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North Tungsten Project

North Tungsten Project

Bloc B Nord-Est, Nunavik, Québec

Highly anomalous tungsten discovery. Sample H670648 returned 7,730 ppm tungsten (W) – 2011 by Azimut Exploration Inc.
The North Tungsten Project is an early-stage tungsten exploration project located in Nunavik, northern Québec, within the Ungava Peninsula and the Minto Subprovince of the northeastern Superior Province. The project is situated approximately 190 kilometres southeast of the coastal Inuit community of Puvirnituq and lies within an active northern Québec exploration corridor that includes major regional projects such as the Raglan nickel-copper mining camp to the north and the Hopes Advance iron ore project to the east.
On May 9, 2026, the Company announced that it had entered into an agreement to acquire a 100% interest in the North Tungsten Project. Completion of the acquisition remains subject to the terms and conditions of the agreement, including any required regulatory approvals.
The project covers the Bloc B Nord-Est tungsten showing, where historical surface prospecting completed in 2011 by Azimut Exploration Inc. identified a highly anomalous tungsten result. Sample H670648 returned 7,730 ppm tungsten (W), reported as the highest tungsten result in the 2011 Azimut NCG survey and approximately 96 times above the stated 80 ppm tungsten anomaly threshold. Using a standard tungsten-to-tungsten trioxide conversion, 7,730 ppm W is approximately equivalent to 0.97% WO₃.

North Tungsten Project

The key sample was collected from a garnet mafic volcanic rock with pyrite and chlorite alteration and also returned associated values of 764 ppm copper and 218 ppm nickel. The available project materials identify surrounding anomalous samples from related lithologies, including garnet mafic and amphibolite units, iron formation and quartz-vein-bearing material, with reported enrichment in elements including rare earth elements, thorium, yttrium, scandium and arsenic.
Geologically, the project area is interpreted to sit within a structurally favourable setting, with the claims positioned near a contact between tonalitic units and a major northwest-trending fault or shear corridor. The tungsten-bearing sample is described as occurring where garnet-bearing mafic rocks intersect this structural corridor, providing an initial target concept for follow-up exploration. Regional aeromagnetic data outlined in the project materials also suggests the area lies near a structural flexure, which may represent a favourable setting for fluid focusing and mineral deposition.
No drilling has been completed on the project to date, and the strike length, dip, thickness and continuity of the mineralized horizon remain undefined. The historical tungsten result therefore represents an exploration target that requires systematic follow-up work, including geological mapping, prospecting, UV lamp traverses for scheelite, channel or grid sampling and geophysical work to evaluate the potential scale and continuity of the tungsten-bearing system.
Compliance note: The tungsten values referenced above are historical surface sample results sourced from GM 66386, Rapport de Travaux d’Exploration, Projet NCG, Été 2011, prepared by Azimut Exploration Inc. / Australp SARL and filed with MRNF Québec in March 2012. Surface grab samples are selective by nature and may not be representative of mineralization across the project. The Company has not completed sufficient work to verify the historical results, and the project does not currently host a mineral resource or mineral reserve.

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.

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