Nowa Sól Project

Flagship advanced-stage, sediment-hosted copper-silver project in the Lubuskie region of western Poland, held 100% via wholly-owned subsidiary Zielona Góra Copper Sp. z o.o., within the Kupferschiefer copper belt. Envisaged as an underground operation across two areas — the North Shaft Complex and the South Shaft Complex — using room-and-pillar mining (1.8 m minimum mining height, 6.0 m room width). An NI 43-101 PEA (effective Jan 9, 2026; report dated Apr 23, 2026; Micon International QPs) returned a base-case pre-tax NPV7 of ~US$8.33B and IRR ~20.5%; post-CIT NPV7 ~US$6.32B (IRR ~18.0%) excluding the Polish mineral extraction tax (MET), and ~US$1.60B (IRR ~10.8%, ~3.5-yr payback) including MET. The company does not expect to build without MET relief. QPs recommend a PFS supported by infill/definition drilling (3 platforms mobilized), metallurgical, geotechnical and hydrogeological work and environmental/social baselines; recommended PFS budget ~C$74.1M (incl. 15% contingency; ~C$54.8M drilling).