Mount Wheeler Historical Tungsten Mine

The main period of activity began with the discovery of tungsten in 1950. Between 1952 and 1955, Mt. Wheeler Mines, Inc., under a Defence Minerals Exploration Administration (“DMEA”) contract. “Exploration has shown that the beryllium minerals occur in a zone that extensds for about 2,500 feet along dip of the outcrop of the “Wheeler Limestone” in Pole Canyon and extends eastward into the strike for above 4,000 feet.”. Between 1952 and 1954, 1,800 tons of ‘rock’ averaging 1.3% WO3 was extracted and milled at Minerva, Nevada, with 75% DMEA sponsorship.

A feasibility study titled “Feasibility Study Mt. Wheeler Mine Beryllium project” was commissioned in 1972 by W.S. Moore Co. which states that “Milling was successfully piloted by the Chicago School of Mines” “From 1959 to 1962, largely through the efforts of the Anaconda Company, an additional 4,475 feet of laterals and sub drifts were driven. Approximately 1,000 samples were taken.” An indicated Tungsten-Beryllium resource was prepared.

The access roads to the mine are all blacktopped except for the last five-mile stretch which is gravel.

Figure 2. Department of Interior – Bureau of Mines “Mine and Prospect Map of Wheeler Park”

Historical Information and Exploration Context

The mineral properties comprising the Company’s portfolio have been the subject of extensive historical exploration, development work, and, in several cases, past commercial production or advanced-stage evaluations with the intent to commence mining. The historical exploration results, sampling, drilling, resource estimates, and other technical information referenced herein were completed prior to the adoption of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and do not comply with current NI 43-101 requirements. As a result, such historical information and any historical resource estimates should not be relied upon as current mineral resources or reserves.

The Company has been provided with a compilation of historical data, including non-NI 43-101 compliant resource estimates and sampling results. While this historical information is non-compliant, it is considered highly relevant for exploration targeting, geological interpretation, and the design of modern exploration and evaluation programs.

Management believes that the existence of extensive historical work, past production, and prior feasibility-level evaluations creates a compelling foundation for modern exploration, particularly when reassessed using contemporary geological models, exploration technologies, metallurgical processes, and prevailing commodity prices. However, readers are cautioned that historical results, resources, or economic conclusions cannot be verified or confirmed at this time.

In order to define current mineral resources, assess metallurgy, and evaluate economic viability, the Company will be required to complete confirmation drilling, modern metallurgical studies, updated technical evaluations, and NI 43-101 compliant mineral resource estimates and feasibility or economic studies. There is no assurance that historical results will be confirmed or that any project will advance to economic viability.