Keno Hill

100%-owned silver-lead-zinc mine in the historic Keno Hill Silver District, Yukon Territory, Canada. Acquired with Alexco in September 2022; production ramp-up commenced June 2023. Has not yet achieved commercial production. Reserve cut-off NSR $336/ton ($CAD500/tonne) at US$/CAD$ 1:1.35; 2025 metallurgical recovery 96.2% Ag, 94% Pb, 81% Zn. ERDC (subsidiary) carries Reclamation Plan obligations for the historical district under a Canada Subsidiary Agreement (ARSA); the CAD$4M-capped 1.5% NSR cap was reached as of Dec 31, 2025.