# EDGAR Filing Document

**Accession Number:** 0001893899
**File Stem:** 0001410578-25-002211
**Filing Date:** 2025-9
**Character Count:** 1835952
**Document Hash:** 59363a23937424571522742f330e63f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410578-25-002211.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001410578-25-002211

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 154

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250911

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alaska Silver Corp.
- **CENTRAL INDEX KEY:** 0001893899
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290204
- **FILM NUMBER:** 251309907

**BUSINESS ADDRESS:**
- **STREET 1:** 3573 E. SUNRISE DRIVE, SUITE 233
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85718
- **BUSINESS PHONE:** (520) 237-1475

**MAIL ADDRESS:**
- **STREET 1:** 3573 E. SUNRISE DRIVE, SUITE 233
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85718

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Alaska Minerals Corp.
- **DATE OF NAME CHANGE:** 20211115

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the U.S. Securities and Exchange Commission on September 11, 2025

#### Registration No. 333-

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

### Form S-1

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### ALASKA SILVER CORP.
(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **British Columbia**  | **1040**  | **87-4818470**  |
| (State or other jurisdiction of <br> incorporation or organization)  | (Primary Standard Industrial <br> Classification Code Number)  | (I.R.S. Employer <br> Identification No.)  |

---

#### 1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3 Canada (520) 200-1667
(Address, including zip code and telephone number, including area code, of registrant's principal executive offices)

#### Christopher "Kit" Marrs Chief Executive Officer and President Alaska Silver Corp. 3573 East Sunrise Dr. Suite 233, Tucson, Arizona, 85718 United States of America (520) 200-1667
(Name, address, including zip code, and telephone number, including area code, of agent for service)

#### Copies to:

---

| | |
|:---|:---|
| **Daniel M. Miller <br> Dorsey & Whitney LLP <br> Suite 855-1095 W. Pender Street <br> Vancouver, BC V6E 2M6 <br> Canada <br> (604) 630-5199**  | **Mark D. Wood <br> Alyse A. Sagalchik <br> Katten Muchin Rosenman LLP <br> 525 W. Monroe Street <br> Chicago, IL 60661-3693 <br> (312) 902-5200**  |

---

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Exchange Act. ☐

 **The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission acting pursuant to said Section 8(a), may determine.** 

------

[**TABLE OF CONTENTS**](#TOC)

The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.

#### SUBJECT TO COMPLETION, DATED SEPTEMBER 11, 2025

#### PRELIMINARY PROSPECTUS

### Units Consisting of Subordinate Voting Shares and Warrants to Purchase Subordinate Voting Shares

### Subordinate Voting Shares Issuable upon the Exercise of the Warrants
![[MISSING IMAGE: lg_alaska-4c.jpg]](lg_alaska-4c.jpg)

### Alaska Silver Corp.
This is the initial public offering of our securities in the United States. We are offering units (each a "Unit"), each Unit consisting of one of our subordinate voting shares, no par value, and one warrant to purchase subordinate voting shares, pursuant to this prospectus. The estimated initial public offering price is $, based on the last reported sale price of our subordinate voting shares as of [•], 2025 on the TSX Venture Exchange, or TSXV, of $(which was converted to U.S. dollars based on the daily rate of exchange reported by the Bank of Canada on [•], 2025). Each warrant is immediately exercisable to purchase [one] subordinate voting share at an exercise price of $ per subordinate voting share (or % of the price of each Unit sold in the offering), and will expire [•] years from the date of issuance. The subordinate voting shares and warrants comprising the Units will be immediately separable upon issuance. This prospectus also relates to the offering of the subordinate voting shares issuable upon the exercise of the warrants offered hereby. We have not made any arrangements to place the proceeds from this offering, if any, in an escrow or trust account. We do not intend to apply for listing or quotation of the warrants on any national securities exchange or trading system. Therefore, without an active trading market for the warrants, the liquidity of such warrants will be limited.

Our subordinate voting shares are currently quoted under the symbol "WAM" on the TSXV. We are seeking the quotation of our subordinate voting shares on the OTCQX Market ("OTCQX"), which is a quotation service for subscribing members, not an issuer listing service, and provides real-time quotes, last sale prices, and volume information for over-the-counter securities. Only market makers can apply to quote securities.

We are an "emerging growth company" as defined by the Jumpstart Our Business Startups Act of 2012 and, as such, we have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings.

 **Investing in our securities involves a high degree of risk. Before investing in our securities, please carefully read the discussion of material risks of investing in our securities as described in the section entitled "Risk Factors" beginning on page [8](#tRIFA) of this prospectus. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
| | **PER UNIT**  | **TOTAL**  |
| Initial Public Offering Price  |  | $&nbsp;&nbsp; |
| Underwriting discounts and commissions paid by us<sup>(1)</sup>  |  | $&nbsp;&nbsp; |
| Proceeds to us, before expenses<sup>(2)</sup>  |  | $&nbsp;&nbsp; |

---

(1) We have also agreed to issue to the underwriter warrants to purchase up to a number of subordinate voting shares equal to 4% of the Units sold in this offering (the "Underwriter's Warrants"). See "Underwriting" beginning on page 81 for additional information regarding underwriting discounts and commissions, expense, and other compensation payable to the underwriter.

(2) The amount of proceeds, before expenses, to us does not give effect to any exercise of (a) the option we have granted to the underwriter to purchase additional Units from us as described below or (b) the warrants to be issued in the Units or the Underwriter's Warrants.

We have granted the underwriter an option to purchase up to additional Units from us at the public offering price, less the underwriting discounts and commissions, for a period of days from the date of this prospectus to cover over-allotments, if any.

The underwriter expects to deliver the Units on or about , 2025.

### Cantor

#### Sole Bookrunner

#### Prospectus dated , 2025.

------

[**TABLE OF CONTENTS**](#TOC)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS AND EXCHANGE RATES](#tATPA)  | [1](#tATPA) |
| [PROSPECTUS SUMMARY](#tPRSU)  | [2](#tPRSU) |
| [RISK FACTORS](#tRIFA)  | [8](#tRIFA) |
| [FORWARD-LOOKING STATEMENTS](#tFOST)  | [29](#tFOST) |
|  [CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES OF MEASURED, <br> INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE MINERAL <br> RESERVES](#tCNTI)  | [31](#tCNTI) |
| [USE OF PROCEEDS](#tUOP)  | [32](#tUOP) |
| [DIVIDEND POLICY](#tDIPO)  | [33](#tDIPO) |
| [DILUTION](#tDIL)  | [34](#tDIL) |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDAA)  | [36](#tMDAA) |
| [BUSINESS](#tBUS)  | [46](#tBUS) |
| [LEGAL PROCEEDINGS](#tLEGP)  | [50](#tLEGP) |
| [PROPERTIES](#tPRO)  | [50](#tPRO) |
| [MANAGEMENT](#tMAN)  | [63](#tMAN) |
| [EXECUTIVE COMPENSATION](#tEXCO)  | [68](#tEXCO) |
| [NON-EMPLOYEE DIRECTOR COMPENSATION](#tNDC)  | [70](#tNDC) |
| [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#tCRAR)  | [75](#tCRAR) |
| [PRINCIPAL SHAREHOLDERS](#tPRSH)  | [76](#tPRSH) |
| [DESCRIPTION OF SECURITIES](#tDES)  | [78](#tDES) |
| [DESCRIPTION OF THE SECURITIES WE ARE OFFERING](#tDTSW)  | [82](#tDTSW) |
| [MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS](#tMUSF)  | [84](#tMUSF) |
| [UNDERWRITING](#tUND1)  | [93](#tUND1) |
| [LEGAL MATTERS](#tLEMA)  | [100](#tLEMA) |
| [EXPERTS](#tEXP)  | [100](#tEXP) |
| [ADDITIONAL INFORMATION](#tADIN)  | [100](#tADIN) |

---

i

------

[**TABLE OF CONTENTS**](#TOC)

#### ABOUT THIS PROSPECTUS AND EXCHANGE RATES
Neither we nor the underwriter have authorized anyone to provide you with information different from, or in addition to, that contained in this prospectus or any free writing prospectus prepared by or on behalf of us or to which we may have referred you in connection with this offering. We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. Neither we nor the underwriter are making an offer to sell or seeking offers to buy these securities in any jurisdiction where, or to any person to whom, the offer or sale is not permitted. The information in this prospectus is accurate only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our securities and the information in any free writing prospectus that we may provide you in connection with this offering is accurate only as of the date of that free writing prospectus. Our business, financial condition, results of operations and future growth prospects may have changed since those dates.

We obtained the industry, market and competitive position data in this prospectus from our own internal estimates and research as well as from industry and general publications and research surveys and studies conducted by third parties. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Risk Factors," that could cause results to differ materially from those expressed in these publications and reports.

Unless otherwise indicated, references in this prospectus to "$", "dollars", or "United States dollars" are to United States dollars. Canadian dollars are referred to herein as "Canadian dollars" or "C$."

The high, low, average and closing rates for exchanging Canadian dollars into United States dollars for each of the periods indicated, as quoted by the Bank of Canada, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31**  | **Year Ended December 31**  | **Quarter Ended <br>June 30, 2025**  |
| | **2024**  | **2023**  | **Quarter Ended <br>June 30, 2025**  |
| High for period  | $0.7510 | $0.7617 | $0.7376 |
| Low for period  | $0.6937 | $0.7207 | $0.6956 |
| Average rate for period  | $0.7302 | $0.7410 | $0.7222 |
| Rate at end of period  | $0.6950 | $0.7383 | $0.7330 |

---

On December 31, 2024, the Bank of Canada daily rate of exchange was $1.00 = C$1.4389 or C$1.00 = $0.6950.

On June 30, 2025, the Bank of Canada daily rate of exchange was $1.00 = C$1.3643 or C$1.00 = $0.7330.

On September 10, 2025, the Bank of Canada daily rate of exchange was $1.00 = $1.3854 or C$1.00 = $0.7218.

------

[**TABLE OF CONTENTS**](#TOC)

#### PROSPECTUS SUMMARY
 *This summary highlights information contained in other parts of this prospectus. Because it is only a summary, it does not contain all of the information that you should consider before investing in our securities, and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this prospectus. Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including our financial statements and related notes, before investing in our securities. If any of the following risks materialize, our business, financial condition, operating results and prospects could be materially and adversely affected. In that event, the price of our securities could decline, and you could lose part or all of your investment.* 

Unless the context indicates otherwise, as used in this prospectus, the terms "Alaska Silver," "the Company," "we," "us," "our," "our company" and "our business" refer to Alaska Silver Corp.

#### Our Company

#### Overview
We are a mineral exploration company. Our portfolio consists of five mineral properties in the Illinois Creek District of western Alaska, which contain gold, silver, copper, lead, and zinc at varying stages of exploration and deposit styles. They include a Carbonate Replacement Deposit, or "CRD", a past-producing open pit oxide gold mine. We hold all claims in the district, located in western Alaska near the Yukon River, covering approximately 73,120 acres. Our mineral deposits with resources include the past producing Illinois Creek Mine (gold-silver) and the Waterpump Creek CRD Deposit (silver-zinc-lead-gallium). Properties without resources include the Round Top (copper-molybdenum-silver) and TG/TG North CRD (silver-zinc-lead) Property; and Honker Property (gold). The Illinois Creek Property contains a State of Alaska Upland Mining Lease and 241 state mining claims. The Round Top Property consists of 92 state mining claims, located in the Mount McKinley and Nulato mining districts of Alaska. The Honker Property consists of 24 state mining claims, located in the Mount McKinley mining district of Alaska. Our Illinois Creek Project is located in the Mount McKinley mining district of Alaska. Other exploration projects in the District include Paw Print and Khotol Property. All properties and claims are located in Alaska on State of Alaska land.

#### Corporate Information
We were incorporated in the province of British Columbia on April 8, 2020, under the Business Corporations Act of British Columbia, or "BCBCA". Our subordinate voting shares are listed for trading on the TSXV under the symbol "WAM". Our telephone number is (520) 200-1667. Our head office is located at 1500-1111 West Hastings Street, Vancouver, British Columbia, V6E 2J3 Canada. Our website address is www.alaskasilver.com. The contents of our website are not part of this prospectus.

#### Organizational Structure
We have one directly held wholly-owned subsidiary, Western Alaska Copper & Gold Company ("WACG"), and one indirectly held, wholly owned subsidiary, Piek Incorporated. WACG exists under the laws of Alaska and carries out exploration activities in Alaska.

Our organizational chart is as follows:

![[MISSING IMAGE: fc_organizational-bw.jpg]](fc_organizational-bw.jpg)

------

[**TABLE OF CONTENTS**](#TOC)

#### Additional Information
You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with additional information or information different from that contained in this prospectus filed with the U.S. Securities and Exchange Commission, or the "SEC". We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, Units consisting of one subordinate voting share and one warrant only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this document, regardless of the time of delivery of this prospectus or any sale of the Units. Our business, financial condition, results of operations, and prospects may have changed since the date of this prospectus.

#### Implications of Being an Emerging Growth Company
As a company with less than $1.235 billion in revenues during our last fiscal year, we qualify as an emerging growth company as defined in the Jumpstart Our Business Startups Act, or the "JOBS Act", enacted in 2012. As an emerging growth company, we expect to take advantage of reduced reporting requirements that are otherwise applicable to public companies. Those accommodations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • being permitted to present only two years of audited financial statements, in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduced disclosure obligations regarding executive compensation and exemption from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure in our periodic reports, proxy statements and registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exemptions from the requirements to hold a nonbinding advisory vote on executive compensation and to solicit shareholder approval of any golden parachute payments not previously approved.

We elected to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act.

We may take advantage of these exemptions until the last day of the fifth fiscal year following the closing of this offering. However, if certain events occur prior to the end of such period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.

To the extent that we continue to qualify as a "smaller reporting company," as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, which we refer to as the "Exchange Act", after we cease to qualify as an emerging growth company, certain of the accommodations available to us as an emerging growth company may continue to be available to us as a smaller reporting company, including: (i) not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act; (ii) scaled executive compensation disclosure requirements; and (iii) the ability to provide only two years of audited financial statements, instead of three years.

#### Implications of Being a Smaller Reporting Company
Rule 12b-2 under the Exchange Act defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • had a public float of less than $250 million as of the last business day of our most recently completed second fiscal quarter, computed by multiplying the aggregate worldwide number of shares of our voting

------

[**TABLE OF CONTENTS**](#TOC)

and non-voting common equity held by non-affiliates by the price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market for the common equity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of an initial registration statement under the Securities Act of 1933 or the Securities Exchange Act of 1934, for shares of our common equity, had a public float of less than $250 million as of a date within 30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares included in the registration statement by the estimated initial public offering price of the shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of an issuer whose public float as calculated under the previous two bullet points was zero or less than $700 million, had annual revenues of less than $100 million during the most recently completed fiscal year for which audited financial statements are available.

We believe that we are a smaller reporting company and, as such, that we (a) will not be required to and may not include a Compensation Discussion and Analysis section in our proxy statements and (b) will provide only two years of financial statements. We also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting companies. These "scaled" disclosure requirements may make our securities less attractive to potential investors, which could make it more difficult for our security holders to sell their securities.

#### Summary Risk Factors
We and our business are subject to material risks, which could cause actual results, performance and achievements to differ materially from those anticipated. See the risk factors set forth in the section entitled "Risk Factors" in this prospectus. These risks can be summarized as follows:

#### Risks related to the Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Investors in this offering may experience immediate dilution in the book value per share of the subordinate voting shares purchased in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our management might apply the net proceeds from this offering in ways with which you do not agree and in ways that may impair the value of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Holders of our warrants will have no rights as holders of our subordinate voting shares unless and until they acquire our subordinate voting shares upon exercise of our warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The warrants offered by this prospectus may not have any value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • There is no public market for the warrants being offered in this offering.

#### Risks Related to our Securities
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Due to the absence of an established trading market in the U.S. for our securities, potential challenges may arise in selling any shares acquired in this offering, and broker-dealers may be prohibited or otherwise restricted under the laws of certain U.S. states from being involved in certain transactions involving our securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The market price for our subordinate voting shares may be volatile, which could contribute to the loss of all or part of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We anticipate that our subordinate voting shareholders will experience dilution in the future upon the conversion of proportionate voting share and the exercise of outstanding warrants and finder warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our dual class structure may adversely affect the trading market for our subordinate voting shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A non-U.S. holder will likely be treated as having income that is "effectively connected" with a United States trade or business upon the sale or disposition of our subordinate voting shares or warrants unless (i) our subordinate voting shares are regularly traded on an established securities market and (ii) such non-U.S. holder did not meet certain ownership thresholds during the applicable testing period.

------

[**TABLE OF CONTENTS**](#TOC)

#### Risks Related to our Business
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may be unable to make the payments required under the Piek Promissory Note (as defined herein) and the Loan (each as defined below) and as a result we may be in default under the Piek Promissory Note and the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have incurred significant losses and have limited cash on hand, and there is substantial doubt as to our ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We rely on a limited number of properties, and, unless we acquire additional property interests, adverse developments affecting our current properties could have a material adverse effect upon our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our mineral resources described in the S-K 1300 Report are only estimates as we have no established mineral reserves, and the anticipated tonnages and grades described in the S-K 1300 Report may not be achieved, or the indicated level of recovery may never be realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have faced, and may continue to face, liquidity concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mining operations generally involve a high degree of risk, and there is no certainty that the expenditures to be made by us towards the exploration and evaluation of minerals will result in discoveries or production of commercial quantities of minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The development and exploration of our properties may require substantial additional financing and there are significant uncertainties regarding the mineral prices and the availability of equity financing for the purposes of mineral exploration and development. The failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have never completed a mining development project, we have no operating revenues from production, and operating losses are anticipated until one of our projects comes into production which may or may not occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have no history of mineral production on our properties, and commercial quantities of minerals may never be profitably mined by us.

#### Risks Related to Government Regulation and Disputes
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Legislation has been proposed that, if enacted, could significantly affect the mining industry and our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Procedures for identifying, isolating and safely removing or reducing impurities or toxic substances from minerals we mine may require strict adherence and no assurance can be given that employees, contractors or others will not be exposed to or be affected by such impurities and toxic substances, which may subject us to liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our operations are subject to various health and safety laws and regulations, and the costs associated with the compliance with such health and safety laws and regulations may be substantial.

#### General Risks
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our relationships with the communities in which we operate are critical to the future success of our existing operations and the construction and development of our projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The imposition of trade tariffs, particularly those issued by the U.S., or other trade restrictions could have significant repercussions for Canadian businesses, and the broader economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development, which may give rise to perceived or actual conflicts of interest.

------

[**TABLE OF CONTENTS**](#TOC)

#### The Offering
Securities offered by us

Units, with each Unit consisting of one of our subordinate voting shares, no par value, and one warrant to purchase subordinate voting shares, based on an estimated public offering price of $ per Unit, calculated based on the last reported sale price of our subordinate voting shares as of [•], 2025 on the TSXV of $(which was converted to U.S. dollars based on the daily rate of exchange reported by the Bank of Canada on [•], 2025). The subordinate voting shares are part of a dual-class voting structure in which holders of proportionate voting shares possess voting power with respect to each such proportionate voting share equal to 100 subordinate voting shares per every proportionate voting share held. Each warrant will have an exercise price of $ per subordinate voting share (% of the assumed public offering price of the Units), will be exercisable immediately, and will expire [•] years from the date of issuance. The subordinate voting shares and warrants comprising the Units are immediately separable upon issuance. Pursuant to this prospectus, we are also offering subordinate voting shares issuable from time to time upon the exercise of the warrants comprising part of the Units offered hereby.

