Fondaway Canyon

Fondaway Canyon is an advanced exploration stage gold property located in Churchill County, Nevada, approximately 135 kms (85 miles) east of Reno. The land package contains 261 unpatented lode claims covering 4,463 acres (1,806 hectares). Gold was discovered in the mid-1970s with the Project witnessing multiple operators conducting exploration, drilling, development, and small-scale mining through to the current day. Getchell Gold Corp. (Getchell) optioned the Project in January 2020 and fulfilled the terms of the Option in January 2024 to acquire 100% of the Fondaway Canyon project.

The Fondaway Canyon Gold Project is host to a large at surface mineral resource and subject of a recently released robust Preliminary Economic Assessment (“PEA”).

To View Key Investor Materials, click on the following links:
Video – 2026 Preliminary Economic Assessment

Corporate Presentation – 2026 PEA

2026 PEA Technical Report

2026 Preliminary Economic Assessment

Strong Project Economics

• US$1 Billion pre-tax net present value discounted at 8% (“NPV_8%“) and a 58.8% pre-tax internal rate of return (“IRR”), $905 million after-tax NPV_8% and a 53.1% after-tax IRR at $3,200/ounce (“oz”) gold price.
• Initial capital costs estimated at $265 million (including a 20% contingency), with a short pre-tax payback of 1.5 years.

Robust Operational Profile

• 1.52 million ounces gold recovered (post-processing) over a 10-year life of mine (“LOM”) with average annual gold production of 150,000 oz;
• Average mined grade of 1.38 g/t Au (0.040 opt), estimated gold recovery to sales of 80%, and LOM strip ratio of 6.9 to 1; and
• LOM operating costs ⁽¹⁾ estimated at $1,373/oz and cash costs ⁽²⁾ estimated at $1,740/oz of produced gold.

Major Increase from 2025 PEA

• 28% increase in both contained ounces of gold and average annual gold production; and
• >60% increase in base case NPV.

Significant Growth Potential

• The scope of the PEA was limited to the open pit mineral resource in the Central Area of the Project:
  • That does not include the Main Pit’s underground mineral resource and the open pit mineral resources outside of the Central Area along the gold corridor; and
  • represents only a portion of the largely underexplored 7 km long east-west gold corridor, covering a 10 km² prospective area.
• The mineral resource remains open along strike and at depth with significant potential for expansion.

“This PEA readily demonstrates the potential for a robust economic open pit mining operation producing 150,000 ounces of gold per year.  This would likely place Fondaway Canyon in the top 10 mining operations in Nevada, an eminent threshold as wholly impressive as it sounds.  Moreover, the mineralization remains open for expansion with continued drilling success aiming to further enhance the mine model and extend the operation’s longevity.” stated Mike Sieb, President.

“The strong economics outlined in this PEA support my high expectation for the Fondaway Canyon gold project and underscore the significant valuation upside potential for Getchell Gold Corp.” stated Bob Bass, Chairman.

PEA Overview and Financial Analysis

The PEA contemplates an open pit operation using contract mining and processing 4.1 million tonnes per annum (“mtpa”) or 12,000 tonnes per day.  The mill feed will be trucked from the open pit in the Central Area, accounting for approximately 68% of the global mineral resource currently defined at Fondaway Canyon.

The PEA demonstrates strong margins, rapid payback and significant free cash flow generation with the Base Case reporting Pre- and Post-Tax NPV_8% of $1,004 and 905 million respectively (Table 2).  This represents a substantial >60% increase compared to the previously published PEA (“2025 PEA”) (refer to Company news release dated February 7, 2025) attributable to a simplified process flow sheet, increased annual throughput and higher gold price.

Mine Plan and Minable Resource Estimate

The open pit optimization model yielded a series of nested pit shells that prioritize the extraction of the most economically viable and most economically robust material.  The mine will be developed in consecutive phases to manage the operating stripping ratio and to provide consistent mill feed.  The final pit limit and 3D gold grade block model encapsulated within the pit are shown in Figure 1.

The pit shell selected as the optimal pit shell contains a total tonnage of 339.1 Mt including 18.8 Mt of Indicated Mineral Resource at 1.46 g/t, and 24.1 Mt of Inferred Mineral Resource at 1.32g/t to be processed for 1.90 Moz of contained gold, representing a 28% increase compared to the 2025 PEA.

