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THREE WORLD-CLASS PARTNERS ON WESTERN US PROJECTS CSE:USGD | OTCQX:USGDF INVESTOR PRESENTATIONAMERICAN PACIFIC MINING CORP.
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CSE:USGD | OTCQX:USGDF PAGE 2AMERICAN PACIFIC MINING CORP. All statements in this presentation, other than statements of historical fact, are "forward-looking information" with respect to American Pacific Mining Corp (APM) within the meaning of applicable securities laws including, without limitation economic estimates and statements related to estimated development costs. APM provides forward-looking statements for the purpose of conveying information about current expectationsand plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations in connection with the company’s project portfolio, as well as those risks and uncertainties identified and reported in APM public filings under the SEDAR profile at www.sedar.com. Although APM has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated,estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. APM disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law. All historic production, drill or sample figures quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify results. The historical figures should not be relied upon and have not been verified by a Qualified Person. Technical aspects of this presentation have been reviewed and approved by the Qualified Person, Eric Saderholm, P.Geo., hereby designatedas a QP under National Instrument43-101. Forward Looking Statement PAGE 2
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CSE:USGD | OTCQX:USGDF PAGE 3AMERICAN PACIFIC MINING CORP. Share Capital Structure ABOUT AMERICAN PACIFIC MINING CSE:USGD | OTCQX:USGDF PAGE 3 Ticker CSE:USGD OTCQX:USGDF Common Shares 219,088,052 Options 13,465,796 Warrants 16,096,099 Fully Diluted 248,649,947 Cash (CAD) as of July 2025 ~$13M Highlights: ~$13 million in cash Michael Gentile 14% shareholder
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CSE:USGD | OTCQX:USGDF PAGE 4AMERICAN PACIFIC MINING CORP. Wall Street Journal Mining Index ranked USGD #1 performing gold stock globally in 2021 Nominated by S&P Global Platts: • Rising Star Company • CEO Of The Year • Deal Of The Year (Twice) Nominated by Mines and Money: Collaboration Of The Year Notable ABOUT AMERICAN PACIFIC MINING PAGE 4
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CSE:USGD | OTCQX:USGDF PAGE 5AMERICAN PACIFIC MINING CORP. Focused on high-grade projects in the western USthat are attractive to majors Uniquely positioned with significant exploration work completed to date Well-funded with ~$13M in cash and two 100%-owned flagship high-grade assets Near-term catalysts include robust exploration and drilling program at Madison and further potential JVs and M&A Valuation supported by advanced exploration-stage VMS deposit (Palmer), high potential past-producing exploration project (Madison) and large ~$13M treasury Key Takeaways ABOUT AMERICAN PACIFIC MINING PAGE 5
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PAGE 6AMERICAN PACIFIC MINING CORP. Madison Project COPPER-GOLD IN MONTANA, USA PAGE 6 USGD acquired the permitted Madison Copper Gold Project from Madison Metals June 2020 100%-owned $7.7 million spent on exploration since 2019 Hosts Madison Mine: past-production 2008 - 2012 of 2.7M lbs of copper with grades ranging from ~20% to over 35% copper and 7,570 ounces of gold at 16.1 g/t Plus the Broadway Mine: past-production 1870-1942 of 144,000 oz Au / 4.54 g/t (0.16 oz/tonne) Located 48 km from the Butte mine, which produced 21 billion lb. copper, 715 million oz silver, 2.9 million oz gold Phase I 2025 drill program complete. Additional drilling planned for fall 2025.
