transfers approximately 65,081 t and 0.562 Moz AgEq to Inferred; raising it to 35
m transfers approximately 66,335 t and 0.494 Moz AgEq to Indicated. These results quantify the neighboring choices but do not independently
establish geological confidence. The resulting Indicated and Inferred classification geometry for the North Star deposit is shown in
plan, longitudinal and cross-sectional views in Figure 11-18.
Figure 11-18.
Northstar Mineral Resource classification geometry. A – Plan view, B – Longitudinal view (looking northeast), C – Cross-sectional
view (looking northwest). Red solid represents Indicated classification and blue Inferred classification.
11.6.6.10
Depletion, Exclusions and Reporting Constraints
Only unmined Indicated
and Inferred material is reported. The detailed selected classification export identifies 483.75 t of modeled mined material, containing
approximately 3,275 oz AgEq and 2,504 oz Ag. The small modeled depletion is excluded even though its tonnage rounds to 0.00 Mt in the
resource report. The Cat4 population is also excluded. Figure 11-19 illustrates the North Star mineralization model, showing the remaining
unmined mineralized material in relation to the interpreted historical underground workings and depleted areas.
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Figure 11-19.
Northstar final mineralized unmined model (purple) and historical underground workings and mined out (depleted) areas (black).
11.6.6.11
Deposit Mineral Resource Statement
The final North
Star estimate contains 0.36 Mt Indicated and 0.23 Mt Inferred, with AgEq inventories of 3.571 Moz and 1.587 Moz (Tables 11-51 and 11-52).
Confidence in density and non-silver credits remains a specific limitation, especially for the expanded Inferred population.
Table 11-51.
North Star Mineral Resource grades.
Category
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Indicated
0.36
249.18
0.290
0.079
0.744
2.076
Inferred
0.23
123.99
0.540
0.134
0.898
2.650
Table 11-52.
North Star contained metals.
Category
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
2.866
3.322
0.62
5.87
16.37
3.571
Inferred
0.923
4.002
0.68
4.59
13.53
1.587
11.7 Consolidated Kitsault
Valley Mineral Resource Statement
The consolidated
statement presents the final approved Mineral Resource quantities as of September 11, 2026 by region, deposit and confidence category.
The consolidated Indicated and Inferred Mineral Resource tonnes, grades and contained metals are presented by deposit in Tables 11-53
through 11-56, with regional and project totals by resource category summarized in Table 11-57. The seven updated deposits use 132 g/t
AgEq. South Reef retains its 2.0 g/t AuEq cut-off and original physical-resource estimate. Regional contained-metal totals are sums of
the approved deposit values, with appropriate rounding.
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Table 11-53.
Indicated Mineral Resource tonnes and grades.
Deposit
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Homestake
Main
1.43
49.55
6.350
0.181
0.058
0.112
Homestake
Silver
0.71
168.26
4.160
0.039
0.263
0.222
Wolf
1.53
301.90
0.050
0.027
0.714
0.864
Kitsol
0.29
301.13
0.030
0.029
0.368
0.300
Torbrit
3.25
295.43
0.014
0.018
0.546
0.440
Dolly
Varden
0.09
426.44
0.020
0.025
0.432
1.459
North
Star
0.36
249.18
0.290
0.079
0.744
2.076
Table 11-54.
Indicated Mineral Resource contained metals.
Deposit
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Homestake
Main
2.277
292.009
5.71
1.83
3.53
23.308
Homestake
Silver
3.856
95.407
0.61
4.13
3.49
9.968
Wolf
14.850
2.246
0.92
24.09
29.15
16.108
Kitsol
2.766
0.231
0.18
2.32
1.89
2.876
Torbrit
30.847
1.428
1.29
39.06
31.52
32.394
Dolly
Varden
1.235
0.056
0.05
0.86
2.90
1.321
North
Star
2.866
3.322
0.62
5.87
16.37
3.571
Table 11-55.
Inferred Mineral Resource tonnes and grades
Deposit
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
Homestake
Main
0.52
11.09
4.610
0.143
0.056
0.127
Homestake
Silver
3.63
65.88
3.550
0.028
0.203
0.165
South
Reef
0.445
4.90
8.680
0.040
0.001
NR
Wolf
0.44
381.40
0.030
0.030
0.707
1.100
Kitsol
0.14
303.04
0.020
0.033
0.434
0.316
Torbrit
0.76
235.77
0.013
0.034
0.545
0.250
Dolly
Varden
0.14
328.78
0.030
0.048
0.506
1.519
North
Star
0.23
123.99
0.540
0.134
0.898
2.650
Source: approved
Roll Up_USE. Cut-off 132 g/t AgEq except South Reef at 2.0 g/t AuEq. NR = not reported. The reference point is in-situ, unmined material
before mining dilution and mining recovery. Mineral Resource effective date: September 11, 2026.
Contango Silver and Gold – Kitsault Valley Project Page 195 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
Table 11-56.
Inferred Mineral Resource contained metals.
Deposit
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Homestake
Main
0.186
77.211
1.64
0.64
1.46
5.770
Homestake
Silver
7.680
414.413
2.24
16.22
13.23
34.132
South
Reef
0.100
124.200
0.36
0.00
NR
8.600
Wolf
5.390
0.411
0.30
6.85
10.66
5.790
Kitsol
1.323
0.101
0.10
1.30
0.94
1.380
Torbrit
5.747
0.329
0.57
9.10
4.18
6.057
Dolly
Varden
1.456
0.149
0.15
1.54
4.61
1.604
North
Star
0.923
4.002
0.68
4.59
13.53
1.587
Table 11-57.
Regional and project totals by resource category.
Category
and region
Tonnes
(Mt)
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Indicated
Homestake
2.140
6.133
387.416
6.32
5.96
7.02
33.275
Indicated
Dolly Varden
5.520
52.565
7.285
3.06
72.20
81.83
56.270
Indicated
Project total
7.660
58.698
394.700
9.38
78.16
88.85
89.545
Inferred
Homestake
4.595
7.965
615.824
4.24
16.86
14.69¹
48.501
Inferred
Dolly Varden
1.710
14.839
4.993
1.80
23.38
33.92
16.419
Inferred
Project total
6.305
22.804
620.817
6.04
40.24
48.61¹
64.920
The resource statement
is subject to the following reporting notes: the effective date is September 11, 2026; Dave Larimer is the responsible QP and an
employee of the Company; no Measured resources or Mineral Reserves are reported; historical mined material and unclassified blocks are
excluded; quantities and grades are rounded to reflect the precision of the estimate; mineral-equivalent grades are calculated using
the disclosed prices, recoveries and units; and Mineral Resources do not have demonstrated economic viability. The Inferred category
has lower confidence than Indicated and cannot be converted directly to Mineral Reserves.
11.8 Comparison
with Previously Reported Estimates
The comparison
is against the resources presented in the 2023 combined Kitsault Valley technical report. The underlying resource effective dates are
January 20, 2022, for the Homestake deposits and May 8, 2019, for the Dolly Varden-area deposits. These are different from
the effective date of September 28, 2022, effective date of the combined report. Kitsol was included in Torbrit previously, so the
principal numerical comparison combines the current Torbrit and Kitsol values.
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The AgEq comparison
columns are reproduced from the approved rollup. The earlier southern resources were reported principally as silver resources at 150
g/t Ag, while the updated models include additional metals at 132 g/t AgEq. The earlier Homestake estimates used a different AuEq
price and recovery basis. Differences in equivalent ounces therefore combine physical-resource changes with changes in reporting basis.
Tables 11-58 and 11-59 compare the Indicated and Inferred tonnage and contained AgEq, respectively, in the 2026 estimate with the preceding
resource statement by deposit or reporting unit.
Table 11-58.
Indicated comparison with the preceding resource statement.
Deposit
/ reporting unit
Prior
Mt
2026
Mt
Change
Mt
Prior
AgEq
Moz
2026
AgEq
Moz
Change
Moz
Homestake
Main
0.736
1.430
0.694
13.437
23.308
9.871
Homestake
Silver
–
0.710
0.710
–
9.968
9.968
Torbrit
+ Kitsol
2.623
3.540
0.917
25.025
35.269
10.244
Wolf
0.402
1.530
1.128
3.834
16.108
12.274
Dolly
Varden
0.156
0.090
–0.066
2.078
1.321
–0.757
North
Star
0.236
0.360
0.124
1.994
3.571
1.577
Project
total
4.153
7.660
3.507
46.368
89.545
43.177
Table 11-59.
Inferred comparison with the preceding resource statement.
Deposit
/ reporting unit
Prior
Mt
2026
Mt
Change
Mt
Prior
AgEq
Moz
2026
AgEq
Moz
Change
Moz
Homestake
Main
1.747
0.520
–1.227
27.820
5.770
–22.050
Homestake
Silver
3.354
3.630
0.276
38.873
34.132
–4.741
South
Reef
0.445
0.445
0.000
8.585
8.600
0.015
Torbrit
+ Kitsol
1.185
0.900
–0.285
10.588
7.437
–3.151
Wolf
0.010
0.440
0.430
0.070
5.790
5.720
Dolly
Varden
0.086
0.140
0.054
0.754
1.604
0.850
North
Star
0.005
0.230
0.225
0.035
1.587
1.552
Project
total
6.831
6.305
–0.526
86.725
64.920
–21.805
Indicated tonnage
increases by 3.507 Mt, or approximately 84.4%, and the approved Indicated AgEq inventory increases by 43.177 Moz, or approximately 93.1%.
Inferred tonnage decreases by 0.526 Mt, or approximately 7.7%, and Inferred AgEq decreases by 21.805 Moz, or approximately 25.1%. These
category changes are net comparisons of separately estimated inventories. They are not a block-by-block transition matrix.
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Additional drilling
materially expands the database at Wolf and the Homestake deposits. At Homestake, revised lenses and low-grade envelopes, changes in
high-grade treatment and a different allocation between Indicated and Inferred contribute to the reported grade changes. At Torbrit,
separate Kitsol reporting and updated depletion must be considered. At Dolly Varden, the revised remnant model and classification are
more important explanations than new drilling. North Star’s Inferred quantity also reflects the selected 30/70 classification and
non-silver contributions to AgEq. South Reef’s physical resources remain unchanged.
The effects of
geology and drilling, capping and interpolation, density, classification, depletion, metal prices, recoveries and spatial constraints
are not additive unless each effect is isolated through controlled model reruns. The supplied files do not contain a common-block reconciliation
that isolates all of those drivers. Consequently, no percentage of the net resource change is assigned uniquely to one driver. Figure
11-20 summarizes the change in reported AgEq by deposit and resource category between the preceding and 2026 estimates; the comparison
reflects their respective reporting bases and is not a constant-assumption revaluation.
Figure 11-20.
Change in reported AgEq by deposit and resource category. Values are on their respective reporting bases, including different cut-offs,
metal prices and recoveries. This is not a constant-assumption revaluation. Torbrit and Kitsol are combined to match the preceding reporting
unit. South Reef has no Indicated resource.
11.9 Resource
Sensitivity
Sensitivity work
distinguishes a change in the classification of an existing estimate from a change in the estimate itself or in the set of blocks qualifying
for reporting. The supplied distance workbook contains controlled classification alternatives. North Star and Kitsol provide detailed
selected scenario exports that reconcile to the final resource values. Homestake, Wolf, Torbrit and Dolly Varden review populations differ
from their final exports and are retained as historical test populations supporting the QP’s decisions. Tables 11-60 through 11-66
summarize the classification-distance sensitivity analyses for Homestake Main, Homestake Silver, Wolf, Kitsol, Torbrit, Dolly Varden
and North Star, respectively, showing how alternative spacing scenarios affect Indicated, Inferred and unclassified tonnage and
AgEq inventories.
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Table 11-60.
Homestake Main classification-distance sensitivity.
Scenario¹
Indicated
Mt
Inferred
Mt
Unclassified
kt
Indicated
AgEq
Moz
Inferred
AgEq
Moz
38/100
1.446
0.504
0.01
22.706
6.372
35/100
1.273
0.677
0.01
20.140
8.937
42/100
1.627
0.324
0.01
25.268
3.809
38/75
1.446
0.490
14.09
22.706
6.286
1. Scenario values
represent the nominal average-distance thresholds, in meters, used to evaluate Indicated and Inferred classification, respectively. For
example, 38/75 represents a 38 m threshold for Indicated and a 75 m threshold for Inferred..
Table 11-61.
Homestake Silver classification-distance sensitivity.
Scenario¹
Indicated
Mt
Inferred
Mt
Unclassified
kt
Indicated
AgEq
Moz
Inferred
AgEq
Moz
38/100
0.891
3.367
70.34
11.240
32.346
35/100
0.564
3.694
70.34
7.170
36.417
42/100
1.352
2.906
70.34
16.203
27.383
38/75
0.891
2.902
535.40
11.240
28.802
1. Scenario values
represent the nominal average-distance thresholds, in meters, used to evaluate Indicated and Inferred classification, respectively. For
example, 38/75 represents a 38 m threshold for Indicated and a 75 m threshold for Inferred..
Table 11-62.
Wolf classification-distance sensitivity.
Scenario¹
Indicated
Mt
Inferred
Mt
Unclassified
kt
Indicated
AgEq
Moz
Inferred
AgEq
Moz
45/100
1.337
0.452
0.34
16.044
4.315
40/100
1.122
0.666
0.34
13.702
6.656
50/100
1.497
0.291
0.34
17.801
2.557
45/75
1.337
0.441
10.88
16.044
4.215
1. Scenario values
represent the nominal average-distance thresholds, in meters, used to evaluate Indicated and Inferred classification, respectively. For
example, 38/75 represents a 38 m threshold for Indicated and a 75 m threshold for Inferred..
Table 11-63.
Kitsol classification-distance sensitivity.
Scenario¹
Indicated
Mt
Inferred
Mt
Unclassified
kt
Indicated
AgEq
Moz
Inferred
AgEq
Moz
30/60
0.179
0.230
13.83
1.776
2.385
35/70
0.286
0.136
1.33
2.876
1.380
40/75
0.333
0.089
1.33
3.375
0.880
35/50
0.286
0.102
34.70
2.876
1.096
1. Scenario values
represent the nominal average-distance thresholds, in meters, used to evaluate Indicated and Inferred classification, respectively. For
example, 38/75 represents a 38 m threshold for Indicated and a 75 m threshold for Inferred..
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Table 11-64.
Torbrit classification-distance sensitivity.
Scenario¹
Indicated
Mt
Inferred
Mt
Unclassified
kt
Indicated
AgEq
Moz
Inferred
AgEq
Moz
30/50
2.497
0.730
284.43
25.025
6.922
35/75
2.765
0.746
0.30
27.655
6.296
35/100
2.765
0.746
0.30
27.655
6.296
40/100
2.987
0.525
0.30
29.765
4.186
1. Scenario values
represent the nominal average-distance thresholds, in meters, used to evaluate Indicated and Inferred classification, respectively. For
example, 38/75 represents a 38 m threshold for Indicated and a 75 m threshold for Inferred..
Table 11-65.
Dolly Varden classification-distance sensitivity.
Scenario¹
Indicated
Mt
Inferred
Mt
Unclassified
kt
Indicated
AgEq
Moz
Inferred
AgEq
Moz
30/50
0.091
0.144
76.38
1.340
1.714
25/50
0.032
0.203
76.38
0.478
2.577
35/50
0.134
0.101
76.38
1.992
1.062
30/40
0.091
0.081
138.60
1.340
1.082
1. Scenario values
represent the nominal average-distance thresholds, in meters, used to evaluate Indicated and Inferred classification, respectively. For
example, 38/75 represents a 38 m threshold for Indicated and a 75 m threshold for Inferred..
Table 11-66.
North Star classification-distance sensitivity.
Scenario¹
Indicated
Mt
Inferred
Mt
Unclassified
kt
Indicated
AgEq
Moz
Inferred
AgEq
Moz
30/50
0.358
0.177
77.85
3.571
1.268
25/50
0.293
0.242
77.85
3.009
1.830
35/50
0.424
0.111
77.85
4.065
0.774
30/70
0.358
0.232
23.22
3.571
1.587
1. Scenario values
represent the nominal average-distance thresholds, in meters, used to evaluate Indicated and Inferred classification, respectively. For
example, 38/75 represents a 38 m threshold for Indicated and a 75 m threshold for Inferred..
The Dolly Varden
30/75 result is excluded from the sensitivity table because it changes the Indicated population relative to 30/50 while purporting to
change only the Inferred threshold. The selected 30/70 conclusion is retained
Changing metal
prices or recoveries has two different effects. With a fixed block population, it changes only the equivalent-value calculation and the
equivalent ounces; individual metal grades, contained metals and tonnes remain unchanged. When the new AgEq values are used to reapply
a reporting cut-off, blocks can enter or leave the resource and all reported averages and quantities can change. A simple revaluation
of the final table therefore cannot establish the change in reportable resource tonnes.
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A final cut-off
and economic sensitivity suite should re-evaluate the approved models at common reporting constraints and retain Indicated and Inferred
separately. Useful cut-off cases bracket 132 g/t AgEq and show tonnes, individual metal grades, individual contained metals and AgEq.
Recovery and price cases should distinguish their effect on equivalency from the effect of reselecting blocks. South Reef requires a
separately labeled retained-basis case unless its original model is formally rerun.
11.10 Uncertainty,
Limitations and Material Risks
The resource categories
express the QP’s assessment of uncertainty in geological continuity, grade and quantity at the scale relevant to resource reporting.
Indicated material has sufficient confidence in the interpretation and estimate to support further mine planning and economic evaluation.
Inferred material has lower confidence and requires additional drilling and evaluation before it can be considered for conversion to
Mineral Reserves. No numerical confidence interval or probability of conversion has been calculated from the supplied models. Table 11-67
summarizes the principal sources of uncertainty affecting the Mineral Resource estimate, their influence on estimation and classification,
and the deposits for which each factor is particularly relevant.
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Table 11-67.
Principal sources of resource uncertainty and their treatment
Factor
Influence
on estimate and classification
Deposits
of particular relevance
Sampling
and data coverage
Historical
assays emphasize silver in parts of the southern area. Sparse Au/base-metal data increase uncertainty in equivalent credits.
North
Star, Dolly Varden, upper Wolf, historical Torbrit
Geological
interpretation
Lens
connections, thickness and extrapolation control volume and local grade continuity. Hard domains and spatial classification review
limit unsupported continuity.
Homestake
Main and Silver; narrow southern veins
High-grade
influence
Small
populations and skewed distributions make some caps influential. Domain caps limit extrapolation; paired model tests are needed to
quantify resource-metal effects.
Homestake
Silver small lenses; Homestake Main MIDLENS; selected Torbrit domains
Density
Screened
sample means may differ from volume-representative domain densities. Analogy or small populations add uncertainty to tonnes.
North
Star and Kitsol; Torbrit domain distribution
Interpolation
and support
IDW
smoothing, orientation and clustering affect local estimates. Separate grade and classification estimators must retain their intended
roles.
All
updated models
Historical
depletion
Uncertain
stope position or unrecorded workings can change remnant volumes. Production reconciliation does not resolve local spatial uncertainty.
Torbrit,
Dolly Varden and North Star
Metallurgy
and payable products
Proxy
recoveries, incomplete integrated testing and uncertain payable terms can change AgEq and reporting thresholds.
All
deposits; non-silver credits particularly relevant
Economic
and spatial assumptions
Unit
costs, minimum mining dimensions, dilution, access and processing configuration affect reasonable extraction prospects.
All
deposits
Retained
estimate
Original
model, cut-off and density must remain distinguishable from new-model assumptions.
South
Reef
Sensitivity
version control
Earlier
test quantities cannot be mixed with final reporting quantities or used as a final cut-off sensitivity.
Homestake,
Wolf, Torbrit and Dolly Varden
The QP considered
these factors together when assigning classification. A threshold passing the nominal-spacing test is not sufficient where geological
continuity, independent sample support, density or depletion confidence is inadequate. Conversely, a coherent mineralized continuation
with lower confidence can remain Inferred where it is supported by the geological and estimation evidence. Increasing a distance threshold
to increase tonnes is not a classification justification.
The principal measures
to reduce uncertainty are targeted infill and structural drilling, improved density coverage within the final domains, complete documentation
of historical workings and selective verification of remnant areas, metallurgical variability and product testing, and engineering work
that links the reporting cut-off to an accepted underground extraction scenario. These measures are carried into the TRS recommendations.
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11.11 QP
Conclusions on the Mineral Resource Estimate
In the opinion
of the Qualified Person, the accepted geological, drilling, assay and density information provides an adequate basis for the Mineral
Resource estimates at the confidence levels assigned. The deposit-specific domains, high-grade controls and estimation settings appropriately
reflect the mineralized systems and the available data. The updated models support Indicated and Inferred resources at the seven re-estimated
deposits. South Reef is retained as an Inferred resource on its preceding physical-resource and reporting basis.