The production schedule is based on a nominal rate of 12,000 t/d processed (4.2 Mt/y) and the average LOM stripping ratio is 6.9:1 waste-to-processed material, using a 0.41 g/t Au cut-off grade.  The annual production schedule is shown in Figure 2.elded a series of nested pit shells that prioritize the extraction of the most economically viable and most economically robust material shown below. The mine will be developed in consecutive phases to manage the operating stripping ratio and to provide consistent mill feed. The final pit limit and 3D gold grade block model encapsulated within the pit is shown below.

Metallurgical Testing and Recoveries

A conceptual flotation plant was designed, with the facility processing oxide and sulfide mineralization.  The PEA utilized recoveries estimated across the material types for an average gold recovery to concentrate of 84%, with 80% recovery to sold metal.

Additional metallurgical test work is recommended for Fondaway Canyon to optimize the grind size, the open circuit flotation process, and to define the dry stack tailings process and cost.

Mineral Processing

A processing throughput of 12,000 tpd was selected aimed at maximizing gold recovery in conjunction with minimizing concentrate mass pull (which must be confirmed with additional test work), and on minimizing capital expenditure and operating costs.

The process flowsheet will consist of three stages of crushing followed by ball mill grinding, rougher flotation, and three stages of cleaner flotation in open circuit to produce high-value concentrate (Figure 3).  The cleaner flotation tailings will be combined and fed to gravity concentration.  The gravity concentrate will be combined with the flotation concentrate and gravity tailings will be combined with rougher tailings, filtered, and dry stacked.  The reagents, namely xanthate, AP 404 and AF 65 will be added to the mill.

A review of the CAPEX and OPEX for various processing options indicated that the most promising approach at this stage of the study is to produce a gold-rich concentrate (± 20 g/t Au) and ship/sell it to a processing facility in Nevada.

Post final processing, it is estimated that the mine plan will recover 1.52 million ounces gold over a 10-year life of mine (“LOM”) with average annual gold production of 150,000 oz (Figure 2) representing a 28% increase compared to the 2025 PEA.

Capital Costs

The capital cost estimate is based on an open pit mining and flotation mill operation processing 4.2 mtpa utilizing contract mining.  A life of mine capital expenditure of $265.3 million (including 20% construction contingency) has been estimated to construct the Project.  The breakdown of construction and capitalized stripping is shown in Table 4.mining. Capital costs are based published industry averages in the US and are shown in the table below.

Operating Costs

The Project is modelled as an open pit mine utilizing contract mining with mined material trucked to a plant for crushing, milling, and flotation concentration.  The PEA contemplates the production and sale of a high-grade concentrate to a 3^rd party pressure oxidation refinery for final processing.

Operating costs for the life-of-mine are estimated at $2,093 million ($1,373/oz produced).  Total Cash costs over LOM are estimated at $2,652 million ($1,740/oz produced) and include operating costs, refining charges, and royalties (Table 5).

Costs for transportation, oxidation, leaching, refining, and profit for a 3^rd party is included in the operating cost.

2026 Mineral Resource Estimate

The PEA is supported by the 2026 Updated Mineral Resource Estimate (“2026 MRE”) produced by APEX Geoscience Ltd. of Edmonton, Alberta, with an effective date of April 13, 2026 (refer to Company news release dated April 30, 2026).

Key Highlights

• 21% Global Mineral Resource Estimate (“MRE”) growth compared to the 2024 MRE resulting from the addition of only 10 drill holes totaling 3,400m;
• 54% increase in Indicated Mineral Resource to 22.1 million tonnes at an average grade of 1.40 g/t Au for 999 Koz of gold;
• 8% increase in Inferred Mineral Resource to 45.6 million tonnes at an average grade of 1.25 g/t Au for an additional 1,812 Koz of gold;
• The 2026 MRE expanded the Open Pit model by 50-65m on strike and dip; and
• Gold mineralization remains open for further expansion.

“A 21% Mineral Resource Estimate growth at the Fondaway Canyon gold project from 3,400 meters of drilling attests to the success of last year’s program.  No less significant is the continued increase in the Inferred Mineral Resource alongside the dramatic 54% increase to the Indicated Resource.  The capacity of the Mineral Resource to increase across the resource classifications demonstrates the robustness of the deposit and the inherent ability for further growth.” states Mike Sieb, President, Getchell Gold Corp.