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CSE:USGD | OTCQX:USGDF PAGE 7AMERICAN PACIFIC MINING CORP. Drill Highlights to Date Exceptional grades allowed for mining with very basic methods & infrastructure Historic Results Hold ID Hole Type Interval (m) Gold (g/t) Copper (%) UG17-05 Core 30.2 24.5 0.39 UG17-06 Core 11.0 41.7 0.38 including Core 4.6 82.9 - 86-6 Core 7.3 25.8 - C05-06 Core 14.7 12.1 - C05-06 Core 61.6 - 6.97 including Core 8.5 - 40.03 C06-08 Core 84.7 - 1.89 C06-08 Core 2.7 41.7 19.58 MADN0033 Core 6.5 14.4 0.12 including Core 0.5 146.0 0.98 Hold ID Hole Type Interval (m) Gold (g/t) Copper (%) including Core 0.5 146.0 0.98 APMMAD24 -02 Core 38.3 1.2 1.28 including Core 7.9 2.5 2.08 APMMAD24 -05 Core 32.7 3.2 - including Core 7.3 9.9 - APMMAD24 -06 Core 12.3 10.4 0.88 including Core 3.7 31.0 2.48 APMMAD24 -08 Core 2.9 3.2 2.41 APMMAD24 -09 Core 75.1 - 0.98 including Core 29.7 0.1 2.09 including Core 3.7 0.1 8.14 APMMAD25 -02 RC 19.8 2.0 - including RC 1.5 23.2 - APMMAD25-08 RC 7.6 10.2 - including RC 1.5 44.1 - 2024/2025 Results
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AMERICAN PACIFIC MINING CORP. PAGE 8 Phase I 2025 Drill Results COPPER-GOLD IN MONTANA, USA ~3,000 metres of drilling completed early Q3, 2025 Highlights: APMMAD-25-02: Intersected 23.2 g/t Au over 1.5 m within broader 19.8 m interval of 2.0 g/t Au(starting at 121.9 m), and a lower zone with11.3 g/t Au over 1.5 m within 2.1 g/t Au over 10.7 mstarting at 157.0 m (see Figures 1-2). Northwest (~50 m) step-outs demonstrated mineralization extends well beyond the historical Broadway Minearea APMAD25-08 (~175 m step-out to the northwest of the historical Broadway Mine area) intersected three different mineralized zones: • Upper Zone: 44.1 g/t Au over 1.5 m within a broader interval of 10.2 g/t Au over 7.6 m from 189.2 m downhole • Second Zone: 4.5 g/t Au and 0.2%Cu over 3.0 m, from 230.1 m downhole APMMAD25-05 extended the copper mineralized envelope down plunge towards the common vector between the Broadway and Madison mines, with 0.5% Cu over 27.4 mand 0.7 g/t Au over 16.8 m Drilling confirmed significant classic porphyry pathfinder mineralization and clear link between historic Madison and Broadway mine areas Oblique Section (400m width) of Madison and Broadway Mines Five priority target areas for district-wide exploration strategy selected based on the of decades of exploration, historical drilling, and geophysical/geochemical data
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AMERICAN PACIFIC MINING CORP. PAGE 9 American Pacific has consolidated decades of effort that has resulted in near mine growth potential and a district-scale mineralized exploration footprint of 4 km x 2 km with numerous untested targets. Phased 2025 drilling is focused on the most informed shots backed by robust data sets with strong coincident indicators delineating highly prospective targets. Madison 2025 Targets The most informed drill targets to date
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AMERICAN PACIFIC MINING CORP. PAGE 10 Phase II 2025 Planned Drilling – Porphyry Target Broadway Mine Drill Testing 3D modelling completed using series of historic sections detailing the mine workings, mineralization and lithology Dual purpose extensional and down-plunge drilling beneath the historic mine to test porphyry targets and feeders for the historic high-grade zones. These holes will expand known mineralized envelopes and refine the geological model for future resource development. Phase I 2025 drilling demonstrated a structural and stratigraphic link between the past-producing Broadway and Madison Mines for the first time in Project history The two deposits are located along the same northwest-trending corridor of altered quartz monzonite and associated skarn, now understood to be a part of the same mineralizing system. Strong west, northwest and southwest vectors have emerged, which have not been historically interpreted or tested. Phase II drilling to test potential porphyry centre planned for H2, 2025
