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 253 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 robust potential economics.

To view the Corporate presentation highlighting the 2026 Mineral Resource Estimate and the 2025 PEA click on the following link:
Presentation: 2026 MRE + 2025 PEA

To view the video presentation highlighting the 2026 Mineral Resource Estimate:
Video: 2026 Mineral Resource Estimate

2026 Mineral Resource Estimate 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. “I am excited for the forthcoming PEA to highlight the economic potential at Fondaway Canyon.”

The Mineral Resource Estimate results are as follows:

Table 1: Fondaway Canyon 2026 vs. 2024 Global Mineral Resources Estimate

Table 2:  Fondaway Canyon Mineral Resource Estimate by Zone

Figure 1:  Fondaway Canyon Project MRE gold grade block and open pit model in plan and longitudinal view

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 continuity on-strike and on-dip expansion potential of the gold mineralization (Figures 2 and 5) and by extension, the mineral resource estimate.

Figure 2:  Colorado SW section showing 2025 drill hole gold Intervals relative to previous drilling and 2024 MRE pit outline

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

Figure 4:  Mid-Central section showing 2025 drill hole gold Intervals relative to previous drilling and 2024 MRE pit outline

Figure 5:  2026 MRE 3D gold grade block model – Mid-Central section showing 2025 drill holes

Figure 6: 2026 MRE 3D gold grade block model – Central Zone longitudinal section showing 2025 drill holes

Fondaway Canyon Regional Location Map

2025 Preliminary Economic Assessment

Strong Project Economics

• $546 million pre-tax net present value discounted at 10% (“NPV_10%“) and a 51.2% pre-tax internal rate of return (“IRR”), $474 million after-tax NPV_10% and a 46.7% after-tax IRR at a gold price of $2,250/ounce (“oz”).
• Initial capital costs estimated at $226.5 million (including a 20% contingency), with a short pre-tax payback of 3.1 years.

Robust Operational Profile

• 1.23 million ounces gold recovered over a 10.5-year life-of-mine (“LOM”) with average annual gold production of 117,300 ounces.
• LOM strip ratio of 4.7 to 1, mined grade of 1.50 g/t Au (0.048 oz/tonne) and estimated gold recovery to concentrate of 84%.
• LOM operating costs (1) estimated at $875/oz of gold produced, cash costs (2) estimated at $1,189/oz of produced gold

Marketable High-Grade Concentrate

• Metallurgical test work has demonstrated the amenability of the mineralized material to conventional flotation and the generation of a low mass pull, high grade concentrate
• Multi-element analysis of the rougher concentrate indicates that deleterious elements are not in sufficient quantity to negatively impact the sale of concentrates, and the concentrate should be readily marketable to 3rd party smelters or pressure oxidation facilities.

Significant Growth Potential

• The scope of the PEA was limited to the Main open pit mineral resource in the Central Area of the Project, a 1 km square area, that excludes approximately 15% of the Project’s current mineral resources and represents only a portion of the largely underexplored 7 km long east-west gold corridor.
• All deposits and target zones remain open along strike and at depth, with significant potential for resource expansion.

PEA Overview and Financial Analysis

The PEA contemplates an open pit operation using contract mining and processing 2.9 million tonnes per annum (“mtpa”) or 8,000 tonnes per day. The mill feed will be trucked from two open pit deposits in the Central Area, which hosts approximately 85% of the Mineral Resources currently defined at Fondaway Canyon.

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 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.

The pit shell selected as the optimal pit shell contains a total tonnage of 173.7 million tonnes (“Mt”) including 11.7 Mt of Indicated Mineral Resource at 1.73g/t, and 18.7 Mt of Inferred Mineral Resource at 1.36g/t to be processed for 1.47 million troy ounces (“Moz”) of contained gold.

The production schedule is based on a nominal rate of 8,000 t/d processed (2.9 mtpa) and the average LOM stripping ratio is 4.7:1 waste-to-processed material, using a 0.5 g/t Au cut-off grade. The annual production schedule 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%.

Determination of the appropriate recovery value was based on historical test work completed in conjunction with a scoping level metallurgical study carried out through 2024 to advance the project by developing a conceptual process flowsheet for the oxide and sulfide material. The 2024 metallurgical test work was conducted on coarse reject material partitioned at various gold grade thresholds (i.e. average grade: 1.50 g/t Au, high grade: 5.0 g/t Au, and low grade: 0.5 g/t Au), and average grade split drill core material all sourced from the Company’s most recent drill campaigns.

The recent scoping level metallurgical study evaluated several processing options following the test work on deportment of gold which indicated that much of the gold was refractory and associated with pyrite. Both oxide and sulfide minerals can be readily floated to produce a concentrate containing about 84% of the contained gold. With additional test work, the concentrate may be upgraded to reduce concentrate weight and increase the gold grade of the concentrate. Additional metallurgical test work is recommended for Fondaway Canyon to optimize the flotation process and to confirm the process design, costs, and final recovery.

Mineral Processing

A processing throughput of 8,000 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 two stages of cleaner flotation to produce a high value concentrate. 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 and ship/sell it to a processing facility in Nevada.

Multi-element analysis performed on the rougher concentrate indicates that deleterious elements are not in sufficient quantity to negatively impact the sale of concentrates, and the concentrate should be readily marketable to 3rd party smelters or pressure oxidation facilities. Additional test work is required to refine these preliminary conclusions.

Capital Costs

An initial capital expenditure of $226.5 million (including 20% contingency) has been estimated to construct the Project. Due to the use of contract mining and the 10 years life of the plant, sustaining capital has not been considered in this study. Maintenance is considered to be within the operating expenses. The capital cost estimate is based on an open pit mining and flotation mill operation processing 2.9 mtpa utilizing contract 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 local 3rd party pressure oxidation refinery for final processing. Costs for transportation, oxidation, leaching, refining, and profit for a 3rd party is included in the operating cost.

Operating costs for the life-of-mine are estimated at $1,077.5 million ($875.0/oz produced). Cash costs over that time are estimated at $1,464.0 million ($ 1,188/oz produced) and include operating costs, refining charges, and royalties.

Notes on the PEA:

The PEA is preliminary in nature, includes Inferred 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. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

All amounts are in United States dollars unless otherwise specified.  Base case parameters assume a gold price of $2,250 per troy ounce (“oz”).  NPV is calculated as of the commencement of construction and excludes all pre-construction costs. All figures are displayed on a 100% ownership basis.

(1) Operating costs consist of mining costs, processing costs and mine site G&A.

(2) Cash costs consist of operating costs plus treatment and refining charges and royalties.

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).  The effective date of the PEA is January 15, 2025, 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 Forte Dynamics, Inc.

The qualified person overseeing the metallurgical testing and mineral processing is Deepak Malhotra, SME-RM, from Forte Dynamics, Inc.

The qualified person overseeing the overall Preliminary Assessment and the economic analysis is Donald E. Hulse, SME-RM, from Forte Dynamics, Inc.

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.