See "Description of the Securities We are Offering" in this prospectus for additional information concerning the terms of the warrants.

Over-allotment option

We have granted to the underwriter an option to purchase up to additional Units from us at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments, if any, for a period of [•] days from the date of this prospectus.

Subordinate voting shares to be outstanding after this offering

subordinate voting shares (or subordinate voting shares if the underwriter exercises in full its option to purchase additional units), assuming none of the warrants issued in this offering and none of the Underwriter's Warrants are exercised.

Use of proceeds

We estimate that the net proceeds to us from the sale of the Units in this offering will be approximately $ million, assuming all Units offered hereby are sold and assuming an initial public offering price of $ per Unit as set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use approximately $ million of the estimated net proceeds from this offering to fund mining and exploration activities. In addition, 6% of the gross proceeds will be used to repay a portion of the Piek Promissory Note, and approximately $1.3 million will be used to repay debt and interest from the Loan (as defined herein) received by us from a small group of existing shareholders on March 21, 2025, as described under "Management's Discussion and Analysis — Liquidity and Capital Resources — Contractual Obligations and Off-Balance Sheet Financing". See "Use of Proceeds".

------

[**TABLE OF CONTENTS**](#TOC)

Proposed OTCQX symbol

We are seeking the quotation of our subordinate voting shares on the OTCQX under the symbol "WAMFF."

No Listing of Warrants

We do not intend to apply for listing or quotation of the warrants on any national securities exchange or trading system.

Lock-Up

Each of our directors and executive officers, and each of our shareholders that beneficially owns at least 5% of our subordinate voting shares immediately prior to this offering, has agreed with the underwriter, subject to certain specified exceptions, not to offer, sell, contract to sell, grant any option for the sale of, pledge, transfer, or otherwise dispose of, any subordinate voting shares for a period of 180 days following the date of this prospectus, without the prior written consent of the underwriter. In addition, we have agreed, subject to certain exceptions, that, for a period of 180 days from the date of this prospectus, we will not offer, sell, contract to sell, grant any option for the sale of, issue, pledge, transfer, or otherwise dispose of any subordinate voting shares, or publish our intention to do any of the foregoing. See "Underwriting — No Sales of Similar Securities" for more information.

Risk Factors

An investment in our securities involves substantial risks. You should read this prospectus carefully, including the section entitled "Risk Factors" and the financial statements and the related notes to those statements included in this prospectus, before investing in our subordinate voting shares and warrants.

The number of subordinate voting shares to be outstanding after this offering is based on an aggregate of 43,072,626 subordinate voting shares outstanding as of September 9, 2025 and does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 5,680,000 subordinate voting shares issuable upon exercise of outstanding options as of September 9, 2025, at a weighted average exercise price of C$1.27 per share, of which 4,938,320 shares were vested as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 22,480,100 subordinate voting shares issuable upon conversion of outstanding proportionate voting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 489,783 subordinate voting shares reserved for future issuance under our stock option plan as of September 9, 2025, plus any future increases in the number of subordinate voting shares reserved for issuance under our stock option plan pursuant to evergreen provisions; and subordinate voting shares that may be issued upon the exercise of warrants issued in this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The warrant shares issuable upon future exercises, if any, of the warrants being issued in this offering, including the Underwriter's Warrants.

Except as otherwise indicated, all information in this prospectus assumes no exercise by the underwriter of its option to purchase additional Units from us.

------

[**TABLE OF CONTENTS**](#TOC)

#### RISK FACTORS
 *Investing in our securities involves a high degree of risk. You should carefully consider each of the following risks, together with all other information set forth in this prospectus, including the consolidated financial statements and the related notes, before making a decision to buy our subordinate voting shares and warrants. If any of the following risks actually occurs, our business could be harmed. In that case, the trading price of our subordinate voting shares could decline, and you may lose all or part of your investment.* 

#### Risks Related to this Offering
 ***Investors in this offering may experience immediate dilution in the book value per share of the subordinate voting shares comprising the Units purchased in the offering.***

The initial public offering price of the Units in this offering may be substantially higher than the net tangible book value per share of our currently outstanding subordinate voting shares. After giving effect to the sale of our subordinate voting shares in the aggregate amount of $ at an expected offering price of $ per share, which is the last reported sale price of our subordinate voting shares on [•], 2025 on the TSXV, converted to U.S. dollars based on the daily rate of exchange reported by the Bank of Canada on [•], 2025, and after deducting estimated commissions and estimated offering expenses, our as-adjusted net tangible book value as of December 31, 2024 would have been approximately $, or approximately $ per subordinate voting share. While this represents an immediate increase in net tangible book value, future sales of subordinate voting shares in this offering may represent an immediate increase in net tangible book value to our existing shareholders and an immediate dilution to new investors, depending on the market value of our subordinate voting shares.

 ***Our management might apply the net proceeds from this offering in ways with which you do not agree and in ways that may impair the value of your investment.***

We intend to use approximately $ million of the net proceeds from this offering to fund mining and exploration activities. In addition, as required under the terms of the Piek Promissory Note, 6% of the gross proceeds will be used to repay a portion of the terms of the Piek Promissory Note, and $1,320,000 will be used to repay debt and interest from the Loan we received from a small group of existing shareholders on March 21, 2025, as described under "Management's Discussion and Analysis — Liquidity and Capital Resources — Contractual Obligations and Off-Balance Sheet Financing." Our management has broad discretion as to the use of these proceeds, and you will be relying on the judgment of our management regarding the application of these proceeds. We might apply these proceeds in ways with which you do not agree, or in ways that do not yield a favorable return. If our management applies these proceeds in a manner that does not yield a significant return, if any, on our investment of these net proceeds, it could compromise our ability to pursue our growth strategy and adversely affect the market price of our subordinate voting shares.

 ***Holders of our warrants will have no rights as holders of our subordinate voting shares unless and until they acquire our subordinate voting shares upon exercise of our warrants.***

Until holders acquire our subordinate voting shares upon exercise of the warrants, holders will have no rights with respect to our subordinate voting shares issuable upon exercise of the warrants. Upon exercise of such holder's warrants, holders will be entitled to exercise the rights of a holder of our subordinate voting shares only as to matters for which the record date occurs after the exercise date.

#### The warrants offered by this prospectus may not have any value.
The warrants offered by this prospectus will be exercisable for years from the date of issuance. There can be no assurance that the market price of our subordinate voting shares will ever exceed the exercise prices of the warrants. In the event that the price of our subordinate voting shares does not exceed the exercise price of the warrants during their terms, such warrants may not have any value.

#### There is no public market for the warrants being offered in this offering.
There is no established public trading market for the warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply to list or for the quotation of the

------

[**TABLE OF CONTENTS**](#TOC)

warrants on any national securities exchange or trading system, including the OTCQX or the TSXV. Without an active market, the liquidity of the warrants will be extremely limited, including by applicable U.S. state "blue sky" securities laws.

#### Risks Related to Our Securities
 ***Due to the absence of an established trading market in the U.S. for our securities, potential challenges may arise in selling any shares acquired in this offering, and broker-dealers may be prohibited or otherwise restricted under the laws of certain U.S. states from being involved in certain transactions involving our securities.***

Our securities are not currently traded on any United States national stock exchange or quoted on any U.S. trading system. The demand for our subordinate voting shares in the United States is limited, and there is currently no existing public market in the United States for the subordinate voting shares comprising the Units offered by this prospectus. We are seeking the quotation of our subordinate voting shares on the OTCQX, which is a quotation service for subscribing members, not an issuer listing service, and provides real-time quotes, last sale prices, and volume information for over-the-counter securities. Only market makers can apply to quote securities. There can be no assurance that a market maker will provide quotations for our subordinate voting shares on the OTCQX or, if a market maker provides such quotations, will continue to provide them. If a market maker does not, or ceases to, make a market in our subordinate voting shares, then the liquidity of our subordinate voting shares will be adversely affected, which could result in a situation where realizing any benefit from the investment or liquidating our subordinate voting shares becomes difficult or delayed, if at all possible.

In addition, because we do not intend, now or at any point in the foreseeable future, to list our subordinated voting shares on a U.S. national securities exchange, broker-dealers may not be able to recommend or discuss transactions involving our subordinated voting shares in certain U.S. states, which may adversely affect the market for and liquidity of our subordinated voting shares.

#### The market price for our subordinate voting shares may be volatile, which could contribute to the loss of all or part of your investment.
Prior to this offering, there has not been a public market for our subordinate voting shares in the U.S. Accordingly, the initial public offering price for our subordinate voting shares may not be indicative of the price that will prevail on the OTCQX following this offering. If an active market for our subordinate voting shares develops and continues, the trading price of our subordinate voting shares following this offering is likely to be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control.

Some of the factors that could negatively affect or result in fluctuations in the market price of our subordinate voting shares include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actual or anticipated fluctuations in our financial conditions and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures, results of operations or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • anticipated or actual changes in laws, regulations or government policies applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lawsuits threatened or filed against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other factors described in this section of this prospectus titled "Risk Factors" and in "*Forward-Looking Statements.*"

Any of the factors listed above could materially adversely affect your investment in our subordinate voting shares, and our subordinate voting shares may trade at prices significantly below the initial public

------

[**TABLE OF CONTENTS**](#TOC)

offering price, which could contribute to a loss of all or part of your investment. In such circumstances the trading price of our subordinate voting shares may not recover and may experience a further decline.

In addition, broad market and industry factors could materially adversely affect the market price of our subordinate voting shares, irrespective of our operating performance. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of ours, may not be predictable. A loss of investor confidence in our industry or the stocks of other companies that investors perceive to be similar to us, the opportunities in Alaska or the stock market in general could depress our share price regardless of our business, financial condition, results of operations or growth prospects.

#### Our subordinate voting shareholders will experience dilution in the future upon any future conversions of proportionate voting shares.
Each proportionate voting share is convertible at the option of a holders into 100 subordinate voting shares. In addition, our Board may determine by resolution that it is no longer in our best interests that the proportionate voting shares be maintained as a separate class of shares of our company, and, if so determined, all proportionate voting shares will automatically, without any action on the part of a holder, be converted into subordinate voting shares on the basis of 100 subordinate voting shares for each proportionate voting share. If the proportionate voting shares are converted into subordinate voting shares, and especially if our Board elects to convert all of the proportionate voting shares in a single transaction, our subordinate voting shareholders will experience significant dilution. These conversions will also have a dilutive effect on our earnings per share, which could adversely affect the market price of subordinate voting shares. See "Management's Discussion and Analysis of Financial Condition and Results of Operations — Other Corporate Matters," "Principal Shareholders" and "Description of Securities."

#### Our subordinate voting shareholders will experience dilution in the future upon any exercise of outstanding warrants and finder warrants.
As described under "Description of Securities" in this prospectus, we have issued and outstanding warrants and finder warrants that are exercisable for our common shares. If the warrants and finder warrants are exercised, our subordinate voting shareholders will experience significant dilution and there will be a dilutive effect on our earnings per share, which could adversely affect the market price of subordinate voting shares.

#### Our dual class structure may adversely affect the trading market for our subordinate voting shares.
We have adopted a dual class structure with different voting rights, and such dual class share structure may result in a lower or more volatile market price of our subordinate voting shares. Our dual class share structure is comprised of subordinate voting shares and proportionate voting shares. In respect of matters requiring the votes of shareholders, each subordinate voting share is entitled to one vote, and each proportionate voting share is entitled to 100 votes. Only the subordinate voting shares are traded on the TSXV, are being offered in the offering and are expected to be quoted for trading on the OTCQX.

We cannot predict whether our dual class structure will result in a lower or more volatile market price of our subordinate voting shares, adverse publicity, or other adverse consequences. Certain stock index providers exclude or limit the ability of companies with multi-class share structures from being added to certain of their indices. In addition, most shareholder advisory firms and many large institutional investors oppose the use of multiple class structures. As a result, our dual class structure may make us ineligible for inclusion in certain indices and may discourage other indices from selecting us for inclusion. Our dual class structure may also cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure and may result in large institutional investors not purchasing our subordinate voting shares. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, any exclusion from certain stock indices could result in less demand for our subordinate voting shares. Any actions or publications by shareholder advisory firms or institutional investors critical of our corporate governance practices or capital structure could also adversely affect the value of our subordinate voting shares.

------

[**TABLE OF CONTENTS**](#TOC)

 ***The price of our securities, including our subordinate voting shares, our financial results, and our access to the capital required to finance our exploration activities may in the future be adversely affected by short-term changes or declines in the price of precious and base metals.***

The price of our securities, our financial results, and our access to the capital required to finance our exploration activities has in the past, and may in the future, be adversely affected by declines in the price of precious and base metals. Securities of mining companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies involved. These factors include macroeconomic developments in North America and globally, market perceptions of the attractiveness of particular industries, the sale or purchase of precious metals by various dealers, central banks and financial institutions, interest rates, exchange rates, inflation or deflation, currency exchange fluctuation, global and regional supply and demand, production and consumption patterns, speculative activities, increased production due to improved mining and production methods, government regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, environmental protection, and international political and economic trends, conditions and events. The price of the subordinate voting shares is also likely to be significantly affected by short-term changes in mineral prices or in our financial condition or results of operations as reflected in our quarterly earnings reports. Other factors unrelated to our performance that may have an effect on the price of the subordinate voting shares include the following: (i) the extent of analytical coverage available to investors concerning our business may be limited if investment banks with research capabilities do not follow our securities; (ii) lessening in trading volume and general market interest in our securities may affect an investor's ability to trade significant numbers of subordinate voting shares; (iii) our subordinate voting shares being quoted on the OTCQX rather than a U.S. national securities exchange, which may have an unfavorable impact on our stock price and liquidity; (iv) the size of our public float may limit the ability of some institutions to invest in our securities; and (v) a substantial decline in the price of the subordinate voting shares that persists for a significant period of time could cause our securities, if listed on an exchange, to be delisted from such exchange, further reducing market liquidity.

 ***A non-U.S. holder will likely be treated as having income that is "effectively connected" with a United States trade or business upon the sale or disposition of our subordinate voting shares or warrants unless (i) our subordinate voting shares are regularly traded on an established securities market and (ii) such non-U.S. holder did not meet certain ownership thresholds during the applicable testing period.***

A non-U.S. holder of our Units, subordinate voting shares or warrants generally will incur U.S. federal income tax on any gain realized upon a sale or other disposition of our subordinate voting shares or warrants to the extent our subordinate voting shares or warrants constitute a "United States real property interest" ("USRPI"), under the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"). A USRPI includes stock in a "United States real property holding corporation" within the meaning of Section 897(c)(2) of the U.S. Tax Code (a "USRPHC"). We believe that we are currently and anticipate remaining for the foreseeable future a USRPHC for U.S. federal income tax purposes.

Under FIRPTA, a non-U.S. holder is taxed on any gain realized upon a sale or other disposition of a USRPI as if such gain were "effectively connected" with a United States trade or business of the non-U.S. holder. A non-U.S. holder thus will be taxed on such a gain at the same graduated rates generally applicable to U.S. persons. In addition, a non-U.S. holder will have to file a U.S. federal income tax return reporting that gain.

However, if the subordinate voting shares are regularly traded on an established securities market (the "Regularly Traded Exception"), then gains realized upon a sale or other disposition of the subordinate voting shares will not be treated as gains from the sale of a USRPI, as long as the non-U.S. holder was not a 5% Shareholder (as defined below under the heading "*Material United States Federal Income Tax Considerations*"). No assurance can be provided that our subordinate voting shares will be considered to be regularly traded for purposes of the Regularly Traded Exception. Accordingly, we can provide no assurances that the subordinate voting shares will meet the Regularly Traded Exception at the time a non-U.S. holder purchases such securities or sells, exchanges, or otherwise disposes of such securities. The foregoing summary is qualified in its entirety by the discussion contained herein under the heading "*Material United States Federal Income Tax Considerations*." Non-U.S. investors should consult their own tax advisors regarding the potential application of the FIRPTA regime to their investment in our Units.

------

[**TABLE OF CONTENTS**](#TOC)

 ***Sales of a large number of subordinate voting shares in the public markets, or the potential for such sales, could decrease the trading price of the subordinate voting shares and could impair our ability to raise capital through future sales of subordinate voting shares.***

Sales of a large number of subordinate voting shares in the public markets, or the potential for such sales, could decrease the trading price of the subordinate voting shares and could impair our ability to raise capital through future sales of subordinate voting shares. In particular, Joan Marrs and Christopher Marrs beneficially own, directly or indirectly, approximately 20% of the issued and outstanding subordinate voting shares (assuming conversion of all outstanding proportionate voting shares) and approximately 20% of the voting power of our issued and outstanding securities. If such shareholders decide to liquidate all or a significant portion of their positions, it could adversely affect the price of our subordinate voting shares.

 ***If our subordinate voting shares are quoted on the OTCQX, our subordinate voting shares will be quoted in U.S. dollars and will also be listed on the TSXV in Canadian dollars, which may result in price variations.***

If our subordinate voting shares are quoted on the OTCQX, our subordinate voting shares will be quoted in U.S. dollars and will also be listed on the TSXV in Canadian dollars, which may result in price variations. Dual-listing in this way may result in price variations between the OTCQX and the TSXV due to a number of factors. Our subordinate voting shares would trade in U.S. dollars on the OTCQX and would trade in Canadian dollars on the TSXX. In addition, the markets have differing holiday schedules. Differences in the trading schedules, as well as volatility in the exchange rate of the two currencies, among other factors, may result in different trading prices for our subordinate voting shares on the OTCQX and the TSXV.

#### We may choose to raise capital through acquisitions or equity, resulting in dilution to existing shareholders.
From time to time, it can be expected that we will examine opportunities to acquire additional exploration and/or mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends upon our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of our business. Any acquisitions would be accompanied by risks. In the event that we choose to raise debt capital to finance any such acquisitions, our leverage will be increased. If we choose to use equity as consideration for such acquisitions, existing shareholders, as well as warrant holders and holders of other securities exercisable or convertible for our subordinate voting shares, may suffer dilution. Alternatively, we may choose to finance any such acquisitions with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

 ***Since we do not currently plan to register our subordinate voting shares under Section 12 of the Exchange Act, our reporting obligations will be limited under Section 15(d) of the Exchange Act, which may result in reduced transparency for investors.***

Currently, we do not intend to register our common stock under Section 12(g) of the Exchange Act. As a result, we will not be subject to the ongoing reporting requirements applicable to issuers with securities registered under Section 12 of the Exchange Act, including the comprehensive disclosure, proxy solicitation, and beneficial ownership reporting obligations that apply to Exchange Act reporting companies. Instead, we will only be required to comply with the more limited reporting obligations under Section 15(d) of the Exchange Act. Specifically, under Section 15(d), we will be required to file periodic reports, including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, as long as our reporting obligations remain active. However, unlike a company registered under Section 12, we will not be subject to certain requirements of the Exchange Act, including the proxy solicitation rules under Section 14 of the Exchange Act, the insider reporting and short-swing profit rules under Section 16 of the Exchange Act and the corporate governance and disclosure requirements that may otherwise apply to companies with listed securities on a national securities exchange.