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AMERICAN PACIFIC MINING CORP. PAGE 11 Proposed Phase II 2025 Drill Holes IP Anomalies in Cross Section Looking NW Proposed trenching of potential high-grade gold/silver quartz sheeted vein set Beast: Untested target of sheeted vein sets analogous to AJ Mine, AK Skarn Ridge: SE Extensional Drilling of Madison/Broadway Mines Porphyry/Igneous Complex Target: Untested, high priority, potassium alteration halo PORK
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AMERICAN PACIFIC MINING CORP. PAGE 12 2025 Near Mine Extension Drilling BRDW-1 BRDW-2 BRDW-3 Looking north Endo-Skarn Monzonite Limestone Mineralized Mine Horizon LEGEND Broadway Mine Workings Structure Broadway Mine Drill Testing Historic Production of 144,000 oz Au / 4.54 g/t (0.16 oz/tonne) Conducting extensional and down- plunge drilling to test historic high- grade zones, targeting mineralization in both jasperoidal and sulfide/oxide rich lithologies and alteration packages. Aims to confirm continuity, expand known mineralized envelopes, and refine the geological model for future resource development 100 m 45.5 g/t Au 10.8 g/t Au Old mine workings projected onto section (drill holes shown are 250 foot step -outs)
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AMERICAN PACIFIC MINING CORP. PAGE 13 2024 Drill Results COPPER-GOLD IN MONTANA, USA incl. 1.28% Cu38.25 m of 1.22 g/t Au 2.08% Cu 2.43 g/t Au APMMAD24-02 7.86 m of incl. 3.15 g/t Au32.71 m of 9.90 g/t Au7.32 m of 0.96% Cu APMMAD24-05 2.02% Cu16.00 m of incl. 45.45 m of within a broader 32 m interval at 1.04 g/t Au17.04 m of 0.76 g/t Au APMMAD24-01 Multiple zones of copper and gold incl. 0.88% Cu12.34 m of 10.36 g/t Au 30.96 g/t Au APMMAD24-06 3.66 m of incl. 0.63 g/t22.40 m of Au 1.76 g/t Au APMMAD24-07 3.05 m of 2.41% Cu2.90 m of 3.17 g/t Au APMMAD24-08 3.66% Cu8.14 m of 2.09% Cu29.72 m of 1.56% Cu Au0.40 g/t9.75 m of APMMAD24-09 0.98% Cu75.13 m of within a broader zone of Plan map showing gold and copper results from drill holes 1, 2 and 5 Data compilation and discovery phase High-grade intersections not only confirm, but significantly expand understanding of the widespread mineralization remaining beyond what was historically mined Sampling Results 45.50% Cu 2.17 g/t AuMADZH24-003 31.00% Cu 8.40 g/t AuMADZH24-001 23.30% Cu 1.90 g/t AuMADZH24-002 DRILL HIGHLIGHTS
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PAGE 14AMERICAN PACIFIC MINING CORP. CSE:USGD | OTCQX:USGDF Hole C17-24 – latite porphyry Left: Carbonate -latite porphyry contact; note the chaotic folding and brecciation Right: Latite porphyry showing the phyllic alteration MADISON MINE Madison Core 2017 Drilling
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CSE:USGD | OTCQX:USGDF PAGE 15AMERICAN PACIFIC MINING CORP. JASPEROID/JASPER ORE Grades: Hole 88-C9 (199'-213', 14 ft) Au= 0.53 opt Ag= 0.16 opt Cu= 0.23% Process/Milling: Golden Sunlight Mine/Mill NATIVE COPPER\CHALCOCITE ORE Grades: Hole 94-5R (475'-485', 10 ft) Au= 0.020 opt Ag= 0.20opt Cu= 10.58% Process/Milling: Smelter MASSIVE SULFIDE/SKARN ORE Grades: Hole CO6-8 (401'-418.7',17.7 ft) Au= 0.67 opt Ag= 4.20 opt Cu= 11.2% Process/Milling: Phillipsburg Mill, Montana Madison Ore JASERPOID | NATIVE COPPER/CHALCOCITE | MASSIVE SULFIDE/SKARN
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CSE:USGD | OTCQX:USGDF PAGE 16AMERICAN PACIFIC MINING CORP.
