CarLang A Deposit

Large-scale at-surface nickel deposit located ~30 km southeast of Timmins, hosted in variably serpentinized ultramafic rocks (dunite and peridotite) within the Shaw Dome. Sub-zone of the broader CarLang Trend. May 2025 Preliminary Economic Assessment by SRK Consulting and Caracle Creek envisions a 120,000 t/d open-pit operation over a 20-year mine life, producing ~40,000 t/yr nickel-in-concentrate (1.6B lbs payable Ni over LOM). PEA economics: Pre-Tax NPV(8%) C$1.9B and 15% IRR; Post-Tax NPV(8%) C$1.5B and 14% IRR; LOM C1 cash cost US$4.36/lb Ni; net AISC US$4.87/lb Ni net of by-product credits. Annual EBITDA C$681M and annual free cash flow C$313M projected. Minimal overburden (~3 m). Resource based on 28 surface diamond drill holes; cut-off 0.12% NiEq within optimised pit shell at US$8.00/lb Ni / US$23.00/lb Co; processing cost US$4.50/t; G&A US$2.50/t; mining cost US$3.50/t.