The QP considers
the selected classification framework appropriate when applied with geological continuity, independent sample support and spatial review.
Inferred resources represent lower-confidence parts of the accepted mineralized systems. Based on that geological setting and the nature
of the available drilling, the QP reasonably expects that the majority of the Inferred resources could be upgraded through continued
exploration. Actual upgrading will depend on the results of that work and is not assured.
The QP considers
the identified geological, density, metallurgical and engineering issues capable of resolution through further work. The estimates do
not establish Mineral Reserves or demonstrate economic viability. The material risks and recommended follow-up work should be read with
the overall conclusions and recommendations in Chapters 22–23.
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12 MINERAL
RESERVE ESTIMATES
The Kitsault Valley
Project does not have any Mineral Reserves.
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13 MINING
METHODS
This section is
not applicable.
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14 PROCESSING
AND RECOVERY METHODS
This section is
not applicable.
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15 INFRASTRUCTURE
15.1 Scope and Reporting
Basis
The Kitsault Valley
Project is an exploration- and mineral-resource-stage property. No mine plan, process plant, production schedule, tailings-management
facility, waste-rock management plan, or project execution plan has been selected. Accordingly, the infrastructure described as existing
or currently used is adequate only for seasonal exploration support. References to possible future facilities identify categories requiring
study; they do not constitute a project design, capacity commitment, construction decision, or demonstration of economic viability.
Note:
Existing roads, marine landings, grid infrastructure, hydroelectric works, and third-party ports are not represented as being
controlled by, reserved for, or available to the Company at any particular capacity unless expressly stated. Commercial arrangements,
access rights, engineering suitability, permitting, and capacity remain to be established for any future development scenario.
15.2 Infrastructure Setting
and Status
The Project extends
northward from the historic Dolly Varden-Torbrit mining district in the lower and central Kitsault River valley to the Homestake deposits
near the headwaters of the Kitsault River. The terrain is rugged, locally glaciated, and incised by steep streams and gullies. The lower
valley contains remnants of historic mining and hydroelectric infrastructure and a historical road or tractor-trail corridor. The upper
valley and Homestake areas do not have developed road access and are reached primarily by helicopter.
Alice Arm is the
current exploration logistics base. Regional supplies, equipment, contractors, and personnel are mobilized through Terrace, Prince Rupert,
Smithers, Stewart, and other northwestern British Columbia service centres. Kitsault and Alice Arm have few permanent residents and should
not be assumed to provide municipal-scale services, labour, accommodation, or emergency-response capacity for a future mine.
Existing infrastructure
and future needs are outlined in Table 15-1.
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Table 15-1.
Existing infrastructure and future-project requirement or status.
Element
Existing
or current exploration use
Future-project
requirement or status
Road
access
Highway
113 and connecting roads reach Kitsault; a historical road/trail extends north from Alice Arm into the lower Kitsault Valley.
Road
condition and continuity are insufficient for mine haulage. Upgrading, bridges, geotechnical design, avalanche and drainage controls,
and access rights would require study.
Rail
No
railway serves the Property. The Canadian National Railway main line passes through Kitwanga, about 180 km by road from Kitsault
as reported in the 2022 Homestake report.
No
rail connection or rail-loading concept has been selected.
Aviation
Scheduled
air service is available at Terrace and other regional airports; helicopters support field access from Alice Arm and regional bases.
A
permanent aerodrome has not been proposed. Future helicopter or emergency-aviation facilities would require design and permitting.
Marine
and ports
Alice
Arm and Kitsault have barge landing areas. Prince Rupert supports current marine supply; Stewart has a third-party deep-sea port
used by regional mines.
No
dedicated project port, concentrate-handling system, capacity reservation, or shipping agreement has been established.
Camp
and buildings
Temporary
seasonal camp, geology, core-logging, core-cutting, storage, and helicopter-support facilities are maintained at Alice Arm.
Permanent
accommodation, administration, maintenance, warehouse, emergency, and operational buildings have not been designed.
Power
Current
exploration facilities use portable diesel generation. Grid power is present at Kitsault, and historical hydroelectric works occur
in the upper Kitsault valley.
No
project load study, connection study, service agreement, transmission alignment, or generation plan has been completed.
Water
Surface-water
sources are abundant and support permitted exploration activities.
Production
demand, water rights, source reliability, treatment, storage, site-wide balance, discharge, and contact-water management have not
been defined.
Waste
and tailings
Historical
Dolly Varden and Torbrit mining left limited surface waste-rock dumps; the 2023 report states that no on-site tailings were produced.
No current process waste is generated.
Waste-rock,
tailings, overburden, leach-pad, and water-management facilities have not been selected or designed.
Dams
and pipelines
The
historic Kitsault River hydroelectric dam and associated works are not used for current project power. No project pipelines are in
service.
No
new project dam or pipeline system has been designed.
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15.3 Transportation and
Access
15.3.1
Regional Roads and Property Access
Overland access
from Terrace to Kitsault is by the Nisga'a Highway (Highway 113) and connecting forest-service and mine roads. The 2023 combined technical
report reports a total road distance of approximately 167 km from Terrace to Kitsault. Older reports and annual assessment filings describe
different route lengths; these values reflect different route definitions and should not be combined. Kitsault lies on the eastern side
of Alice Arm, across tidewater from the Alice Arm exploration base.
From Alice Arm,
the historical Kitsault Valley Road follows the former Dolly Varden railway grade north along the Kitsault River. The corridor historically
served the Dolly Varden, North Star, Torbrit, and Wolf areas and was later used for exploration and hydroelectric work. Filed reports
describe road or tractor-trail access into the lower valley and identify washouts, bridge loss, overgrowth, and maintenance needs. Access
beyond the lower and central valley, particularly to the Homestake deposits, is primarily by helicopter. The historical grade is not
a modern all-season mine road and should not be treated as such in engineering or economic studies.
Ongoing planning
to repair washouts and redesign bridge crossings under a forestry-road Special Use Permit is in progress.
15.3.2
Aviation Facilities
There is no developed
land-based runway at the Project. Regional scheduled air service is available at Terrace, with additional airports at Prince Rupert and
Smithers. Helicopters are available from Terrace, Stewart, Prince Rupert, and other regional bases and are the primary means of moving
personnel, drill crews, core, and light supplies between Alice Arm and field sites. Floatplane access to Alice Arm is possible at the
marked water-access ramp when weather and water conditions permit.
The current exploration
program uses a temporary helicopter staging area near the Alice Arm waterfront. The infrastructure includes two double-walled, monitored
25,000 L tanks for aviation fuel, replenished seasonally through marine and road-supported logistics, and secondary helicopter-fuelling
capability at Kitsault. These facilities support exploration only.
15.3.3
Marine Logistics, Ports, and Rail
Heavy equipment,
bulk fuel, and camp supplies are moved to Alice Arm by contracted tug and ramp-equipped barge, principally from Prince Rupert according
to the filed Dolly Varden reports and annual assessment records. Alice Arm has a wet landing and laydown area used for current exploration
logistics. A historical dry landing exists on the Kitsault side of Alice Arm; barge selection and tidal planning are material because
a vessel may ground at low tide during unloading.
Stewart, at the
head of Portland Canal, hosts a third-party deep-sea port that has historically handled ore and concentrate from regional mines. Prince
Rupert also provides deep-water marine and intermodal services. The Project has no dedicated port, concentrate storage, shiploader, marine
terminal, or contracted capacity. Port selection, shipping route, product form, handling method, environmental requirements, and commercial
terms cannot be established until a mine and processing concept has been defined.
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No railway reaches
Alice Arm or the Project. The Canadian National Railway main line and Highway 16 pass through Kitwanga, approximately 180 km by road
from Kitsault as reported in the 2022 Homestake technical report. No transload location, haulage route, capacity allocation, or railway
agreement has been selected. The regional access and transportation setting for the Kitsault Valley Project, including road, marine,
aviation, port and rail connections, is shown in Figure 15-1.
Figure 15-1.
Regional access and transportation setting, Kitsault Valley Project (source: initial Chapter 15 infrastructure working draft, June 2026).
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15.4 Current Exploration-Support
Facilities
15.4.1
Alice Arm Camp and Work Areas
Seasonal exploration
is supported from private lots in Alice Arm used by the Company. The camp comprises temporary kitchen, dining, dry, washroom, sleeping,
office, geology, core-logging, and core-cutting structures. The current infrastructure consists of wood-frame tent and plywood sleeping
units, two approximately 20 ft by 40 ft logging buildings, an office, and a core-cutting building. Heating and electrical service are
provided by diesel-fired equipment and portable generators. No permanent mine-site buildings or municipal utility services are present
on the mineral property.
Currently all drill
core is transported by helicopter to the Alice Arm base, received and checked by geological personnel, logged and photographed, and prepared
for sampling at the logging facility. The camp and work areas are suited to seasonal exploration but have not been assessed for mine
construction or production staffing.
15.4.2
Fuel, Supplies, and Storage
Camp fuel and bulk
supplies are mobilized seasonally by barge and, where practicable, by road to Kitsault and then by small boat or helicopter. Fuel storage
at Alice Arm supports helicopters, generators, heating, and light equipment. A rented warehouse near Terrace is used for samples and
minor supplies.
The current exploration
drill core is cross-stacked and covered on private lots in Alice Arm. Earlier Dolly Varden core is stored near Terrace, and historical
Homestake/Auryn core is reported stored near Smithers.
15.4.3
Power Supply
Portable diesel
generator sets provide current electrical power for the Alice Arm camp, office, logging, and core-cutting facilities. Current generation
is temporary and sized for exploration support, not for mine or process loads.
The British Columbia
electrical grid extends to Kitsault. Historical grid interconnections and a hydroelectric dam, generating station, and access road occur
in the Kitsault River valley. The historical hydroelectric facilities are not in service as a Project power source, and private proposals
to rehabilitate regional hydroelectric assets do not establish available Project supply. Likewise, regional transmission planning by
BC Hydro does not constitute an interconnection approval or capacity commitment at this time. A future project would require a load forecast,
connection and system-impact studies, route and land-access studies, reliability assessment, commercial agreement, and comparison with
on-site or hybrid generation alternatives.
15.4.4
Personnel and Supply Centres
Terrace is the
principal regional service centre and provides scheduled air service, accommodation, medical and commercial services, contractors, equipment,
fuel, and a pool of personnel experienced in mineral exploration and construction. Prince Rupert, Smithers, and Stewart also provide
specialized supplies, contractors, marine services, aviation support, and mining-experienced labour. Kitwanga provides highway and rail
access. Alice Arm and Kitsault should be treated as logistics nodes rather than full-service communities.
Currently there
is availability of regional exploration labour and services to support the proposed exploration work, however It does not include a production
workforce plan, commuting strategy, accommodation plan, training assessment, emergency-response plan, or commitments for local procurement
and hiring. Those matters would be developed with the mining and processing concepts.
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15.5 Water, Waste, Tailings,
Dams, and Pipelines
15.5.1
Water Supply and Current Water Management
The Upper Kitsault
River, Kitsault Lake, tributaries, snowmelt, and local groundwater indicate substantial regional water availability. Current exploration
water use is limited to drilling and camp support and is subject to applicable authorizations. Drill-return water is managed at the drill
sites using settling sumps and other permit-specific controls. The Alice Arm camp uses a septic system and local wastewater controls;
solids are removed by contracted service as required by the operating plan.
No site-wide water
balance, production-water demand, intake, treatment plant, raw-water reservoir, contact-water collection system, discharge system, or
water pipeline has been designed. The apparent abundance of water does not establish legal availability, seasonal reliability, water
quality, or acceptable environmental effects. Future studies would require hydrometric and climate data, hydrogeology, water-quality
baseline data, water rights and permitting review, source and demand modelling, treatment criteria, extreme-event design, and closure
considerations.
15.5.2
Waste Rock, Tailings, Leach Pads, and Dumps
Historical mining
at Dolly Varden and Torbrit left limited surface waste-rock dumps and underground openings. The 2023 combined technical report states
that no on-site tailings were produced because historical ore was primarily shipped from the site. No current mineral processing occurs,
and the exploration program does not operate a tailings facility, leach pad, production waste-rock dump, or overburden stockpile.
No future mining
method or processing route has been selected; consequently, the quantity and geochemical character of waste rock, tailings, overburden,
and process residues are not defined. Facility siting, storage technology, dam consequence classification, geotechnical and seismic design,
geochemical controls, water management, progressive reclamation, and closure requirements must be established in later studies.
15.5.3
Dams and Pipelines
The historic Kitsault
River hydroelectric dam and associated power works are legacy infrastructure and are not represented as operating Project facilities.
No new water-retaining dam, tailings dam, process-water pipeline, concentrate pipeline, fuel pipeline, or natural-gas pipeline is proposed
in the current exploration plan. If a later project concept includes any such facility, its alignment, ownership, capacity, integrity
management, environmental setting, permitting, and closure obligations would require project-specific engineering.
15.6 Future Project Infrastructures
Requirements
A future development
concept would require infrastructure sized and located to match the selected mining, processing, waste-management, and product-transport
strategies. The following work packages represent the minimum infrastructure definition needed before costs, schedules, or economic conclusions
could be supported (Table 15-2).
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Table 15-2.
Infrastructure definition required for a future project study.
Work
package
Required
definition
Access
and logistics
Select
the construction and operating access strategy; survey the corridor; assess terrain, avalanche, hydrology and geotechnical hazards;
design roads, bridges and drainage; establish access rights and maintenance basis.
Marine,
port, and product transport
Define
product form and annual tonnage; compare Alice Arm, Stewart, Prince Rupert, road and rail interfaces; complete marine, terminal,
storage, transload, capacity, and commercial studies.
Site
layout and buildings
Define
mine and plant locations, construction laydown, camp, administration, warehouse, maintenance, laboratory, explosives, fuel, emergency,
and communications facilities with constructability and winterization criteria.
Power
and fuel
Develop
load lists and demand profiles; compare grid, hydroelectric, thermal, renewable and hybrid options; complete interconnection, transmission,
reliability, fuel-logistics, storage, and emissions studies.
Water
systems
Complete
baseline monitoring and a site-wide water balance; define sources, rights, intakes, storage, treatment, pipelines, contact-water
collection, discharge, flood and climate-change criteria.
Waste,
tailings, and earthworks
Characterize
waste and tailings; prepare siting and alternatives studies; define storage technology, dams, foundations, seepage and water
controls, borrow sources, closure, and monitoring requirements.
Workforce
and services
Prepare
construction and operations workforce plans, accommodation and transport strategies, regional service and emergency-response assessments,
and local procurement and training plans.
The sequence and
scope of these studies should be coordinated with the effective-date mineral resource, mine and process alternatives, environmental baseline
program, Indigenous and community engagement, permitting strategy, and project risk register. Existing exploration infrastructure
may provide logistical value but should not be credited as production-ready without condition assessment and fit-for-purpose engineering.
Figure 15-2 provides a project-scale overview of the regional roads, transmission lines, Alice Arm and Kitsault logistics nodes, historical
hydroelectric works and Stewart port relevant to future infrastructure planning.
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Figure 15-2.
Project-scale infrastructure setting, showing regional roads, transmission lines, Alice Arm and Kitsault logistics nodes, historic hydroelectric
works, and Stewart port (source: initial Chapter 15 infrastructure working draft, June 2026).
15.7 QP Interpretation
and Limitations
The consolidated
source record demonstrates that the Project can be supported for seasonal exploration using the Alice Arm camp, regional service centres,
contracted marine transport, road access to Kitsault, and helicopter access to field sites. These arrangements have supported substantial
multi-year drilling programs and are considered appropriate for the current exploration stage.
The available information
is not sufficient to conclude that infrastructure required for mining and processing is technically or economically feasible. Material
uncertainties include all-season access, road and bridge condition, port and rail capacity, electrical supply and interconnection, site-wide
water management, waste and tailings facility selection, terrain and avalanche hazards, permanent accommodation and services, ownership
and access rights, permitting, capital and operating costs, and construction schedule. No infrastructure capacities or cost credits should
be carried into an economic analysis without project-specific engineering and verification.
The maps identify
the regional infrastructure setting and known historical or current logistics nodes. They are not engineering layouts and do not show
a selected mine, process plant, tailings facility, waste-rock facility, water-management system, transmission line, or pipeline corridor.
Any such facilities shown elsewhere in the TRS should be reconciled to a single effective-date project basis.
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16 MARKET
STUDIES
The marketability
of the concentrates from this project will be determined by mineral composition and payable metal contents. Market research and pricing
information confirm that the concentrates will be attractive to custom copper, lead and zinc smelters for the current and foreseeable
future, though specific characteristics must be factored into commercial negotiations.
16.1 Lead
Concentrate
Lead smelting profitability
is driven by recovery of byproduct metals, primarily silver and gold, as well as minor elements such as antimony. China and Korea are
the largest importers of seaborne lead concentrates, primarily because they operate smelting technologies capable of efficiently recovering
byproduct precious metals. The high-silver lead concentrate market is currently under-supplied and is expected to continue to be in deficit
for the long term. Table 16-1 defines the commercial terms used for this analysis.
Table 16-1.
Commercial terms used in economic analysis for Pb concentrate.
Pb
Concentrate
Pb
95%
Deduct
3 units
Gold
97.5%
Min
1.0g/t
Silver
97.5%
Min
50g/t
Pb
TC
$50
/dmt
Ag
RC
$0.50
/oz
Export
CIF
Main Asian Port
16.2 Copper
Concentrate
The International
Copper Study Group estimates global mine supply of copper concentrate reached approximately 25 million mt in 2025, whereas global copper
concentrate smelting capacity was 28 million mt. The deficit, primarily due to expansion of China’s copper smelting industry, has
caused treatment and refining charges to collapse, yielding below-zero treatment and refining charges (TC/RC’s). This condition
is expected to persist and result in very low TC/RC’s for the medium to long term (International Copper Study Group, n.d.). Table
16-2 defines the commercial terms used for this analysis.
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Table 16-2.
Commercial terms used in economic analysis for Cu concentrate.
Cu
Concentrate
Gold
97.5%
Silver
90%
Copper
96.5%
Deduct
1 unit
Cu
TC
$50
/dmt
Cu
RC
$0.05
/lb
Au
RC
$5
/oz
Ag
RC
$0.50
/oz
Export
CIF
Main Asian Port
16.3 Zinc
Concentrate
The zinc concentrates
produced in the Kitsault Valley ores may be more challenging to market, as the most recent test-work has only produced concentrate grades
of 36% zinc with as high as 21% lead, as well as high antimony and cadmium content. Standard zinc concentrates typically contain at least
45% zinc, although some smelters process zinc concentrates with as little as 25% zinc. While the global zinc concentrate market is also
in deficit, (global zinc mine production of 13 million mt in 2025 vs. global zinc smelting capacity of 14 million mt), this quality may
only be attractive to lead/zinc smelters with high silver recovery rates. If silver grades can be maintained at >2.7kg/mt, the concentrates
are marketable in China as “silver” concentrates. Table 16-3 defines the commercial terms used for this analysis.
Table 16-3.
Commercial terms used in economic analysis for Zn concentrate.
Zn
Concentrate
Silver
95%
Minimum
deduct 50g/dmt
Zn
40%
If
over 15% zinc
Pb
95%
Minimum
deduct 3 units
TC
$50
/dmt
Ag
RC
$0.10
/troy
oz.
Export
CIF
Main Chinese Port
16.4 Summary
The Project’s
three concentrates (Pb, Cu and Zn) show no significant issues with their overall marketability. Major suppliers and smelters worldwide
form a competitive landscape where entry barriers include high capital investment, regulatory compliance, and access to infrastructure.
Given the concentrates’ specifications, strategic partnerships may be necessary to optimize offtake agreements and mitigate market
risks. Partnerships should be evaluated during future Pre-Feasibility and Feasibility studies.
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17 ENVIRONMENTAL
STUDIES, PERMITTING, AND COMMUNITY
17.1 Scope,
Reporting Basis, and Project Stage
The Kitsault Valley
Project is an exploration- and mineral-resource-stage property. Current authorizations support exploration; no mine plan, process plant,
production schedule, tailings-management facility, waste-rock management facility, site-wide water-management system, or mine closure
plan has been selected. No provincial environmental assessment certificate, major-mine permit, federal impact assessment decision, or
production-related discharge authorization are obtained. Consequently, future mine-permitting requirements are described as a framework
and data need, not as an approved permitting pathway or schedule.
Note:
This chapter is not a legal opinion and does not determine Aboriginal rights or title, treaty rights, regulatory jurisdiction,
environmental-assessment reviewability, or the complete set of approvals for a future mine. Those matters depend on the project ultimately
proposed and require legal, regulatory, environmental, engineering, and Indigenous-engagement review.
17.2 Environmental
and Social Setting
The core Project
area occupies the Kitsault River watershed from tidewater at Alice Arm northward to glaciated headwaters near the Homestake deposits.