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PAGE 17AMERICAN PACIFIC MINING CORP. Palmer VMS Project VMS DISCOVERY IN SOUTHEAST ALASKA, USA Defining a multi-deposit district with only 4 of the known 16 VMS showing included in the Mineral Resource Estimate Total project expenditures of >US$116 million by the end of 2024 100%-owned after taking over ownership from former JV partner, Dowa Metals and Mining Alaska Ltd.,who retains an option to acquire 50% of zinc offtake once in production. Dowa made US $10M cash payment to American Pacific as part of the transaction. PAGE 17 P A L M E R V M S P R O J E C T Anchorage Juneau A L A S K A
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PAGE 18AMERICAN PACIFIC MINING CORP. Pacific Ocean Coeur Mining Alexander and Wrangellia Terranes Located Within a Premier Mineral Belt Deposits are large and rich PALMER VMS PROJECT GREENS CREEK MINE Among richest VMS- Top US Silver producer; +24Mt WINDY CRAGGY One of the largest VMS in the World; ~300Mt deposit ALASKA JUNEAU (AJ) GOLD MINE 3.5 M oz past production – 3.5 M oz inferred resource (Echo Bay) Rich mining district with 2 active mines Haines Port AJ Mine Windy Craggy Deposit P A L M E R V M S P R O J E C T Skagway Port A L A S K A Kensington Mine Big Nugget Project Juneau Greens Creek Mine
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CSE:USGD | OTCQX:USGDF PAGE 19AMERICAN PACIFIC MINING CORP. Best Copper Intercepts in Palmer History Drilled in 2023 PALMER VMS PROJECT UPPER ZONE 1 CMR23-172 6.54% Cu 8.22% CuEq43.8 m of 3.15% Zn 0.42 g/t Au 27.91 g/t Ag CMR23-167 4.57% Cu 8.40% CuEq37.1 m of 8.44% Zn 0.50 g/t Au 29.33 g/t Ag CMR23-169 5.48% Cu 8.95% CuEq33.2 m of 7.22% Zn 0.64 g/t Au 36.78 g/t Ag CMR23-171 9.03% Cu 11.15% CuEq23.9 m of 3.49% Zn 0.83 g/t Au 41.75 g/t Ag CMR23-157-01 Incl. 1.11% Cu 3.31% CuEq39.8 m of 4.34% Zn 0.45g/t Au 32.45 g/t Ag 1.05% Cu 5.54% CuEq17.8 m of 8.86% Zn 0.94 g/t Au 66.24 g/t Ag LOWER ZONE 2-3 = 2023 BEST HOLES CMR23-168 2.29% Cu 4.20% CuEq28.4 m of 4.01% Zn 0.21 g/t Au 26.61 g/t Ag
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AMERICAN PACIFIC MINING CORP. PAGE 20 Palmer Project Mineral Resource Statement, Effective Date January 13, 2025 (1), (2), (5), (9), (10) Classification Zone Domain Mass Mt Cu Zn Pb Ag Au BaSO4 ZnEq CuEq % % % g/t g/t (%) % % Indicated SW(3) Zone_1 2.75 2.15 5.20 0.11 25.7 0.33 20.5 14.9 3.9 Zone_2 2.02 1.08 5.12 0.17 32.1 0.23 20.7 10.8 2.8 Total 4.77 1.69 5.17 0.14 28.4 0.29 20.6 13.2 3.5 Inferred RW(3) RW 1.68 0.71 3.50 0.47 46.5 0.31 30.2 8.5 2.2 SW(3) Zone_1 1.30 1.79 4.93 0.18 34.4 0.39 24.9 13.7 3.6 Zone_2 0.89 0.87 4.32 0.15 26.2 0.20 14.4 9.0 2.4 Zone_3 2.78 0.65 3.64 0.09 21.2 0.21 17.6 7.2 1.9 AG(4) AG (JAG) 5.13 0.15 4.04 0.83 96.7 0.40 29.3 8.5 3.8 AG (Nunatak) 0.22 0.16 0.25 0.20 434.7 0.57 47.3 15.3 7.0 Total 12.00 0.57 3.92 0.47 66.3 0.33 25.5 8.9 3.1
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AMERICAN PACIFIC MINING CORP. PAGE 21 Palmer Project Mineral Resource Statement, Effective Date January 13, 2025 (1), (2), (5), (9), (10) Classification Zone Domain Mass Mt Contained Metal Cu Zn Pb Ag Au BaSO4 M lb M lb M lb K oz K oz (k t) Indicated SW(3) Zone_1 2.75 130.2 315.4 6.6 2,275 28.8 562.8 Zone_2 2.02 47.9 227.6 7.7 2,078 15.1 417.6 Total 4.77 178.0 543.0 14.2 4,353 43.9 980.4 Inferred RW(3) RW 1.68 26.2 129.9 17.6 2,516 16.9 509.2 SW(3) Zone_1 1.30 51.0 140.8 5.1 1,432 16.4 323.2 Zone_2 0.89 17.2 85.0 2.9 754 5.9 128.6 Zone_3 2.78 39.5 222.7 5.4 1,895 18.9 489.1 AG(4) AG (JAG) 5.13 16.8 456.7 93.3 15,942 66.0 1,500.9 AG (Nunatak) 0.22 0.8 1.2 1.0 3,049 4.0 103.1 Total 12.00 151.5 1,036.4 125.2 25,587 128.1 3,054.2