The PEA solely utilized the open pit mineral resources of the Central zone as a basis for the economic model.  The PEA did not include the Inferred mineral resources reported outside of this zone, comprising the Central zone’s underground and all other open pit Inferred resources reporting along the Fondaway Canyon gold corridor.

The Mineral Resource Estimate results are as follows:

Table 6: Fondaway Canyon 2026 vs. 2024 Global Mineral Resources Estimate

Table 7:  Fondaway Canyon Mineral Resource Estimate by Zone

The 2026 MRE represents a significant expansion to the 2024 Mineral Resource Estimate primarily due to:

1. The addition of ten (10) holes drilled in 2025 in the Central Area, FCG22-29 through FCG22-36, that intersected significant gold intervals and extended the mineralization; and
2. An increase in the price of gold per ounce to USD 3,000 from USD 1,950 utilized in the 2024 Mineral Resource model, reflecting the substantial increase in the price of gold occurring over the intervening period.

The 2025 drill program demonstrated on-strike and on-dip continuity and the continued expansion of the gold mineralization and by extension, the mineral resource estimate.

Figure 4:  Fondaway Canyon Project MRE gold grade block and open pit model in plan and longitudinal view

Figure 5:  Colorado SW section showing 2025 drill hole gold Intervals relative to previous drilling and 2024 MRE pit outline

Figure 6:  2026 MRE 3D gold grade block model – Colorado SW section showing 2025 drill holes

Figure 7:  Mid-Central section showing 2025 drill hole gold Intervals relative to previous drilling and 2024 MRE pit outline

Figure 8:  2026 MRE 3D gold grade block model – Mid-Central section showing 2025 drill holes

Figure 9: 2026 MRE 3D gold grade block model – Central Zone longitudinal section showing 2025 drill holes

Notes on the PEA:

Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.  The PEA is preliminary in nature, includes Inferred and Indicated Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that PEA results will be realized.

There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource, however, it is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.  There is no guarantee that any part of the Mineral Resources discussed herein will be converted into a Mineral Reserve in the future.

All amounts are in United States dollars unless otherwise specified.  Base case parameters assume a gold price of $3,200 per ounce.  NPV is calculated as of the commencement of construction and excludes all pre-construction costs. All figures are displayed on a 100% ownership basis.

• Operating costs consist of mining costs, processing costs and mine site G&A.
• Cash costs consist of operating costs plus treatment and refining charges and royalties.

The PEA was prepared by SLR Consulting, of Fort Collins, Colorado (“SLR”) as the lead consultant in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). SLR was the lead study manager for mine planning, design parameters, and operating and capital cost estimates.  The PEA was supported by DM Consulting LLC. (metallurgical studies, process design, process facilities, and plant site infrastructure) and APEX Geoscience Ltd. (mineral resource estimate).  The effective date of the PEA is June 1, 2026, and a technical report for the Project including the PEA will be filed on the System for Electronic Document Analysis and Retrieval (SEDAR) within 45 days of this news release.

The Qualified Persons

The Qualified Person overseeing the minable resource estimate used for the economic analysis is Jonathan R. Heiner, SME-RM, from SLR Consulting, Inc.

The Qualified Person overseeing the metallurgical testing and mineral processing is Deepak Malhotra, SME-RM, from DM Consulting, LLC.

The Qualified Person overseeing the overall Preliminary Economic Assessment report and the economic analysis is Donald E. Hulse, SME-RM, from SLR Consulting, Inc.

The independent and Qualified Person for the mineral resource estimate, as defined by NI 43-101, is Kevin Hon, B.Sc., P.Geo., Senior Resource Geologist from APEX Geoscience Ltd.  Michael Dufresne, M.Sc., P.Geo., President & CEO of APEX, an independent and Qualified Person as defined by NI 43-101, completed a peer review of the estimate.

The Qualified Person (as defined in NI 43-101) who reviewed and approved the scientific and technical information in the news release is Patrick McLaughlin, P.Geo., VP Exploration at Getchell Gold Corp. and is non-independent.