The upper watershed receives substantial snow and glacial runoff. The river passes through a confined central canyon and opens into a
lower-gradient braided reach before entering Alice Arm. Tributaries below the canyon provide fish habitat, including habitat used by
Pacific salmon species. The Project's other exploration holdings and permit areas extend outside the core Kitsault River corridor and
require separate watershed and land-use screening.
Vegetation ranges
from coastal forest in the lower valley to subalpine and alpine environments. The combined technical report identifies rugged terrain,
glaciers, steep streams, heavy precipitation, and weather-dependent access as material environmental and operating conditions. These
conditions affect baseline design, seasonal sampling, erosion and sediment control, water balance, road and bridge design, wildlife timing
windows, reclamation, and emergency response.
The Project is
within an area of longstanding Indigenous use and asserted or recognized interests. The source reports identify the Nisga'a Nation as
the principal Indigenous government engaged for the core Kitsault Valley permits and also identify areas of interest or consultation
involving Metlakatla, Skii km Lax Ha, and Gitanyow hereditary governance.
17.3 Current
Exploration Permitting
17.3.1
Mines Act and Multi-Year Area-Based Authorizations
Mechanized exploration
in British Columbia generally requires a permit under section 10 of the Mines Act. A Notice of Work application or amendment describes
proposed activities and includes a program for protection and reclamation of affected land and watercourses. Multi-Year Area-Based permitting
typically authorizes specified exploration activities within defined activity areas for up to five years, subject to permit conditions,
disturbance limits, annual reporting, and reclamation obligations.
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Permit holders
submit an Annual Summary of Exploration Activities (ASEA) describing work, disturbance, reclamation, and remaining authorized capacity.
Financial reclamation security may be required as a permit condition and can be adjusted as liability changes. Permit closeout and return
of security require completion and regulatory acceptance of reclamation; the existence of security does not cap the Company's reclamation
obligation.
The core deposits
are covered by two principal exploration permits: MX-1-860 over the legacy Dolly Varden area and MX-1-603 over the legacy Homestake area
(Table 17-1; Figure 17-1).
Table 17-1.
Principal exploration permits for the core Kitsault Valley area (2026 management register; verify against executed permits).
Area
Permit
Authorized
disturbance
(ha)
Principal
authorized activities
Security
Reported
expiry
Dolly
Varden
MX-1-860
24.03
112
helicopter-supported drill sites; 140 line-km geophysics; 30 helicopter pads; work structures; 12 trenches; 5 km trails; 800 m Torbrit
rehabilitation; 20 underground drill stations and 10 geotechnical sites.
C$99,000
March 31,
2031
Homestake
MX-1-603
20.06
200
helicopter-supported diamond drill sites; 300 helicopter-supported RC sites; 50 line-km geophysics; 6 helicopter pads; 2 km trails;
camp allowance of 1.0 ha.
C$76,000
March 31,
2030
The MX-1-860 amendment
has been approved in early 2026. An Occupant Licence to Cut associated with the permit is renewed in 2026 for Crown timber clearing beyond
the volume otherwise authorized. The Homestake area is predominantly alpine, but timber and vegetation-clearing requirements remain site-specific.
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Figure 17-1.
Principal exploration permit areas and historical infrastructure in the core Kitsault Valley corridor.
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17.3.2
Other Exploration Permits and Boundary Reconciliation
The broader permit
map supplied with the draft shows additional Contango exploration permits over Big Bulk, Kinskuch, Theia, Porter, Red Cliff, and BA areas
(Table 17-2; Figure 17-2).
Table 17-2.
Other exploration permits shown in the working record.
Area
Permit
identifier
Disturbance
(ha)
Security
Reported
expiry
Status
note
Kinskuch
MX-1-838
on map; draft register listed MX-1-868
0.83
C$51,000
March 31,
2030
Identifier
and TRS inclusion to verify
Big
Bulk - DV
MX-1-784
3.74
C$27,000
March 31,
2030
Current
draft register
Big
Bulk option
MX-1-990
3.92
C$36,000
March 31,
2030
Current
draft register
Theia
portion
MX-1-186
on map; draft register listed MX-1-189
0.35
C$25,878
March 10,
2027
Identifier
and TRS inclusion to verify
Porter
/ Red Cliff / BA
MX-1-977
/ MX-1-736 / MX-1-776 on map
Not
supplied
Not
supplied
Not
supplied
Outside
core corridor; scope to verify
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Figure 17-2.
Broader exploration permit setting. Boundaries and permit identifiers are informational and require reconciliation with the final Chapter
4 property boundary and executed permits.
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17.3.3
Operating Authorizations and Commercial Arrangements
The Alice Arm exploration
base occupies fee-simple or other private surface parcels used by the Company. Private ownership does not remove facilities from otherwise
applicable mine, occupational health and safety, public health, water, waste, fire, building, or environmental requirements. Table 17-3
summarizes the management-reported operating authorizations and commercial arrangements supporting the Project’s current exploration
activities and facilities.
Table 17-3.
Management-reported operating authorizations and arrangements.
Subject
Authorization
or arrangement
Reported
status
Effective-date
verification
Camp
water
Water
Licence Authorization C035609
Reported
active with annual provincial fees
Confirm
licence holder, authorized source, quantity, term, reporting, and compliance.
Food
service and potable water
Northern
Health food-service operating permit, reportedly effective from August 18, 2011
Reported
renewed annually
Confirm
permit number, inspection status, monthly potable-water testing, and current results.
Road
access
Commercial
road-use agreement for the Terrace-Kitsault route
Reported
active with monthly fees
Confirm
parties, route, term, load and seasonal restrictions, insurance, and termination rights.
Alice
Arm dock and landing
Arrangement
administered by Alice Arm Harbour Society
Reported
active with annual maintenance fee
Confirm
tenure, operating authority, environmental conditions, capacity, and good standing.
17.4 Environmental
Studies and Baseline Information
17.4.1
Historical Water-Quality Programs
IEC Consultants
Ltd. completed water-quality monitoring in 1981 at four Kitsault River stations: upstream of Wolf; downstream of the historical Torbrit
mill and townsite; upstream of the Two Mile Creek historical site; and downstream of that site. Samples collected during high-flow autumn
conditions were analyzed for physical parameters, dissolved anions and metals, solids, sewage indicators, and selected mine-drainage
constituents. (IEC Consultants Ltd., 1981)
The 2015 technical
report states that river samples were turbid and exceeded then-applicable objectives for total suspended solids and certain dissolved
constituents during high flow. Elevated aluminum was considered potentially affected by laboratory contamination. Torbrit portal drainage
was reported as mildly alkaline and chemically similar to natural surface water, with higher calcium and magnesium. The historical report
concluded that mine-water discharge did not have a detectable effect on surface-water chemistry. These results are screening-level historical
observations using older criteria and methods; they do not establish current compliance, absence of effects, or suitability as a future
water source.
In October 2012,
five reconnaissance samples were collected from Kitsault River sites upstream and downstream of the Torbrit 1025 Level portal and from
Torbrit and North Star mine waters (Table 17-4). The standing and circulating mine waters as mildly alkaline and without the dissolved
heavy-metal or particulate contamination of concern identified by that program.
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Table 17-4.
Reported 2012 reconnaissance water-sample locations.
Sample
Location
SW-5
Kitsault
River upstream of Torbrit 1025 Level south portal
SW-6
Kitsault
River downstream of Torbrit 1025 Level south portal
TFS
Flooded
lower raise reaching the Torbrit 1025 Level
SW-P3
Natural
outflow at southern entrance to Torbrit 1025 Level portal
SWP-2
Entrance
to northeast portal of North Star Mine
17.4.2
Homestake Environmental and Engineering Studies
The Homestake project
in the 2022 technical report includes a 2011 SGS Minerals Services characterization of Homestake Ridge tailings; a 2012 Triton Environmental
Consultants surface-water-quality initial site visit (Triton Environmental Consultants Ltd., 2012a); a 2012 Triton proposed-road stream
assessment (Triton Environmental Consultants Ltd., 2012b); a 2012 pHase Geochemistry waste-rock field-barrel characterization (pHase
Geochemistry Inc., 2012); a 2018 wildlife management and monitoring plan; preliminary geotechnical assessments; access-road studies;
conceptual mine-site and hydroelectric layouts; and 2011 tailings-storage alternatives and conceptual tailings-cost work by Knight Piésold
Consulting (2011a–d).
These studies demonstrate
that prior operators began environmental and infrastructure screening, including preliminary acid-generation testing of waste rock and
tailings. The 2022 report recommended broader testing across all major rock types, baseline monitoring of surface water, groundwater,
air and climate, and a site-wide water balance. The conceptual facility studies pre-date the consolidated Project and do not represent
a current mine plan, selected tailings site, approved facility, or current cost basis.
17.4.3
Current Environmental Work
ERM Consultants
Canada Ltd. collected surface-water samples at four locations across the Homestake and Dolly Varden areas during 2024 and 2025 as due
diligence on historical results, these were generally consistent with the historical record. A meteorological station with precipitation
and wind instruments was installed near Red Point in 2024 and data are downloaded to a monitoring database (ERM Consultants Canada Ltd.
[n.d.]).
This work is the
start of renewed baseline collection, not as a complete baseline or a demonstration of no material effect. Table 17-5 summarizes the
status of the available environmental baseline information and identifies the principal data gaps that should be addressed before future
project development.
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Table 17-5.
Environmental baseline status and principal gaps for future development.
Discipline
Available
information
Additional
definition required
Surface
hydrology
Historical
spot samples and 2024-2025 reconnaissance sampling
Install
representative long-term stations; measure flow, stage, sediment, seasonality, extreme events, glacier contribution, and climate-change
sensitivity.
Surface-water
quality
1981,
2012, and reported 2024-2025 observations
Develop
multi-season, multi-year program with current analytes, QA/QC, guideline comparison, load estimates, and reference/control sites.
Groundwater
and mine water
Limited
portal-water observations
Define
hydrostratigraphy, groundwater levels, flow, chemistry, mine inflows, groundwater-surface-water interaction, and monitoring network.
Climate
and air
Red
Point meteorological station from 2024; historical regional climate
Complete
validated meteorological record and evaluate air quality, dust, greenhouse gas, snow, icing, avalanche, and dispersion inputs.
Aquatic
resources
Watershed
and fish-habitat context; prior road-stream reconnaissance
Complete
fish, fish habitat, benthic, aquatic-health, stream-crossing, and sediment baseline at project-specific locations.
Terrestrial
ecology
Wildlife
plans and species tracking
Update
vegetation, wetlands, wildlife, species-at-risk, habitat-use, migratory-bird, and cumulative-effects studies.
Geochemistry
Preliminary
waste-rock and tailings screening
Characterize
all material types for acid generation, metal leaching, source terms, volumes, segregation, treatment, and closure performance.
Cultural
heritage and land use
AOA,
chance-find procedure, targeted field review
Maintain
current archaeological and Indigenous land-use information and complete field studies aligned with the selected footprint.
17.5 Wildlife,
Vegetation, and Aquatic Protection
Wildlife Management
Plans have accompanied exploration permit amendments. The current consolidated plan has been prepared by ERM using prior plans, desktop
information, and species tracking. It contains encounter and mitigation protocols for grizzly bear, mountain goat, moose, coastal northern
goshawk, marbled murrelet, and other species and identifies timing or spatial restrictions for sensitive habitat and helicopter routes.
There are no identified
designated protected area lies within the legacy Dolly Varden claim block, while sensitive wildlife areas occur along access routes and
elsewhere in the broader region. That statement does not replace current spatial screening for parks, conservancies, wildlife habitat
areas, ungulate winter ranges, species-at-risk habitat, old-growth or ecosystem designations, or Indigenous land-use values
Exploration planning
should continue to incorporate flight paths, minimum-altitude and setback requirements, nesting and breeding windows, bear attractant
and waste controls, spill prevention, erosion and sediment control, stream-crossing constraints, invasive-species prevention, and progressive
reclamation.
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17.6 Archaeology
and Cultural Heritage
Archaeological
Overview Assessments (AOAs) have been prepared for exploration permit amendments. An AOA is a desktop screening tool that uses known
archaeological information, landform and terrain context, and other indicators to identify areas of archaeological potential. Proposed
disturbances that overlap higher-potential areas may require Preliminary Field Reconnaissance or an Archaeological Impact Assessment
by qualified specialists, in coordination with the relevant Indigenous Nations and the Province.
There is an archaeological
chance-find procedure and an active Heritage Conservation Act inspection permit inplace. Work is to stop and the applicable notification
and protection procedures are to be followed if suspected cultural material is encountered. No new archaeological sites encountered during
Project exploration to date. Absence of a reported discovery is not evidence that cultural heritage resources or Indigenous cultural
values are absent.
17.7 Indigenous
Nations, Communities, and Agreements
17.7.1
Engagement and Consultation Record
The Crown conducts
consultation in connection with Mines Act permit decisions, and the Company provides project information and responds to questions through
the application and engagement process. Current engagement associated with the 2025 Wildlife Management Plan, AOA, and permit amendments
involving Nisga'a Lisims Government, Metlakatla, Skii km Lax Ha, and Gitanyow hereditary governance, including the Luuxhon and Bii Yoxw
wilps for areas east and north of the core watershed (Table 17-6).
Table 17-6.
Engagement context reported in the working record.
Nation
or
community
Reported
context
Reported
engagement
Effective-date
verification or future work
Nisga'a
Lisims Government
Core
Kitsault Valley permits and regional interests identified in the working record
2018
and 2025 wildlife/AOA and permit-amendment engagement reported
Confirm
Crown record, Company correspondence, permit conditions, and any continuing commitments.
Metlakatla
Coastal
and Great Bear Rainforest interests identified by the draft
2025
wildlife/AOA engagement reported
Confirm
geographic basis, issues record, and whether future marine or access components change engagement scope.
Skii
km Lax Ha
Traditional-territory
interests north of the core Project identified by the draft
Consultation
during permit amendments reported
Confirm
current governance contacts, Crown record, and applicable permit areas.
Gitanyow
hereditary governance
Areas
east and north, including Luuxhon and Bii Yoxw wilps, identified by the draft
Engagement
on Kinskuch/Big Bulk and related permit amendments reported
Reconcile
permit boundaries, wilp territories, correspondence, conditions, and future engagement.
Alice
Arm, Kitsault, Terrace, Stewart and regional communities
Logistics,
labour, services, transport, and potential environmental or socioeconomic interests
Operational
relationships and procurement occur during exploration
Develop
stakeholder register, grievance mechanism, emergency coordination, and socioeconomic baseline for any development proposal.
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The permit consultations
concluded without unresolved comments that prevented the reported permit approvals. That outcome is specific to the activities and decisions
consulted on and should not be described as consent to a future mine, acceptance of future effects, or a waiver of rights. Engagement
records, commitments, conditions, correspondence, and issues tracking should be maintained and verified for the effective date.
17.7.2
Agreements, Local Procurement, and Hiring
There are no project-wide
impact-benefit agreement, exploration agreement, cooperation agreement, procurement agreement, employment agreement, or community-benefits
agreement for the consolidated Project. No material negotiation or executed agreement of this type has been provided for disclosure
The Company does
have a policy preference for local hiring and estimates that approximately 10% to 15% of the field workforce has been drawn from regional
communities. This is historical practice rather than a quantified binding commitment unless supported by an adopted policy or agreement.
17.8 Waste,
Tailings, Monitoring, and Water Management
Current exploration
does not operate a process plant, leach pad, production waste-rock dump, tailings facility, or mine-water treatment plant. Drill water,
cuttings, fuels, domestic wastewater, solid waste, and disturbed sites are managed under applicable exploration permits and operating
procedures. Chapter 15 describes current camp and exploration-support systems; permit-specific environmental controls and annual performance
should be confirmed from operating records.
Historical Dolly
Varden and Torbrit mining left a plant site, underground workings, and limited waste-rock dumps. The 2023 combined technical report states
that no on-site tailings were produced because historical ore was primarily shipped from site, and it reported historical acid-rock-drainage
testing results within acceptable levels
No waste-rock or
tailings management plan, operational monitoring plan, site-wide water balance, discharge strategy, treatment design, or post-closure
monitoring plan exists for a future mine because mining and processing methods have not been selected. These systems must be developed
together from representative geochemical, hydrological, hydrogeological, geotechnical, climatic, ecological, and process data in the
future.
17.9 Future
Project Permitting Framework
A future development
proposal would require a coordinated provincial, federal, Indigenous, and local permitting strategy based on the selected project
description. The following matrix identifies principal regulatory subjects, but it is not exhaustive and does not determine applicability
(Table 17-7).
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Table 17-7.
Indicative future permitting framework.
Regulatory
subject
Principal
authority
Potential
requirement
Current
status
Provincial
environmental assessment
Environmental
Assessment Act and Reviewable Projects Regulation
Environmental
assessment certificate or exemption/order if the selected project is reviewable; project notification may also apply.
No
application identified; reviewability cannot be determined without a project description.
Mine
construction, operation, reclamation and closure
Mines
Act and Health, Safety and Reclamation Code
Major-mine
permit and approved mine, reclamation and closure plans; security based on liability.
Exploration
permits only.
Effluent,
air emissions and waste
Environmental
Management Act
Authorizations
for discharges, emissions, waste handling and treatment, as applicable.
No
production authorization identified.
Water
diversion, use and works
Water
Sustainability Act
Water
licences, use approvals and approvals for changes in and about streams, as applicable.
Camp
authorization reported; development needs undefined.
Land,
roads, timber and foreshore
Land
Act, Forest Act and related tenure authorities
Crown
land tenure, road and access authorities, timber authorizations, and foreshore or marine tenure, as applicable.
Exploration
arrangements reported; future footprint undefined.
Archaeology
and heritage
Heritage
Conservation Act
Heritage
inspection/investigation permits and impact-management measures, as applicable.
Exploration
AOA and chance-find process reported.
Fish,
fish habitat and aquatic species
Federal
Fisheries Act and Species at Risk Act
Authorizations
or permits if activities affect fish, fish habitat, listed aquatic species or critical habitat.
Applicability
to development unknown.
Federal
impact assessment and other federal approvals
Impact
Assessment Act, Species at Risk Act, Migratory Birds Convention Act, Canadian Navigable Waters Act and other federal laws
Assessment
decision and project-specific approvals where triggered.
No
federal development assessment identified.
Public
health, buildings, fire and emergency services
Provincial
and local authorities
Camp,
potable water, food, sewage, building, fire, fuel and emergency approvals, as applicable.
Exploration
authorizations partly reported; future needs undefined.
Sources: British
Columbia (1996a, 1996b, 1996c, 1996d, 1996e, 2003, 2004, 2014, 2018, 2019); British Columbia, Mineral Titles Branch (n.d.); British Columbia,
Ministry of Mining and Critical Minerals (2026a, 2026b, n.d.); Canada (1985a, 1985b, 1994, 2002, 2019).
The permitting
strategy should identify lead and participating agencies, assessment reviewability, Crown and Company engagement roles, information requirements,
seasonal survey windows, Indigenous and public participation, application sequencing, decision points, permit dependencies, security,
compliance systems, and realistic schedule ranges. No permitting schedule should be represented as established until the project description
and regulator engagement support it.
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17.10 Closure
and Reclamation
17.10.1
Current Exploration Remediation
Current reclamation
obligations are governed by the applicable exploration permits and the Mines Act. They include stabilization and reclamation of drill
sites, pads, trails, trenches, camp disturbances and other authorized work; removal or management of materials and equipment; erosion
control; revegetation where applicable; annual reporting; and regulator acceptance. Progressive reclamation reduces outstanding liability
but does not eliminate obligations until accepted by the Province.
The Company reports
reclamation securities of C$99,000 for MX-1-860 and C$76,000 for MX-1-603. Additional securities are listed for other exploration permits
in Table 17-2. These amounts are permit security, not mine-closure cost estimates and not limits on liability. Executed permit conditions,
security instruments, outstanding disturbance, reclamation cost estimates, and inspection status should be verified at the effective
date.
17.10.2
Historical Features and Future Mine Closure
Historical plant
foundations, underground openings and waste-rock piles occur within the Project. Access to certain historical workings has been restricted
for safety.
No mine closure
plan or mine closure cost estimate has been prepared for the consolidated Project because no mineral reserve, mine plan, process plant,
waste or tailings facility, or site-wide water-management design has been defined. A future closure plan would need to address progressive
reclamation, physical and chemical stability, water treatment, infrastructure disposition, underground and surface openings, tailings
and waste facilities, revegetation, habitat and land-use objectives, post-closure monitoring, adaptive management, care and maintenance,
financial security, and engagement with Indigenous Nations and communities.
17.11 QP
Interpretation, Risks, and Finalization
Based on the consolidated
source record, exploration permitting, wildlife and archaeological planning, progressive reclamation, and regional engagement processes
are established for the current stage.The current framework appears adequate to support the authorized exploration activities described
in Chapter 7.