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CSE:USGD | OTCQX:USGDF PAGE 22AMERICAN PACIFIC MINING CORP. ZIGGURAT GOLD PROJECT-NEVADA Located 20 km from Kinross’ Round Mountain Mine (>15 Moz gold produced) Adjacent to Newmont’s Northumberland Mine(3.5 Moz gold, 11 Moz silver production + M&I) TUSCARORA DISTRICT GOLD PROJECT-NEVADA High-grade gold-silver project covering 2,559 hectares, from which numerous bonanza grade samples were collected in 2021, including samples as high as 21,032 g/t gold and 38,820 g/t silver GOOSEBERRY SILVER-GOLD PROJECT-NEVADA Hosts the high-grade past-producing Gooseberry Mine. Similar geology and located just 24 km from the Comstock Lode (8.6 Moz gold, 270 Moz silver) Additional Projects ABOUT AMERICAN PACIFIC MINING PAGE 22
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CSE:USGD | OTCQX:USGDF PAGE 23AMERICAN PACIFIC MINING CORP. SENIOR VP, ADVANCED PROJECTS Peter Mercer Peter Mercer is experienced in the exploration and development of VMS and epithermal gold deposits. His previous roles include VP at Rambler Metals; GM of Rambler's Ming Copper-Gold Mine, a VMS operation in Newfoundland and Labrador; and exploration geologist at Altius Minerals. Mr. Mercer is a professional geologist and holds a Bachelor of Science from Memorial University of Newfoundland and Labrador. Well-rounded team with big company exploration and capital markets experience CEO & DIRECTOR Warwick Smith Mr. Smith is a venture capitalist specializing in corporate finance and development for publicly traded companies. He has a background in marketing and finance, and formerly served as co-founder and Chief Executive Officer of Western Pacific Resources Corp. (TSXV: WRP) where he negotiated the acquisition of the Deer Trail Mine now operated by MAG Silver. MANAGING DIRECTOR OF EXPLORATION, DIRECTOR Eric Saderholm Mr. Saderholm is a professional Senior Geologist and former Newmont Exploration Manager for the Western US. He has worked on numerous large mines and projects, including Bingham Canyon, Carlin, Midas, Gold Quarry, Twin Creeks, Lonetree, Mule Canyon, Black Pine, Genesis and Yanacocha. He has nearly 3 decades of experience in the minerals industry. CFO & DIRECTOR Alnesh Mohan Alnesh Mohan is a finance executive with 20+ years experience providing advisory services. He’s been a partner at Quantum Advisory Partners, a professional services firm focused on providing CFO & accounting services to companies, since 2005. He has experience in financial reporting, corporate governance and regulatory compliance. PRESIDENT Joness Lang Mr. Lang is an executive leader with 12+ years capital markets & corporate development experience in the resource sector, including negotiating project acquisitions and JV partnerships. He is formerly Executive VP at Maple Gold Mines Ltd. and holds a Bcom degree (honours) from Royal Roads University and Marketing Management Entrepreneurship diploma (honours) from BCIT. MANAGEMENT & DIRECTORS:
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CSE:USGD | OTCQX:USGDF PAGE 24AMERICAN PACIFIC MINING CORP. Well-rounded team with big company exploration and capital markets experience INDEPENDENT DIRECTOR Ken Cunningham Mr. Cunningham brings 45+ years experience in worldwide diversified mineral exploration and mining geology, from geologist to executive management. He has proven skills in building successful exploration teams, acquiring key projects, negotiating JVs and strategi alliances and building awareness within the investment and financial industry. He has a Master of Science from Texas Christian University and held the position of CEO and Chairman of Miranda Gold. Recently Mr. Cunningham became a Trustee of Tonopah Historic Mining Park Foundation. DIRECTORS: INDEPENDENT DIRECTOR Ali Hakimzadeh Ali is the Managing Partner of Sequoia Partners Inc., a capital markets advisory and merchant banking boutique and has over 25 years of experience in the corporate financial services industry, collaborating and leading multiple transactions across North America. Mr. Hakimzadeh holds a Chartered Financial Analyst (CFA) designation, as well as a B.Sc. from the University of British Columbia, and an MBA and M.Aq. from Simon Fraser University.