Additionally, our obligation to file reports under Section 15(d) may be automatically suspended for any fiscal year if, at the beginning of such year, we have fewer than 300 shareholders of record. If our reporting

------

[**TABLE OF CONTENTS**](#TOC)

obligations are suspended, we may cease filing periodic reports, significantly reducing the amount of public information available about our company.

In light of our more limited reporting obligations, investors may have less information about our financial condition and business operations compared to companies that are registered under Section 12 of the Exchange Act, which could adversely impact investor confidence in us and the liquidity of subordinated voting shares.

 ***No dividends on the subordinate voting shares have been paid by us to date, and we do not anticipate paying any dividends in the foreseeable future.***

No dividends on the subordinate voting shares have been paid by us to date, and we currently intend to retain our future earnings, if any. Accordingly, investors in our securities should not expect to receive a dividend on their investment in the foreseeable future. As a result, capital appreciation, if any, of our subordinate voting shares will be investors' sole source of potential gain for the foreseeable future.

#### We may be subject to securities litigation in the future.
The market price of our subordinate voting shares may be volatile. In the past, companies that have experienced volatility in the market price of their securities, particularly those whose securities are publicly traded in the U.S. where the risk of litigation is higher, have been subject to securities class action litigation. We may be the target of this type of litigation in the future, and our insurance coverage may not be sufficient or adequate to cover such claims. Any such litigation, regardless of its merit or outcome, could result in substantial costs, divert management's attention and resources, and harm our reputation. In addition, an adverse outcome in any such litigation could result in significant monetary damages or injunctive relief against us, which could have a material adverse effect on our business, financial condition, results of operations, and prospects. There can be no assurance that we will not be subject to securities litigation in the future or that any such litigation would not have a material adverse impact on us.

#### As an "emerging growth company" under the JOBS Act, we are permitted to rely on exemptions from certain disclosure requirements.
We qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Provide an auditor attestation with respect to management's report on the effectiveness of our internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Submit certain executive compensation matters to shareholder advisory votes, such as "say-on-pay" and "say-on-frequency;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Disclose certain executive compensation related items such as the correlation between executive compensation and performance comparisons of the Chief Executive's compensation to median employee compensation.

We will remain an "emerging growth company" for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1,235 billion, (ii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1,235 billion in non-convertible debt during the preceding three year period. Even if we no longer qualify for

------

[**TABLE OF CONTENTS**](#TOC)

the exemptions for an emerging growth company, we may still be, in certain circumstances, subject to scaled disclosure requirements as a smaller reporting company. For example, smaller reporting companies, like emerging growth companies, are not required to provide a compensation discussion and analysis under Item 402(b) of Regulation S-K or the auditor attestation of internal controls over financial reporting.

Until such time, however, we cannot predict if investors will find our subordinate voting shares less attractive because we may rely on these exemptions. If some investors find our subordinate voting shares less attractive as a result, there may be a less active trading market for our subordinate voting shares and the share price may be more volatile.

#### Changes in U.S. tax law may adversely impact certain investors, us and the value of the Units, subordinate voting shares and warrants.
Changes to U.S. tax laws (which changes may have retroactive application) could adversely affect us or holders of the Units, subordinate voting shares and warrants.

#### Risks Related to Our Business
 ***We may be unable to make the payments required under the Piek Promissory Note and the Loan (each as defined below) and as a result we may be in default under the Piek Promissory Note and the Loan.***

In 2021, WACG entered into the Piek Acquisition Agreement to acquire all of the issued and outstanding shares of common stock of Piek for a total purchase price of $3,698,000, which WACG satisfied by the issuance of a promissory note (the "Piek Promissory Note"). The Piek Promissory Note requires us to make certain expenditures with respect to our company. Since 2021, the Piek Promissory Note has been amended seven times, and both parties have been previously amenable to make amendments in the best interests of our company, including to postpone or modify the required expenditures by us thereunder. Additionally, on March 21, 2025, we completed an unsecured loan transaction with certain Lenders (as defined below) pursuant to which we issued promissory notes in the aggregate principal amount of $1,200,000. We currently owe $1,320,000, including accrued interest, under the Loan. However, if we are unable to make the payments or expenditures required under the Piek Promissory Note or the payments under the promissory notes underlying the Loan and are unable to agree on an amendment to the Piek Promissory Note or the promissory notes underlying the Loan, we could be in default under the Piek Promissory Note or the Loan, as applicable, which could have a material adverse effect on our company. In the event of default, non-defaulting parties may accelerate demand for repayment.

 ***We have incurred significant losses and have limited cash on hand, and there is substantial doubt as to our ability to continue as a going concern.***

We incurred net losses of $7,279,098 and $10,073,774 for the years ended December 31, 2024 and December 31, 2023, respectively, and $1,331,998 and $1,873,047 for the three months ended June 30, 2025 and June 30, 2024, respectively. In its report for the fiscal year ended December 31, 2024, our auditor has expressed that there is substantial doubt as to our ability to continue as a going concern. We have incurred operating losses since our formation, expect to incur substantial losses and negative operating cash flows for the foreseeable future and may never become profitable. We also expect to continue to incur significant operating and capital expenditures for the next several years and anticipate that our expenses will increase substantially in the foreseeable future. We also expect to experience negative cash flow for the foreseeable future as we fund our operating losses and capital expenditures. As a result, we will need to generate significant revenues in order to achieve profitability and maintain our operations. If we are unable to generate the revenue necessary to achieve profitability and maintain our operations in the future, we could be required to cease operations, and, even if we are able to maintain our operations, our inability to achieve or maintain profitability could negatively impact the value of our subordinate voting shares.

 ***We rely on a limited number of properties, and, unless we acquire additional property interests, adverse developments affecting our current properties could have a material adverse effect upon our business.***

The only material property of ours is the Illinois Creek Property located in Alaska. As a result, unless we acquire additional property interests, any adverse developments affecting this property could have a material

------

[**TABLE OF CONTENTS**](#TOC)

adverse effect upon our business and would materially and adversely affect the potential mineral resource production, profitability, financial condition and results of operations of our business. While we may seek to acquire additional mineral properties to help us fulfill our business objectives, there can be no assurance that we will be able to identify suitable additional mineral properties or, if we identify suitable properties, that we will have sufficient financial resources to acquire such properties or that such properties will be available on terms acceptable to us or at all.

 ***Our mineral resources described in the S-K 1300 Report are only estimates as we have no established mineral reserves, and the anticipated tonnages and grades described in the S-K 1300 Report may not be achieved, or the indicated level of recovery may never be realized.***

We are a resource company focused primarily on the acquisition, exploration and development of mineral properties located in Alaska. Our properties have no established mineral reserves. There can be no assurance that any of our projects can be mined profitably. Any reference to potential quantities and/or grade is conceptual in nature, as there has been insufficient exploration to define any mineral resource, and it is uncertain if further exploration will result in the determination of any mineral resource. Quantities and/or grade described in this registration statement should not be interpreted as assurances of a potential resource or reserve, or of potential future mine life or of the profitability of future operations. Accordingly, we may not realize any profits in the short to medium term, or at all. Any profitability in our future business will be dependent upon developing and commercially mining an economic deposit of minerals, which in itself is subject to numerous risk factors.

We intend to continue exploration on our properties, and we may or may not acquire additional interests in other mineral properties. The search for mineral deposits at our existing properties and any future properties we acquire is extremely risky. We can provide investors with no assurance that exploration on our current properties, or any other property that we may acquire, will establish that any commercially exploitable quantities of mineral deposits exist. There are various ways we may be prevented from discovering any mineral deposits, including unanticipated problems relating to exploration and additional costs and expenses associated with our exploration activities that may exceed current estimates. If we are unable to establish the presence of viable mineral deposits on our properties, our ability to fund future exploration activities will be impeded, we will not be able to operate profitably, and investors may lose all their investment in our company.

#### We have faced, and may continue to face, liquidity concerns.
In the past, we experienced liquidity issues as a result of excess financial obligations due to our limited available financial assets at various points in time. Similar liquidity challenges may arise in the future, particularly if market conditions deteriorate or unforeseen events impact our business. Our objective in managing liquidity risk is to maintain sufficient readily available cash reserves and credit in order to meet our liquidity requirements at any point in time. The total cost and planned timing of acquisitions and/or other development or construction projects is not currently determinable, and it is not currently known precisely when we will require external financing in future periods.

 ***Mining operations generally involve a high degree of risk, and there is no certainty that the expenditures to be made by us towards the exploration and evaluation of minerals will result in discoveries or production of commercial quantities of minerals.***

Mining operations generally involve a high degree of risk. Our operations are subject to all the hazards and risks normally encountered in the exploration, development and production of minerals, including unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage and possible legal liability. The financing, exploration, development and mining of any of our properties is furthermore subject to a number of macroeconomic, legal and social factors, including commodity prices, laws and regulations, political conditions, currency fluctuations, the ability to hire and retain qualified people, the inability to obtain suitable adequate machinery, equipment or labor and obtaining necessary services in jurisdictions in which we operates. Unfavorable changes to these and other factors have the potential to negatively affect our operations and business.

------

[**TABLE OF CONTENTS**](#TOC)

Major expenses may be required to locate and establish mineral reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our operations, financial condition and results of operations. It is impossible to ensure that the exploration or development programs planned by us will result in a profitable commercial mining operation. Whether a precious or base metal or mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, such as quantity and quality of mineralization and proximity to infrastructure; mineral prices which are highly cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in us not receiving an adequate return on invested capital.

There is no certainty that the expenditures to be made by us towards the exploration and evaluation of minerals will result in discoveries or production of commercial quantities of minerals. In addition, once in production, mineral reserves are finite, and there can be no assurance that we will be able to locate additional reserves as our existing reserves are depleted.

 ***The development and exploration of our properties may require substantial additional financing, and there are significant uncertainties regarding the mineral prices and, by extension, the availability of equity financing for mineral exploration and development. If we fail to obtain such additional financing as and when we need it, further exploration and development of our projects may be delayed or indefinitely postponed.***

There are significant uncertainties regarding the price of minerals and the availability of equity financing for the purposes of mineral exploration and development. Our future performance will be largely tied to the operation of the Illinois Creek Property, the development of the Illinois Creek Property, and the commodity and financial markets. Financial markets were volatile throughout 2024 and the first half of 2025 and may continue to be volatile for the remainder of 2025 and beyond, reflecting ongoing concerns about the stability of the global economy and global growth prospects. These economic trends may impact the interests of investors and, relatedly, the availability of equity financings, limiting our ability to develop and/or further explore the mineral properties in which we currently, or may in the future, hold an interest. If these increased levels of volatility and market uncertainty continue, our operations and the price of our subordinate voting shares could be adversely impacted.

Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of our projects.

 ***Our business is strongly affected by the world market price precious and base metals and there can be no assurance we will be able to develop our properties profitably or at all.***

Our business is strongly affected by the world market price of precious and base metals. Global metal prices fluctuate widely and are affected by numerous factors beyond our control, including global demand and production levels; political and economic conditions; producer hedging activities; speculative activities; inflation; interest rates; central bank lending, sales and purchases of metals; the strength of, and confidence in, the U.S. dollar, the currency in which the price of metals are generally quoted; and currency exchange rates.

The price of metals has fluctuated widely in recent years, and future sustained metal price declines could cause development of, and commercial production from, our projects to be uneconomic. Depending on the price of metals, our cash flow from any mining operations may be insufficient to meet our operating needs and capital expenditures, and as a result, we could experience losses and/or may curtail or suspend some or all of our exploration, development, construction and mining activities or otherwise revise our mine plans, and exploration, development and construction plans, and could lose our interest in, or be forced to sell, some or all of our properties. Further, if forced to use significantly lower metal prices for Mineral Resource calculations for the Illinois Creek Property life-of-mine could result in material write-downs in Company's mining properties and increased amortization, reclamation and closure charges.

------

[**TABLE OF CONTENTS**](#TOC)

In addition to adversely affecting our mineral reserve estimates and our financial condition, declining commodity prices could impact operations by requiring a reassessment of the feasibility of our projects, including the Illinois Creek Property. Such a reassessment may be the result of a management decision or may be required under financing mergers related to a particular project. Even if such project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays or may interrupt operations until the reassessment can be completed.

Our operating results are expected to be substantially dependent upon the market price of metals, the prices for which fluctuate widely. The volatility of precious metal prices represents a substantial risk, which no amount of planning or technical expertise can fully eliminate. In the event metal prices decline or remain low for prolonged periods of time, we might be unable to develop our properties, which may adversely affect our results of operations, financial performance and cash flows.

 ***We have no history of mineral production on our properties, and commercial quantities of gold, silver, zinc, gallium or other minerals may never be profitably mined by us.***

Other than the Illinois Creek Mine, which was in production from 1996 through 2002, there is no history of mineral production on the properties. As such, we have had no operating revenues and have had a history of losses, and no operating revenues are anticipated until one of our projects comes into production, which may or may not occur. While there was some historical exploration and sampling starting in the 1980's, the Illinois Creek Property is a high risk, speculative venture, and only a minimal amount of exploration and sampling has been conducted by us. There is no certainty that the expenditures proposed to be made by us towards the search for and evaluation of gold, silver, zinc, gallium or other minerals with regard to the Illinois Creek Property or otherwise will result in discoveries of commercial quantities of gold, silver, zinc, gallium or other minerals.

Furthermore, there can be no assurance that commercial quantities of gold, silver, zinc, gallium or other minerals will be discovered at any future properties nor is there any assurance that any future exploration programs of ours on the properties or any other properties will yield any positive results. Even where commercial properties of minerals are discovered, there can be no assurance that any property of ours will ever be brought to a stage where mineral reserves can be profitably produced thereon. It is difficult to evaluate our prospects, and our future success is more uncertain than if we had a more proven history. We will continue to experience losses unless and until we can successfully develop and begin profitable commercial production at one of our mining properties.

You should not rely on the S-K 1300 Report as an indication that we will have profitable commercial operations in the future. Factors which may limit our ability to produce mineral resources from our properties include, but are not limited to, the price of mineral resources are explored, availability of additional capital and financing and the nature of any mineral deposits.

In addition, we are and will continue to be subject to all the risks associated with establishing new mining operations, including: the timing and cost, which can be considerable, of the construction of mining and processing facilities; the availability and cost of skilled labor and mining equipment; the need to obtain necessary environmental and other government approvals and permits and the timing of the receipt of those approvals and permits; the availability of funds to finance construction and development activities; potential opposition from non- governmental organizations, indigenous peoples, environmental groups or local groups which may delay or prevent development activities; and potential increases in construction and operating costs due to changes in the costs of fuel, power, materials and supplies.

It is common in new mining exploration operations to experience unexpected costs, problems and delays during construction, development and mine start-up. In addition, delays in the early stages of mineral production often occur. Accordingly, we cannot provide assurance that our activities will result in profitable mining operations at our mineral properties.

#### The development and exploration plans and costs associated with the Illinois Creek Property may differ from the estimates in the S-K 1300 Report.
The S-K 1300 Report contains estimates of future production, development plans, operating and capital costs, financial returns and other economic and technical estimates relating to the Illinois Creek Property.

------

[**TABLE OF CONTENTS**](#TOC)

These estimates are based on a variety of factors and assumptions, and there can be no assurance that such production, plans, costs or other estimates will be achieved. Actual costs and financial returns may vary significantly from the estimates in the S-K 1300 Report depending on a variety of factors, many of which are not within our control, including, but not limited to: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the price of gold and silver; short-term operating revisions to mine plans; equipment failures; industrial accidents; natural phenomena; encountering unusual or unexpected geological conditions; changes in power costs and potential power shortages; exchange rate and commodity price fluctuations; shortages of principal supplies needed for development and operations; labor shortages or strikes; high rates of inflation; civil disobedience, protests and acts of civil unrest or terrorism, applicable taxes and restrictions or regulations imposed by governmental or regulatory authorities or other changes in the regulatory environments. Failure to achieve estimates or material increases in costs could have a material adverse impact on our future cash flows, profitability, results of operations and financial condition.

 ***Equipment failures, natural disasters including severe weather, terrorist acts, acts of war, cyberattacks or other breaches of network systems or security that affect computer systems within our network could lead to disruptions in our business functions.***

Equipment failures, natural disasters including severe weather, terrorist acts, acts of war, cyberattacks or other breaches of network systems or security that affect computer systems within our network could disrupt our business functions, including our exploration and any future production activities. The mining industry has become increasingly dependent on digital technologies. We rely on digital technologies to conduct certain exploration and other activities. The mining industry faces various security threats, including cybersecurity threats. Such attacks are increasing and include malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions to critical systems, unauthorized release of confidential information and corruption of data. A cyberattack could negatively impact our operations. A corruption of Company's financial or operational data or an operational disruption could, among other potential impacts, result in: (i) distraction of management; (ii) damage to our reputation or our relationship with customers, vendors employees and joint venture partners; or (iii) events of noncompliance, which events could lead to regulatory fines or penalties. Any of the foregoing could have a material adverse impact on our reputation, business, results of operations and financial condition.

Although to date we have not experienced any material losses relating to cyber-attacks or other information security breaches, there can be no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

 ***We are subject to taxation both in Canada and the United States, which could have a material adverse effect on our business, financial condition and results of operations.***

Although we are a Canadian corporation, we are also classified as a U.S. domestic corporation for United States federal income tax purposes under Section 7874(b) of the U.S. Tax Code and are subject to United States federal income tax on our worldwide income. However, for Canadian tax purposes, regardless of any application of Section 7874 of the U.S. Tax Code, we are treated as a Canadian resident corporation. As a result, we are subject to taxation both in Canada and the United States, which could have a material adverse effect on our business, financial condition and results of operations.

No dividends on the subordinate voting shares have been paid by us to date. Investors in our securities cannot expect to receive a dividend on their investment in the foreseeable future, if at all.

If we were to pay a dividend, dividends received by holders who are residents of Canada for purposes of the Tax Act and not "U.S. persons" for U.S. federal income tax purposes will generally be subject to U.S. withholding tax at a 30% rate or such lower rate as provided in an applicable tax treaty. In addition, a Canadian foreign tax credit or deduction may not be available under the Tax Act in respect of such taxes.

------

[**TABLE OF CONTENTS**](#TOC)

Dividends received by U.S. persons for U.S. federal income tax purposes will not be subject to U.S. withholding tax but will be subject to Canadian withholding tax under the Tax Act. Dividends paid by us will be characterized as U.S. source income for purposes of the foreign tax credit rules under the U.S. Tax Code. Accordingly, U.S. holders generally will not be able to claim a credit for any Canadian tax withheld unless, depending on the circumstances, they have an excess foreign tax credit limitation due to other foreign source income that is subject to a low or zero rate of foreign tax.

