Mont Sorcier

100%-owned high-grade magnetite iron development project on the traditional Cree territory of Eeyou Istchee James Bay, in Roy Township/Chibougamau, Quebec (18 km east of Town of Chibougamau). Held via wholly-owned subsidiary Voyager Metals Inc. (acquired May 31, 2023). NI 43-101 Preliminary Economic Assessment published July 2022 with project NPV8% of US$1.6 Billion based on 65% Fe concentrate. Updated metallurgical test work in 2025 confirmed ability to produce 67% Fe high-purity magnetite concentrate with combined SiO2+Al2O3 below 2.3% (DRI / pellet feed grade). Proposed flowsheet: magnetic separation followed by flotation. Project redesigned as 8 Mtpa concentrate operation (vs 5 Mtpa in 2022 PEA) in two phases: Phase 1 4 Mtpa, Phase 2 4 Mtpa expansion ~3 years after start-up. Phase 1 capex expected 30-40% higher than PEA. ~20-year mine life. During 2025, 17,890 metres of resource definition drilling completed to support upgrade to Proven & Probable for the Bankable Feasibility Study. November 2025: Voyager acquired 22 additional adjacent mining claims as infrastructure buffer. BFS targeted Q2 2026; ESIA submission Q4 2026; potential construction mid-2028. Also contains vanadium credit potential per Voyager Metals project name.