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18 CAPITAL
AND OPERATING COSTS
This section is
not applicable.
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19 ECONOMIC
ANALYSIS
This section is
not applicable.
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20 ADJACENT
PROPERTIES
20.1 Scope
and Reporting Basis
This chapter summarizes
selected properties near the Kitsault Valley Project (the Project) to provide regional geologic context. The adjacent-property information
is not used to estimate the Project's exploration results, mineral resources, mineral reserves, modifying factors, or economic outcomes.
It does not establish continuity of geology, structure, alteration, grade, thickness, metallurgy, or economic viability across property
boundaries.
Note:
The QP has not visited the adjacent properties for purposes of this TRS and has been unable to independently verify the adjacent-property
information summarized below. The information is not necessarily indicative of mineralization on the Kitsault Valley Project. Any third-party
exploration results, historical production, mineral-resource statements, development concepts, or permit status remain statements of
the adjacent-property owner or operator and are not estimates or conclusions of the Project QP.
20.2 Regional
Setting and Property Reconciliation
The Project lies
within the Stewart Complex of northwestern British Columbia, commonly included in the region known as the Golden Triangle. Triassic to
Jurassic island-arc volcanic and sedimentary successions, younger intrusive rocks, and long-lived structures host numerous precious-metal
vein, volcanogenic massive sulphide, skarn, and porphyry occurrences. This shared regional setting supports district-scale exploration
concepts but does not, by itself, demonstrate that mineralization on an adjacent property continues onto the Project (Table 20-1,
Figure 20-1).
Table 20-1.
Adjacent properties selected for regional context.
Property
Relative
location
Reported
owner/operator
Reported
stage
Regional
relevance
Red
Mountain Gold Project
Northwest;
approximately 15 km northeast of Stewart
Cambria
Gold Mines Inc. (formerly Ascot Resources)
Advanced
gold-silver project with historical underground development
Intrusion-related
gold-silver system in Triassic-Jurassic host rocks
Golddigger
/ Surebet
West
to southwest; tenure locally contiguous with the Project
Goliath
Resources Limited
Exploration-stage
polymetallic gold-silver discovery
Structurally
controlled sulphide-rich veins and alteration zones
Kitsault
Molybdenum Project
South
of Alice Arm and adjacent to the southern Project area
Avanti
Kitsault Mine Ltd. / New Moly LLC
Past-producing
brownfield molybdenum project
Porphyry
molybdenum stockwork system
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Figure 20-1.
Kitsault Valley Project and selected adjacent mineral tenure. Tenure ownership and boundaries are based on the June 2026 Company
compilation.
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20.3 Red
Mountain Gold Project
The Red Mountain
Gold Project is northwest of the Project and approximately 15 km northeast of Stewart, near the headwaters of Bitter Creek. The property
was advanced by IDM Mining Ltd. between 2014 and 2019 and was acquired by Ascot Resources Ltd. in March 2019. The current owner
identifies itself as Cambria Gold Mines. The filing QP should confirm the legal owner and corporate name as of the TRS effective date.
Owner disclosures
describe Red Mountain as a gold-silver deposit hosted by multiphase Jurassic dioritic intrusive rocks that cut Triassic sedimentary rocks
of the Stuhini Group. Mineralized zones are described as tabular, northwest-trending, moderately to steeply southwest-dipping pyrite-rich
stockworks with local pyrrhotite, quartz-carbonate fracture filling, and strong sericite alteration. Gold is reported in native gold,
electrum, telluride, and sulphosalt minerals. These characteristics differ in detail from the principal silver-rich vein and stratabound
mineralization described on the Project, although both occur within the broader Stewart metallogenic setting.
Public disclosures
report approximately 2,000 m of production-scale underground workings and a 2019 Canadian NI 43-101 mineral-resource update. The QP has
not verified those workings, the supporting drill database, estimation assumptions, classification, or the current status of the third-party
estimate. No Red Mountain mineral-resource quantity or grade is adopted in this TRS, and the Canadian estimate has not been reconciled
to the definitions and disclosure requirements of S-K 1300 for purposes of this chapter.
20.4 Golddigger
Property and Surebet Discovery
The Golddigger
property lies west and southwest of the Project, approximately 35 km south of Stewart. Goliath Resources Limited's public disclosures
describe five claim groups covering approximately 91,500 ha. Goliath announced in March 2026 that it had acquired the remaining
optioned interest and held a 100% interest in the property, subject to a reported 2% net smelter return royalty. Because this ownership
update post-dates some of the source reports, the filing QP should apply the status current at the TRS effective date.
Exploration since
2021 has focused on the Surebet discovery, located near the Project's western side. Operator disclosures describe a stacked, structurally
controlled polymetallic vein system containing galena, sphalerite, pyrrhotite, and pyrite within silica-altered host rocks. The operator
reports multiple mineralization styles elsewhere on the property, including intrusion-related and epithermal systems and targets interpreted
as volcanogenic massive sulphide occurrences.
Operator disclosures
report extensive drilling through 2025, but no S-K 1300 mineral resource for Golddigger or Surebet is relied upon in this TRS. The presence
of mineralization on Golddigger does not demonstrate extension across the intervening tenure or onto the Project.
20.5 Kisault
Molybdenum Project
The Kitsault molybdenum
project is a brownfield property south of Alice Arm and immediately south of the Project area shown on Figure 20-1. Public information
identifies Avanti Kitsault Mine Ltd. as the project company and New Moly LLC as its owner.
The property hosts
porphyry molybdenum mineralization associated with the Alice Arm intrusive suite. Mineralization is described as molybdenite-bearing
stockwork and sheeted veins in intrusive and adjacent hornfelsed rocks. Historical open-pit operations reportedly produced approximately
30 million pounds of molybdenum intermittently between the late 1960s and 1982. New Moly describes the site as having historical infrastructure
and advanced development permits.
Contango Silver and Gold – Kitsault Valley Project Page 233 of 253
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A 2013 Canadian
NI 43-101 technical report described mineral resources and a redevelopment concept that included an expanded open pit, process plant,
access-road work, powerline upgrades, stockpiles, a waste-rock management facility, a tailings management facility, and associated water-management
ponds. The QP has not verified the historical production, title, permit status, engineering assumptions, or mineral-resource estimate,
and no quantity, grade, production rate, mine life, or permit conclusion from that report is adopted in this TRS. The Kitsault porphyry
system provides regional geologic context but is not directly analogous to the Project's principal precious-metal deposits.
20.6 Other
Surrounding Tenure
Figure 20-1 also
shows mineral tenure held by other operators and regional property holdings that are not discussed individually. Their inclusion on the
map indicates spatial context only. No technical inference is made from the ownership, size, shape, or proximity of those tenure blocks.
20.7 Qualified
Person Interpretation
The adjacent properties
demonstrate that the Stewart Complex hosts several mineralizing systems and has supported sustained regional exploration and development.
They provide useful context for selecting regional geologic models and interpreting district-scale stratigraphy and structures. They
do not provide direct evidence of grade, continuity, thickness, metallurgy, resource classification, modifying factors, or economic extraction
on the Kitsault Valley Project.
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21 OTHER
RELEVANT DATA AND INFORMATION
This section is
not applicable.
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22 INTERPRETATION
AND CONCLUSIONS
22.1 Basis
and Principal Conclusions
The updated mineral
resource estimate provides a more developed geological framework and a larger Indicated resource inventory for the Kitsault Valley Project.
The principal advance at Homestake Main and Homestake Silver is the incorporation of drilling and revised mineralized domains that were
not represented in the geological framework underlying the previous resource disclosure. The QP considers this improved definition of
mineralized geometry and continuity to be a substantive increase in geological confidence. Changes in resource grade and contained metal
also reflect the material included in the revised models and the estimation and reporting assumptions adopted for this update.
These interpretations
and conclusions are based on the information and analyses presented in this TRS for the mineral resource estimate effective September 11,
2026. The conclusions address the eight deposits in the Homestake and Dolly Varden areas and the technical uncertainties relevant to
their continued evaluation. No mineral reserves are declared.
22.2 Exploration
Data and Verification
The accepted historical
and modern drilling, sampling, analytical and geological information provides an adequate basis for the interpretation and estimation
work described in this TRS. The database includes accepted results from the completed 2025 program. The assay dataset was locked at the
start of January 2026, geological-solid updates and database review continued through March, and the databases and supporting information
were certified by the QP on April 13, 2026. The final resource statement and supporting assumptions were accepted as complete and
current on September 11, 2026.
The eight-deposit
header inventory contains 1,454 holes totaling 328,638.18 meters. Separate merged exports for the seven updated deposits contain 24,120
intervals across 34 domains; 23,264 intervals totaling 27,176.00 meters from 947 distinct hole identifiers have at least one populated
metal result. Exported intervals, original assays and final composites are different populations. All exported hole identifiers matched
the project header inventory, and the export reconciliation identified no duplicate hole–from–to records, non-positive lengths
or internal overlaps. South Reef is outside this seven-export inventory.
The QP’s
assessment considers the sampling and analytical procedures, quality-control results, selected comparisons of digital records with original
documentation, database integrity checks and site observations described in Chapters 8 and 9. Some original historical assay certificates
remain unavailable. Confidence in accepted historical records therefore also depends on prior verification, internal consistency, location
reliability and agreement with surrounding drilling. This limitation remains relevant where historical information provides a substantial
portion of the local estimation support.
Additional drilling
has improved local geological and spatial support, but the amount of drilling alone does not establish resource confidence. The orientation,
distribution and representativeness of the intersections, together with geological and grade continuity, determine the confidence that
can be assigned to individual modeled volumes.
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22.3 Geological
Interpretation by Area
22.3.1
Homestake Area
Homestake Main
comprises footwall, hanging-wall and middle mineralized lenses within a broader lower-grade envelope. Homestake Silver comprises twelve
numbered lenses and a surrounding lower-grade halo. Hard domain boundaries separate the contrasting grade populations. The QP considers
the revised framework more representative of the interpreted systems than retaining the earlier domain geometry without revision. Local
uncertainty remains at domain margins, structural intersections, thin or irregular zones and sparsely drilled extensions.
South Reef retains
the previous Inferred estimate of 0.445 Mt at 8.68 g/t Au and 4.90 g/t Ag, containing 124.200 koz Au and 0.100 Moz Ag, at a 2.0 g/t AuEq
cut-off. No additional drilling is incorporated into this retained estimate. Its 8.600 Moz AgEq is a comparative metric and is not the
result of applying the current Homestake Silver recovery matrix or the 132 g/t AgEq filter. Improvements elsewhere in the Homestake area
do not themselves establish an upgrade at South Reef.
22.3.2
Dolly Varden Area
Torbrit, Wolf,
Kitsol, Dolly Varden and North Star comprise distinct mineralized bodies with differing geometry, grade distribution and drill support.
The stratigraphic and structural controls represented by these deposits support the use of separate estimation domains and local search
controls. Torbrit and Wolf account for most of the area’s reported silver inventory. Historical mining at Torbrit, Dolly Varden
and North Star makes the interpretation of mined-out volumes an additional control on the remaining resource.
Wolf’s upper
veins and deep domain are estimated separately, reflecting their geometry, metal associations and analytical coverage. The final Kitsol
35/70 case reports 0.29 Mt Indicated and 0.14 Mt Inferred, containing 2.876 and 1.380 Moz AgEq, respectively. North Star’s selected
30/70 case reports 0.36 Mt Indicated and 0.23 Mt Inferred, containing 3.571 and 1.587 Moz AgEq. North Star’s Inferred silver grade
is 123.99 g/t, so its equivalent-grade qualification depends materially on the other estimated metals and their assumed recoveries. Sparse
non-silver data and density support therefore remain specific priorities.
22.4 Estimation
and Classification
The seven updated
estimates were prepared in Leapfrog Geo version 2026.1.2 with Edge, using hard geological domains, compositing, capping by domain and
element, density assignments and domain-specific parameters. Metals were estimated independently using inverse-distance-cubed weighting,
with Leapfrog declustering applied separately by domain and element in every estimator. Variable orientation follows mineralized geometry
where appropriate. The sub-blocked models use 5 × 5 × 5 meter parent cells and minimum 0.5 × 0.5 × 0.5 meter
sub-blocks in NAD83 / UTM Zone 9N coordinates. Final exports were locked on September 11, 2026.
The confirmed target
composite lengths are 2.0 meters for Homestake Main, Homestake Silver, Wolf and Torbrit; 1.25 meters for Dolly Varden Main; and 1.5 meters
for Kitsol and North Star. Within-boundary compositing used hard boundaries, equal distribution of residual end lengths below 1.0 meter
and no additional compositing weight. The separate estimation declustering weights should not be confused with compositing weights. Capping
input-metal losses likewise describe the input population, rather than an equivalent percentage loss of reported resource metal.
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The suitability
of inverse-distance-cubed estimation depends on the geological controls, sample selection and model validation described in Chapter 11.
The method gives greater influence to nearby samples, which can be useful in locally variable mineralization but can also make estimates
sensitive to isolated high grades and uneven drilling. Grade capping, sample limits, limits on contributions from individual holes and
the treatment of domain boundaries are therefore important controls. The change from historical kriging does not, by itself, demonstrate
improved accuracy; the model must reproduce the supported geological and grade patterns without material unsupported extrapolation.
Resource classification
reflects geological and grade continuity, data quality and independent drill-hole support. Dedicated classification estimators are distinct
from grade-estimation searches. For Homestake Main, Homestake Silver, Wolf, Kitsol, Torbrit and North Star, AvgD divided by 0.707 is
an approximate nominal-spacing indicator rather than measured drill-hole spacing or a numerical confidence interval. The selected limits
are evaluated with domain geometry and spatial continuity.
Indicated classification
expresses greater confidence in quantity, grade and continuity. A larger Indicated inventory does not demonstrate one-for-one conversion
of the preceding Inferred blocks. Based on the geological setting and nature of the available drilling, the QP reasonably expects that
the majority of Inferred resources could be upgraded through continued exploration. Actual upgrading requires confirmation of the interpreted
continuity and other supporting assumptions and is not assured. No numerical conversion percentage or schedule is established, and Inferred
resources cannot be converted directly to mineral reserves.
22.5 Mineral
Resource Outcome
Table 22-1 summarizes
the finalized resource statement by area and category. The complete deposit tables, individual metal grades, equivalent-metal assumptions
and reporting constraints are presented in Chapter 11.
Table 22-1.
Mineral resource summary by area and classification.
Area
Category
Tonnage
(Mt)
Ag
Moz
Au
koz
AgEq
Moz
Homestake
Indicated
2.140
6.133
387.416
33.275
Dolly
Varden
Indicated
5.520
52.565
7.285
56.270
Project
total
Indicated
7.660
58.698
394.700
89.545
Homestake
Inferred
4.595
7.965
615.824
48.501
Dolly
Varden
Inferred
1.710
14.839
4.993
16.419
Project
total
Inferred
6.305
22.804
620.817
64.920
Chapter 11, Table
11-60; effective September 11, 2026. Mt = million metric tons; Moz = million troy ounces; koz = thousand troy ounces. Totals may
differ due to rounding. Categories are reported separately. South Reef retains its separate reporting basis. AgEq is not additional metal
to be added to silver and gold contents. Contained metal is not recovered or payable metal. No Measured resources or mineral reserves
are reported, and mineral resources do not have demonstrated economic viability.
Relative to the
preceding statement presented in the 2023 combined report, Indicated tonnage increases from 4.153 to 7.660 Mt, an increase of 84.4%,
and Indicated AgEq increases from 46.368 to 89.545 Moz, an increase of 93.1%. Inferred tonnage decreases from 6.831 to 6.305 Mt, a decrease
of 7.7%, and Inferred AgEq decreases from 86.725 to 64.920 Moz, a decrease of 25.1%. These are net comparisons on their respective reporting
bases and do not measure block-by-block category conversion. The changes combine drilling, geological domains, capping, interpolation,
density, classification, depletion and reporting assumptions. Kitsol is combined with Torbrit for comparison with the earlier reporting
unit, and gold was not reported for the southern deposits in the earlier baseline.
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At Homestake Main, Indicated
grade decreases from 7.02 to 6.35 g/t Au and from 74.8 to 49.55 g/t Ag. The increased geological confidence and lower grades are compatible
outcomes: the revised resource represents a different modeled and classified population of material. Domain revision, the distribution
of newly supported material, high-grade treatment, interpolation and reporting selection can all affect the mean. Their individual contributions
cannot be quantified from the aggregate resource tables alone.
22.6 Metal
Prices and Metallurgical Assumptions
The updated equivalent-metal
calculations use QP-accepted prices of US$53/oz Ag, US$3,500/oz Au, US$5.00/lb Cu, US$1.25/lb Zn and US$0.90/lb Pb, with management concurrence
in May 2026. Chapter 11, Section 11.4 describes the price basis and three recovery groups: the Dolly Varden area, Homestake
Main and Homestake Silver. South Reef retains its historical basis. The relative recovery factors are embedded in each updated AgEq formula
and should not be applied a second time to the individual equivalent-metal contributions.
Changes in relative
metal prices and assumed recoveries alter the equivalent grade assigned to a block. They can also change which blocks meet a fixed equivalent-grade
threshold, even when the underlying individual metal grades and geometry remain unchanged. The effect on metric tons and contained metal
depends on the distribution and combination of metals within the blocks. A single conversion factor applied to the project total cannot
reproduce that selection effect. Separating the effect of price or recovery changes from geological and estimation changes requires controlled
block-level comparisons with other inputs held constant.
The metallurgical
evidence includes the 2016 Homestake testing, the 2019 Dolly Varden and Torbrit program, and the 2025–2026 work extending coverage
to Wolf and Kitsol. The results support continued evaluation of conventional flotation and cyanidation routes. The different mineralogy
and metal associations across the deposits support differentiated recovery assumptions rather than treating all mineralization as metallurgically
uniform.
The testwork does
not establish a final integrated flowsheet or a demonstrated plant recovery for every domain. Some adopted recoveries remain estimates
or proxies based on the available testing and interpretation. Their application is subject to sample representativeness, variability
in mineralogy, downstream losses and the treatment of deleterious elements. Arsenic, antimony and mercury in some tested concentrates
may affect product quality, treatment requirements or commercial terms. These matters could change the equivalent grades, reporting thresholds
and potentially economic portions of the resource.
22.7 Mining
Concept and Reasonable Prospects of Economic Extraction
Potential underground
extraction is the basis of the reporting concept for the updated deposits. Mechanized mining, including longhole stoping where geometry
and ground conditions permit, warrants further evaluation. The viability of that concept depends on mining width, continuity, dilution,
mining recovery, access development, geotechnical conditions, processing performance and site costs. It cannot be established from grade
or classification distance alone.
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The seven updated
deposits are reported at 132 g/t AgEq within accepted underground mineralized shapes developed in Leapfrog. The shapes delineate spatially
continuous mineralization considered potentially amenable to future mechanized underground extraction. Unclassified material and historical
mined-out volumes at Torbrit, Dolly Varden and North Star are excluded. South Reef retains its separate 2.0 g/t AuEq cut-off and preceding
physical-resource basis.
The grade threshold
and spatial constraints form part of the QP’s assessment of reasonable prospects for economic extraction at the current exploration
stage. The assessment also considers underground access, geometry and continuity, processing options, recovery and marketability, infrastructure,
environmental management and permitting. The QP considers the identified geological, density, metallurgical and engineering issues capable
of resolution through further drilling, testing and engineering work. Historical mining and earlier conceptual studies provide context
for this assessment without demonstrating the economic viability of the current resources.
The reporting point
of reference is in situ mineralized material above the applicable cut-off, after exclusion of modeled historical mined-out material where
relevant, and before mining dilution or mining recovery. The resource-stage work does not establish a mine production schedule, project
capital requirement, development cash flow, net present value or internal rate of return. No economic viability or conversion to mineral
reserves is demonstrated by the resource statement.
22.8 Infrastructure,
Environment and Permitting
Existing facilities
and access arrangements support continued exploration. Rugged terrain, precipitation, snow, avalanche exposure and the separation of
deposit areas affect future facility planning. Development would require evaluation of roads, power, water, processing, waste management
and product transport. Nearby regional infrastructure does not establish available capacity, secured access or acceptable cost.
Exploration authorizations
do not constitute approval to construct or operate a mine. Development requires additional baseline studies, engineering, assessment
and permitting. Historical workings and waste, watershed conditions, water quality and closure obligations remain relevant. Tenure, royalties,
permit conditions and engagement with affected Indigenous Nations and communities must be addressed with the development concept.
22.9 Significant
Risks and Uncertainties
Table 22-2 summarizes
the principal uncertainties identified in Chapter 11. The current estimate incorporates the QP-accepted validation and classification
review. The additional work below addresses continuing uncertainty and subsequent model updates.
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Table 22-2.