Dividends received by persons that are neither Canadian residents for applicable Canadian tax purposes nor U.S. persons for U.S. federal income tax purposes will generally be subject to U.S. withholding tax and will also be subject to Canadian withholding tax. These dividends may not qualify for a reduced rate of U.S. withholding tax under any income tax treaty otherwise applicable to the recipient, subject to examination of the relevant treaty.

Since we are classified as a U.S. domestic corporation for United States federal income tax purposes under Section 7874(b) of the U.S. Tax Code, the subordinate voting shares will be treated as shares of a U.S. domestic corporation and holders thereof will be subject to the relevant provisions of the U.S. Tax Code and/or the Treaty (as defined below). As a result, the United States gift, estate and generation-skipping transfer tax rules generally apply to a non-U.S. holder of Units, subordinate voting shares or warrants.

EACH INVESTOR SHOULD SEEK TAX ADVICE, BASED ON SUCH INVESTOR'S PARTICULAR FACTS AND CIRCUMSTANCES, FROM SUCH INVESTOR'S OWN TAX ADVISORS, INCLUDING, WITHOUT LIMITATION, IN CONNECTION WITH OUR CLASSIFICATION AS A U.S. DOMESTIC CORPORATION FOR UNITED STATES FEDERAL INCOME TAX PURPOSES UNDER SECTION 7874(b) OF THE U.S. TAX CODE, THE APPLICATION OF THE U.S. TAX CODE, THE APPLICATION OF THE TREATY, THE APPLICATION OF U.S. FEDERAL ESTATE AND GIFT TAXES, THE APPLICATION OF U.S. FEDERAL TAX WITHHOLDING REQUIREMENTS AND THE APPLICATION OF U.S. TAX RETURN FILING REQUIREMENTS.

 ***There are uncertainties as to title matters in the mining industry, and any defects in title could cause us to lose rights in our mineral properties and jeopardize our business operations.***

There are uncertainties as to title matters in the mining industry. Any defects in title could cause us to lose rights in our mineral properties and jeopardize our business operations. Our mineral properties currently consist of mining claims located on lands administered by Alaska Department of Natural Resources to which we only have possessory title. Because title to mining claims is subject to inherent uncertainties, it is difficult to determine conclusively ownership of such claims. These uncertainties relate to such things as sufficiency of mineral discovery, proper location and posting and marking of boundaries, proper and timely payment of annual claim maintenance fees, the existence and terms of royalties, and possible conflicts with other claims not determinable from descriptions of record.

The present status of our mining claims located on public lands allows us the right to mine and remove valuable minerals, such as precious and base metals, from the claims conditioned upon applicable environmental reviews and permitting programs. We are also allowed to use the surface of the land solely for purposes related to mining and processing the mineral-bearing ores. However, legal ownership of the land remains with the State of Alaska. We remain at risk that the mining claims may be forfeited either to the State of Alaska or to rival private claimants due to failure to comply with statutory requirements.

 ***Title on mineral properties and mining rights involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mining properties.***

We currently do not, and, in the future, do not expect to maintain insurance against title. Title on mineral properties and mining rights involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mining properties. Although, with the assistance of legal counsel, we have diligently investigated, and will continue to conduct such investigations going forward as to, title to our mineral claims, we cannot give any assurance that title to properties we acquired individually or through historical share acquisitions will not be impugned and cannot guarantee that we will have or acquire valid title to mining

------

[**TABLE OF CONTENTS**](#TOC)

properties. We also may not have, or may not be able to obtain, all necessary surface rights to develop a property. Failure by us to retain title or the necessary surface rights to the properties could have a material adverse effect on us and the value of the subordinate voting shares.

There are risks that title to our properties may be challenged or impugned. Most of our properties are located in Alaska and may be subject to prior unrecorded agreements or transfers or native land claims and title may be affected by undetected defects. There may be valid challenges to the title of such properties which, if successful, could impair development and/or operations.

Mining claims are unique property interests, and are generally considered to be subject to greater title risk than other real property interests because the validity of mining claims is often uncertain. This uncertainty arises, in part, out of the complex federal and state laws and regulations under the General Mining Law. Also mining claims are always subject to possible challenges by third parties. The validity of an mining or mill site claim, in terms of both our location and our maintenance, is dependent on strict compliance with a complex body of state statutory and decisional law. In addition, there are few public records that definitively determine the issues of validity and ownership of mining claims.

We will also be required to make annual claim maintenance payments to Alaska Department of Natural Resources in order to maintain our rights to explore and, if warranted, to develop our mining claims. If we fail to meet these obligations, we will lose the right to explore for minerals on those properties.

#### The title to our mineral property interests may be challenged.
There may be challenges to title to the mineral properties in which we hold a material interest. If there are title defects with respect to any properties, we might be required to compensate other persons or perhaps reduce our interest in the affected property. Furthermore, in any such case, the investigation and resolution of any such issues would divert our management's time from ongoing exploration and development programs, which could have a material adverse impact on our business, financial condition and results of operations.

 ***Joan Marrs or Christopher Marrs may have the ability to influence the outcome of matters submitted to our shareholders for approval, which could include the election and removal of directors, amendments to our corporate governing documents and business combinations.***

Joan Marrs (Vice President — Administration) and Christopher Marrs (a director and the CEO of our business) hold, directly or indirectly, approximately 20% of the voting power of our issued and outstanding shares (including the issued and outstanding proportionate voting shares), and are our largest shareholders. As a result, Joan Marrs or Christopher Marrs may have the ability to strongly influence the outcome of matters submitted to our shareholders for approval, which could include the election and removal of directors, amendments to our corporate governing documents and business combinations. Our interests and those of Joan Marrs and Christopher Marrs may at times conflict, and any such conflict might be resolved against our interests. The concentration of approximately 20% of the voting power in the hands of these two shareholders may discourage an unsolicited bid for the subordinate voting shares, which may adversely impact the value and trading price of the subordinate voting shares.

#### The estimation of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio- political, marketing, or other relevant issues.
Mineral resource estimates are based upon estimates made by our personnel and independent geologists. These estimates are inherently subject to uncertainty and are based on geological interpretations and inferences drawn from drilling results and sampling analyses and may require revisions based on further exploration or development work. The estimation of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Inferred resources are resources for which there has been insufficient exploration to define as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The grade of mineralization that may ultimately be mined may differ from that indicated by drilling results and such differences could be material. The quantity and resulting valuation of mineral reserves and

------

[**TABLE OF CONTENTS**](#TOC)

mineral resources may also vary depending on, among other things, mineral prices (which may render mineral reserves and mineral resources uneconomic), cut-off grades applied and estimates of future operating costs (which may be inaccurate). Production can be affected by such factors as permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, unusual or unexpected geological formations and work interruptions. Any material change in quantity of mineral resources, mineral reserves, grade, or stripping ratio may also affect the economic viability of any project undertaken by us. In addition, there can be no assurance that mineral recoveries in small scale, and/or pilot laboratory tests will be duplicated in a larger scale test under on-site conditions or during production.

There is no certainty that any of the mineral resources identified on any of our properties will be realized, that any mineral resources will ever be upgraded to mineral reserves, that any anticipated level of recovery of minerals will in fact be realized, or that an identified mineral reserve or mineral resource will ever qualify as a commercially mineable (or viable) deposit which can be legally and economically exploited. Until a deposit is actually mined and processed, the quantity of mineral resources and mineral reserves and grades must be considered as estimates only.

#### Our business is subject to a number of risks, and such occurrences may result in damage to mineral properties or production facilities.
Our business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment, natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in the ability to undertake exploration, monetary losses and possible legal liability.

Although we may maintain insurance to protect against certain risks in such amounts as we consider to be reasonable, our insurance will not cover all the potential risks associated with our mining operations. It is not always possible to fully insure against such risks and, even where such insurance is available we may decide to not take out insurance against such risks. We may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production is not generally available to us or to other companies in the mining industry on acceptable terms. We might also become subject to liability for pollution or other hazards which we may not be insured against or which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause us to incur significant costs that could have a material adverse effect upon our financial performance and results of operations.

WACG is not currently covered by any form of environmental liability insurance, or political risk insurance, since insurance against such risks (including liability for pollution) may be prohibitively expensive. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of our subordinate voting shares. We may have to suspend operations or take cost interim compliance measures if we are unable to fully fund the cost of remedying an environmental problem, if it occurs.

#### We do not insure against all of the risks we face in our operations.
We do not maintain insurance to cover all the potential risks and hazards associated with our operations. We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction, and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

#### Our operations rely on adequate infrastructure and without reliable infrastructure, our capital and operating costs may be affected.
Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which

------

[**TABLE OF CONTENTS**](#TOC)

affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our business, financial condition and results of operations.

 ***The occurrence of a significant event that disrupts the production of mineral resources at our properties and the subsequent sale thereof for an extended period could have a material negative impact on our business, financial condition and results of operations.***

The occurrence of a significant event which disrupts the production of mineral resources at our properties and the subsequent sale thereof for an extended period, could have a material negative impact on our business, financial condition and results of operations. The mining industry is subject to natural events including fires, adverse weather conditions, earthquakes and other similar events that are unforeseeable, irresistible and beyond our control. The occurrence of any one of these events could have a material adverse effect on our business and financial condition.

#### We may experience an inability to attract or retain qualified personnel.
Our success depends to a large degree upon our ability to attract, retain and train key management personnel, as well as other technical personnel. If we are not successful in retaining or attracting such personnel, our business may be adversely affected. Furthermore, the loss of our key management personnel could materially and adversely affect our business and operations.

As our business becomes more established, we will also be required to recruit additional qualified key financial, administrative, operations and marketing personnel. There will be no guarantee that we will be able to attract and keep such qualified personnel, and, if we are not successful, it could have a material and adverse effect on our business and results from operations.

 ***Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures and any of these events could result in information system failures, delays and/or increase in capital expenses.***

Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures, delays and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact our reputation, business, financial condition and results of operations.

 ***We are subject to and required to disclose mineral resources and mineral reserves in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, or "NI 43-101", and, following the completion of this offering, will be subject to analogous disclosure requirements under S-K 1300 rules, which may result in increased compliance costs.***

We have adopted the mining disclosure standards of S-K 1300. We are also subject to Canadian reporting requirements, and, while the S-K 1300 rules are similar to the NI 43-101 rules in Canada, they are not identical and therefore two reports have been produced for the Illinois Creek project. Any revisions to, or interpretations of, S-K 1300 or NI 43-101 could result in us incurring additional costs associated with compliance with those disclosure obligations, both in the U.S. and in Canada.

#### Risks Related to Government Regulation and Disputes
 ***If we are required to compensate anybody suffering loss or damage from our mining activities, or if we become subject to fines or penalties for violations of law, it could lead to costs, delays and suspensions that may negatively affect our business.***

Parties engaged in mining operations or in the exploration or development of mineral properties may be required to compensate those suffering loss or damage by reason of the mining activities and may be subject

------

[**TABLE OF CONTENTS**](#TOC)

to civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Any such penalties, fines, sanctions or shutdowns could have a material adverse effect on our business, financial condition and results of operations.

#### Legislation has been proposed, if enacted, that could significantly affect the mining industry and our business.
Members of the United States Congress have repeatedly introduced bills that would supplant or alter the provisions of the General Mining Law. If enacted, such legislation could change the cost of holding unpatented mining claims and could significantly impact our ability to develop mineralized material on unpatented mining claims. Such bills have proposed, among other things, to either eliminate or greatly limit the right to a mineral patent and to impose a federal royalty on production from unpatented mining claims. Although we cannot predict what legislated royalties might be, the enactment of these proposed bills could adversely affect the potential for development of unpatented mining claims and the economics of existing operating mines on federal unpatented mining claims. Passage of such legislation could adversely affect our financial performance.

 ***Procedures for identifying, isolating and safely removing or reducing impurities or toxic substances from minerals we mine may require strict adherence, and no assurance can be given that employees, contractors or others will not be exposed to or be affected by such impurities and toxic substances, which may subject us to liability.***

Mineral ores and mineral products, including gold, silver, zinc and gallium ore, contain naturally occurring impurities and toxic substances. Although we have implemented procedures that are designed to identify, isolate and safely remove or reduce such impurities and substances, such procedures require strict adherence and no assurance can be given that employees, contractors or others will not be exposed to or be affected by such impurities and toxic substances, which may subject us to liability. Standard operating procedures may not identify, isolate and safely remove or reduce such substances. Laws, rules and regulations requiring downstream users of chemical substances, including metals and minerals, to establish that the substances can be handled and used without negatively affecting health or the environment may impact our operations and markets. These potential compliance costs, litigation expenses, regulatory delays, remediation expenses and operational costs could negatively affect our financial results.

 ***Our operations are subject to various health and safety laws and regulations, and the costs associated with the compliance with such health and safety laws and regulations may be substantial.***

Our operations are subject to various health and safety laws and regulations that impose various duties on our operations relating to, among other things, worker safety and obligations in respect of surrounding communities. These laws and regulations also grant the relevant authorities broad powers to, among other things, close unsafe operations and order corrective action relating to health and safety matters. The costs associated with the compliance with such health and safety laws and regulations may be substantial and any amendments to such laws and regulations, or more stringent implementation thereof, could cause additional expenditure or impose restrictions on, or suspensions of, our operations. We expect to make significant expenditure to comply with the extensive laws and regulations governing the protection of the environment, waste disposal, worker safety, mine development and protection of endangered and other special status species, and, to the extent reasonably practicable, to create social and economic benefit in the surrounding communities near our mineral properties.

#### The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations.
When we commence development and mining operations, our operations will become subject to extensive federal, state and local laws and regulations governing environmental protection and employee health and safety. Environmental legislation is evolving in a manner that is creating stricter standards, while enforcement, fines and penalties for non-compliance are also increasingly stringent. The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations. Further, any failure by us to comply fully with all applicable laws and regulations could have significant adverse effects on us, including the suspension or cessation of operations. All phases of our operations in Alaska will be subject to extensive federal and state environmental regulation, including:

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Comprehensive Environmental, Response, Compensation, and Liability Act ("CERCLA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Federal Resource Conservation and Recovery Act (the "RCRA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Clean Air Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The National Environmental Policy Act ("NEPA"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Clean Water Act (the "CWA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Safe Drinking Water Act (the "SDWA"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Endangered Species Act.

The CERCLA, and comparable state statutes, impose strict, joint and several liabilities on current and former owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites. It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government-incurred cleanup costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances released into the environment. The RCRA, and comparable state statutes, govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines and penalties for noncompliance, as well as requirements for corrective actions. CERCLA, RCRA and comparable state statutes can impose liability for clean-up of sites and disposal of substances found on exploration, mining and processing sites long after activities on such sites have been completed

The Clean Air Act, as amended, restricts the emission of air pollutants from many sources, including mining and processing activities. Our mining operations may produce air emissions, including fugitive dust and other air pollutants from stationary equipment, storage facilities and the use of mobile sources such as trucks and heavy construction equipment, which are subject to review, monitoring and/or control requirements under the Clean Air Act and state air quality laws. New facilities may be required to obtain permits before work can begin, and existing facilities may be required to incur capital costs in order to remain in compliance. In addition, permitting rules may impose limitations on our production levels or result in additional capital expenditures in order to comply with the rules.

NEPA requires federal agencies to integrate environmental considerations into their decision-making processes by evaluating the environmental impacts of their proposed actions, including issuance of permits to mining facilities, and assessing alternatives to those actions. If a proposed action could significantly affect the environment, the agency must prepare a detailed statement known as an EIS. The EPA, other federal agencies, and any interested third parties will review and comment on the scoping of the EIS and the adequacy of and findings set forth in the Draft and Final EIS. This process can cause delays in issuance of required permits or result in changes to a project to mitigate our potential environmental impacts, which can in turn impact the economic feasibility of a proposed project.

The CWA is a federal law where the permitting authority for some permits has been delegated to the State of Alaska Department of Environmental Conservation. The statutes impose restrictions and controls on the discharge of pollutants into waters of the United States. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. The CWA can also regulate storm water from mining facilities and require a storm water discharge permit for certain activities. Such a permit requires the regulated facility to monitor and sample storm water run-off from our operations. The CWA and regulations implemented thereunder also prohibit discharges of dredged and fill materials in wetlands and other waters of the United States unless authorized by the US Army Corps of Engineers an appropriately issued 404 permit. The CWA and comparable state statutes provide for civil, criminal and administrative penalties for unauthorized discharges of pollutants and impose liability on parties responsible for those discharges for the costs of cleaning up any environmental damage caused by the release and for natural resource damages resulting from the release.

SDWA and the UIC program promulgated thereunder, regulate the drilling and operation of subsurface injection wells. The EPA directly administers the UIC program in some states and in others, the responsibility for the program has been delegated to the state. The program requires that a permit be obtained before drilling a disposal or injection well. Violation of these regulations and/or contamination of groundwater by mining

------

[**TABLE OF CONTENTS**](#TOC)

related activities may result in fines, penalties, and remediation costs, among other sanctions and liabilities under the SWDA and state laws. In addition, third party claims may be filed by landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.

There can be no assurance that future changes in environmental regulation, if any, will not adversely affect our operations. Environmental hazards may exist on the properties on which we hold interests which are unknown to us at present and which have been caused by previous or existing owners or operators of the properties.

We cannot give any assurances that breaches of environmental laws (whether inadvertent or not) or environmental pollution will not materially and adversely affect our financial condition. There can be no assurance that any future changes to environmental regulation, if any, will not adversely affect us.

 ***Land reclamation requirements for our properties may require us to post bonds or other surety to guarantee the cost of post-reclamation mining, which add significant costs to our operations and delays in our projects.***

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mining and exploration companies in order to minimize long term effects of land disturbance, and to re- establish pre-mining or other acceptable land uses. Reclamation may include requirements to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • control dispersion of potentially deleterious effluents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • treat ground and surface water to non-degradation standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reasonably re-establish pre-disturbance land forms and vegetation.

In Alaska, certain state and federal agencies require that mining operations on lands subject to its regulation obtain an approved plan of operations. On federal lands, this approval is subject to environmental impact evaluation under the National Environmental Policy Act. However, our property is on state land and a state Plan of Operations approval is not subject to NEPA. Mining companies must post a bond or other surety to guarantee the cost of post-mining reclamation. Cash collateral obligations to secure the bonds are typically required and may be increased by the Surety at any point in time up to the face value of the bond.. We plan to set up a provision for our reclamation obligations on properties, as appropriate. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected. Our mineral exploration operations are required to be covered by reclamation bonds deemed adequate by regulators to cover these risks, which may ultimately not be adequate for our operations.

#### We are subject to anti-corruption and anti-bribery laws and liable for any violations of such laws.
Our operations are governed by, and involve interactions with, many levels of the United States and Canadian government. We are required to comply with anti-corruption and anti-bribery laws, including the Canadian Criminal Code, and the Canadian *Corruption of Foreign Public Officials Act*, as well as the United States Foreign Corrupt Practices Act. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, we may be found liable for violations by not only our employees, but also by our contractors and third-party agents. The steps we take to mitigate such risks may not be effective in ensuring that we, our employees, contractors or third-party agents will comply strictly with such laws. If we were subject to an enforcement action or is found to be in violation of such laws, this may result in significant penalties, fines and/or sanctions imposed on us that may result in a material adverse effect on our reputation and results of our operations.

