Nicobat Project

Ontario's Untapped Nickel-Copper-Cobalt Powerhouse

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In the heart of Northwestern Ontario's Rainy River Greenstone Belt, the Nicobat Project is a high-potential, infrastructure-ready critical minerals asset. Strategically located 21 kilometres south of New Gold's Rainy River Mine (home to the Zone 34 nickel discovery), with world-class road access, power, and proximity to skilled labour and processing infrastructure.

A Storied Legacy of Discovery

Exploration at Nicobat began in 1952 when Noranda Exploration first uncovered compelling nickel sulphide mineralization. What followed was one of the most intensive early campaigns in the region:

• Over 220 diamond drill holes totalling approximately 35,000 metres
• Multiple geophysical surveys (magnetic, electromagnetic, and induced polarization)
• A landmark 454-tonne bulk sample extracted in 1957 for metallurgical testing

These pioneering efforts delineated a historical estimate of 5.3 million tonnes grading 0.25% nickel, 0.14% copper, and 0.03% cobalt, including higher-grade "ribs" reaching 0.87% Ni. The historical estimate does not conform to current CIM Definition Standards. The work documented a magmatic sulphide system hosted within a norite-gabbro conduit at the base of the Dobie Gabbro, with disseminated sulphides and discrete higher-grade nickel-copper-PGE intervals. See cautionary notes below.

Historical Resource Estimates*

Category	Tonnes	Ni	Cu	Co
Global Resource	5.3 Mt	0.25%	0.14%	0.03%
High-Grade Ribs	-	0.87%	-	-

Modern Exploration Drilling

Subsequent operators completed over 4,000 metres of additional drilling, with the following intercept reported:

The Company has not defined any current mineral resources or mineral reserves on the Nicobat property. The host rock package forms part of the Dobie Mafic Intrusion. Mineralization on adjacent properties is not necessarily indicative of mineralization on the Company's property.

Why Nicobat Is a Strategic Asset

• Battery Metals Focus: Nickel, copper, and cobalt - relevant to the EV and energy storage supply chain
• Scale: Large land package with documented historical mineralization
• Jurisdictional: Ontario - established mining jurisdiction with road access and power
• Historical Dataset: Extensive historical drilling supports planning of future work programs

*Historical Estimate Cautionary: The historical estimate of 5.3 Mt grading 0.25% Ni, 0.14% Cu and 0.03% Co referenced on this page was prepared by previous property operators (Noranda Exploration and successor operators, original work commencing 1952) prior to the adoption of the current CIM Definition Standards for Mineral Resources and Mineral Reserves and does not conform to those standards. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. The Company is not treating the historical estimate as a current mineral resource or mineral reserve. Significant work, including data compilation, re-drilling, verification sampling and qualified person review, is required before the historical estimate could be considered as a current mineral resource under current CIM Definition Standards. The Company has not defined any current mineral resources or mineral reserves on the Nicobat property.

Adjacent Properties: References to mineralization, deposits, mines, or resources on adjacent or nearby properties (including New Gold's Rainy River Mine and the Zone 34 nickel discovery) are for geological context only and are not indicative of mineralization on the Company's property. The Qualified Person has not verified information disclosed by adjacent property operators.

Qualified Person: The technical content of this page has been reviewed and approved by Mr. Babak V. Azar, P.Geo., géo (OGQ#10876), an independent contractor and a Qualified Person as defined under National Instrument 43-101.

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