Pilot Mountain

Flagship 100%-owned tungsten project in Mineral County, Nevada, on BLM-administered lands, hosting the Desert Scheelite deposit together with the Garnet, Gunmetal and Good Hope deposits, with copper and silver byproduct potential. The project carries an S-K 1300 mineral resource and is the central focus of the company's project-development efforts. During the year the company advanced pre-feasibility workstreams including resource and geotechnical drilling for pit design and mine planning, a high-resolution IP survey, ground magnetics over the Desert Scheelite area, and environmental and technical baseline studies to underpin permitting; a maiden diamond drilling program generally confirmed the position, grades and thickness of the historical mineral resource estimate. Subsequent to year-end, subsidiary Golden Metal Resources (USA) LLC was awarded US$6.2 million by the U.S. Department of War to accelerate the project. Resource tonnage and grade figures are not tabulated in this document.