 ***Any failure of any partner to meet its obligations to us or other third parties, or any disputes with respect to third parties' respective rights and obligations, could have a material adverse effect on our rights under such agreements.***

We may in the future enter into other option agreements and/or joint ventures as a means of acquiring property interests. Any failure of any partner to meet its obligations to us or other third parties, or any disputes with respect to third parties' respective rights and obligations, could have a material adverse effect on our rights under such agreements. Furthermore, we may be unable to exert direct influence over strategic decisions

------

[**TABLE OF CONTENTS**](#TOC)

made in respect of properties that are subject to the terms of these agreements, and the result may be a materially adverse impact on the strategic value of the underlying mineral claims.

 ***Some of the lands in which we hold an interest, or the exploration equipment and roads or other means of access which we intend to utilize in carrying out our work programs or general business mandates, may be subject to interests or claims by third party individuals, groups or companies.***

Some of the lands in which we hold an interest, or the exploration equipment and roads or other means of access which we intend to utilize in carrying out our work programs or general business mandates, may be subject to interests or claims by third party individuals, groups or companies. In the event that such third parties assert any claims, our work programs may be delayed even if such claims are not meritorious. Such delays may result in significant financial loss and loss of opportunity for us.

#### Climate change and climate change regulations could have an adverse impact on our cost of operations.
Climate change could have an adverse impact on our cost of operations. The potential physical impacts of climate change on our operations are highly uncertain, and would be particular to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. These changes in climate could have an impact on the cost of development of our properties and adversely affect the financial performance of our operations.

Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on the business of ours. A number of governments or government bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, our venture partners and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such regulations. Given the emotion, political significance and uncertainty around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in natural resources industry could harm our reputation.

#### Our Illinois Creek Property may face indigenous land claims.
Our Illinois Creek Property may in the future be the subject of indigenous land claims. The legal nature of land claims is a matter of considerable complexity. The impact of any such claim on our ownership interest in our properties cannot be predicted with any degree of certainty and no assurance can be given that a broad recognition of indigenous rights in the area in which our properties are located, by way of a negotiated settlement or judicial pronouncement, would not have an adverse effect on our operations. Even in the absence of such recognition, we may at some point be required to negotiate with and seek the approval of holders of such interests to facilitate exploration and development work on our properties, and there can be no assurance that we will be able to establish a practical working relationship with the indigenous groups in the area to allow us to ultimately develop the properties.

#### General Risks
 ***Our relationships with the communities in which we operate are critical to the future success of our existing operations and the construction and development of our projects.***

Our relationships with the communities in which we operate are critical to the future success of our existing operations and the construction and development of our projects. In recent years, there has been ongoing and potentially increasing public concern relating to the effects of resource extraction on the natural landscape, communities and the environment. Certain non-governmental organizations ("NGOs") that oppose globalization and resource development can be vocal critics of the mining industry and our practices,

------

[**TABLE OF CONTENTS**](#TOC)

including the use of cyanide and other hazardous substances in processing activities. In addition, there have been many instances in which local community groups have opposed resource extraction activities, resulting in disruption and delays to the relevant operations. Adverse publicity generated by such NGOs or others related to the mining industry, or to extractive industries generally, could have an adverse effect on our reputation or financial condition and may impact our relationship with the communities in which we operate. NGOs or local community groups could direct adverse publicity against and/or disrupt our operations in respect of one or more of our properties, despite our efforts to comply with and maintain social and environmental best practices. Any such actions and the resulting media coverage could have adverse effects on the reputation and financial condition of our business or our relationships with the communities in which we operate, which could have a material adverse effect on our business, financial condition and results of operations.

Our ability to successfully obtain key permits and approvals to explore for, develop and operate mines and to successfully operate in communities around the world will likely depend on our ability to develop, operate and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law at the applicable time. Operating our business in accordance with those objectives could increase capital and operating costs and, therefore could have an adverse impact upon our business, financial condition and results of operations. Although we strive to promote improvements in health and safety, human rights, environmental performance and community relations, our ability to operate could be adversely impacted by accidents or events detrimental (or perceived to be detrimental) to the health, safety and well-being of our employees, human rights, the environment or the communities in which we operate.

#### Public opinions may change, and opposition to mining projects could result in increased operating costs.
Given the emotion, political significance and uncertainty around the environmental consequences of mining on public land, we cannot predict how public opposition could affect legislation and regulation or how this might affect our financial condition, operating performance and ability to compete. Furthermore, even without such current opposition, increased awareness and any adverse publicity in the global marketplace about potential environmental impacts by us or other companies in the mining industry could harm our reputation. A poor reputation in the mining industry directly affects the ability of any mining company to obtain future permits, renew existing permits and/or obtain bonding instruments for the reclamation of mining projects. The realization of any of the forgoing may adversely impact the cost, production and financial performance of our operations.

 ***The imposition of trade tariffs, particularly those issued by the U.S., or other trade restrictions could have significant repercussions for Canadian businesses, and the broader economy.***

The imposition of trade tariffs, particularly those issued by the U.S., or other trade restrictions could have significant repercussions for Canadian businesses and the broader economy. Increased costs of goods and services may contribute to inflation. Higher consumer prices could reduce demand for Canadian goods, leading to a decline in exports which could in turn weaken Canadian Gross Domestic Product, slow economic growth, and increase unemployment. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Overall, trade policy restrictions create financial uncertainty for companies, disrupt trade relationships, and put downward pressure on economic growth.

For example, raw material costs are impacted by governmental actions, such as tariffs and trade sanctions. The imposition by the U.S. government of tariffs on products imported from certain countries and trade sanctions against certain countries have introduced greater uncertainty with respect to policies affecting trade between the U.S. and other countries and have impacted the cost of certain raw materials.

 ***Our development will depend on the efforts of key management and other key personnel, and any future loss of any of those people could have a material adverse effect on our business.***

Our development will depend on the efforts of key management and other key personnel. Loss of any of those people, particularly to competitors, could have a material adverse effect on our business. Further, with

------

[**TABLE OF CONTENTS**](#TOC)

respect to future development of our projects, it may become necessary to attract both international and local personnel for such development. The marketplace for key skilled personnel is becoming more competitive, which means the cost of hiring, training and retaining such personnel may increase. Factors outside our control, including competition for human capital and the high level of technical expertise and experience required to execute this development, will affect our ability to employ the specific personnel required. Due to our relatively small size, the failure to retain or attract a sufficient number of key skilled personnel could have a material adverse effect on our business, results of future operations and financial condition. We do not intend to take out 'key person' insurance in respect of any directors, officers or other employees.

 ***Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development, which may give rise to perceived or actual conflicts of interest.***

Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development, which may give rise to perceived or actual conflicts of interest, including decisions relating to pursuing business opportunities, negotiating agreements, or resolving disputes. In addition, our organizational documents and corporate policies do not prohibit our directors, officers, or shareholders from engaging in other business activities, including activities that may compete with us. In the event that a conflict arises, pursuant to the BCBCA, the affected director or officer must disclose the potential conflict or interest in a transaction and then recuse themselves from (and not vote on any) decisions related to the matter from which the conflict arose.

#### We may be subject to litigation which may materially affect our business.
We may become involved in disputes with other parties in the future which may result in litigation. The results of litigation cannot be predicted with certainty. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our business, financial condition, and results of operations.

------

[**TABLE OF CONTENTS**](#TOC)

#### FORWARD-LOOKING STATEMENTS
This prospectus, including the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business," contains forward-looking statements. We may, in some cases, use words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this prospectus include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our strategies and objectives, both generally and in respect of our specific mineral properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exploration plans and costs associated with the Illinois Creek Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our use of proceeds from this offering; the timing of decisions regarding the strategy and costs of exploration programs with respect to, and the issuance of the necessary permits and authorizations required for, our exploration programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and cost of our planned exploration programs, and the timing of the receipt of results therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our future cash requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our retention of all available funds and any future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general business and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tour ability to meet our financial obligations as they come due, including payments required to maintain our mineral property interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and pricing of proposed financings, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the anticipated use of the proceeds from any financings completed us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential for the expansion of the known mineralized zones; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the potential for the amenability of mineralization to respond to proven technologies and methods for recovery of ore.

Although we believe that such statements are reasonable, we can give no assurance that such expectations will prove to be correct. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We do not insure against all of the risks we face in our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our operations rely on adequate infrastructure and without reliable infrastructure, our capital and operating costs may be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The occurrence of a significant event which disrupts the production of mineral resources at our properties and the subsequent sale thereof for an extended period, could have a material negative impact on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our ability to acquire properties and develop mineral reserves in the future will depend on our ability to develop our present properties and our ability to select and acquire suitable producing properties or prospects for mineral exploration, of which there is a limited supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may experience an inability to attract or retain qualified personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our mineral resources described in our S-K 1300 Report are only estimates and no assurance can be given that the anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are subject to and required to disclose mineral resources and mineral reserves in accordance with S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The other risk factors detailed herein under the section entitled "Risk Factors."

------

[**TABLE OF CONTENTS**](#TOC)

Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that could cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. **We qualify all of the forward-looking statements contained or incorporated by reference in this prospectus by the foregoing cautionary statements.** 

------

[**TABLE OF CONTENTS**](#TOC)

#### CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE MINERAL RESERVES
We have adopted the mining disclosure standards of S-K 1300. We are subject to and required to disclose mineral resources and mineral reserves in accordance with S-K 1300. We are also subject to NI 43-101, and while the S-K 1300 rules are similar to the NI 43-101 rules in Canada, they are not identical. Therefore, two reports have been produced for the Illinois Creek project. The information about our mining operations in this prospectus has been prepared under S-K 1300.

As currently reported, there are no material differences in our disclosed, indicated, and inferred resource under each of S-K 1300 and NI 43-101. We have not currently reported any proved or probable mineral reserves or measured mineral resources. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves; therefore, investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Estimations of inferred resources involve far greater uncertainty as to their existence and economic viability than the estimations of other categories of resources; therefore, it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.

------

[**TABLE OF CONTENTS**](#TOC)

#### USE OF PROCEEDS
We estimate that we will receive net proceeds of approximately $ million from the sale of the Units offered by us in this offering, assuming all Units offered hereby are sold and based on an initial offering price of $ per Unit, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

A $1.00 increase (decrease) in the public offering price of $ per Unit would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming that the number of Units offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Similarly, a 100,000 Unit increase (decrease) in the number of Units offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the net proceeds to us by approximately $ million, based on an initial public offering price of $ per Unit, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purposes of this offering are to obtain additional capital to support our operations. We intend to use approximately $ million of the estimated net proceeds from this offering to fund mining and exploration activities. In addition, in accordance with its terms, 6% of the gross proceeds will be used to repay a portion of the Piek Promissory Note, and we expect to use $1,320,000 to repay debt and interest from the Loan we received from a small group of existing shareholders on March 21, 2025, as described under "Management's Discussion and Analysis — Liquidity and Capital Resources — Contractual Obligations and Off-Balance Sheet Financing." The Loan is due to be repaid on March 21, 2028 and accrues interest at 10% per year, payable at maturity of the Loan. The proceeds from the Loan are being used to fund the filing of this registration statement, complete our application to be quoted on the OTCQB, pay the applicable filing fees, and for working capital and general corporate purposes. See Note 8 to our Unaudited Condensed Consolidated Financial Statements for a description of the interest rate and maturity date applicable to the Piek Promissory Note.

Our management will have broad discretion in the application of the net proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of those net proceeds. The timing and amount of our actual expenditures will be based on many factors, including cash flows from operations and the anticipated growth of our business.

------

[**TABLE OF CONTENTS**](#TOC)

#### DIVIDEND POLICY
We do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our subordinate voting shares. We currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our business, financial condition, results of operations, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.

------

[**TABLE OF CONTENTS**](#TOC)

#### ENFORECABILITY OF CIVIL LIABILITIES
We were incorporated under the laws of the Province of British Columbia, Canada. Some of our directors and officers, as well as the certain experts named in the "Experts" section of this prospectus, reside outside of the United States. Service of process upon such persons may be difficult or impossible to effect within the United States. Furthermore, because some of our assets, and substantially all the assets of our non-U.S. directors and officers and the Canadian experts named herein, are located outside of the United States, any judgment obtained in the United States, including a judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons may not be collectible within the United States. In addition, it may be difficult for an investor, or any other person or entity, to assert United States securities laws claims in original actions instituted in Canada.

Foreign judgments enforced by Canadian courts generally will be payable in Canadian dollars. A Canadian court hearing an action to recover an amount in a non-Canadian currency will render judgment for the equivalent amount in Canadian currency.

#### DILUTION
Investors purchasing securities in this offering will experience immediate and substantial dilution in the as adjusted net tangible book value of their subordinate voting shares. Dilution in as adjusted net tangible book value represents the difference between the public offering price and the as adjusted net tangible book value per Unit immediately after the offering.

The historical net tangible book value of our subordinate voting shares as of June 30, 2025 was $3,802,895 million or $0.09 per subordinate voting share. Historical net tangible book value per subordinate voting share represents our total tangible assets (total assets less intangible assets) less total liabilities divided by the number of subordinate voting shares outstanding as of that date.

After giving effect to the sale of Units in this offering at the offering price of $ per Unit, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of June 30, 2025 would have been $ million, or $ per subordinate voting share. The offering price may not be the final price of the Offering and will be adjusted based on the actual initial public offering price and other terms of our initial public offering determined at pricing. This amount represents an immediate increase in net tangible book value of $ per subordinate voting share to our existing shareholders and an immediate dilution in net tangible book value of approximately $ per subordinate voting share to new investors purchasing our subordinate voting shares in this offering. We determine dilution by subtracting the net tangible book value per subordinate voting share after the offering from the amount of cash that a new investor paid for a Unit.

The following table illustrates this dilution on a per subordinate voting share basis:

---

| | |
|:---|:---|
| Offering price per Unit<sup>(1)</sup>  | $— |
| &nbsp;&nbsp;&nbsp; Historical net tangible book value per subordinate voting share as of June 30, 2025  | $0.09 |
| &nbsp;&nbsp;&nbsp; Increase in net tangible book value per subordinate voting share attributable to Investors  | $— |
| Net tangible book value per subordinate voting share after the offering  | $— |
| Dilution per subordinate voting share to new investors  | $— |

---

Each $1.00 increase or decrease in the combined public offering price of $ per Unit would increase or decrease our net tangible book value after this offering by approximately $ million, or approximately $ per subordinate voting share, and increase or decrease the dilution per subordinate voting share to new investors by approximately $ per subordinate voting share, assuming that the number of Units offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of Units we are offering. An increase or decrease of 100,000 Units offered by us would increase or decrease our net tangible book value after this offering by approximately $ million, or $ per subordinate voting share, and increase or decrease the dilution per subordinate voting share to new investors by approximately $ per subordinate voting share, assuming

------

[**TABLE OF CONTENTS**](#TOC)

that the public offering price remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. The information discussed above is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering determined at pricing.

The table above does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 6,037,500 subordinate voting shares issuable upon exercise of outstanding options as of June 30, 2025, at a weighted average exercise price of C$1.22 per share, of which 5,290,820 shares were vested as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 38,780 subordinate voting shares reserved for future issuance under our stock option plan as of June 30, 2025, plus any future increases in the number of subordinate voting shares reserved for issuance under our stock option plan pursuant to evergreen provisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subordinate voting shares that may be issued upon the exercise of warrants issued in this offering.

To the extent that outstanding options are exercised, you will experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities may result in further dilution to our shareholders.

------

[**TABLE OF CONTENTS**](#TOC)

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 *The following discussion should be read in conjunction with our financial statements and related notes thereto included elsewhere in this prospectus. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors." We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the date of this prospectus.* 

#### Our Business
We were incorporated in the province of British Columbia on April 8, 2020 under the name 1246779 B.C. LTD. In November 2021, 1246779 B.C. LTD completed a business combination with Western Alaska Copper and Gold Company ("WACG") and, on November 4, 2021 changed its name to Western Alaska Minerals Corp. On April 25, 2025, we changed our name to Alaska Silver Corp. We are a Canadian public company whose subordinate voting shares are listed for trading on the TSX Venture Exchange ("TSXV") under the symbol "WAM".

Our principal executive office is located at 1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3 Canada.

We have no operating revenue and support our operations through the sale of equity in our company. The value of any of our mineral properties is dependent upon the existence or potential existence of economically recoverable mineral reserves.

All financial information in this Management's Discussion and Analysis of Financial Condition and Results of Operations, for current and past years, was accounted for under US GAAP.

Since 2010, we, operating through WACG and Alaska Silver, have been exploring and advancing interests in the Illinois Creek mining district that includes gold, silver, copper, gallium, and zinc exploration targets in western Alaska east of the Yukon River.

#### Illinois Creek Project, Alaska: Claim Consolidation
On October 17, 2018, WACG and one of its shareholders, Joe Piekenbrock, entered into the Operating Agreement of Illinois Creek Joint Venture LLC (the "JV Operating Agreement"), which formed the Illinois Creek Joint Venture LLC. Pursuant to the JV Operating Agreement, WACG issued 346 WACG common shares valued at $692,000 to Mr. Piekenbrock. On March 31, 2021, the members of the Illinois Creek Joint Venture LLC, agreed to terminate and dissolve the Illinois Creek Joint Venture LLC, and dissolve it, as directed by the Action of Unanimous Written Consent of the members of the Illinois Creek Joint Venture LLC, effective as of March 31, 2021. On March 31, 2021, WACG and Mr. Piekenbrock entered into a Stock Purchase Agreement, whereby WACG acquired 100% of the issued and outstanding common shares of an Alaska private company, Piek Incorporated, in exchange for 120 WACG common shares (valued at $540,000) and $3,698,000 payable by the issuance of a promissory note to Mr. Piekenbrock. Piek is the sole owner of 40 state mineral claims, known as the Illinois Creek Project, located in the Mount McKinley mining district of Alaska. Seventy (70) other Piek claims totaling approximately 11,135 acres were converted to a State of Alaska Uplands Mine Lease in July, 2024. An additional 86 claims were staked by WACG in 2021, after the acquisition of Piek, and 115 new claims were staked by WACG in 2022.

#### Illinois Creek/Waterpump Creek Property, Alaska
Our most advanced stage asset is the Illinois Creek oxide gold-silver project, a past-producing run of mine (ROM) heap leach mine that operated between 1997 and 2002. The Illinois Creek project includes a modern, fully operational camp and 4,400-foot airstrip. The current resource estimate dated December 31, 2024 for the Waterpump Creek portion of the Illinois Creek project includes an inferred mineral resource of

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.4 million metric tonne ("Mt") at 980 grams per tonne ("g/t") silver equivalent ("AgEq") for 74.9 million troy ounce ("Moz") AgEq hosting high-grade silver & zinc. See "Properties."