Notes on the 2026 Mineral Resource Estimate

1. The MRE was completed by Kevin Hon, B.Sc., P.Geo., Senior Resource Geologist with APEX. Mr. Hon is an independent Qualified Persons, as defined by NI 43-101, and are responsible for the completion of the Mineral Resource Estimate, with an effective date of April 13, 2026. Michael Dufresne, M.Sc., P.Geo., President & CEO of APEX, completed a peer review of the estimate.
2. Mineral Resources, which are not Mineral Reserves, do not demonstrate economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the Mineral Resources discussed herein will be converted into a Mineral Reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal,  title, taxation, socio-political, marketing, or other relevant issues. The Mineral Resources herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council (CIM 2014 and 2019).
3. The Mineral Resources Estimate is underpinned by data from 546 reverse circulation and diamond drillholes totaling 20,460m of drilling that intersected the mineralized domains.
4. The mineral resource is reported at a lower cut-off of 0.3 g/t Au for the conceptual open pit and 1.5 g/t Au for the conceptual underground extraction scenario. The lower cut-off grades and potential mining scenarios were calculated using the following parameters: mining cost = US$2.75/t (open pit); G&A = US$2.00/t; processing cost = US$17.00/t; recoveries = 84%, gold price = US$3,000/oz; royalties = 1%; and minimum mining widths = 1.5 meters (underground) in order to meet the requirement that the reported Mineral Resources show “reasonable prospects for eventual economic extraction”.
5. Original Au assays were composited to 1.5 m with 13,471 composites generated overall in the mineralized domains including 11,548 composites generated for the Central Zone, 1,267 for the Mid-Realm / South Mouth Zone, and 654 for the Silica Ridge / Hamburger Hill Zone.
6. Grade interpolation was performed by ordinary kriging (OK) using 1.5 meters composites (block size of 3m x 3m x 3m).
7. A density of 2.74 g/cm3 was used for both mineralized and unmineralized zones.
8. The mineral resources estimate is categorized as indicated or inferred and classified based on data density, data quality, confidence in the geological interpretation and confidence in the robustness of the grade interpolation. The indicated category was defined by a search ellipse extending 75m along the major axis, 35m along the minor axis, and 10m vertical. In addition, a minimum of 3 drill holes were required, reporting 9 samples with a maximum of 3 samples per drill hole. The inferred category was defined using a search of up to 120 m and requiring at least 1 sample per drillhole from a minimum of 2 drillholes.
9. High-grade capping supported by statistical analysis was completed on composite data for each zone and was established at 35 g/t Au for the Central Zone, no Au capping for the Mid Realm – South Mouth Zone, and 10.2 g/t Au for the Silica Ridge – Hamburger Hill Zone.
10. The number of metric tonnes and gold ounces were rounded to the nearest thousand, and any discrepancies in the totals are due to rounding effects. Metal content is presented in troy ounces (tonnes x grade (g/t) / 31.10348).
11. The author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue that could materially affect the mineral resource estimate.
12. The effective date of the Mineral Resources Estimate is April 13, 2026, and the effective date for the drill-hole database used to produce this Mineral Resource Estimate is February 10, 2026.

Notes on the 2024 Mineral Resource Estimate:

1. The 2024 Mineral Resource Estimate (“2024 MRE”) is included within the technical report titled The Preliminary Economic Assessment of the Getchell Gold Corp. Fondaway Canyon Project, Nevada, USA, (“PEA”) with an effective date of January 15, 2025.  The PEA was announced on January 23, 2025, and filed on February 7, 2025, and is available on SEDAR+.
2. The PEA was prepared by Forte Dynamics Inc., of Fort Collins, Colorado (“Forte Dynamics”) as the lead consultant in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  Forte Dynamics was the lead study manager for mine planning, design parameters, and operating and capital cost estimates.  The PEA was supported by Forte Analytical Inc. (metallurgical studies, process design, process facilities, and plant site infrastructure) and APEX Geoscience Ltd. (mineral resource estimate).
3. The  2024 MRE is reported at a lower cut-off of 0.3 g/t Au for the conceptual open pit and 1.75 g/t Au for the conceptual underground extraction scenario. The lower cut-off grades and potential mining scenarios were calculated using the following parameters: mining cost = US$2.70/t (open pit); G&A = US$2.00/t; processing cost = US$15.00/t; recoveries = 92%, gold price = US$1,950.00/oz; royalties = 1%; and minimum mining widths = 1.5 metres (underground) in order to meet the requirement that the reported Mineral Resources show “reasonable prospects for eventual economic extraction”.
4. Refer to the news releases dated September 10, 2024, and the PEA for full details on the 2024 MRE.