Gemini North (CarLang C Zone)

Large-scale, Mt Keith style high-sulphur nickel sulphide zone (CarLang C, also referred to as Gemini Zone) along the CarLang Trend, ~30 km south of Timmins. Maiden Mineral Resource Estimate announced February 26, 2026, defining 93Mt at 0.23% Ni containing 467 Mlb of nickel. QP Dr. Scott Jobin-Bevans (Caracle Creek); effective date Feb 26, 2025. Resource pit-constrained at NSR break-even US$7.35/t (100 ktpd operation); metal prices US$21,000/t Ni, US$40,000/t Co, US$1,350/oz Pd, US$1,150/oz Pt, US$325/t Fe, US$3,860/t Cr; recovery formula Ni% = 171.63 x S% + 21.2. Sulphide zone open in multiple directions; Phase 2 program extended mineralisation 300-350 m west, taking strike length to ~750 m. Mineralogy dominated by millerite and heazlewoodite. Jan 2026 metallurgical tests at SGS Canada: rougher flotation Ni recovery 81.4-85.2% without desliming; cleaner concentrate grades up to 5.83% Ni with 47-70% recovery (3-14x higher than CarLang A sulphide concentrate recovery of 5-20%). 2025 surface sampling: 109 samples; peridotite/dunite samples 0.15-0.64% Ni; 73% above 0.24% Ni.