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CSE:USGD | OTCQX:USGDF PAGE 25AMERICAN PACIFIC MINING CORP. Focused on high-grade projects in the western USthat are attractive to majors Uniquely positioned with significant exploration work completed to date Well-funded with ~$13M in cash and two 100%-owned flagship high-grade assets Near-term catalysts include robust exploration and drilling program at Madison and further potential JVs and M&A Valuation supported by advanced exploration-stage VMS deposit (Palmer), high potential past-producing exploration project (Madison) and large ~$13M treasury Key Takeaways ABOUT AMERICAN PACIFIC MINING PAGE 25
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Kristina Pillon 604-908-1695 kristina@americanpacificmining.com CONTACT US INVESTOR RELATIONS CSE:USGD | OTCQX:USGDF INVESTOR PRESENTATIONAMERICAN PACIFIC MINING CORP.
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AMERICAN PACIFIC MINING CORP. PAGE 27 Mineral Resource Notes Appendix PALMER VMS PROJECT (1) Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Mineral Resources as Indicated or Measured Resources. There is no certainty that anypart of a Mineral Resource will ever be converted into reserves. (2) Mineral resources are reported using an assumed NSR which includes prices, recoveries, and playabilities cut-off grade basedon metal price assumptions*, variable metallurgical recovery assumptions**, mining costs, processing costs, general and administrative (G&A) costs and variable NSRfactors. Mining (US$41.3), processing (US$23.92) and G&A costs (US$11.77) and Sustaining Capital (US$15.92) totaling US$92.9/t for Underground Mining. (*) Metal price assumptions considered for the calculation of Metal Equivalent grades are: Gold (US$/oz 2,100.00), Silver (US$/oz 28.0), Copper (US$/lb 4.50), Lead (US$/lb 0.95) and Zinc (US$/lb 1.50) (**) Cut-off grade calculations assume variable metallurgical recoveries as a function of grade and relative metal distribution.Average metallurgical recoveries are: SW/RW Zones: Gold (76.1%), Silver (90.2%), Copper (90.3%), Lead (82.9%) and Zinc (89.2%), AG Zone: Gold (66.0%), Silver (91.0%), Copper (54.8%), Lead (83.4%) and Zinc (94.8%) . (3) NSR Calculations for SW/RW Domains: NSRblock= $77.25 x %Cu + $20.32 x %Zn + $9.64 x %Pb + $0.64 x g/t Ag + $43.07 x g/t Au (4) NSR Calculation for AG Domain: $49.04 x %Cu + $22.25 x %Zn + $10.14 x %Pb + $0.70 x g/t Ag + $37.77 x g/t Au (5) The resources are considered to have potential for extraction using underground methodology and constrained by mineable shapes. Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction. (6) Barite as reported is shown for economic potential but has not been used in the NSR value at this stage. (7) ZnEq defined by equation SW & RW = NSR value per block / $20.32; AG = NSR value per block / $22.25 (Note Barite has been excludedfrom the ZnEq and NSR calculations) (8) CuEq defined by equation SW & RW = NSR value per block / $77.25; AG = NSR value per block / $49.04 (Note Barite has been excluded from the ZnEq and NSR calculations) (9) Mineral Resources are based on validated data, which have been subjected to QA/QC analysis, using capped, composited samples at 2m. Estimation has been completed using a combination of Ordinary Kriging and Inverse Distance estimation methodologies and classified based on confidence in the underlying data and drill spacing. Mineral resource tonnages have been rounded to reflect the precision of the estimate. (10) The mineral resources were estimated by Benjamin Parsons, BSc , MSc Geology, MAusIMM (CP) #222568 of SRK, a Qualified Person.