Principal uncertainties affecting resource confidence and further evaluation.
Uncertainty
Potential
effect
Work
that would reduce uncertainty
Geological
and grade continuity
Changes
to domain geometry, local grades and classification, particularly near boundaries and sparsely drilled extensions.
Targeted
infill drilling, structural review and domain validation.
Historical
data and depletion
Uncertainty
in locally supported grades and in the volume remaining around historical workings.
Targeted
record verification and reconciliation of surveyed workings with depletion models.
High
grades and interpolation
Sensitivity
to isolated high grades, cap selection, uneven drilling and local extrapolation.
Preserve
accepted capped inputs and declustering weights; use matched capped/uncapped and alternative-estimator tests where needed. Input-metal
loss is not resource-metal loss.
Density
variability
Tonnage
sensitivity where sparse or grade-screened measurements do not represent domain volumes, particularly North Star, Kitsol and Torbrit.
Collect
representative domain-coded measurements; expand Wolf Deep coverage and evaluate Torbrit’s domain distribution.
Classification
support
Category
changes where nominal spacing does not reflect independent hole support, continuity or remnant geometry.
Maintain
final criteria and spatial checks; keep historical test populations separate from final outputs and design infill to resolve specific
gaps.
Recovery
and product quality
Changes
in equivalent grades and recoverable value, especially where non-silver assay coverage or recovery evidence is limited.
Target
North Star and other historical southern populations; complete variability and integrated testing, product characterization and commercial
assessment.
Mining
and reporting economics
Changes
in cut-off, dilution, mineable dimensions and accessible resource volumes.
Conceptual
layouts, geotechnical work, physical reporting constraints and documented cost sensitivity.
Infrastructure
and authorizations
Changes
in access, development cost, timing and the ability to advance a mining concept.
Access
and facility studies, environmental baselines, permit review and continued Indigenous engagement.
22.10 Overall
QP Conclusion
The QP considers
the accepted geological, drilling, assay and density information adequate for the resource estimates at the assigned confidence levels.
The adopted domains, high-grade controls, estimation settings and spatial classification review appropriately reflect the mineralized
systems and available data. The seven updated deposits support Indicated and Inferred resources, and South Reef remains Inferred on its
retained basis. The QP reasonably expects that the majority of Inferred resources could be upgraded through continued exploration, subject
to the results, and considers the identified technical issues capable of resolution through further work. The priorities in Chapter 24
address continuity, density, historical depletion, metallurgy, mining and infrastructure. The estimate supports continued evaluation
and does not establish mineral reserves or demonstrated economic viability.
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23 RECOMMENDATIONS
23.1 Recommended
Program
The QP recommends
that the Kitsault Valley Project advance through a staged program from the mineral resource estimate effective September 11, 2026.
The first stage should complete the 2026 drilling program, receive and validate the remaining assays, update the current mineral resource
estimate in H1 2027, complete the planned 2026-2027 metallurgical program, and then proceed to an S-K 1300 Initial Assessment if the
resource update .
The second stage
should advance the Project toward a pre-feasibility study (PFS) over the next three years. That work should focus on staged geotechnical,
hydrogeological, hydrological, environmental, permitting, access and other field investigations sufficient to support PFS-level Technical
Report.
23.2 Stage
1 – 2026 Drill Close-out, 2027 MRE Update and Initial Assessement
Complete the 2026
drilling program and incorporate the 2026 drilling in a 2027 update to the current mineral resource estimate after the relevant assays
have been received, validated and passed the Company's QA/QC requirements. The September 11, 2026 estimate would be the comparison
baseline. The timing of the 2027 MRE update depends principally on assay receipt, validation, geological interpretation and QP review
but is expected in H1 2027.
Proceed with the
planned 2026-2027 metallurgical program described in Chapter 10. The program should evaluate representative composites through characterization,
comminution, flotation, locked-cycle testing, leaching and detailed product-quality analysis. Results should be integrated with market,
processing and environmental inputs before they are used in any economic assumptions.
Once the 2027 MRE
update is complete, commission an integrated Initial Assessment under S-K 1300 that includes preliminary capital and operating cost estimates,
economic analysis and sensitivity work. The study should evaluate underground mining methods, access, production scheduling, dilution
and recovery together with processing or off-site treatment options, product transport and market terms. Assuming assay receipt, MRE
updating and metallurgical inputs progress as expected, the Initial Assessment could target completion near the end of 2027; that target
should remain conditional on the timing and quality of the required inputs.
The Initial Assessment
should include environmental, infrastructure, hydrology, hydrogeology, geotechnical, permitting, water, waste and closure assessments
at the level appropriate for the study. Its principal deliverables should be a development concept, a documented cost basis, a cash-flow
assessment and sensitivities identifying the main drivers and outstanding risks. Resource-category treatment and any use of Inferred
resources must meet S-K 1300 requirements. This work will guide the next investment decision and does not establish mineral reserves.
23.3 Stage
2 – Three Program Toward Pre-Feasibility Study (PFS)
After the Initial
Assessment, advance a staged work program directed toward completion of a pre-feasibility study over approximately the next three years.
The program should be released in decision points tied to the Initial Assessment results, updated geological model, metallurgical results,
permitting priorities and field-season access. Stage 2 covers the additional engineering, baseline and permitting work required for the
PFS path.
Retain a staged
allowance for up to 5,000 meters of geotechnical and hydrogeological drilling. Its locations, timing and extent should follow engineering
priorities identified in the Initial Assessment and should support underground access, stope design, groundwater inflow, water management,
infrastructure siting and PFS-level risk reduction. This work is conditional on specialist design and should be scoped separately from
the current drilling program.
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The Stage 2 field
program should also expand hydrology, hydrogeology, environmental baseline, geochemistry, permitting, access, infrastructure and closure-related
studies. These studies should be scheduled early enough to support PFS engineering and realistic permitting strategy, including seasonal
data requirements and engagement with affected Indigenous Nations and communities.
23.4 Proposed
Budget and Sequence
Table 23-1 summarizes
the staged budget. The base allowances are conceptual planning amounts. The low and high columns show a ±20% planning sensitivity
around the base allowances, not a formal estimate-class accuracy range. Stage 1 includes the metallurgy, 2027 MRE update and Initial
Assessment allowances; it does not include the already-authorized cost of completing the 2026 drilling program. Stage 2 includes additional
geotechnical, hydrogeological, engineering, environmental, hydrology, permitting, access/infrastructure and other investigations required
to support a PFS over approximately three years. Note that Stage 2 may also include additional in-fill drilling if deemed necessary to
upgrade resources after incorporating results of the 2026 drill program. As this amount is not currently known, there is no allocation
made at this time. It will no doubt be part of the recommendations after completion of the Stage 1 Initial Assessment.
The Stage 1 base
allowance is US$1,450,000, with a planning range of approximately US$1,160,000 to US$1,740,000. The Stage 2 base allowance is US$7,512,500,
with a planning range of approximately US$6,010,000 to US$9,015,000. The combined staged planning allowance is US$8,962,500, with a +/-20%
planning range of approximately US$7,170,000 to US$10,755,000.
The QP recommends
staged expenditure against confirmed scopes and results. This work supports further evaluation; it does not establish additional mineral
resources, mineral reserves or economic returns, and it does not commit the Project to development.
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Table 23-1.
Proposed staged work-program budget in U.S. dollars.
Stage
Work
item and timing
Base
US$
Low
-20% US$
High
+20% US$
Budget
basis
Stage
1
Complete
2026 drilling, assay receipt and QA/QC close-out. 2026 to early 2027.
0
0
0
No
new incremental allowance in this chapter; complete under the approved 2026 exploration program.
Stage
1
Metallurgical
program. Fall 2026 through 2027.
250,000
200,000
300,000
Five
representative composites, comminution, flotation, leaching, product-quality analysis and external metallurgical coordination.
Stage
1
2027
MRE update and QP reporting. After receipt and validation of 2026 assays.
200,000
160,000
240,000
Update
the current MRE with accepted 2026 drilling; preserve the September 11, 2026 estimate as the comparison baseline.
Stage
1
Initial
Assessment with economic analysis. After the 2027 MRE; target end of Q2 2027 if assays and MRE timing allow.
1,000,000
800,000
1,200,000
Integrated
S-K 1300 Initial Assessment with mining, processing, infrastructure, environmental, hydrology, permitting, capital, operating cost
and sensitivity work.
Stage
2
Geotechnical
and hydrogeological drilling - up to 5,000 meters. Staged as engineering needs are confirmed.
3,562,500
2,850,000
4,275,000
Initial
and follow-up drilling to support mine access, underground design, water inflow, ground conditions and PFS-level engineering.
Stage
2
Geotechnical
testing and instrumentation. With staged geotechnical drilling.
450,000
360,000
540,000
Laboratory
testing, instrumentation, monitoring and specialist interpretation.
Stage
2
PFS
engineering, environmental, hydrology, permitting and field studies. Over approximately three years following the Initial Assessment.
3,500,000
2,800,000
4,200,000
Conceptual
planning allowance for engineering trade-off studies, baseline expansion, hydrology/
hydrogeology, geochemistry, access/infrastructure field work, permitting strategy and reporting.
Stage
1 subtotal
1,450,000
1,160,000
1,740,000
Planning
sensitivity only; not a formal cost-estimate accuracy range.
Stage
2 subtotal
7,512,500
6,010,000
9,015,000
Planning
sensitivity only; not a formal cost-estimate accuracy range.
Total
staged planning allowance
8,962,500
7,170,000
10,755,000
Planning
sensitivity only; not a formal cost-estimate accuracy range.
Budget basis. Amounts
are conceptual planning allowances in U.S. dollars and remain subject to Company approval, final scopes, contractor pricing, laboratory
schedules and exchange-rate assumptions. The low and high columns are a requested ±20% planning sensitivity and are not presented
as a formal estimate-class accuracy range. Stage 1 excludes the cost of the already-authorized 2026 drilling program to avoid double
counting. The retained Stage 2 drilling allowance is limited to geotechnical and hydrogeological drilling at US$712.50 per meter, including
normal field logistics; specialist testing and instrumentation are separate.
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24 REFERENCES
References are
listed alphabetically by author or organization. Bracketed titles describe sources whose formal titles were not available; “n.d.”
means no confirmed publication date. Where a source was consulted through a predecessor report, that report is identified.
Alldrick,
D.J. (1993). Geology and metallogeny of the Stewart mining camp, northwestern British Columbia. British Columbia Ministry of Energy,
Mines and Petroleum Resources, Bulletin 85, 105 p.
Allnorth
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and Turner and Hough (2023).
Golder
Associates Ltd. (2012a). [Geotechnical assessment of the proposed new road extension for the Homestake Ridge access road]. January 24,
2012. As described in Hough et al. (2022), Section 2.3.
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Associates Ltd. (2012b). [Preliminary geotechnical assessment of proposed mine infrastructure sites for the Homestake Ridge Project].
February 27, 2012. As described in Hough et al. (2022), Section 2.3.
Goliath
Resources Limited (2026). Goliath Resources acquires 100% ownership of the Golddigger Property hosting the high-grade Surebet gold discovery
and buys down 1% of the NSR, Golden Triangle, B.C. News release, March 10, 2026. Online source.
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Goliath
Resources Limited (n.d.). Golddigger. Public project webpage. Online source.
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of Yukon (n.d.). GeoYukon. Online geospatial mapping application. Source of terrane mapping reproduced in the geological-setting
chapter.
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A. (2026a). PJ-5599 – Dolly Varden – Wolf & Kitsol metallurgical testwork. Blue Coast Research Ltd., Project
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A.A. (2015). Amended 2015 technical report for the Dolly Varden Property, Skeena Mining Division, British Columbia. NI 43-101
technical report prepared for Dolly Varden Silver Corporation. Effective May 1, 2015.
Higgs,
A.A., and Giroux, G. (2015). 2015 technical report for the Dolly Varden Property, Skeena Mining Division, British Columbia. NI
43-101 technical report prepared for Dolly Varden Silver Corporation. Effective September 30, 2015.
Hough,
R., Stone, D.M.R., and Turner, A.J. (2022). Technical report and updated mineral resource estimate for the Homestake Ridge Gold Project,
Skeena Mining Division, British Columbia. MineFill Services, Inc., and APEX Geoscience Ltd., prepared for Dolly Varden Silver Corp.
Effective January 20, 2022; amended December 13, 2022.
IEC
Consultants Ltd. (1981). [Water-quality monitoring of the Kitsault River and Torbrit mine drainage]. As described in Higgs and Giroux
(2015).
International
Copper Study Group (n.d.). [Global copper mine-production and concentrate-smelting-capacity statistics]. Statistical source identified
in the Market Studies chapter.
Knight
Piésold Consulting (2011a). [Preliminary power supply assessment for the Homestake Ridge Project]. April 23, 2011.
As described in Hough et al. (2022), Section 2.3.
Knight
Piésold Consulting (2011b). [Conceptual cost estimate for tailings disposal, Homestake Ridge Project]. May 13, 2011.
As described in Hough et al. (2022), Section 2.3.
Knight
Piésold Consulting (2011c). [Plant site and tailings storage facility alternatives assessment, Homestake Ridge Project].
May 19, 2011. As described in Hough et al. (2022), Section 2.3.
Knight
Piésold Consulting (2011d). Homestake Ridge Project – Integration of a hydroelectric facility within the mine development
concept #1. June 1, 2011. As cited in Hough et al. (2022).
Lavigne,
B. (2025). 2023 technical report for the Homestake Ridge Property. Volumes I and II. TerraLogic Exploration Inc., prepared for
Dolly Varden Silver Corporation, January 13, 2025. Assessment event 6041345.
Leigh,
O.E., and Thompson, I.S. (1981). Report on the property of Torbrit Silver Resources Ltd., Kitsault River area, B.C. Derry,
Michener & Booth and Wahl, Toronto. As cited in Higgs and Giroux (2015) and Turner and Hough (2023).
Leigh,
O.E., and Thompson, I.S. (1983). Report on the property of Dolly Varden Minerals Inc., Kitsault River area, B.C. Derry, Michener &
Booth and Wahl, Toronto. As cited in Higgs and Giroux (2015).
Lewis,
P.D., Toma, A., and Tosdal, R.M. (compilers) (2001). Metallogenesis of the Iskut River area, northwestern British Columbia. Mineral
Deposit Research Unit, University of British Columbia, Special Publication 1, June 2001. Includes P.D. Lewis, Geological maps, Chapter
6, p. 77 ff. Online source.
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Macdonald,
A.J., Lewis, P.D., Thompson, J.F.H., Nadaraju, G., Bartsch, R., Bridge, D.J., Rhys, D.A., Roth, T., Kaip, A., Godwin, C.I., and Sinclair,
A.J. (1996). Metallogeny of an Early to Middle Jurassic arc, Iskut River area, northwestern British Columbia. Economic Geology,
91(6), 1098–1114. doi:10.2113/gsecongeo.91.6.1098. Online source.
Macdonald,
R.W.J., and Rennie, D.W. (2016). Technical report on the Homestake Ridge Project, an updated mineral resource, Kitsault, British Columbia.
NI 43-101 technical report readdressed to Auryn Resources Inc., November 15, 2016. As cited in Hough et al. (2022) and Turner and
Hough (2023).
Mann
(1974). [Historical mineral inventory and assay verification for the Dolly Varden property]. As cited in Higgs and Giroux (2015).
McCuaig,
M., and Sebert, C. (2017). 2016 technical report for the Dolly Varden Property, Skeena Mining Division. Prepared for Dolly Varden
Silver Corporation. British Columbia Geological Survey, Assessment Report 36934, 1,123 p.
Middleditch,
D.J. (2019). Metallurgical testwork report. Blue Coast Research Ltd., prepared for Dolly Varden Silver Corporation, 78 p. Dolly
Varden and Torbrit test program; as cited in Turner and Hough (2023).
Miller,
E.A., Kennedy, L.A., and van Straaten, B.I. (2020). Geology of the Kinskuch Lake area and Big Bulk porphyry prospect, northwestern British
Columbia: Syndepositional faulting and basin formation during the Rhaetian (latest Triassic) transition from the Stuhini to the Hazelton
Group. In Geological Fieldwork 2019. British Columbia Ministry of Energy, Mines and Petroleum Resources, British Columbia Geological
Survey Paper 2020-01, pp. 77–99. Online source.
Miller
(2023). Emplacement environment and structural modification of the Big Bulk Cu-Au porphyry system, northwestern British Columbia.
Thesis, University of British Columbia, Open Collections item 1.0438619. Online source.
Mitchell,
M.A. (1976). Consolidated Silver Butte Mines Ltd., Moose–Robin–Victory Group (MRV Group), Skeena Mining Division.
British Columbia Assessment Report 6112A, 25 p. Online source.
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J.W.H., Price, R.A., and Tempelman-Kluit, D.J. (1982). Tectonic accretion and the origin of the two major metamorphic and plutonic
welts in the Canadian Cordillera. Geology, 10(2), 70–75. Online source.
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E. (1960). Torbrit Mine, Alice Arm, B.C. Geology 409, Report 4. British Columbia Property File 600401. Online source.
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Moly LLC (n.d.). Kitsault Project. Public project webpage, as identified in the adjacent-properties source record. Online source.
One-eighty
Consulting Group (2018). Homestake Ridge Mineral Exploration Project management and monitoring plan for grizzly bear, mountain goat,
moose, coastal northern goshawk, and marbled murrelet. Prepared for Auryn Resources Inc., June 27, 2018. As cited in Hough et al.
(2022).
pHase
Geochemistry Inc. (2012). Geochemical characterization of split samples from the waste rock field barrel program, Homestake Ridge Project.
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J., Klinka, K., and Demarchi, D.A. (1991). Coastal western hemlock zone. In Ecosystems of British Columbia. British Columbia Ministry
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D. (2011). Technical report on the Homestake Ridge Project, Kitsault, British Columbia, Canada. NI 43-101 technical report prepared
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Ross,
D., and Chamois, P. (2017). Technical report on the Homestake Ridge Project, Skeena Mining Division, northwestern British Columbia.
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Contango Silver and Gold – Kitsault Valley Project Page 250 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
25 RELIANCE
ON REGISTRANT
25.1 Registrant
and Scope
Contango Silver &
Gold Inc. (Contango or the Company) is the registrant for which this Technical Report Summary (TRS) has been prepared for the Kitsault
Valley Project, British Columbia, Canada. Dave Larimer, CPG, Vice President Exploration of Contango, is the Qualified Person (QP) responsible
for this report and is an employee of the Company.
The Company provided
the drill hole database, geological and exploration records, historical reports and public disclosures, and internal files concerning
land status, permitting and environmental matters. These sources support information throughout the TRS. This chapter identifies the
specific Company information relied upon under 17 CFR 229.1302(f), and documents the use of historical and technical sources for which
the QP retains responsibility for the conclusions adopted in this report.
25.2 Land
Status Permitting and Environmental Information
The QP relied on
the Company’s internal records for the matters summarized in Table 25-1. The reliance applies to the identified portions of Chapters
3 and 17 and to their corresponding summaries in the Executive Summary and Interpretations and Conclusions. It also informs the consideration
of property rights, environmental obligations and permitting in the assessment of reasonable prospects for economic extraction in Chapter
11.
Table 25-1.
Company information relied upon for land status, permitting and environmental matters.
Information
and report location
Company
source
Extent
and reason for reliance
Land
status and mineral tenure
Chapter 3
Internal
land-status and tenure files.
Relied
upon for the descriptions of ownership and legal tenure status, and associated rights and obligations identified in Chapter 3. Reliance
is reasonable because the Company administers its Project interests through its subsidiaries and maintains the records supporting
those interests.
Permitting
and governmental requirements
Chapters 3 and 17
Internal
permitting files and status information.
Relied
upon reported permit status, conditions and applicable governmental requirements outside the QP’s expertise. The Company manages
Project permitting and maintains the relevant records, providing a direct basis for the status information used in the report.
Environmental
matters
Chapter 17
Internal
environmental files and supporting reports.
Relied
upon the descriptions of environmental conditions, obligations and management requirements outside the QP’s expertise. The
Company maintains the Project environmental information and is responsible for managing the associated obligations, providing the
basis for this reliance.
Contango Silver and Gold – Kitsault Valley Project Page 251 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
25.3 Historical
Reports and Public Disclosures
The TRS draws on
previously published technical reports and press releases, together with historical records provided through the Company, including information
originating with Dolly Varden Silver Corporation and other former owners, operators and technical consultants. The originating issuer,
report author and responsible QP are identified in source citations where applicable. This information supports the property and access
descriptions, history, geological setting, exploration, sampling and verification discussions, resource comparisons and other chapters
in which it is cited.