Our Waterpump Creek property is located within the Illinois Creek project. An exceptional high-grade silver-lead-zinc re-discovery was made in 2021, when we drill tested historically recognized sulfide CRD mineralization at depth. Drill hole WPC21-09 cut 10.5-meters (9.1 meters true thickness) of 522 g/t silver, 22.5% zinc and 14.4% lead of massive intergrown sphalerite and argentiferous galena down-dip of the historical drilling. This exceptional high-grade interval turned the focus on targeting the overall CRD (carbonate replacement deposit) potential on the property. An initial resource estimate was released on February 22, 2024. The (2.4Mt) initial resource reveals an inferred 980 g/t AgEq for 74.9Moz AgEq hosting high-grade silver & zinc.

#### Honker Property, Alaska
The Honker Property is a gold-silver (Au-Ag) low sulfidation vein system discovered in 1981 located approximately six miles north of the Illinois Creek Mine. It consists of 24 state mineral claims, owned 100% by WACG, located in the Mount McKinley recording district of Alaska.

#### Round Top Property, Alaska
The Round Top property, located 15.5 miles NE of the Illinois Creek project, is a large copper-molybdenum-silver (Cu-Mo-Ag) porphyry system that includes both high grade copper surface discoveries and drill intercepts to a depth of 800 meters. Cu-Mo-Ag mineralization is associated with Cretaceous (+/- 74 Ma) age intrusive rocks. The property consists of 88 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato recording districts of Alaska.

#### Khotol and Paw Print, Alaska
Khotol and Paw Print are the early exploration stage properties we staked in 2022. There are 19 claims for Khotol with 3 additional claims staked in 2024 and 18 claims for Paw Print. Both properties are located directly northwest of the Illinois Creek Property.

The Khotol Claim Block contains three main prospects: Khotol Ridge gossan, Colorado Creek gossan, and Sunny Day gossan. The Khotol Ridge prospect is the most prospective gossan on these claims and is a Ag-Pb-Zn gossan hosted in metasedimentary rocks similar to Illinois Creek. The Sunny Day gossan mineralization is weakly anomalous in Cu, Pb, Ag, and As and consists of scattered limonitic quartzite breccia and minor massive vuggy gossan float in a dry east-west trending gully coincident with a pronounced linear feature (Brewer and Millholland, 1982). The Colorado Creek gossan is a weakly anomalous Ag-Pb-Zn-Cu gossan consisting of quartz breccias and vuggy oxidized gossanous float.

The Paw Print prospect consists of silt and soil anomalies associated with iron seeps along a northeast trending ~4km long linear feature. The seeps and iron-stained streams drain the inferred contact between the graphitic schistose quartzite and the younger unmetamorphosed mafic volcanics and intrusive (JMI Greenstone) (Flanigan, 1994). There seems to be a correlation of the mineralized seeps with the contact between the mafic volcanics and the schistose quartzites (Flanigan, 1994).

#### Other Corporate Matters
 *Subordinate Voting and Proportionate Voting Shares* 

In connection with a reverse takeover transaction in 2021, we created a dual share structure with subordinate voting shares and proportionate voting shares. The subordinate voting shares are listed for trading on the TSXV. The proportionate voting shares are, in effect, subordinate voting shares compressed at the ratio of 100:1 which have voting and economic rights on an as-converted basis. Each proportionate voting share is convertible into 100 subordinate voting shares. The proportionate voting shares are convertible to subordinate voting shares at the request of the shareholder.

#### Operations
During the year ended December 31, 2024, our main focus was the 2024 drilling season with planning and coordinating for site activities and human resources at our Warm Springs and LH prospects located

------

[**TABLE OF CONTENTS**](#TOC)

within the Illinois Creek Project. Competition in the mineral exploration industry is intense. We compete with other mining companies, many of which have greater financial resources and technical facilities for the acquisition and development of mineral concessions, claims, leases and other interests, as well as for the recruitment and retention of qualified employees and consultants. The mining business is subject to mineral price and investment climate cycles. The marketability of minerals is also affected by worldwide economic and demand cycles. In recent years, the significant demand for minerals in some countries has driven increased commodity process. It is difficult to assess if the current commodity prices are long-term trends, and there is uncertainty as to the recovery, or otherwise, of the world economy. If the global conditions weaken and commodity prices decline as a consequence, a continuing period of lower prices could significantly affect the economic potential of each of the Illinois Creek Project and the Other Properties. See "Risk Factors — Our business is strongly affected by the world market price of gold and silver and there can be no assurance we will be able to develop our properties."

Mining is an extractive industry that impacts the environment. Our goal is to regularly evaluate ways to minimize such impact. We expect to meet or exceed environmental standards at each of the Properties (including the Illinois Creek Project) and to continue this approach through effective engagement with affected stakeholders, including local communities, government and regulatory agencies and indigenous groups.

We are currently active only in Alaska, which has established environmental standards and regulations that we strive to exceed. Our environmental performance is overseen at the board level and environmental performance is our responsibility. We recognize environmental management as a corporate priority and place a strong emphasis on preserving the environment for future generations, while also providing for safe, responsible and profitable operations by developing natural resources for the benefit of our employees, shareholders and communities.

The are no significant elements of the income or loss from continuing operations that do not arise from or are not necessarily representative of the ongoing business.

There have not been any unusual or infrequent events or transactions or significant economic changes that materially affected the amount of income or loss from continuing operations.

#### RESULTS OF OPERATIONS

#### Comparison of the Six Months Ended June 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
| **Summary of components of Consolidated Statements of Operations and Comprehensive Loss**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Six Months <br> Ended June 30, <br> 2025 <br> ($)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Six Months <br> Ended June 30, <br> 2024 <br> ($)**  |
| Operating expenses  | (2062253) | (2908237) |
| Other items  | (125489) | (37483) |
| Net loss  | (2187742) | (2945720) |
| Unrealized foreign exchange on translation of foreign operations  | (7144) | (7901) |
| Comprehensive loss  | (2194886) | (2953621) |

---

The loss for the six months ended June 30, 2025 was $2,187,742 compared to $2,945,720 for the six months ended June 30, 2024. The decrease in the loss from 2025 to 2024 was mainly due to higher exploration expenses, share-based payments and management fees 2024.

------

[**TABLE OF CONTENTS**](#TOC)

#### SUMMARY OF QUARTERLY RESULTS
The following is a summary of our most recent 8 quarterly result:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Jun 30, <br> 2025**  | **Mar 31, <br> 2025**  | **Dec 31, <br> 2024**  | **Sep 30, <br> 2024**  | **Jun 30, <br> 2024**  | **Mar 31, <br> 2024**  | **Dec 31, <br> 2023**  | **Sep 30, <br> 2023**  |
| Loss for the period  | 1331998 | 855852 | 1238700 | 3028245 | $1870883 | 1072673 | 680380 | 2429918 |
|  Pre-RTO: Weighted <br> Average number of <br> subordinate voting shares <br> outstanding  | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  Post-RTO: Weighted <br> Average number of <br> subordinate voting shares <br> outstanding  | 42287602 | 42189920 | 41989920 | 41981678 | 37326420 | 28120406 | 27811495 | 27096726 |
|  Weighted Average number of proportionate voting shares outstanding  | 224801 | 224801 | 224801 | 224801 | 224801 | 224801 | 224801 | 224801 |
| Loss per share  | (0.02) | (0.01) | (0.02) | (0.05) | (0.03) | (0.02) | (0.01) | (0.05) |
|  Exploration and evaluation <br> assets – additions  | $— | $— | $— | $2356 | $— | $181 | $159555 | $16400 |

---

Overall, during the eight recently completed quarters, we had consistent losses of between $0.6 million and $4.8 million. Our operating losses are due to Management fees, and consulting and marketing expenses for our management team and its external resources to assist with our engagement with our shareholders and increase in market exposure to the Capital markets. In addition, we issued restricted share units during the six months ended June 30, 2025 and were expensed as share-based payment and exploration expense.

#### Comparison of the Year ended December 31, 2024 and December 31, 2023

---

| | | |
|:---|:---|:---|
| **Summary of components of Consolidated Statements of Operations and Comprehensive Loss**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Year Ended <br> December 31, <br> 2024 <br> ($)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Year Ended <br> December 31, <br> 2023 <br> ($)**  |
| Operating expenses  | (7254553) | (9966446) |
| Other items  | (24545) | (106757) |
| Net loss  | (7279098) | (10073774) |
| Unrealized foreign exchange on translation of foreign operations  | 23363 | (126288) |
| Comprehensive loss  | (7255445) | (10200062) |

---

---

| | | |
|:---|:---|:---|
| **Summary of components of Consolidated Statements of Financial Position**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **December 31, <br> 2024 <br> ($)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **December 31, <br> 2023 <br> ($)**  |
| Current assets  | 988308 | 1397803 |
| Long-term deposits  |  |  |
| Equipment  | 1558765 | 1999413 |
| Exploration & evaluation property interests  | 6090370 | 5922878 |
| Total assets  | 8637443 | 9320094 |
| Current liabilities  | 929671 | 1161932 |
| Long-term liabilities  | 2462024 | 2818918 |
| Shareholders' equity  | 5245748 | 5339244 |
| Total Liabilities and equity  | 8637443 | 9320094 |

---

------

[**TABLE OF CONTENTS**](#TOC)

The loss for the year ended December 31, 2024, was $7,255,445 compared to $10,200,062 for the year ended December 31, 2023. The decrease in the loss from 2023 to 2024 was primarily due to higher exploration expenses and management fees in 2023, as well as higher consulting fees and professional fees in 2023. The most significant operating expense for the year ended December 31, 2024 was our exploration expense incurred on our mineral properties. Exploration expenses include the costs of drilling, assaying as well as the maintenance of a summer camp for drillers and staff. Our other operating expenses include management fees, which is the compensation of executives, directors and management, including any stock-based compensation and also marketing expenses, which is the cost of promoting our business through conferences and promotional activities.

 *Exploration Expenses* 

Our Illinois Creek camp opened on May 14, 2024 and drilling commenced on June 6. The planned 4,000 meter drill program was completed August 25, with the drilling of 4,230 meters. The 2024 exploration program utilized our two new and wholly owned Multi-Power HD drill rigs. One full crew (day shift and night shift) moved between the two rigs that were stationed at LH and Warm Springs, respectively, to save rig move time.

The Warm Springs target is located 1.5 km east-southeast of the Illinois Creek oxide mineral resource. Eight of the nine holes intersected CRD-style alteration including an upper zone with intense silicification and brecciation associated with massive to semi-massive pyrite hosting gold-copper mineralization.

The four drill holes completed at LH, along with surface trenching, define a vertical structurally controlled feeder with Pb-Zn-(Ag) oxide mineralization within a wide tan (ankerite) alteration zone. The results demonstrate that the Illinois Creek CRD system runs through LH and remains a viable drill target.

We incurred fewer exploration expenditures in the year ended December 31, 2024 compared to the prior year as less meters were drilled. In 2023 there were 5,119 meters drilled and in 2024 there were 4,230 meters drilled. With fewer meters drilled, the drilling costs were reduced along with the assaying charges as well as camp costs related to the drill campaign.

 *General and Administrative Expenses* 

The significant general and administrative expenses incurred for the year ended December 31, 2024 were management fees, marketing expenses, consulting fees and professional fees. Management fees decreased from $2,039,213 in 2023 to $1,561,326 as our stock-based compensation issued to directors, executives and management decreased in 2024, whilst cash compensation remained relatively consistent. Marketing fees increased from $386,544 in 2023 to $531,374 as we increased efforts to promote ourselves and our mineral properties through investor and industry conferences as well as through on-line marketing initiatives. Consulting fees decreased from $510,103 in 2023 to $306,835 as we focused less on the technical studies related to the exploitation of minerals at its mineral properties. Professional fees for 2023 and 2024 were relatively consistent with expenses incurred on lawyers, auditors and accountants being $264,052 and $259,140, respectively.

#### LIQUITY AND CAPITAL RESOURCES
Liquidity risk is the risk that we will encounter difficulty in satisfying financial obligations as they become due. We manage our liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. Our objective in managing liquidity risk is to maintain sufficient readily available reserves to meet its liquidity requirements.

#### Sources of Liquidity
We do not have operating revenue to finance our existing obligations and therefore must continue to rely on external financing to generate capital to maintain our capacity to meet working capital requirements. We have relied on debt and equity raises to finance our operating activities since incorporation. We intend to continue to rely on debt and the issuance shares to finance our operations. However, there is a risk that additional financing will not be available on a timely basis or on terms acceptable to us. We do not have any material sources of unused sources of liquid assets. All liquid assets are available for use to finance Company operations.

------

[**TABLE OF CONTENTS**](#TOC)

The following table presents our cash, cash equivalents and restricted cash and working capital as of June 30, 2025.

---

| | |
|:---|:---|
| **Cash, cash equivalents and restricted cash**  | $**591** |
| **Total current assets**  | $**736** |
| **Less: total current liabilities**  | $**1198** |
| **Working capital deficiency**  | $**462** |

---

The following table presents our cash, cash equivalents and restricted cash and working capital as of December 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
| | **Balances at December 31, <br> 2024 (in thousands)**  | **Balances at December 31, <br> 2023 (in thousands)**  |
| **Cash, cash equivalents and restricted cash**  | $**850** | $**1192** |
| **Total current assets**  | $**988** | $**1398** |
| **Less: total current liabilities**  | **930** | **1162** |
| **Working capital**  | $**58** | $**236** |

---

 *Debt Transactions* 

On March 21, 2025, we completed an unsecured loan transaction with certain lenders (the "Lenders"), pursuant to which we issued promissory notes in the aggregate principal amount of $1,200,000 (the "Loan"). The Loan will mature after 36 months and bear interest at rate of 10% per annum. The Loan will be payable by us after 12 months. In addition, we have also issued to the Lenders an aggregate of 2,697,600 bonus warrants. Each bonus warrant entitles the holder to purchase one of our subordinate voting share at an exercise price of C$0.64 for a period of 36 months from the date of issuance. Of the $1,200,000, $175,000 was loaned to the us by certain of our executive officers and directors, who also received an aggregate of 393,400 warrants.

In 2021, WACG entered into the Piek Acquisition Agreement to acquire all of the issued and outstanding shares of common stock of Piek for a total purchase price of $3,698,000, which WACG satisfied by the issuance the Piek Promissory Note. Since 2021, the Piek Promissory Note has been amended seven times and both parties have been previously amenable to make amendments in the best interests of our company. As at December 31, 2024, we owed $2,356,065 to the holder of the Piek Promissory Note. Under the terms of the Piek Promissory Note, as amended, 6% of all equity financings are due and payable upon closing of an equity financing to the holder. A principal reduction of $750,000 will be due on June 1, 2026 and the remaining balance and all accrued interest is be due on December 1, 2026.

 *Equity Transactions* 

On May 14, 2024, we completed a non-brokered private placement, aggregate of 4,012,981 units for gross proceeds of C$2.608 million, and paid cash commission of C$113,200 and issued 92,923 compensation warrants.

On April 26, 2024, we completed a brokered shelf prospectus offering, aggregate of 9,403,352 units for gross proceeds of C$6.112 million, and paid cash commission of C$366,731 and issued 564,200 compensation warrants.

 *Future Funding Requirements* 

The net proceeds to us from this equity financing will be used to repay the Loan with interest ($1,320,000) and under the terms of the Piek Promissory Note, as amended, we are required to pay 6% of gross proceeds of any equity financing to the holder of the Piek Promissory Note. Remaining proceeds will be used to explore our mineral properties. Refer to "Use of Proceeds" section for additional details.

#### Cash flows
The following table presents a summary of our cash flows for the six months ended June 30, 2025 and 2024:

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| | **For the Six Months Ended,**  | **For the Six Months Ended,**  |
| **(in thousands)**  | **June 30, 2025**  | **June 30, 2024**  |
| **Net cash (used in) provided by:** |  |  |
| **Operating activities**  | $**(1393889)** | $**(2329104)** |
| **Investing activities**  | **—** | **—** |
| **Financing activities**  | **1142907** | **5688656** |
| **Effect of exchange rates changes on cash and cash equivalents**  | **(7155)** | **(317)** |
| **Increase (Decrease) in cash and cash equivalents**  | $**(258126)** | $**3359235** |

---

Working Capital

As of June 30, 2025, we had working capital deficiency of $461,791 (December 31, 2024 – working capital of $58,637).

Cash

As of June 30, 2025, we had cash of $591,446 (December 31, 2024 – $849,572).

Cash Used in Operating Activities

Cash used in operating activities during the six months ended June 30, 2025, was $1,393,889. Cash was mostly spent on management fees, marketing fees, professional fees and consulting fees.

Cash Used in Investing Activities

During the six months ended June 30, 2025, we spent $nil on mineral properties acquisition and $nil on equipment purchases for the camp.

Cash Generated by Financing Activities

During the six ended June 30, 2025, we received $1,142,907 in net financing activities compared to $5,688,656 during the six months ended June 30, 2024.

The following table presents a summary of our cash flows for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **For the Years Ended,**  | **For the Years Ended,**  |
| **(in thousands)**  | **December 31, 2024**  | **December 31, 2023**  |
| **Net cash (used in) provided by:** |  |  |
| **Operating activities**  | $**(5780968)** | $**(7471415)** |
| **Investing activities**  | **(176109)** | **(1517437)** |
| **Financing activities**  | **5638741** | **6210765** |
| **Effect of exchange rates changes on cash and cash equivalents**  | **(23653)** | **126900** |
| **Decrease in cash, cash equivalents, and restricted cash equivalents**  | $**(341989)** | $**(2651187)** |

---

For the financial year ended December 31, 2024, we had negative operating cash flow of $5,780,968. We have no source of operating cash flow and there can be no assurance that we will ever achieve profitability. Accordingly, we are dependent on third party financing to continue exploration activities on its properties, maintain capacity and satisfy contractual obligations. The amount and timing of expenditures will depend on a number of factors, including in material part the progress of ongoing exploration, the results of consultants' analyses and recommendations, the entering into of any strategic partnerships and the acquisition of additional property interests. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of our properties or require us to sell one or more of its properties.

------

[**TABLE OF CONTENTS**](#TOC)

 *Contractual Obligations and Off-Balance Sheet Financing* 

On March 21, 2025 we obtained a loan of $1,200,000 from a small group of existing shareholders to sustain general and administrative costs until we are able to complete an equity financing. The Loan has a term of three years and matures on March 21, 2028. However, we are permitted to repay the Loan after one year, and we are currently planning to repay the Loan with interest ($1,320,000) on March 21, 2026. Related to the loan, we issued to the Lenders an aggregate of 2,697,600 bonus warrants (the "Warrants"). Each Warrant entitles the holder to purchase one subordinate voting share at an exercise price of C$0.64 for a period of 36 months from the date of issuance.

As at December 31, 2024, we owed $2,356,065 to the holder of the Piek Promissory Note. Under the terms of the Piek Promissory Note, as amended, 6% of all equity financings are due and payable upon closing of an equity financing to the holder. A principal reduction of $750,000 will be due on June 1, 2026 and the remaining balance and all accrued interest is be due on December 1, 2026.

 *Working Capital* 

As of December 31, 2024, we had working capital of $58,637 (December 31, 2023 — $235,871).

 *Cash* 

As of December 31, 2024, we had cash of $849,572 (December 31, 2023 — $1,191,561).

