Pepas

Mineral Resource Estimate

The Pepas Mineral Resource comprises an estimated 1.14 million tonnes at a grade of 5.46 g/t gold for 201,000 ounces of gold in the Indicated Mineral Resource category and 0.19 million tonnes at a grade of 2.99 g/t gold for 19,000 ounces of gold in the Inferred Mineral Resource category and assumes extraction via an open pit mining scenario. Mineral Resources are classified as Indicated and Inferred based on CIM Definition Standards.

The data set used for estimation includes a total of 79 diamond drill holes representing 10,592.10 metres of drilling. The current drill hole spacing ranges from approximately 15m to 30m over the deposit.

The resource is entirely contained within an open pit shell, down to a vertical depth of approximately 100m, with mineralisation starting at surface. The MRE and pit shell have been generated using a gold price of US$3000/oz and a reporting cut-off grade of 0.92g/t Au.

1 Tonnages are rounded to the nearest 10,000t to reflect this as an estimate.
2 Metal content is rounded to the nearest 1,000ozs to reflect this as an estimate.
3 Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability

Semi-regional Drilling Program

A number of holes (PEP075 to PEP081) were drilled to the NW of Pepas as several long sections (Figure 2.) to assist in developing an understanding of the macro scale structural setting within which the Pepas ore body was hosted. This included mapping the strike extensions of the Tesorito faults that bound Pepas, and to better understand the interaction between various source intrusions and associated volcanoclastic host rocks.

This program has added substantially to the Company’s wider scale understanding of the area, intersecting several major structures of interest, but with generally low grades of gold mineralisation. This program was then originally planned to be continued on the SE side of Pepas to build a structural picture over the entire Pepas trend. This SE drilling program will however require some additional surface mapping and development of access tracks before it can commence.

In the meantime, following these NE sections, hole PEP082 was drilled to follow up drill intersections from two previous holes in early 2025.

Holes PEP023 and PEP024 were drilled in January/February 2025 to test anomalous channel samples and surface silicification some 100m west of the main Pepas zone. Assay results from these holes were announced on March 10th, 2025, and returned moderate gold intersections of 15m @ 1.7g/t Au and 6.35m @ 1.99g/t Au respectively. However, as grades and thickness of mineralisation at Pepas were so compelling, the Company took the decision to focus on moving Pepas to an MRE as quickly, with a plan to follow up this western area at a later date.

PEP082 was drilled to cut the mineralised zone from PEP023 from a different orientation and returned a substantial intersection of 26.4m @ 2.85g/t Au from near surface, but importantly, demonstrating the same lithologies and two same mineralising events that form the basis of the Pepas deposit, suggesting the two occurrences are likely related.

Subsequently, PEP083 was collared to the south and drilling back to toward PEP083 as the first phase of orientation drilling to better understand the form and trend of this mineralised zone. PEP083 returned a shorter, but very high-grade gold intersection from surface of 14.45m @ 8.27g/t Au, again showing the same two mineralising events.

This orientation drilling will continue for a short period of time before any step out drilling is considered. To that end, holes PEP084 to PEP086 have just been completed, with similar mineralised lithologies being visually identified.

Latest drill intercepts, Pepas prospect