A principal historical
source is the Technical Report on the Combined Kitsault Valley Project, British Columbia, Canada, prepared for Dolly Varden Silver Corporation
by APEX Geoscience Ltd., authored by Andrew J. Turner and Rachelle Hough, signed March 23, 2023, with an effective date of September 28,
2022. That report and its cited predecessor reports provide historical context and the previously reported resource information discussed
in Chapters 5 and 11. The underlying dates and methods of individual prior estimates are identified in the applicable resource discussion.
Historical sources
are used within the scope of the information they document. Previously reported production, exploration results and resource estimates
are distinguished from the current mineral resource statement. The QP’s assessment of historical data incorporated into the current
estimate is described in Chapters 9 and 11. South Reef is carried forward on the basis expressly described in Chapter 11. Attribution
to a prior author or QP identifies the source of the work and does not assign that person responsibility for this TRS. Possession of
a historical report in Company files does not, by itself, bring its technical conclusions within the registrant-reliance provision.
25.4 Company
Technical Data and QP Review
The Company supplied
the drilling and assay database and supporting geological records used for the mineral resource estimate. The QP reviewed and verified
the accepted data and considers them suitable for the geological interpretation and estimation purposes described in Chapters 9 and 11.
The nature and extent of verification, together with source-specific limitations, are described in those chapters. Company custody and
provision of the database do not replace the QP’s responsibility for its suitability and use in the estimate.
Sims Resources
assisted with geological modeling and implementation of the Leapfrog resource models under the QP’s supervision. The QP reviewed
and accepted the model inputs, estimation parameters, validation and classification and takes responsibility for the estimates presented
in Chapter 11. This modeling assistance is separate from the registrant reliance in Table 25-1.
25.5 Metallurgical
Information Market Studies and Specialist Review
The Company supplied
the metallurgical reports and supporting information used by the QP to compile and review Chapter 10. Jeff Austin of International Metallurgical
and Environmental has been asked to review the metallurgical chapter and provide specialist input on its technical content and recommendations
for further work. His requested role is that of a consulting metallurgical specialist and technical reviewer.
The QP retains
responsibility for the metallurgical interpretations adopted in Chapter 10, their application to the resource assumptions in Chapter
11, and the related recommendations in Chapter 24. Specialist assistance does not transfer those technical responsibilities through the
registrant-reliance provision. Original testwork reports remain identified by their laboratory or author, irrespective of their provision
through Company files.
Contango Silver and Gold – Kitsault Valley Project Page 252 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
The Company retained
Jim Cowley as a consulting specialist to provide advice on market studies for this report. The QP reviewed and adopted his input in Chapter
16 and retains responsibility for the market-study information, interpretations and conclusions adopted in that chapter, together with
any related assumptions and recommendations adopted in Chapter 24. Mr. Cowley’s consulting contribution does not transfer
the QP’s responsibility for the technical work and conclusions adopted in the TRS.
25.6 Extent
of Reliance
The reliance described
in this chapter is confined to the identified Company information and its use in the report. The QP remains responsible for the technical
interpretations, estimation decisions and resource conclusions adopted in the TRS, subject to the specific reliance permitted by 17 CFR
229.1302(f). The Project’s mineral resource effective date is September 11, 2026. Source-specific conditions, limitations
and uncertainties are addressed in the relevant chapters; reliance on Company permitting or environmental information does not establish
that future mine-development approvals have been obtained.
Contango Silver and Gold – Kitsault Valley Project Page 253 of 253
Technical Report Summary and updated Mineral Resource Estimate 2026
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: tm2625571d1_ex99-1.htm · Sequence: 4
Exhibit 99.1
NEWS
RELEASE
CONTANGO SILVER &
GOLD
Contango
Announces Updated Mineral Resource Estimate for Kitsault Valley Project; Indicated Resources Increase 93% to 89.5 Million Silver Equivalent
Ounces
FAIRBANKS, AK
- (September 22, 2026) - Contango Silver and Gold Inc. (“Contango” or the “Company”) (NYSE American
/ TSX: CTGO) is pleased to announce an updated mineral resource estimate (“MRE”) for its 100% owned Kitsault Valley Project
located in Northwest British Columbia’s Golden Triangle. The updated MRE, prepared under Subpart 1300 of U.S. Securities and Exchange
Commission Regulation S-K, has an effective date of September 11, 2026, and reflects a substantially revised geological interpretation
supported by ~434,000 meters of drilling completed through the end of the 2025 program.
Highlights
· 93%
Increase in Indicated AgEq Resources: Indicated Mineral Resources expand to 89.55
million (“M”) oz silver equivalent (“AgEq”) - 7.66 million tonnes
“(Mt”) at 363 grams per tonne (“g/t”) AgEq and Inferred Mineral Resources
of 64.92 Moz AgEq - 6.31 Mt at 320 g/t AgEq.
· Remodeled
Geological Framework: Integrates the addition of 370 new drill holes totaling
175,264 meters drilled since the previous MRE update across seven deposits into advanced
3D geological models developed in Leapfrog, providing a consistent and repeatable framework
for future resource updates.
· Substantial
Resource Base: Supported by a total project database of 1,873 drill holes totaling
over 433,934 meters across eight resource-reporting deposits.
· Expanded
High-Grade Primary Silver Inventory: Indicated silver ounces grew by 93.1% to 58.7
Moz Ag alongside 394.70 koz Au, 9.38 Mlb Cu, 78.16 Mlb Pb, and 88.85 Mlb Zn; and
· Project
Roadmap: The Company plans to update the MRE again in H1 2027 which will incorporate
the 2026 drill program, which should wrap up by October. The Company then plans to complete
an S-K 1300 Initial Assessment targeted for later in 2027.
Rick Van Nieuwenhuyse,
the Company’s Chief Executive Officer, said, “This updated mineral resource estimate confirms what our drilling has been
telling us all year – Kitsault Valley continues to grow, both in scale and in confidence. Our Indicated resource has increased
93% to just shy of 90 million ounces silver-equivalent, driven not just by more drilling but by a fundamentally improved geological understanding
of both the Dolly Varden and Homestake systems. That's a materially stronger foundation as we head toward an Initial Assessment. It's
also worth noting that none of our 2026 drilling – now well over 50,000 meters – is reflected in these numbers, meaning this
update represents where the project stood before this year's 50,000-meter drill program even began. We look forward to incorporating
this new data into our 2027 resource update and then working on an initial mining plan for the district with completion of an Initial
Assessment later in 2027. We are committed to continuing to deliver shareholder value by building the Kitsault Valley project into one
of the premier primary silver mines in the Golden Triangle.”
Figure 1.
Location of the eight Kitsault Valley resource deposits (Homestake and Dolly Varden areas). Coordinates NAD83 / UTM Zone 9N.
Updated Mineral Resource Estimate
Table 1 and Table
2 summarize the updated mineral resources by area, classification and grade. These figures represent total in-situ mineralization within
defined geological domains, adjusted for historical underground workings but prior to applying mining dilution or metallurgical recovery
factors. Contained metal figures reflect raw estimated inventory rather than final recoverable or payable metal. The seven updated deposits
are reported at a cut-off grade of 132 g/t AgEq, while South Reef retains its historical baseline cut-off of 2.0 g/t AuEq. Totals may
differ slightly due to rounding.
Table 1. Mineral resource summary
by area and classification (effective September 11, 2026).
Area
Category
Tonnage
(Mt)
Ag
(Moz)
Au
(koz)
Cu
(Mlb)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Homestake
Indicated
2.14
6.13
387.42
6.32
5.96
7.02
33.28
Dolly
Varden
Indicated
5.52
52.57
7.29
3.06
72.20
81.83
56.27
Project
Total
Indicated
7.66
58.70
394.70
9.38
78.16
88.85
89.55
Homestake
Inferred
4.60
7.97
615.82
4.24
16.86
14.69¹
48.50
Dolly
Varden
Inferred
1.71
14.84
4.99
1.80
23.38
33.92
16.42
Project
Total
Inferred
6.31
22.80
620.82
6.04
40.24
48.61¹
64.92
Table 2. Mineral resource summary
by grade (effective September 11, 2026).
Category
Area
Tonnes
(Mt)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Zn
(%)
Pb
(%)
AgEq
(g/t)
AgEq
(Moz)
Indicated
Homestake
2.14
89.14
5.63
0.13
0.15
0.13
483.7
33.28
Dolly
Varden
5.52
296.1
0.04
0.03
0.67
0.59
317.06
56.27
Total
7.66
238.34
1.60
0.06
0.53
0.46
363.0
89.55
Inferred
Homestake
4.60
53.91
4.17
0.04
0.15
0.17
328.30
48.50
Dolly
Varden
1.71
269.91
0.10
0.05
0.90
0.62
289.65
16.42
Total
6.31
112.50
3.06
0.04
0.35
0.29
320.26
64.92
Comparison with the Prior Estimate
Relative to the
preceding 2023 combined statement, Indicated tonnage and contained silver-equivalent ounces increased substantially, while Inferred
tonnage and contained AgEq declined on a net basis (Table 3). Indicated resources increased as additional drilling, particularly at Wolf
and Homestake, improved geological confidence and supported revised geological domains and classification. The net decrease in Inferred
resources reflects the combined effects of resource conversion of Inferred to Indicated category as well as a revised geological interpretation,
estimation parameters and historical depletion. The net decrease does not reflect a one-for-one conversion of Inferred resources to Indicated.
These net comparisons reflect overall changes across their respective reporting bases rather than block-by-block category conversion.
The updates combine the effects of new drilling, revised geological domains, updated grade capping and interpolation, revised density
assignments, updated classification criteria, and historical depletion.
Table 3. Comparison of key resource
metrics, 2023 vs. 2026 estimates.
Metric
2023
Estimate
2026
Estimate
Change
Indicated
tonnage (Mt)
4.15
7.66
+84.4%
Indicated
AgEq (Moz)
46.37
89.55
+93.1%
Inferred
tonnage (Mt)
6.83
6.31
-7.7%
Inferred
AgEq (Moz)
86.73
64.92
-25.1%
Geology and Mineralization
The Kitsault Valley
Project is located within the Stikine Terrane and Stewart Complex of the Canadian Cordillera, hosted principally within Jurassic Hazelton
Group volcanic, volcaniclastic, sedimentary, and subvolcanic rocks. Mineralization reflects both stratigraphic and structural controls,
displaying distinct styles across the property:
· Dolly
Varden Area: Predominantly silver-rich with variable lead, zinc, gold, and copper. Mineralization
includes strataform silica–barite–sulfide deposits at Torbrit and North Star,
alongside structurally controlled epithermal-style vein and breccia systems at Wolf and Kitsol.
· Homestake
Area: Homestake Main hosts gold–silver–copper mineralization within silicified
lenses and hydrothermal breccias, whereas Homestake Silver comprises silver–gold-bearing
breccia and vein zones with associated lead and zinc.
Database and Technical Framework
The updated estimate
is supported by a comprehensive project drill-hole database totaling 1,873 holes and 433,934 meters, with 1,454 holes and 328,638 meters
directly assigned to the eight resource-reporting deposits. Since the effective dates of the prior resource statements, 370 holes (175,264
meters) across the seven updated deposits have been added to the overall resource database.
For the seven re-modeled
deposits, updated geological solids encompass 34 distinct domains containing 23,264 assay intervals (27,176 meters) from 947 drill holes
with populated metal assays. The underlying assay dataset was locked in early January 2026, with 3D geological modeling and database
validation continuing through March 2026. All data was formally audited, verified, and certified by the Qualified Person on April 13,
2026. Drilling completed during the 2026 field season is excluded from this statement and will be incorporated into a future MRE update
planned for H1 2027.
Dave Larimer, CPG,
the Company’s Vice President, Exploration, added, “This resource update reflects a total modernization of our geological
framework across Kitsault Valley, rather than simply dropping new drill holes into old wireframes. A major driver of our timeline was
migrating historical datasets out of legacy software and into Leapfrog Geo to re-interpret all 34 mineralized domains directly from core
logging, and structural data. While re-domaining deposit by deposit required more time upfront, it established a single, internally consistent,
integrated and highly robust model across the entire project. We now have a geological foundation we can rely on with absolute confidence—one
designed for rapid, seamless updates as new drilling comes in, providing for a much faster path toward our next resource iteration.”
Figure 2.
Drilling coverage supporting the mineral resource estimate. A: Homestake area. B: Dolly Varden area. Red traces identify drilling incorporated
into the estimate.
Estimation Basis and Methodology
The seven updated
deposits were modeled in Leapfrog Geo (version 2026.1.2 with the Edge extension) using hard geological boundaries with domain- and element-specific
compositing and grade capping. Grade interpolation was executed using inverse-distance-cubed (ID3) weighting with Leapfrog
declustering applied by domain and element. The block model utilizes 5 m × 5 m × 5 m parent blocks with minimum sub-blocks
of 0.5 m × 0.5 m × 0.5 m in NAD83 / UTM Zone 9N coordinates. Resource classification reflects the Qualified Person’s
assessment of geological and grade continuity, data reliability, and drill-hole support, applying nominal Indicated and Inferred spacing
limits tailored to each deposit. South Reef retains its historical estimation basis and is reported separately.
Price Inputs and Technical Assumptions
Silver-equivalent
calculations incorporate variable metallurgical recovery assumptions across deposit groups and use commodity prices of US$53/oz Ag, US$3,500/oz
Au, US$5.00/lb Cu, US$1.25/lb Zn and US$0.90/lb Pb. Metallurgical recovery factors are integrated directly into the silver-equivalent
formulas, with AgEq coefficients reflecting relative metal value rather than net payable revenue after commercial deductions.
The conceptual
mining framework considers mechanized underground extraction, including longhole stoping where deposit geometry and ground conditions
permit. Reporting constraints and the assessment of reasonable prospects for economic extraction account for site access, processing,
marketability, infrastructure, environmental considerations, and permitting requirements. This resource-stage estimate does not establish
project-level capital expenditures, definitive operating costs, a mine production schedule, net present value (“NPV”), or
internal rate of return (“IRR”). Mineral resources are not mineral reserves and do not demonstrate economic viability. There
are no mineral reserves for the Kitsault Valley Project.
Next Steps
The Company’s Qualified Person
has recommended a structured, two-stage work program to advance Kitsault Valley:
· Stage
1 (2027 Target): Complete the 2026 drilling program, validate pending assay results,
and perform the planned 2026–2027 metallurgical test work program. These inputs will
support a project-wide resource update in 2027 and advance the project toward an S-K 1300
Initial Assessment—incorporating preliminary capital and operating costs, cash-flow
modeling, and economic sensitivities—targeted for later in 2027.
· Stage
2 (Multi-Year Advancement): Progress the project toward a Pre-Feasibility Study (“PFS”)
over the following three years. Work will include staged geotechnical and hydrogeological
drilling, expanded environmental baseline studies, ongoing permitting, and site infrastructure
evaluation.
Cautionary Note Regarding Mineral
Resources
Mineral Resources
are not Mineral Reserves and do not have demonstrated economic viability. No Measured Mineral Resources or Mineral Reserves are reported
for the Kitsault Valley Project. The estimate is intended to support continued evaluation of potential underground extraction and does
not establish a mine development decision. Indicated Mineral Resources have a lower level of confidence than Measured Mineral Resources,
and Inferred Mineral Resources have a lower level of confidence than Indicated Mineral Resources; Inferred Mineral Resources cannot be
assumed to be converted to Indicated or Measured Mineral Resources or to Mineral Reserves, and actual upgrading depends on future drilling,
sampling, metallurgical, engineering, environmental, permitting and economic results and is not assured.
The mineral resource
estimate is subject to material uncertainties including local geological and grade continuity, high-grade sample influence, historical
data and mined-out geometry, density variability, metallurgical response and product quality, mining dimensions and ground conditions,
access and infrastructure requirements, water and waste management, permitting, and commodity-price and operating-cost assumptions. This
news release uses the term “silver-equivalent” (AgEq); silver-equivalent figures are calculated using the metal price and
recovery assumptions described in the Company's technical report and do not represent recovered or payable metal or net smelter revenue
after commercial deductions.
Data Verification and Qualified Person
Conclusions
The estimate uses
the accepted historical and modern drilling and assay database, incorporating all drilling through the completed 2025 program. The QP
finalized, checked and certified the databases and supporting information on April 13, 2026, and accepted the final resource statement,
classifications and supporting assumptions as complete and current on September 11, 2026. Historic drilling (pre-2011) was not used
for resource estimation but was used to support geological modelling. Drilling completed in 2026 falls outside the accepted estimation
dataset and is expected to be incorporated in the next MRE update.
Quality Assurance and Quality Control
Contango's drilling,
sampling and database verification programs are conducted under the supervision of the Company's Qualified Person and in accordance with
procedures intended to support disclosure under SEC Regulation S-K 1300. The QP's verification included review of drilling, logging,
sampling, survey and analytical procedures; selected comparisons of original drill logs and assay certificates against digital records;
review of analytical quality control; and checks for overlapping intervals, records extending beyond hole depth, missing fields, inconsistent
codes and unit-conversion errors.
The QP personally
inspected the Project on September 14, 2025, and July 21–24, 2026, including review of core handling, logging, sampling
and geological observations. Some historical assay certificates remain unavailable; those records were assessed using prior verification,
internal consistency and comparison with surrounding drilling. The QP considers the accepted data adequate for the geological interpretation
and mineral resource estimation purposes described in the technical report summary.
Conference Call and Webcast
Contango will host
a conference call and webcast to discuss the Kitsault Valley Project MRE update with the Company’s CEO - Rick Van Nieuwenhuyse,
President - Shawn Khunkhun, and Vice President, Exploration - Dave Larimer on Wednesday, September 23, 2026, at 1:00pm EST / 10:00am
PST. Participants may join the webcast using the following call-in details: https://6ix.com/event/kitsault-mre-update
Qualified Person
The scientific
and technical information contained in this news release has been reviewed and approved by Dave Larimer, CPG, Vice President, Exploration
of Contango. Mr. Larimer is a “qualified person” as defined in Subpart 1300 of Regulation S-K and National Instrument
43-101. Mr. Larimer is an employee of, and is not independent of, the Company. Mr. Larimer holds American Institute of Professional
Geologists certification CPG-11862 and State of Alaska Certified Professional Geologist certification 115316, both in good standing.
ABOUT CONTANGO
Contango is an
NYSE American and the Toronto Stock Exchange (“TSX”) listed company, with gold and associated mineral production in Alaska
and gold, silver and associated mineral exploration and development projects in Alaska and the Golden Triangle in British Columbia. Contango
holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land in Alaska, including the production of Manh
Choh mine, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator
of the Peak Gold JV. KG Mining (Alaska), Inc. serves as the manager of the Peak Gold JV.
The Company and
its subsidiaries also have (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres
located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI, (ii) a lease on the Lucky Shot
project, which consists of mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims located in the Willow
Mining District about 75 miles north of Anchorage, Alaska, from the underlying owner, Alaska Hardrock Inc., (iii) mineral rights
to approximately 145,000 acres of State of Alaska mining claims, (iv) mineral rights to approximately 11,700 acres of State of Alaska
mining claims and upland mining leases, and (v) mineral tenures of approximately 247,000 acres (100,000 ha) located in and around
the Kitsault Valley in the Golden Triangle of northwest British Columbia. These interests confer exploration and development rights,
subject to applicable agreements, laws, permits and approvals.
Additional information
can be found on the Company’s website at www.contangoore.com
FORWARD-LOOKING STATEMENTS
This press release
contains forward-looking information and forward-looking statements within the meaning of applicable U.S. and Canadian securities laws
(“Forward-looking Statements”). These include statements regarding Contango's plans and expectations for its properties and
operations, the content within future annual filings, operations in respect of Contango mineral properties and any benefits of investment
in Contango, including the timing and scope of exploration, drilling, development and permitting activities; the timing and anticipated
results of mineral resource estimates, technical studies and related filings; and anticipated production, costs, capital expenditures
and cash flows.
The Forward-looking
Statements regarding Contango are intended to be covered by the safe harbor for “forward-looking statements” provided by
the Private Securities Litigation Reform Act of 1995 and applicable safe harbor provisions under Canadian securities laws, in each case
to the extent available. The Forward-looking Statements are based on Contango's current expectations and includes statements regarding
future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations,
beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words
such as “expects”, “projects”, “anticipates”, “plans”, “estimates”, “intends”,
“believes”, “forecasts”, “predicts”, “proposes”, “contemplates”, “aims”,
“seeks”, “continues”, “potential”, “positioned”, “strategy”, “outlook”,
“future”, “going forward”, “designed to”, and similar expressions or other words of similar meaning,
and the negatives thereof, or stating that certain actions, events or results “may”, “might”, “will”,
“should”, “would”, or “could” be taken, or that they are “possible”, “probable”,
or “likely” to occur or be achieved). However, the absence of these words does not mean that the statements are not forward-looking.
Material assumptions
underlying the Forward-looking Statements include the reliability of current mineral resource and mineral reserve estimates; the timely
receipt and maintenance of required permits and approvals; the availability of financing, personnel, contractors and equipment as needed;
continued access to transportation and third-party processing facilities; and the performance of joint venture partners and contractors
in accordance with their obligations. Management considers these assumptions reasonable as of the date of this press release, but they
may prove to be incorrect.