 *Cash Used in Operating Activities* 

Cash used in operating activities during the year ended December 31, 2024, was $5,780,968. Cash was mostly spent on exploration expenses, management fees, marketing fees, professional fees and consulting fees.

 *Cash Used in Investing Activities* 

During the year ended December 31, 2024, we spent $176,109 on mineral properties claim maintenance costs.

 *Financing Activities* 

During the year ended December 31, 2024, we received net proceeds of $5,638,741 from private placements, exercises of stock options and share purchase warrants and repayment of promissory notes compared to net proceeds of $6,210,765 from private placements and exercises of stock options during the year ended December 31, 2023.

On May 14, 2024, we completed a non-brokered private placement, aggregate of 4,012,981 units for gross proceeds of C$2.608 million, and paid cash commission of C$113,200 and issued 174,154 compensation warrants.

On April 26, 2024, we completed a brokered shelf prospectus offering, aggregate of 9,403,352 units for gross proceeds of C$6.112 million, and paid cash commission of C$366,731 and issued 564,200 compensation warrants.

On September 1st and September 14th, 2023, we issued by non-brokered private placement in two tranches, respectively, an aggregate of 822,553 units for gross proceeds of C$1.686 million, and paid cash commission of C$2,399 and issued 1,170 finder warrants.

On May 4, 2023, we issued by a brokered private placement, an aggregate of 2,982,049 units for gross proceeds of C$7.007 million, and paid cash commission of C$405,469 and issued 172,540 broker warrants.

See "Description of Securities — Warrants" below for more information concerning the warrants issued in the private placements described above.

 *Other Liabilities* 

As at December 31, 2024, we owed $722,989 (2023 — $523,757) to three related parties, Christopher " Kit" Marrs, Joan Marrs and Joe Piekenbrock. The liability relates to deferred salaries and reimbursable expenses over the past two years.

------

[**TABLE OF CONTENTS**](#TOC)

#### Capital Resources
We have relied mostly on equity financings since our inception to meet our capital resource needs. On two occasions, we have issued debt in circumstances where equity financing was not available and/or would have been too dilutive. We intend to continue to meet ours capital resources needs through equity financings as and when needed.

We do not have any material commitments to make capital expenditures.

#### CRITICAL ACCOUNTING POLICIES AND ESTIMATES
 *Critical Accounting Policies and Estimates* 

Our management's discussion and analysis of our business, financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles ("US GAAP"). The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements and expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management's judgments and estimates.

 *Research and Development Activities* 

We do not incur significant R&D costs. Our major operating costs are costs associated with our exploration activities.

 *Share Information* 

The following table summarizes the fully diluted number of subordinate voting shares outstanding as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Undiluted**  | **Fully diluted subordinate <br> voting shares**  |
| Subordinate voting shares  | 42287602 | 42287602 |
| Proportionate voting shares  | 224801 | 22480100 |
| Total Subordinate voting shares  |  | 64767702 |
| Options  | 6037500 | 6037500 |
| Restricted share units  | 357808 | 357808 |
| Warrants  | 18511346 | 18511346 |
| Fully Diluted Subordinate voting shares  |  | 89674356 |

---

 *Going Concern* 

The recoverability of amounts shown as mineral exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, our ability to obtain financing to develop the properties and the ultimate realization of profits through future production or sale of the mineral property interests. Realized values may be substantially different than carrying values as recorded in these financial statements.

Our consolidated financial statements have been prepared on a going concern basis, which assumes that we will be able to continue its operation as a going concern for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. At June 30, 2025, we had not achieved profitable operations and had an accumulated deficit of $42,691,229.

------

[**TABLE OF CONTENTS**](#TOC)

We have no source of revenue, income or cash flow. We are wholly dependent upon raising monies through the sale of our subordinate voting shares to finance our business operations. There can be no assurances that this capital will be available in amounts or on terms acceptable to us, or at all.

 *Market Risks* 

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. These fluctuations may be significant.

Interest Rate Risk — We are exposed to interest rate risk to the extent that its cash balances bear variable rates of interest. The interest rate risks on cash and on our obligations are not considered significant.

Foreign Currency Risk — We have identified our functional currencies as the US dollar and the Canadian dollar. Business is transacted in Canadian dollars and US dollars. We maintain US dollar bank accounts in Canada and the United States to support the cash needs of our operations.

Commodity Price Risk — While the value of our mineral properties is related to the price of gold and silver and the outlook for these minerals, we do not currently have any operating mines and therefore does not have any hedging or other commodity-based risks with respect to its operating activities.

Historically, the price of gold and silver has fluctuated significantly and is affected by numerous factors outside of our control, including, but not limited to, industrial and retail demand, central bank lending, forward sales by producers and speculators, levels of worldwide production, short-term changes in supply and demand because of speculative hedging activities, and certain other factors related specifically to gold and silver.

 *Income Taxes* 

In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

 *Use of Estimates and Assumptions* 

The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including valuing equity securities in share-based payment arrangements, estimating the fair value of financial instruments recorded as a warrant liability, useful lives of depreciable assets and definite lived intangible assets, and whether impairment charges may apply, and the determination of whether an asset constitutes a business a business combination or asset acquisition. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to forecasted amounts and future events. Actual results could differ materially from these estimates under different assumptions or conditions.

------

[**TABLE OF CONTENTS**](#TOC)

#### BUSINESS

#### Overview
We are a mineral exploration company. Our portfolio consists of five mineral deposits, which contain gold, silver, copper, lead, and zinc at varying stages of exploration and deposit styles, including a Carbonate Replacement Deposit (CRD) and a past-producing oxide gold mine. We hold all claims in the district, which is located in western Alaska near the Yukon River, covering approximately 73,120 acres. Our mineral deposits include Round Top Property, Alaska; Illinois Creek Mine Project, Alaska; and Honker Property, Alaska. The Round Top Property consists of 88 state mineral claims, located in the Mount McKinley and Nulato mining districts of Alaska. The Honker Property consists of 24 state mineral claims, located in the Mount McKinley mining district of Alaska. Our Illinois Creek Project, which is located in the Mount McKinley mining district of Alaska. Our exploration target projects in Alaska include Paw Print and Khotol Property.

#### Corporate Information
We were incorporated in the province of British Columbia on April 8, 2020, under the Business Corporations Act of British Columbia, or "BCBCA". We are a public company whose subordinate voting shares are listed for trading on the TSXV under the symbol "WAM". Our telephone number is (520) 200-1667. Our head office is located at 1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3 Canada. Our website address is www.alaskasilver.com.

#### Organizational Structure
We have one directly-held wholly-owned subsidiary, WACG, and one indirectly-held wholly owned subsidiary, Piek. WACG exists under the laws of Alaska and carries out exploration activities in Alaska.

Our organizational chart is as follows:

![[MISSING IMAGE: fc_organizational-bw.jpg]](fc_organizational-bw.jpg)

WACG is an Alaska corporation incorporated in 2010 for the primary purpose of conducting mineral exploration on the mining claims which it owns.

 *Markets* 

The mining industry is highly competitive. Mining companies compete for, among other things, mining properties from which minerals and other substances can be profitably extracted; personnel with technical expertise to find, develop, and operate mining properties; labor to operate the properties; and capital to finance the development of such properties. Many of our competitors have greater financial resources and technical facilities for the acquisition and development of mineral concessions, claims, leases and other interests, as well as for the recruitment and retention of qualified employees and consultants. Our relatively small size and limited capital resources, and current or future competition, could have a material adverse effect on our ability to develop our mineral projects, recruit and retain qualified personnel, or acquire the capital needed to fund our operations and develop mining projects.

 *Raw Materials* 

We use critical components such as water, electrical power, explosives, diesel and propane in our business, all of which are readily available. Potable water is supplied by an on-site water well permitted by the State of

------

[**TABLE OF CONTENTS**](#TOC)

Alaska. Water for drilling needs is obtained by surface sources permitted by the State of Alaska. Electrical power is provided by company owned generators on site. Fuel (gasoline, diesel, Jet A and aviation fuel) is purchased from Everts Air Fuel, based in Fairbanks, AK at competitive prices. Everts purchases fuel direct from the Marathon Petroleum refinery in Kenai, 60 miles south of Anchorage, AK. No explosives are currently being used. Propane is purchased in Fairbanks, AK and delivered to our camp by Wright Air Service. Building materials are purchased in Fairbanks and delivered to site by Wright Air Service. Wood timbers for construction and drill pads are produced on site.

 *Government Approvals and Regulations* 

Mining is an extractive industry that impacts the environment. Our goal is to constantly evaluate ways to minimize such impact. We expect to meet or exceed environmental standards at each of the properties (including the Illinois Creek Project) and to continue this approach through effective engagement with affected stakeholders, including local communities, government and regulatory agencies and indigenous groups.

We are currently operating only in Alaska, which has established environmental standards and regulations that we strive to exceed. Our environmental performance is overseen at the board level and environmental performance is our responsibility. We recognize environmental management as a corporate priority and place a strong emphasis on preserving the environment for future generations, while also providing for safe, responsible and profitable operations by developing natural resources for the benefit of our employees, shareholders and communities.

We received a five year exploration permit known as "APMA" from the Alaska Department of Natural Resources at a cost of less than $1,000 per application. We have an approved Plan of Operations for our camp, structures and exploration activities with minimal costs to update. Water source permits for drilling operations (five) currently cost $50 per year. We participate in the State of Alaska Large Mine Permit Team. Annual costs are approximately $25,000 and include fish habitat monitoring by Alaska Department of Fish & Game and coordination of permit and program reviews by various state agencies. Please see "Risk Factors — The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations" for a more detailed discussion of those regulations.

Our current exploration operations are subject to certain state and federal regulations aimed at reducing the impact of our business on the environment. In the future, if our project advances to full commercial production, we will be subject to additional state and federal regulations with the same aim.

Currently, our exploration activities are undertaken under state permits that authorize limited surface disturbance and water withdrawals from surface water bodies. We are in compliance with the stipulations in those permits, and there is no measurable risk that we will not meet our obligations under those exploration permits in the future.

Our project is located in unincorporated Alaska and not within any local jurisdiction — so no local statutes.

Our project is subject to regulations of the Alaska Dept of Natural Resources (DNR), Division of Mining, Land and Water. We operate under a Miscellaneous Land Use permit (MLUP) on our state mining claims and an approved Plan of Operations for our exploration activities on our Upland Mining Lease. The company is in full compliance with its exploration permits. Similar DNR statutes will apply to any future mine development including requirements to provide a financial assurance sufficient to fund the likely and reasonable cost of mine reclamation.

Future development of a commercial mine will be require us to comply with and maintain compliance with the conditions under a significant number of additional permits from state and federal regulatory agencies, generally with the same aim of protecting the environment. We are already taking initial steps to characterize the pre-mining site environmental conditions through an expanding baseline environmental program to support a robust future mine design and permitting process. However, there is some risk that any future mine may encounter site conditions that are significantly different than anticipated. This could require modifications of mine facilities, operations and permit requirements, potentially with a significant increase in capital and operating costs. See "Risk Factors — The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations."

------

[**TABLE OF CONTENTS**](#TOC)

 *Costs and Effects of Compliance with Laws and Regulations* 

We are required to perform annual assessment work in order to maintain the Illinois Creek Project. If annual assessment work is not performed we must pay the assessment amount in cash in order to maintain the claims. Completion of annual assessment work in the amount of $400 per 1/4 section (160 acre) claim or $100 per 1/16 section (40 acre) claim extends the claims for a one year period. Assessment work performed in excess of the required amount may be carried forward for up to 4 years to reduce future obligations for assessment work.

We currently have no material costs to comply with environmental laws concerning our exploration program as we are at the pre-development stage. In the future, we will have to sustain the cost of reclamation and environmental remediation for all work undertaken which causes sufficient surface disturbance to necessitate reclamation work. Both reclamation and environmental remediation refer to putting disturbed ground back as close to its original state as possible. Other potential pollution or damage must be cleaned up and renewed along standard guidelines outlined in the usual permits. Reclamation is the process of bringing the land back to a natural state after completion of exploration activities. Environmental remediation refers to the physical activity of taking steps to remediate, or remedy, any environmental damage caused, i.e. refilling trenches after sampling or cleaning up fuel spills. Our initial programs do not require any reclamation or remediation other than minor clean up and removal of supplies because of minimal disturbance to the ground. The amount of these costs is not known at this time as we do not know the extent of the exploration program we will undertake, beyond completion of the recommended three phases described in the chart below. Because there is presently no information on the size, tenor, or quality of any resource or reserve at this time, it is impossible to assess the impact of any capital expenditures on our earnings or competitive position in the event a potentially economic deposit is discovered.

Our fuel storage facility is reviewed by third party service for compliance with State regulations at a cost of approximately $1500 per year.

 *Employees and Contractors* 

As of June 30, 2025, we have engaged six contractors and six employees. All contractors serve us part-time. All employees serve us full time. These contractors provide management, technical, administrative, accounting and legal services to us. We believe the contractors are an efficient use of our resources, providing us greater flexibility in our cost structure as we commence exploration programs.

#### Description of Business
 *Revenue Generating Activities* 

We have no operating revenues or earnings and have a history of losses. We will have no operating revenues and maintain a history of losses, and no operating revenues are anticipated until one of our projects comes into production, which may or may not occur. We will continue to experience losses unless and until we can successfully develop and begin profitable commercial production at one of our mining properties, and there can be no assurance that we will be able to do so.

 *Status of Exploration Efforts* 

We have announced mineral resources at two of our deposits, the past producing Illinois Creek Gold-Silver Mine and the high-grade Waterpump Creek Carbonate Replacement Deposit (silver-zinc-lead-gallium). These resources are end members of a large scale carbonate replacement mineralizing system. The two resources will utilize different types of metallurgical processing systems. Metallurgical testing is underway on samples from both deposits in order to quantify mineral recoveries.

In 2025, we plan to build economic models for both deposits. If this work yields positive results, we will decide whether to advance one or both deposits towards a Preliminary Economic Analysis, or "PEA".

We are a member of the Large Mine Permit Team organized by the Alaska Department of Natural Resources and managed by the Office of Project Management & Permitting. The Large Mine Permit Team brings together all state agencies that will be involved in permitting a mining exploration and development

------

[**TABLE OF CONTENTS**](#TOC)

project. This is a major part of our effort to advance environmental baseline studies to de-risk both deposits. We have engaged with State of Alaska Large Mine Permit Team and have initiated discussions with the federal permitting regulators to explore the permitting requirements for a planned Yukon River access route. Previous studies include multiple years of fish habitat studies conducted by Alaska Fish & Game, wetlands delineation and surface water quality sampling.

During 2024, we focused on extending the known trend of mineralization between Waterpump Creek and the past producing Illinois Creek Mine to show continuity of mineralization across the Illinois Creek Project. Initial exploration drilling at the Warm Springs target located 1.5 km southeast of the Illinois Creek Mine confirmed an approximately 1.7 km x 1.0 km mineralized corridor, south of the Warm Springs fault, trending east-northeast. Eight of nine holes encountering significant CRD-style alteration and mineralization. Intersections of complex multi-stage mineralization are characterized by thick intervals of silica pyrite mineralization punctuated by thin zones of both Illinois Creek and Waterpump Creek styles of mineralization.

The proposed 2025 drill program will consist of approximately 4,000 to 6,000 meters of diamond drilling with a focus on extending the Waterpump Creek mineralization to the south and north. The proposed drill locations are based on our five year drill data loaded into a 3D computer program and combined with multiple geophysical surveys from 2022, 2023 and 2024 and various historical geophysical surveys.

When either or both the Illinois Creek and Waterpump Creek resources produce positive PEAs, we intend to determine if either or both projects are ready to advance to pre-feasibility and feasibility studies.

 *Seasonal Variations in Business* 

The mining business is subject to mineral price and investment climate cycles. The marketability of minerals is also affected by worldwide economic and demand cycles. In recent years, the significant demand for minerals in some countries has driven increased commodity process. It is difficult to assess if the current commodity prices are long-term trends, and there is uncertainty as to the recovery, or otherwise, of the world economy. If the global conditions weaken and commodity prices decline as a consequence, a continuing period of lower prices could significantly affect the economic potential of each of the Illinois Creek Project and the other properties.

#### Facilities and Equipment
We own the Illinois Creek camp which includes all buildings, kitchen/dining facility, offices, dormitory/sleeping facilities, tents, core sheds, electrical generators, water supply and storage systems, radio and internet communication equipment. Camp personnel capacity is 45 persons. We own our exploration drilling equipment which includes two new mechanized drill rigs and rod sloops purchased in 2023 – 2024 and three older used drill rigs. We maintain extensive spare parts for its drilling equipment. We own and maintain a fleet of vehicles that include pickup trucks, side by side off road vehicles, fuel and water trucks and a dump truck. Heavy equipment includes a CAT D6 dozer, CAT 630 loader, CAT motor grader for road and runway maintenance, Hitachi excavator, John Deere dozer & excavator, snow machines and numerous miscellaneous minor equipment.

We utilize the State of Alaska owned 4,400 ft Illinois Creek airstrip for delivery of food, supplies and personnel. Fixed wing support is contracted to Wright Air Service and Everts Air Cargo. Lynden Air Cargo provide C-130 Hercules cargo aircraft with a 50,000 pound payload for drill rigs and other heavy equipment.

We do not lease any buildings or equipment related to the Illinois Creek Project.

#### Reports to Securityholders
Upon completion of this offering, we intend to comply with the periodic reporting requirements under the Exchange Act, even if we are not otherwise required to do so. We plan to furnish our shareholders with an annual report for each fiscal year beginning for the fiscal year ending December 31, 2025 containing financial statements audited by our independent registered public accounting firm. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

------

[**TABLE OF CONTENTS**](#TOC)

#### LEGAL PROCEEDINGS
There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacities as such.

#### PROPERTIES
We have adopted the mining disclosure standards of S-K 1300. We subject to and required to disclose mineral resources and mineral reserves in accordance with S-K 1300. While the S-K 1300 rules are similar to NI 43-101, rules in Canada, they are not identical and therefore two reports have been produced for the Illinois Creek project. The disclosure in this prospectus related to the Illinois Creek project is based on the S-K 1300 technical report summary entitled "S-K 1300 Technical Report Summary, Illinois Creek Project, Western Alaska, USA", with an effective date of January 31, 2025 and a signature date of April 30, 2025, and prepared by Bruce Davis, Jack DiMarchi and Deepak Malhotra. Each of Bruce Davis, Jack DiMarchi and Deepak Malhotra is a qualified person within the meaning of S-K 1300 and NI 43-101 and is independent of us within the meaning of NI 43-101. The qualified persons are employed by Bruce Davis Consulting in the case of Bruce Davis, Core Geoscience LLC in the case of Jack DiMarchi, and DM Consulting in the case of Deepak Malhotra. None of the qualified persons or their employers is affiliated with us or any other entity that has an ownership, royalty or other interest in the Illinois Creek project.

#### Summary
We have interests in five properties in the Illinois Creek District. The Illinois Creek Property is the only property we consider material but we have several key mineral resource projects throughout Alaska. Mineral Resources at the Illinois Creek Property are located in two areas, Illinois Creek and Waterpump Creek. Illinois Creek Mineral Resources consist of Illinois Creek oxide gold-silver mineralization and leach heap pad material from the historical Illinois Creek mine. Mineral Resources at Waterpump Creek consist of near surface oxide lead-zinc-silver and deeper sulfide silver mineralization. See Figure 1.1 and Table 1-1 for our land holdings.