Forward-looking
Statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could
cause actual results to differ materially from those expressed or implied by the statements. These risks include, but are not limited
to: the risks of the exploration and the mining industry (for example, operational risks in exploring for and developing mineral reserves
and mining, transporting and processing ore); risks and uncertainties involving geology; the speculative nature of the mining industry;
the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices,
including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired
by Contango or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV; Contango’s limited control over
the Peak Gold JV and its reliance on Kinross and its subsidiaries, including the availability and performance of the Fort Knox processing
facilities; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation
of exploration results and the estimation of mineral resources and mineral reserves; the loss of key employees or consultants; health,
safety and environmental risks; risks related to weather and other natural disasters; uncertainties as to the availability and cost of
financing; Contango’s ability to service its indebtedness and comply with financing covenants; Contango's inability to retain or
maintain its relative ownership interest in the Peak Gold JV; inability to realize expected value from acquisitions and integration risks
associated with the acquisition of Dolly Varden Silver Corporation; inability of Contango’s management team to execute its plans
to meet its goals; the extent of disruptions caused by public health emergencies; and the possibility that government policies may change,
political developments may occur or governmental approvals may be delayed or withheld, including as a result of political or regulatory
changes in the United States or Canada or the inability to obtain or maintain mining permits.
Additional information
on these and other factors which could affect Contango’s operations or financial results is included under “Risk Factors”
and elsewhere in Contango’s most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other
filings with the U.S. Securities and Exchange Commission and applicable Canadian securities regulatory authorities, available on EDGAR
and SEDAR+, respectively. Investors are cautioned not to place undue reliance on Forward-looking Statements, which are not guarantees
of future performance and actual results or developments may differ materially from the projections in the Forward-looking Statements.
Forward-looking Statements are based on the estimates and opinions of management at the time the statements are made and speak only as
of the date of this press release, unless otherwise indicated. Contango does not assume any obligation to publicly update or revise Forward-looking
Statements whether as a result of new information, future events or otherwise, except as required by applicable law.
CONTACTS:
Contango Silver & Gold Inc.
Rick Van Nieuwenhuyse
(907) 388-7770
www.contangoore.com
EX-99.2 — EXHIBIT 99.2
EX-99.2
Filename: tm2625571d1_ex99-2.htm · Sequence: 5
Exhibit 99.2
SEPTEMBER 2026 WWW.CONTANGOORE.COM NYSE AMERICAN / TSX: CTGO AN EMERGING NORTH AMERICAN HIGH - GRADE MID - TIER SILVER & GOLD PRODUCER AND DEVELOPER
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 1 DISCLAIMER FORWARD - LOOKING STATEMENTS AND INFORMATION This presentation contains “forward - looking statements” and “forward - looking information” within the meaning of applicable United States and Canadian securities laws (collectively, “FLI”) . Contango Silver & Gold Inc . (the “Company” or “Contango”) intends that FLI be covered by applicable safe harbor provisions, including those of the Private Securities Litigation Reform Act of 1995 , to the extent available . Readers should consider the cautionary statements below and any additional FLI disclosure accompanying the relevant statements in this presentation . FLI includes statements regarding expected production, grades, recoveries, mine life, costs, capital expenditures, cash flows, financing and distributions from Peak Gold, LLC (“Peak Gold”) ; exploration potential and anticipated exploration results ; estimates of mineral resources and mineral reserves and the potential to expand or upgrade them ; the results, assumptions and projected economics of technical studies ; the timing and results of future studies ; permitting, construction and development plans ; and the integration of Dolly Varden Silver Corporation (“Dolly Varden”) and the anticipated benefits of that acquisition . FLI may be identified by words such as “expects”, “anticipates”, “plans”, “estimates”, “intends”, “believes”, “projects”, “may”, “will”, “could” and similar expressions, although the absence of these words does not mean that a statement is not FLI . FLI is based on management’s expectations, estimates and assumptions at the time the statements are made, including assumptions regarding metal prices and exchange rates ; mineral resources, mineral reserves, grades and recoveries ; production rates and schedules ; operating and capital costs ; availability of financing, personnel, equipment and infrastructure ; continued access to ore transportation and processing capacity ; timely receipt and maintenance of permits and approvals ; performance by joint venture partners and contractors ; and the successful integration of acquired businesses . The material assumptions underlying particular forecasts and study results are described with the relevant disclosure in this presentation . FLI involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including variability in production, grades and recoveries ; uncertainty in mineral resource and mineral reserve estimates and technical study results ; exploration, development, construction and operating risks ; dependence on Kinross Gold Corporation (“Kinross”) and its affiliates as manager and operator of Peak Gold and Contango’s limited control over joint venture decisions ; changes in metal prices, exchange rates, costs and capital requirements ; availability of financing and compliance with debt obligations ; joint venture capital calls and the timing and amount of distributions ; title, permitting, environmental, health and safety risks ; indigenous rights and community relations ; changes in laws, taxes and government policies ; severe weather and other natural events ; loss of key personnel ; and the inability to realize expected value from acquisitions, including integration risks associated with the acquisition of Dolly Varden Silver Corporation . Additional risks are described in the Company’s most recent annual report on Form 10 - K, subsequent quarterly reports on Form 10 - Q and other filings with the SEC and Canadian securities regulators, available on EDGAR and SEDAR+, respectively . FLI is not a guarantee of future performance . Readers should not place undue reliance on it . Unless otherwise indicated, FLI speaks as of the date of this presentation . Except as required by applicable law, Contango undertakes no obligation to update or revise FLI to reflect subsequent events, circumstances or changes in expectations . MINERAL DISCLOSURE AND TECHNICAL REPORTS In the United States, mining disclosure is governed by Item 1300 of SEC Regulation S - K (“S - K 1300 ”) and under S - K 1300 , the U . S . Securities and Exchange Commission (“SEC”) recognizes estimates of measured, indicated and inferred mineral resources and proven and probable mineral reserves . An SEC registrant with material mining operations must disclose specified information in its SEC filings concerning mineral resources and mineral reserves . Disclosure of mineral resources or mineral reserves on a material property must be supported by a technical report summary prepared by a qualified person or persons, and that summary must be filed when required by S - K 1300 . References below to an “S - K 1300 Report” mean a technical report summary prepared under S - K 1300 . For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this presentation that relate to Contango’s mineral projects, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the technical report summaries for each of Contango’s material properties which are available at www . sec . gov . The following reports are available on Contango’s EDGAR profile at www . sec . gov : ( i ) the S - K 1300 technical report summary for the Manh Choh Project, dated May 12 , 2023 , with an effective date of December 31 , 2022 , filed as Exhibit 96 . 1 to Contango’s Form 8 - K filed June 2 , 2023 ; (ii) the S - K 1300 technical report summary for the Lucky Shot Project, dated and effective May 26 , 2023 , filed as Exhibit 96 . 1 to Contango’s Form 8 - K filed June 16 , 2023 ; and (iii) the S - K 1300 technical report summary and initial assessment for the Johnson Tract Polymetallic Project, effective May 12 , 2025 , as amended January 12 , 2026 , filed as Exhibit 96 . 1 to Contango’s Form 8 - K/A filed January 13 , 2026 . These reports were prepared for Contango by the qualified persons identified in the respective reports . Estimates are stated as of their specified effective dates an may be affected by subsequent exploration, mining depletion and changes in technical and economic assumptions . Preparation or filing of a technical report does not constitute regulatory approval or endorsement of the report or the estimates it contains . The Feasibility Study (“FS”) referenced herein that relates to Peak Gold was prepared by Kinross in accordance with Canadian National Instrument 43 - 101 – Standards of Disclosure for Mineral Projects (“NI 43 - 101 ”) . KG Mining (Alaska), Inc . , an indirect subsidiary of Kinross, holds 70 % of the outstanding membership interests in Peak Gold and serves as its manager . Contango indirectly owns the remaining 30 % membership interest in Peak Gold and relies on Kinross and its affiliates for the FS and related information . Contango remains responsible for its own disclosure . Contango is subject to applicable United States and Canadian securities laws . Investors are cautioned that, although the mineral resource and mineral reserve definitions under S - K 1300 and NI 43 - 101 are substantially similar, the standards and disclosure requirements are not identical . Accordingly, estimates prepared under NI 43 - 101 may differ from estimates prepared under S - K 1300 . The applicable reporting standard and effective date should be considered when reviewing each estimate identified in this presentation . Further, investors are cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under S - K 1300 , investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves . Mineralization that has been characterized as resources has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves . Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources or inferred mineral resources that Contango reports are or will be economically or legally mineable . Mineral resource estimates are subject to technical and economic assumptions ; conversion of measured or indicated mineral resources to mineral reserves requires appropriate studies and consideration of mining losses, dilution and other modifying factors . Inferred mineral resources have a lower level of geological confidence than measured or indicated mineral resources and cannot be converted directly into mineral reserves . There is no certainty that further exploration will upgrade inferred mineral resources to measured or indicated mineral resources, or that measured or indicated mineral resources will be converted to mineral reserves . The securities of Contango have not been approved or disapproved by the United States Securities and Exchange Commission, any Canadian securities regulatory authority or any other securities commission or regulatory authority in the United States or any other jurisdiction, nor have any of the foregoing authorities passed upon or endorsed the merits of this presentation or confirmed the accuracy or adequacy of the information contained in this presentation . Any representation to the contrary is a criminal offense . This presentation does not constitute an offer to sell or the solicitation of an offer to buy the securities of Contango . This presentation does not contain all of the information that would normally appear in a prospectus under applicable United States or Canadian securities laws . Prospective investors should carefully read Contango’s disclosure documents filed with the SEC on EDGAR and with Canadian securities regulators on SEDAR+, , especially the risk factors contained in such filings, before making an investment decision with respect to investing in the securities of Contango . Unless otherwise indicated, all dollar amounts in this presentation are expressed in United States dollars . Hyperlinks included in this presentation are provided for convenience only . Information contained in, or otherwise accessible through, those hyperlinks does not form part of, and is not incorporated by reference into, this presentation . NON - GAAP RECONCILIATION DISCLAIMER This presentation contains forward looking estimates of all - in sustaining cost (“AISC”), resources, free cash flow and EBITDA, which are financial measures not determined in accordance with United States generally accepted accounting principles (“GAAP”) . We cannot provide a reconciliation of estimated AISC, resources and EBITDA to estimated costs of goods sold, assets and net income, which are the GAAP financial measures most directly comparable to such non - GAAP measures, without unreasonable efforts due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate projected AISC, resources and EBITDA . In addition, the estimates of AISC, resources and EBITDA have been prepared by Kinross and are based on IFRS accounting standards and detailed information that the Company does not have access to at this time . These amounts that would require unreasonable effort to quantify could be significant, such that the amount of projected GAAP cost of goods sold, assets and net income would vary substantially from the amount of projected AISC, resources and EBITDA .
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 2 WWW.CONTANGOORE.COM
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 3 33.5 M SHARES O/S NYSE / TSX CTGO DUAL LISTED Fairbanks AK HEADQUARTERS NORTH AMERICAN SILVER & GOLD PRODUCER ~2 Moz Au Gold ~83 Moz Ag Silver TOTAL RESOURCES $89M CASH ON HAND $100M+ 2025 FREE CASH FLOW
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 4 STRONG CAPITAL MARKETS PROFILE 1. Approximate amounts reported as of August 12, 2026 2. Cash reported as of June 30, 2026 3. CTGO convertible debt (convertible into 655,738 shares at $30.50) 4. Reported as of June 30, 2026 which includes settlement of remaining hedges 5. Capital IQ, SEDI and Bloomberg publicly disclosed data Ownership 2,3 Shareholder Summary 5 Analyst Coverage Current ETF Inclusion GDXJ x Dual Listing Russell 2000 x CAPITAL STRUCTURE TRADING - NYSE AMERICAN (US Dollars): CTGO 1 90 - Day Avg. Daily Volume ~530,000 shares per day 52 - week range $14.50 - $34.38 Market Cap $657 M CAPITAL STRUCTURE 2 Issued & Outstanding 33.5 M Warrants 0.4 M Options 0.5 M Fully Diluted 34.4 M FINANCIAL POSITION (US Dollars) Cash 2 $89 M Convertible Debenture 3 $20.0 M Debt (ING & Macquarie) 4 $43.6 M Hedge Contracts 4 nil Alyeska Investment ~45% ~45% ~10% Institutional / HNW Retail Management / Insiders 4
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM HIGHLY LEVERAGED TO SILVER & GOLD Source : Company Materials, brokers’ estimates as of April 2026 ; Calculated at spot Au & Ag prices, excludes base metal credits Grade vs Valuation: Precious Metals Producer Peers Consensus P/NAV by AgEq Resource Grade (g/t) Consensus P/NAV AgEq Resource Grade (g/t) CTGO's grade is ~2.4x the peer average, yet it trades at 0.45x the peer average valuation Wesdome Orla G Mining Endeavour Silver Avino Silvercorp Fortuna Aya Americas Gold & Silver Discovery Andean Precious Metals GoGold Orezone Minera Alamos McEwen CTGO 5
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 6 CONTANGO’S FIVE YEAR DEVELOPMENT PIPELINE TARGET 200k oz Au + 5M oz Ag 2 Yrs 100,000 GEO 2 – 3 Yrs 1. See news release dated March 16, 2026 “ Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 2. See new released dated May 5, 2025 “ Contango Announces S - K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Fully Funded to Execute Fastest Gold Producing Growth Profile in the Industry ~60,000 GEO 1 KITSAULT VALLEY NEW MRE – September 2026: Ind: 89.5 Moz AgEq (7.66 Mt at 364 g/t AgEq ) Inf: 64.92 Moz AgEq (6.31 Mt at 322 g/t AgEq ) x ~50,000 m 2026 drill program x 247,000 acres (100,000 ha) of prospective land x MRE update scheduled for H1 2027 x IA scheduled for later in 2027 MANH CHOH LUCKY SHOT JOHNSON TRACT x Fully permitted and producing gold x Permits received in less than 2 years x Built on time and on budget x First gold pour on July 8, 2024 x 2025 ~60,000 oz annual production 1 x LOM ~60,000 oz annual production x LOM $1,700 AISC x Fully permitted for mining x 110,000 oz at 14.5 g/t Au x 2 years to develop 400,000 - 500,000 oz Au resource x Target 40,000 - 50,000 oz Au production x Identify potential processing facilities x Established 1.1M oz resource at 9.4 g/t GEO x Federal permitting under FAST 41 x Initial Assessment released May 2025 2 x Post Tax NPV 5 = $615.4M and +60% IRR at $4,000 gold x Building road to portal site in 2026 x Target for FS with mine construction decision by 2028/2029 GEO = Gold Equivalent Ounces 200,000 oz Au 5.0 Moz Ag
WWW.CONTANGOORE.COM NYSE - A/TSX: CTGO COMPANY PORTFOLIO OVERVIEW
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 8 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. See news release dated March 16, 2026 “ Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 3. LOM = Life of Mine, MRE = Mineral Resource Estimate; MANH CHOH MINE (30%) 1 1M oz at 8 g/t Au reserve (on 100% basis) Private land owned by Tetlin Native Tribe ~25 km from Alaska Highway 1 year for Federal Permitting Production started Q3 2024 Avg LOM ~60,000 oz Au 2,3 ~ $550M LOM 3 free cash flow (at $4,000/oz) JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 LUCKY SHOT MINE (100%) 1 DSO Routes
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 9 DSO CRITERIA High - grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Private and State lands Minimal water and wetlands impact Simple mining/processing 2020/2021 2022 2023 2024 JV with Kinross, Community Outreach, PFS/FS, permit applications submitted Construction decision & road construction, mill modifications, campus renovation; 404 Wetlands Permit received Operating permits received; construction completed with groundbreaking ceremony in August; ore transport started in November Ore stockpiled at Manh Choh and Fort Knox; first gold pour in July 2024! FEDERAL PERMITS 1 YR CONSTRUCTION AND RAMP UP 2 YRS Manh Choh deposit before mining MANH CHOH MINE CTGO SUCCESS OF DSO APPROACH
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM Contango Production Guidance (30% basis) Units 2026 Gold Production 40,000 - 45,000 oz 2027 Gold Production 75,000 - 80,000 oz 2026 Cash Costs $1,900 - $2,000 per oz sold 2027 Cash Costs $1,200 - $1,300 per oz sold LOM Cumulative Cash (approximate) 550,000,000$ at $4,000 gold Remaining Hedge Balance nil oz 10 YEAR END 2025 RESULTS & LOM GUIDANCE 60,200 oz of gold produced 57,315 oz of silver produced $102 million cash distribution to Contango AISC = $1,616 per oz sold Manh Choh to Fort Knox 240 mi Kinross is operator (70% owner) On schedule and on budget State and Federal permits received within 18 months Construction and Ramp Up completed in 2 years First gold pour in July 2024 Contract mining & trucking MANH CHOH MINE – DEMONSTRATED DSO SUCCESS IN PRODUCTION – Hedge - Free , as of July 1, 2026
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 11 WHAT IS THE DIRECT SHIPPING ORE (DSO) APPROACH? Drill & Muck at Mine Site Load & Weigh at Mine Site Transport via Rail/Road/Barge Ore mined underground Loaded into covered/sealed containers at the mine site Small environmental footprint Containers loaded and weighed at mine site Ore containers loaded onto trucks Covered/sealed containers prevent “fugitive dust” DSO approach eliminates the need for onsite processing and tailings storage. This drastically reduces the onsite environmental footprint, reduces permitting risk and lowers upfront capital cost. NO TAILINGS FACILITY NO MILL Ore containers are transferred to Rail/Barge Transported to off - site milling facility
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 12 FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix MANH CHOH MINE (30%) 1 LUCKY SHOT MINE (100%) 1 Current r esource : 110 , 000 oz Au at 14 . 5 g/t Private land on road/rail system Fully permitted for mining Currently drilling to develop 400 , 000 - 500 , 000 oz Au resource Targeting DSO Feasibility Study in 2027 Target 40 , 000 – 50 , 000 oz Au annual production in 2028 Identified multiple potential processing facilities JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 13 FEASIBILITY UNDERWAY Current 18,000m in - fill and expansion drill program for resource definition OBJECTIVES: Define high - grade “ore shoots” Delineate 400,000 to 500,000 oz Au measured and indicated resource Collect data for detailed feasibility - level mine and transportation plan Anticipate $50 - $60 million spend over 2026 - 27 to reach production decision Targeting 40,000 to 50,000 oz Au annual production in 2028 TARGETING INITIAL RESOURCE OF 400,000 to 500,000 oz Au LUCKY SHOT – OUR NEXT DSO PROJECT Coleman and Lucky Shot Resources Tables 1 Please see S - K 1300 Technical Report Summary on the Lucky Shot Project Alaska, USA https : //www . contangoore . com/investors/overview Combined Segments of Lucky Shot Vein Resources Au Ounces Au Grade Tonnes Classification (g/t) - - - Measured 105,620 14.5 226,963 Indicated 105,620 14.5 226,963 TOTAL 25,110 9.5 82,058 Inferred Note 1: Measured, Indicated and Inferred mineral resource classification are assigned according to CIM Definition Standards. Mi neral resources, which are not mineral reserves, do not demonstrate economic viability and there is no guarantee that mineral re sources will be converted to mineral reserves. This mineral resource estimate was prepared by Sims Resources LLC based on data and information available and has an effective date of May 26, 2023. The Measured, Indicated and Inferred mineral resources are reported using the followi ng parameters: undiluted gold grades; long term gold price of $US1,600 per ounce; reported as contained within a 3.0 g/t Gold underground shapes and apply ing a 3.0 meter minimum width at a 4.3 g/t gold cutoff grade (“COG”). 2026 / 2027 PROGRAM
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 14 High Grade KM Vein 5.92m @ 60.24 g/t Au 0.31m @ 99.75 g/t Au 1.5m @ 59 g/t Au Close - in opportunity to define ~50,000 Oz Au in a 100m x 100m area directly below the West Drift extension. VG and Gal KW Vn projection 100m W. Drift Extension (Current Exploration) Lucky Shot Fault ? NEW DISCOVERY – KEITH MILES VEIN (KM)
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 15 FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. See new released dated May 5, 2025 “ Contango Announces S - K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” MANH CHOH MINE (30%) 1 LUCKY SHOT MINE (100%) 1 JOHNSON TRACT PROJECT (100%) 1 Current Resource: 1.1 Moz @ 9.4 g/t Au Eq Critical Metals Project: Gold - Silver - Copper - Zinc - Lead Private land owned by Cook Inlet Regional Inc. (CIRI) Federal permitting currently in FAST 41; targeting mid - 2028 construction decision 100,000 oz Au Eq annual production annual production in 2030 Initial Assessment released May 2025 2 Post Tax NPV 5 = $615.4M and +60% IRR at $4,000 gold 1 year payback KITSAULT VALLEY PROJECT (100%) 1 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 16 EXPLORATION / PERMITTING 2026 WORK PROGRAM COMPLETED JOHNSON TRACT – FAST 41 PERMITTING JOHNSON TRACT INITIAL ASSESSMENT 1 Post - Tax NPV 5 of USD $ 615 . 4 million with a post - tax IRR of + 60 % at $ 4 , 000 LOM annual average production of 102 , 258 oz Au Eq at 7 . 58 g/t Au Eq Initial Capital costs of $ 213 . 6 million, including $ 36 million in contingency Sustaining Capital costs of USD $ 61 . 3 million, including $ 12 . 3 million in contingency AISC estimated at $ 860 per Au Eq sold Payback period ~ 1 year 7 - year LOM $4,000 Au $3,000 Au $2,200 Au $2,000 Au Sensitivity $615.4 $398.2 $224.0 $181.0 Post - Tax NPV 5 (USD M) POST TAX NPV 5 GOLD PRICE SENSITIVITY x Build road from camp to Portal Site x Mobilize equipment and build laydown x Start preparation for camp winterization x Environmental studies, geotechnical drilling for barge landing, and community outreach x Continue Federal permitting on FAST - 41 dashboard 1 See Contango’s SK 1300 Johnson Tract Technical Report Press Release dated May 6 , 2025 ; Initial capex reflects the Initial Assessment study reported in “ Contango Announces S - K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Press Release and Initial Assessment dated May 6 , 2025 and filed on May 12 , 2025 ; “ GEO” refers to Gold Equivalent Ounces . Road work completed
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 17 FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2.MRE = Mineral Resource Estimate; 3 . See new released dated September 22, 2026 “ Contango Announces Updated Mineral Resource Estimate for Kitsault Valley Project; Indicated Resources Increase 93% to 89.5 Million Silver Equivalent Ounces ” MANH CHOH MINE (30%) 1 LUCKY SHOT MINE (100%) 1 JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 Current M&I Resource: 166k oz Gold and 34.7 M oz Silver ; Inferred Resource: 817k oz Gold and 29.3 M oz Silver Silver - Gold polymetallic district NEW MRE – September 2026 2,3 : Ind: 89.5 Moz AgEq (7.66 Mt at 364 g/t AgEq ) Inf: 64.92 Moz AgEq (6.31 Mt at 322 g/t AgEq ) +50,000 m 2026 drilling program Environmental baseline, Metallurgical, Permitting planned for 2026 PEA and IBA in 2027 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 18 Kitsault Valley MRE 1 1 See Contango’s SK 1300 Kitsault Valley Technical Report Press Release dated September 22 , 2026 ; See Contango’s SK 1300 Kitsault Valley Technical Report Effective Date September 11 , 2026 ; AgEq (Moz) AgEq (g/t) Pb (%) Zn (%) Cu (%) Au (g/t) Ag (g/t) Tonnes (Mt) Area Category 33.28 483.7 0.13 0.15 0.13 5.63 89.14 2.14 Homestake Indicated 56.27 317.06 0.59 0.67 0.03 0.04 296.1 5.52 Dolly Varden 89.55 363.0 0.46 0.53 0.06 1.60 238.34 7.66 Total 48.50 328.30 0.17 0.15 0.04 4.17 53.91 4.60 Homestake Inferred 16.42 289.65 0.62 0.90 0.05 0.10 269.91 1.71 Dolly Varden 64.92 320.26 0.29 0.35 0.04 3.06 112.50 6.31 Total Change 2026 Estimate 2023 Estimate Metric +84.4% 7.66 4.15 Indicated tonnage (Mt) +93.1% 89.55 46.37 Indicated AgEq (Moz) - 7.7% 6.31 6.83 Inferred tonnage (Mt) - 25.1% 64.92 86.73 Inferred AgEq (Moz) Torbrit Mineral Resource Classification geometry: A – Plan view, B – Longitudinal view (looking northeast), C – Cross - sectional view looking northwest. Red solid represents Indicated classification and blue Inferred classification. Comparison of key resource metrics, 2023 vs. 2026 estimates +84% increase Indicated Tonnage & +93% increase Indicated AgEq Oz Ind. 89M oz AgEq at 363 g/t AgEq Inf. 65M oz AgEq at 320 g/t AgEq KITSAULT VALLEY – THE SILVER LINING OF GOLDEN TRIANGLE
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 19 SEPT 15, 2026 NEWS Step - out drilling confirms Torbrit and North Star form one connected silver system. HIGHLIGHTS: DV26 - 480: incl. 881 g/t AgEq over 2.30m DV26 - 488: incl. 2,878 g/t AgEq over 0.98m DV26 - 494: incl. 2,254 g/t AgEq over 1.00m DV26 - 515: also 165 g/t AgEq over 66.35m 2026 drilling not incorporated into the 2026 MRE update TORBRIT & NORTH STAR: ONE CONNECTED SILVER SYSTEM KITSAULT VALLEY – RECENT DRILL RESULTS Note: See Contango’s news release dated September 15, 2026 “ Contango Announces Updated Mineral Resource Estimate for Kitsault Valley Project; Indicated Resources Increase 93% to 89.5 Million Silver Equivalent Ounces ” . Intervals shown are downhole core lengths (approx. 80% - 95% of true width). AgEq = Ag + 11.64Pb + 15.22Zn + 58.27Au, using metal prices of US$53/oz Ag, US$0.90/lb Pb, US$1.25/lb Zn and US$3,500/oz Au, and metallurgical recoveries of 85% Ag, 85% Pb, 80% Zn and 7 5% Au. None of this 2026 drilling is incorporated into the Mineral Resource Estimate update expected later this quarter. The Kit sau lt Valley Project is an exploration - stage property with no mineral reserves; these exploration results do not demonstrate economic viability. See the full news release for the complete assay table and QA/QC disclosure. 2026 PROGRAM New Mineral Resource Estimate released September 22, 2026 ~50,000 meters drilling planned for 2026 Environmental Baseline Studies Community Engagement First Nations Engagement Working towards formal IBA
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM The Contango Value Proposition: High Margin, High Torque, Proven Results An Emerging Mid - Tier Silver - Gold Producer 20 North America – Ag - Focused Developers North America – Producers North America – Au - Focused Developers
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 21 info@contangoore.com +1 - 907 - 388 - 7770 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE CORPORATE INQUIRIES NYSE - A / TSX: CTGO
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 22 LEADERSHIP TEAM Rick Van Nieuwenhuyse CEO & Director 40+ years of experience in the mining industry. He previously served as President and CEO of Trilogy Metals and founded NOVAGOLD where he served as President and CEO. Shawn Khunkhun President & Director 20+ years of experience in capital markets and mineral exploration, development and production. Founder and Director of Gold X2 and Gladiator Metals. Partner at the Fiore Group. Clynt Nauman Chairman of Board & Director 45+ years of experience in mining industry. Served as Chairman and CEO of Alexco Resource, President and Director of Viceroy Gold, Director of NOVAGOLD and Director of Spectrum Gold. Board of Directors Michael Clark CFO 20+ years of experience in corporate finance and financial reporting. He is currently a Director of Avino and has served as CFO of Alexco Resources, Goldgroup Mining and Grosso Group. Darren Devine Director Principal of CDM Capital Partners, a corporate advisory firm and acts as a director to junior companies in the natural resource sector. Completed transactions including Centric Energy’s sale of Eastern African assets to Africa Oil. Tim Clark Director 23+ years of experience in capital markets, corporate strategy and financial analysis for corporations within the commodities and mining sectors. Currently serves as the CEO and Director of Fury Gold Mines. Brad Juneau Director Co - founder of Contango and previously served as President, CEO and Director from August 2012 to January 2020. He has served as Chairman of the Board for Contango since April 2013. Mike Cinnamond Director 25+ years of experience in the mining sector, bringing significant industry and financial knowledge. He has served as the Senior Vice President and CFO of B2Gold since April 2014. Proven Leadership Team with a Demonstrated Track Record of Value Creation in the North American Mining Sector
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 23 BUILDING OUR ESG FRAMEWORK DEVELOPING OUR STRATEGY AROUND OUR BUSINESS MODEL AND CORE VALUES BUILT ON OUR FUNDAMENTAL DSO CRITERIA High - grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Minimal water and wetlands impact Simple mining/processing Private and State lands ▪ Defining the pillars » Social - safety of our people and our communities, valued partnerships with Alaskan Natives » Environment – responsible practices, minimize our footprint » Governance - business conduct, social responsibility and reporting » Growth – resulting in a strong, reputable company ▪ Working through materiality assessment ▪ Evaluating sustainability risk and opportunities ▪ ESG data quality and completeness forms reliable basis for the future ▪ Consolidating our understanding of risks, opportunities and policies for all our sites
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 24 CONTANGO’S RESERVES AND RESOURCES CONTINUED ON NEXT PAGE Notes: Manh Choh Reserves 1 - Published from Contango 10K. Reserves Current as of 31DEC25 2 - The definitions for mineral reserves in S - K 1300 were followed for mineral reserves. 3 - Mineral reserves were estimated at long term prices of $2,000/oz Au and $23.50/oz Ag. 4 - Mineral reserves are reported at an economic cut - off that varies by process cost and metallurgical recovery, approximately equivalent to 2.50 g/t Au. 5 - Mineral reserve estimates incorporate dilution built in during the re - blocking process and assume 100% mining recovery 6 - Mineral reserves are reported in dry metric tonnes . 7 - Numbers may not total due to rounding. 8 - Mineral reserves are reconciled and incorporate depletion from 2024 and 2025 production 9. Mineral Reserves reported on 30% Contango Ore ownership basis. Notes: Manh Choh Resources 1 - Published from Contango 10K. Reserves Current as of 31DEC25 2 - Mineral Resources are reported on a 30% Contango Ore ownership. 3 - The definitions for mineral resources in S - K 1300 were followed for mineral resources. 4 - Mineral resources are reported exclusive of mineral reserves. 5 - Mineral resources are estimated using long term prices of US$2,000/oz Au price and US$23.53/oz Ag price. 6 - Mineral resources are reported using un - diluted Au and Ag grades. 7 - Mineral resources are reported within constraining pit shells. 8 - Mineral resources that are not mineral reserves do not have demonstrated economic viability. 9 - Mineral resources are reported in dry metric tonnes . 10 - Numbers may not total due to rounding. 11 - Mineral resources are reconciled and incorporate depletion from 2024 and 2025 production. PROJECT CLASSIFICATION TONNES (000) Au Grade (g/t) Au Ounces (000) Ag Grade (g/t) Ag Ounces (000) Cu (%) Cu (M Lb) Pb (%) Pb (M Lb) Zn (%) Zn (M Lb) AuEq (g/t) AuEq Ounces (000) AgEq (g/t) AgEq Ounces (000) Manh Choh Proven 158 4.0 20 11.8 60 4.1 21 352.2 1,586 Proven 714 7.4 170 11.3 259 7.5 173 641.1 13,254 Sub-Total 871 6.8 190 11.4 318 6.9 194 590.1 14,839 TOTAL 871 6.8 190 11.4 318 6.9 194 590.1 14,839 Contango Owned Reserves PROJECT CLASSIFICATION TONNES (000) Au Grade (g/t) Au Ounces (000) Ag Grade (g/t) Ag Ounces (000) Cu (%) Cu (M Lb) Pb (%) Pb (M Lb) Zn (%) Zn (M Lb) AuEq (g/t) AuEq Ounces (000) AgEq (g/t) AgEq Ounces (000) Manh Choh Measured 186 2.0 12.0 11.9 71 2.1 13 182.1 983 Indicated 115 2.1 8.0 6.6 24 2.5 9 185.3 634 Sub-total 301 2.0 20 9.8 95 2.3 22 180.1 1,617 Lucky Shot Measured - - - - - - - - - - - - - - - Indicated 227 14.5 106 14.5 106 987.2 6495 Sub-total 227 14.5 106 14.5 106 987.2 6,495 Johnson Tract Measured - - - - - - - - - - - - - - - Indicated 3,489 5.3 598 6.0 673 0.56 43.1 0.67 51.5 5.21 400.8 9.4 1,053 884.5 84347 Sub-total 3,489 5.3 598 6.0 673 0.56 43.1 0.67 51.5 5.21 400.8 9.4 1,053 884.5 84,347 Homestake Measured - Indicated 2,140 5.6 387 89.1 6,133 0.134 6.3 0.126 6.0 0.149 7.0 7.3 504 483.6 33,275 Sub-total 2,140 5.6 387 89.1 6,133 0.134 6.3 0.126 6.0 0.149 7.0 7.3 504 483.6 33,275 Dolly Varden Measured - - - - - - - - - - - - - - - Indicated 5,520 0.0 7 296.2 52,565 0.025 3.1 0.593 72.2 0.672 81.8 4.8 852 317.1 56,270 Sub-total 5,520 0.0 7 296.2 52,565 0.025 3.1 0.593 72.2 0.672 81.8 4.8 852 317.1 56,270 TOTAL METAL 1,119 59,466 52.5 129.7 489.7 Total EQ 2,537 182,004 Contango Owned Resources
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 25 CONTANGO’S RESERVES AND RESOURCES Notes: Lucky Shot Resources 1. Mineral Resources were estimated as of 26 MAY 23 under definitions for Mineral Resources in S - K1300. See TRS Lucky shot Proj ect Alaska, USA. 2. Mineral resources are estimated using long term prices of US$1,600/oz Au price. 3. Mineral resources are reported using un - diluted Au grades. 4. Mineral resources are reported as contained within 3.0 g/t Au underground shapes applying a 3.0m min. width at a 4.3 g/t C OG. 5. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves fo r the Lucky Shot Project. 6. Mineral resources are reported in dry metric tonnes . 7. Numbers may not add due to rounding. 8. Mineral resources are reported on a 100% ownership basis Notes: Johnson Tract Resources 1. Mineral Resources were estimates as of 25 AUG 22 under definitions for Mineral Resources in NI 43 - 101. See Updated Mineral Re source estimate and 43 - 101 Report for Johnson Tract project, Alaska. 2. Assumed metal prices are US$1650/oz for gold (Au), US$20/oz for silver (Ag), US$3.50/lb. copper (Cu), US$1/lb. lead (Pb), and US$1.50/lb. for zinc (Zn) 3. Gold Equivalent (“ AuEq ”) is based on assumed metal prices and payable metal recoveries of 97% for Au, 85% for Ag, 85% Cu, 72% Pb and 92% Zn from me tal lurgical test work completed in 2022. 4. AuEq equals = Au g/t + Ag g/t × 0.01 + Cu% × 1.27 + Pb% × 0.31 + Zn% × 0.59 5. An average bulk density value of 2.84 used as determined by conventional analytical methods for assay samples 6. Capping applied to assays to restrict the impact of high - grade outliers 7. Preliminary underground constrains were applied, including the elimination of isolated or scattered blocks above cut - off grad e to define the “reasonable prospects of eventual economic extraction” for the Mineral Resource Estimate 8. Mineral resources as reported are undiluted 9. Mineral resource tonnages have been rounded to reflect the precision of the estimate 10. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability Notes: Kitsault Valley Resources 1. Mineral Resources were estimated as of 21 SEP 26 23 under definitions for Mineral Resources in S - K1300. See Kitsault MRE TRS 21SEP26 2. Mineral resources are estimated using long term prices Ag $53/oz, Au $3,500/oz, Zn $1.25/ lb , Pb $0.90/ lb , Cu $5.00/ lb 3. Mineral resources are reported using un - diluted grades. 4. Mineral resources are reported as contained within underground shapes at a 132 AgEq COG. 5. AqEq are calculated by deposit based on assumed metal recovery, metal prices, and deposit density. 6. By region the AgEq calculations are: Dolly Varden Region: AgEq = Ag + 58.27Au + 15.22Zn + 11.64Pb +53.27Cu, Homestake Main: AgEq = Ag + 70.17Au + 14.15Zn + 10.92Pb + 52.56Cu, Homestake Silver: AgEq = Ag + 62.15Au + 14.27Zn + 10.96Pb + 49.47Cu 7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves fo r the Kitsault Valley Project. 8. Mineral resources are reported in dry metric tonnes . 9. Numbers may not add due to rounding. 10. Mineral resources are reported on a 100% ownership basis. PROJECT CLASSIFICATION TONNES (000) Au Grade (g/t) Au Ounces (000) Ag Grade (g/t) Ag Ounces (000) Cu (%) Cu (M Lb) Pb (%) Pb (M Lb) Zn (%) Zn (M Lb) AuEq (g/t) AuEq Ounces (000) AgEq (g/t) AgEq Ounces (000) Manh Choh Inferred - 3.2 - 9.2 - 0.0 0 Lucky Shot Inferred 82 9.5 25 9.5 25 646.8 1,532 Johnson Tract Inferred 706 1.4 31 9.1 207 0.59 9.2 0.30 4.7 4.18 65.1 4.8 108 449.3 8,686 Homestake Inferred 4,595 4.2 616 53.9 7,965 0.042 4.2 0.17 16.9 0.15 14.7 5.0 734 328.3 48,501 Dolly Varden Inferred 1,710 0.1 5 269.9 14,839 0.048 1.8 0.62 23.4 0.90 33.9 4.5 249 298.7 16,419 TOTAL METAL 677 23,011 15.2 44.9 113.7 Total EQ 1,116 75,138
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM DEVELOPMENT Historic High - Grade Gold Mining District Initial Discoveries 1890’s 20+ Historic Mines and Prospects Relatively “unmined” since 1942 Mesothermal, shear hosted quartz +Au veins LUCKY SHOT Lucky Shot ore with visible gold Coleman LUCKY SHOT – WILLOW CREEK DISTRICT SCALE OPPORTUNITY 26
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 27 PLAN VIEW LOOKING NORTHWEST JT BLOCK MODEL JOHNSON TRACT DEPOSIT NORTH (G/T) JOHNSON TRACT 27 ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 28 Ellis Zone discovery 4km NE of JT Deposit 578 g/t Au and 2,023 g/t Ag over 6.4 m JOHNSON TRACT EXPLORATION UPSIDE – NEW GEOPHYSICAL TARGETS 2023 geophysical survey defines 12km (7.5 mi) mineral trend Geophysics, geochemistry and geology define 1. Distinct +10km long epithermal/VMS trend 2. Two potential intrusive related Cu - Au targets (porphyry) Large, shallowly buried, untested alteration systems detected at DC, between DC and JT, and South of J ohnson Tract Multiple new drill targets 2023 Airborne MobileMT Survey (3D inversion)
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM KITSAULT VALLEY – PREMIER MINING DISTRICT 2 centers of gravity at Kitsault Valley: 1. Gold - focused on northern tract 2. Silver focused on silver tract District scale exploration opportunities Porter Idaho – Historic Mine Mountain Boy – Historic Mine PREMIERE MINING DISTRICT Richest 20km on the planet for gold and silver, from Seabridge's KSM to Newmont's Brucejack 150M ounces of Gold 1.2B ounces of Silver Discovered in just the past 3 decades CORNERSTONE IN THE GOLDEN TRIANGLE, BC
NYSE - A: CTGO | TSX: CTGO | WWW.CONTANGOORE.COM 30 2026 2027 2028 2029+ CASH FLOW FUNDED GROWTH ENGINE Catalyst Rich Portfolio of Advanced Exploration - Stage Assets Supported by Cash Flows from Manh Choh Production Accelerating Growth: Catalysts & Project Pipeline 4 0,000m drill program + baseline env. Advance PEA / IA + initiate permitting Target PEA / IA Study Camp upgrades + initial construction Surface infrastructure permit (FAST 41) Johnson Tract Lucky Shot Manh Choh Kitsault Valley UG tunnel construction + infill drilling Complete road from Camp to Barge Target Fully Permitted / Construction Mine decision; final permits issued Target Feasibility / FID Continued gold production ~2,500m drill program Targeting 60koz p.a. average GEO production Continued exploration initiatives Infill drilling + technical studies UG in - fill drilling program, consisting of 18,000m of total drilling Target Feasibility Study / FID Q2 - 2026: Updated Resource UG tunnel construction+ infill drilling Construct site infrastructure + infill drilling Target Production Utilizing Manh Choh Cash Flow to Drive Near - Term Execution
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na
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- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
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na
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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dei_EntityCentralIndexKey
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Data Type:
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Balance Type:
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X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
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Data Type:
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Balance Type:
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X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
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Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
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Data Type:
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Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
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Data Type:
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Balance Type:
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- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
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Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
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Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
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Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
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dei_PreCommencementTenderOffer
Namespace Prefix:
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Data Type:
xbrli:booleanItemType
Balance Type:
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Period Type:
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X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
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Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
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Data Type:
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Balance Type:
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Period Type:
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X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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