#### Figure 1.1: Land Holdings of Alaska Silver in the Illinois Creek Mining District
![[MISSING IMAGE: map_landholdings-4clr.jpg]](map_landholdings-4clr.jpg)

------

[**TABLE OF CONTENTS**](#TOC)

#### Table 1-1: Summary of Alaska Silver Lands

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Owner**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Property**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acres**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hectares**  |
| WACG | Illinois Creek | 201  | State Claims | 32160  | 13015  |
|  | Round Top | 88  | State Claims | 14080  | 5698  |
|  | Honker | 24  | State Claims | 3840  | 1554  |
|  | Khotol Ridge | 19  | State Claims | 3040  | 1230  |
|  | Pawprint | 18  | State Claims | 2880  | 1165  |
| Piek Inc. | Illinois Creek | 40  | State Claims | 6400  | 2590  |
|  | Upland Lease | 1  | Upland Lease | 11135  | 4506  |

---

#### Illinois Creek Project, Western Alaska, USA
The Illinois Creek Property is located in the southern Kaiyuh Mountains just east of the Yukon River in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the community of Galena. The Property is in rural Alaska with no current road access or nearby power infrastructure.

The Illinois Creek mining district is characterized by intrusion related hydrothermal systems including porphyry copper/molybdenum/silver deposits (PCDs) and surrounding poly-metallic silver/zinc/lead/copper/gold carbonate replacement deposits (CRDs) along with distal low sulfidation precious-metal veins related to the porphyries.

In 2019, WACG began evaluation of the historical Illinois Creek oxide mineralization and completed a detailed review of the historical drilling data that led to development of the Illinois Creek Mine. This review led to the publishing of an Illinois Creek mineral resource on October 1, 2019. In 2019, WACG drilled three exploration diamond drill holes for a total of 365.8 meters at the West Illinois Creek Mag Anomaly. In 2020, WACG conducted extensive drilling of the leach pad as part of the corporate strategy to redevelop the oxide mine. A total of 73 reverse circulation drill holes for a total of 646.2 meters were completed on the leach pad. This program enabled the calculation of an indicated and inferred resource for the leach pad and an updated Illinois Creek mineral resource on February 2, 2021. The Illinois Creek Mine mineralization is a deeply weathered, massive sulfide body oxidized to as much as 400 m below the existing surface which contains exploitable Au/Ag/Cu mineralization.

In 2021, WACG began to explore not just for extensions to the Illinois Creek oxide gossan mineralization but made its initial test of sulfide mineralization at Waterpump Creek that had been discovered by Anaconda Minerals Company (Anaconda) in 1983. Drilling in 2021 first targeted oxide gossan mineralization and then drilled down dip of a number of historical Anaconda drill holes that had encountered high-grade sulfide Carbonate Replacement Deposit (CRD) style mineralization. Results from WPC21-09 returned 11.5 m of 522 g/t Ag, 22.5% Zn, and 14.8% Pb. The impact of this high-grade hole caused us to pivot our exploration strategy to focus on the sulfide potential of the Property at Waterpump Creek. In 2021, a total of 17 diamond drill holes for a total of 1,604 meters were completed.

Since 2021, a major reinterpretation of the Property geology has been ongoing using 1) a better understanding of CRD morphologies; 2) a multi-element inductively coupled plasma (ICP) soil database, which was substantially expanded in 2021 and 2022; 3) a reinterpretation and inversions of historical geophysical surveys; 4) a 2022 controlled source audio- magnetotellurics (CSAMT) and a 2023 three-dimensional (3D) resistivity and induced polarization (3DIP) geophysical surveys, undertaken to domain resistivity and chargeability at depth; and 5) ongoing drilling and mapping.

Drilling in 2022 and 2023 at Waterpump Creek has outlined a CRD containing massive to semi-massive sulfide mineralization dominated by coarse-grained sphalerite, argentiferous galena, and pyrite in recrystallized ferroan dolomite. Drilling to date has outlined a sulfide body approximately 495 m in strike length by 25 m to 75 m in width, and with thicknesses varying from 5 m to over 100 m. In 2022, a total of 32 diamond drill holes for a total of 8,842.9 meters were completed. In 2023, a total of 14 diamond drill holes for a total of 5,118.5 meters were completed. The 2021, 2022 and 2023 drill assay results were used to compile and publish an initial

------

[**TABLE OF CONTENTS**](#TOC)

inferred mineral resource for Waterpump Creek on April 2, 2024 of 74.9 million silver equivalent (Ag Eq) ounces at a grade of 980 g/t Ag Eq.

In 2024 exploration focused on two targets, the LH target south of Waterpump Creek and the Warm Springs target located 1.5 km southeast of the Illinois Creek Mine. The LH drilling (four holes totaling 1,347 m) intersected a few gossanous breccia intervals, but no significant sulfide manto mineralization. This drilling, along with extensive trench mapping, shows that the LH mineralization is more likely vertically oriented and higher in the CRD system than Waterpump Creek and the high grade manto target is deeper than originally anticipated. Seven of nine drill holes targeting Warms Spring target for a total of 2,883 meters intersected multiple pulses of mineralization including massive to semi-massive pyrite associated with gold, copper, and local silver mineralization, recrystalized ankerite associated with sphalerite (zinc) and galena (lead) mineralization, and extensive gossan (oxide). The mineralization is hosted within an intense silicification and brecciation zone that is an order of magnitude greater in size of Waterpump Creek, thus defining a large CRD hydrothermal system.

 *Other Non-Material Properties* 

We hold number of other properties that we have determined are not material to our business, including the following properties which total in the aggregate approximately 23,840 acres of mineral claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Honker Property, Western Alaska, USA. The Honker Property covers an area of approximately 3,840 acres and consists of 24 state mining claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Round Top Property, Western Alaska, USA. The Round Top Property covers an area of approximately 14,080 acres and consists of 88 State of Alaska mining claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Khotol Property, Western Alaska, USA. The Khotol Property covers an area of approximately 3,040 acres and consists of 19 state mining claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Paw Print Property, Western Alaska, USA. The Paw Print Property covers an area of approximately 2,880 acres and consists of 18 state mining claims.

We have a 100% interest in all of our mineral properties. Our mineral properties are all exploration-stage properties, with no production within the last three fiscal years, or during the current fiscal year.

#### Summary of Mineral Resources
The following tables show our estimates of Mineral Resources as defined in S-K 1300 as of December 31, 2024 for our Illinois Creek Project, which includes both Illinois Creek and Waterpump Creek deposits, as of December 31, 2024. We have not estimated Mineral Resources or Mineral Reserves on our other properties.

#### Table 1-2: Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources — July 21, 2021

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Metallurgical <br> Recoveries**  | **Metallurgical <br> Recoveries**  |
| **Class**  | **Tonnes <br> (Mt)**  | **Tonnes <br> (Mt)**  | **AuEq <br> (g/t)**  | **Au <br> (g/t)**  | **Ag <br> (g/t)**  | **AgEq <br> (g/t)**  | **AuEq <br> (koz)**  | **Au <br> (koz)**  | **Ag <br> (Moz)**  | **AgEq <br> (Moz)**  | **Au <br> (%)**  | **Ag <br> (%)**  |
| Indicated  |  | 7.4 | 1.39 | 0.98 | 32.7 | 111.1 | 331 | 234 | 7.8 | 26.5 | 92 | 65 |
| Inferred  |  | 3.1 | 1.47 | 1.02 | 35.9 | 117.5 | 148 | 102 | 3.6 | 11.8 | 92 | 65 |

---

Notes:

(1) The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.

(2) In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).

(3) Metal prices are based on industry consensus long term pricing.

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

(5) Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

(6) Totals may not add due to rounding.

#### Table 1-3: Mineral Resource Estimate for Leach Pad Mineral Resources — July 21, 2021

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Metallurgical <br> Recoveries**  | **Metallurgical <br> Recoveries**  |
| **Class**  | **Tonnes <br> (Mt)**  | **AuEq <br> (g/t)**  | **Au <br> (g/t)**  | **Ag <br> (g/t)**  | **AgEq <br> (g/t)**  | **AuEq <br> (koz)**  | **Au <br> (koz)**  | **Ag <br> (Moz)**  | **AgEq <br> (Moz)**  | **Au <br> (%)**  | **Ag <br> (%)**  |
| Indicated  | 1.30 | 1.00 | 0.44 | 44.3 | 79.5 | 41.8 | 18.6 | 1.9 | 3.4 | 92 | 65 |
| Inferred  | 0.15 | 0.90 | 0.37 | 42.6 | 72.2 | 4.4 | 1.8 | 0.2 | 0.3 | 92 | 65 |

---

Notes:

(1) The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.

(2) It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).

(3) Metal prices are based on industry consensus long term pricing.

(4) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

(5) Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

(6) Totals may not add due to rounding.

#### Table 1-4: Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources — July 21, 2021

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Metallurgical <br> Recoveries**  | **Metallurgical <br> Recoveries**  |
| **Class**  | **Tonnes <br> (Mt)**  | **Tonnes <br> (Mt)**  | **AuEq <br> (g/t)**  | **Au <br> (g/t)**  | **Ag <br> (g/t)**  | **AgEq <br> (g/t)**  | **AuEq <br> (koz)**  | **Au <br> (koz)**  | **Ag <br> (Moz)**  | **AgEq <br> (Moz)**  | **Au <br> (%)**  | **Ag <br> (%)**  |
| Indicated  |  | 8.7 | 1.33 | 0.90 | 34.4 | 106.4 | 373 | 253 | 9.6 | 29.8 | 92 | 65 |
| Inferred  |  | 3.3 | 1.44 | 0.99 | 36.2 | 115.4 | 152 | 104 | 3.8 | 12.1 | 92 | 65 |

---

Notes:

(1) The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.

(2) In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).

(3) It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.

(4) Metal prices are based on industry consensus long term pricing.

(5) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(6) Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

(7) Totals may not add due to rounding.

The following table show our estimates of Mineral Resources as defined in S-K 1300 as of December 31, 2024 for our Waterpump Creek project as of December 31, 2024. We have not estimated Mineral Resources or Mineral Reserves on our other properties.

#### Table 1-5: Summary In Situ Mineral Resource Estimate for Waterpump Creek

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class**  | **Domain**  | **Tonnes <br> (Mt)**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Average Grade**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Contained Metal**  | **Metallurgical <br> Recoveries**  | **Metallurgical <br> Recoveries**  | **Metallurgical <br> Recoveries**  |
| **Class**  | **Domain**  | **Tonnes <br> (Mt)**  | **AgEq <br> (g/t)**  | **AgEq <br> (oz/t)**  | **Ag <br> (g/t)**  | **Zn <br> (%)**  | **Pb <br> (%)**  | **ZnEq <br> (%)**  | **AgEq <br> (Moz)**  | **Ag <br> (Moz)**  | **Zn <br> (Mlb)**  | **Pb <br> (Mlb)**  | **ZnEq <br> (Mlb)**  | **Ag <br> (%)**  | **Zn <br> (%)**  | **Pb <br> (%)**  |
| Inferred  | Oxide/Sulfide  | 0.04 | 302 | 9.7 | 302 |  |  |  | 0.3 | 0.3 |  |  |  | 75 |  |  |
| Inferred  | Sulfide  | 2.38 | 980 | 31.5 | 279 | 11.28 | 9.87 | 26.4 | 74.9 | 21.4 | 591.2 | 517.3 | 1383 | 75 | 84 | 70 |

---

Notes:

1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.

2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.

3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

4. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

5. Totals may not add due to rounding.

The effective date of the Mineral Resource is February 20, 2024. The QP for the Mineral Resource is Bruce Davis, FAusIMM.

High-grade samples were restricted using an outlier strategy for Ag at 1100 ppm, Pb at 33% and Zn at 40% for zone 665 and Ag at 200, Pb at 10% and Zn at 12% for 45 m from the composite.

AgEqR reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, 70% Pb, and 84% Zn and metal prices of US$24.00/oz Ag, US$1.00/lb Pb, and US$1.30/lb Zn and cost inputs suitable for underground extraction method. The AgEq and ZnEq grade calculations are based on the same metal prices and assume full metal recovery.

#### Material Properties

#### Illinois Creek Project
 *Project Description* 

The Illinois Creek Project is an exploration-stage project located in the southern Kaiyuh Mountains just east of the Yukon River in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the community of Galena. The Property is geographically isolated with no current road access or nearby power infrastructure. The Illinois Creek Project contains two mineral deposits, the past producing Illinois Creek open pit oxide gold mine and the Waterpump Creek silver-zinc-lead sulphide deposit. Waterpump Creek will likely be an underground mining operation. The Illinois Creek Project's book cost as at December 31, 2024 was $5,409,207. The equipment used to support the Illinois Creek Project and our other mineral projects had a net book value at December 31, 2024 of $1,558,765.

------

[**TABLE OF CONTENTS**](#TOC)

 *Location and Access* 

The Illinois Creek Project is located in the State of Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the regional supply center of Galena (Figure 1.1). Geographic coordinates of the Illinois Creek Property are N64°2' 7.31" latitude and W157° 54' 55.92" longitude Universal Transverse Mercator (UTM) North American Datum (NAD) 83, Zone 4W coordinates 7101400N, 553000E. Primary access to the Illinois Creek Property is by air using either fixed-wing aircraft or helicopters.

The Illinois Creek Property is located in the southern Kaiyuh Mountains of west-central Alaska just east of the Yukon River. The Illinois Creek Property is in the Nulato A-4 and A-5 quadrangles, Kateel River Meridian T16S, R4E, sections 13, 14, 23 – 25, and 36; T16S, R5E, sections 10 – 36; T16S, R6E, sections 7, 18,19, 30 and 31; T17S, R4E, sections 1, 11 – 14, 23 – 26, 35 and 36; and T17S, R5E, sections 1 – 13, 15 – 24, and 26 – 35.

#### Figure 1.1
![[MISSING IMAGE: mp_figalaska-4clr.jpg]](mp_figalaska-4clr.jpg)

#### Figure 1.2
![[MISSING IMAGE: map_landholdings-4clr.jpg]](map_landholdings-4clr.jpg)

------

[**TABLE OF CONTENTS**](#TOC)

 *Ownership* 

We own and operate the Illinois Creek Project. We have executed surface use and access agreements and fee mineral leases with the State of Alaska, owner of both surface and mineral rights at the Illinois Creek Project.

On October 17, 2018, Piek Inc. (Piek) and WACG entered into a joint venture agreement to actively explore and develop the Illinois Creek Property owned 100% by Piek, an Alaska-based corporation. Under the terms of the agreement and amendments to the agreement, a JV Company was established whereby WACG could acquire a 100% ownership in the Illinois Creek Property through a series of milestones. On March 31, 2021, in anticipation of listing WACG on the TSX-V exchange, WACG completed the purchase of the Property from Joe Piekenbrock, the underlying 100% owner of Piek. Under terms of the purchase agreement, WACG exercised its option to purchase the remaining 50% interest in the Property for US$3.698 million via promissory note and 120 shares in WACG.

In October 2021, as a precursor to going public, the Illinois Creek JV was completed and terminated and WACG was vested with 100% interest in the Property by purchasing Piek. WACG then went public in November 2022 by completing a reverse takeover of WACG using a shell company 1246779 B.C. Ltd which subsequently was renamed Western Alaska Minerals Corp., which holds title to both the WACG claims and Piek Inc. claims within WACG.

Subsequent claim staking in 2021, 2022, and 2024 consolidated WAM's land holdings (through Piek and WACG) in the district. The total land package consists of 390 State of Alaska mining claims and one Upland Mining Lease totaling 114.86 square miles (73,535 acres or approximately 29,759 ha). This total includes the Illinois Creek Property (241 claims) and the Round Top (88 claims), Honker (24 claims), Khotol Ridge (19 claims), and the Pawprint (18 claims) properties.

The State of Alaska issued a 20 year Upland Mining Lease ADL# 422236 to Piek Incorporated on July 1, 2024 that covers approximately 11,135 acres and converted 70 ICP (ICP 1-70) mining claims to leasehold. The lease is subject to renewal as provided in 11 AAC 86.312 and AS 38.05.205. This lease grants "the exclusive right to mine, extract, remove and dispose of all minerals subject to AS 38.05.185-38.05.275". The annual lease payment due to the State of Alaska of $22,938.10 was paid on November 6, 2024. All mining claims and leases that produce minerals are subject to a Production Royalty of three percent (3%) of net income as determined under the Mining License Tax Law AS 43.65 and regulations 15 AAC 65.

The annual claim rental for Piek Inc. ICP Claims 71 – 110 of $13,200 was paid on November 6, 2024.

The annual claim rental for WACG ICP Claims 111 – 196, Round Top II Claims 03 – 05, 15 – 18, 23 – 30, 32 – 40, 45 – 62, 67 – 82, Honker II Claims 1 – 20, Round Top II Claims 85 – 108, 201 – 206, Honker II Claims 21 – 24, Paw Print Claims PP 01 – 18, Khotol Claims KH 01 – 16, ICP Claims 197 – 286 of $131,175 was paid on November 6, 2024.

A summary of WACG land holdings is shown in Table 2.1. Figure 1.2 shows WACG land holdings within the Illinois Creek mining district.

#### Table 2.1: Summary of WAM Lands

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Owner**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Property**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Acres**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Hectares**  |
| WACG | Illinois Creek | 201  | State Claims | 32160  | 13015  |
|  | Round Top | 88  | State Claims | 14080  | 5698  |
|  | Honker | 24  | State Claims | 3840  | 1554  |
|  | Khotol Ridge | 19  | State Claims | 3040  | 1230  |
|  | Pawprint | 18  | State Claims | 2880  | 1165  |
| Piek Inc. | Illinois Creek | 40  | State Claims | 6400  | 2590  |
|  | Upland Lease | 1  | Upland Lease | 11135  | 4506  |

---

------

[**TABLE OF CONTENTS**](#TOC)

 *Infrastructure* 

Road/Barge

In 1993, during operation of the Illinois Creek mine, the Alaska Industrial Development and Export Authority or "AIDEA" conducted an engineering study of the Yukon access route from a laydown area south of Kaltag to the mine titled the Illinois Creek Transportation Study. That study proposed a 47.5 km (29.5 mile) access road that connected to a port located on the river with a greater than 40 ft draft and serviceable by deep-water barges for five months of the year from either upstream at Nenana or downstream at Saint Mary's/Emmonak deep-water port . The 1993 AIDEA Transportation Study outlined costs to build the access route, including laydown area, two 100-ft bridges, and a ferry at $12.2M.

 *Power* 

During the mine operation, diesel fuel was transported by DC-6 or C-130 aircraft from Galena to the mine site (fuel was barged down the Yukon River from Nenana near Fairbanks and then staged in Galena). The 1993 AIDEA Transportation Study also looked at the impact of direct shipping to the Kaltag laydown site and outlined a >26% cost savings for fuel. Capital costs (1993) for proposed tankage at the laydown area were $650,000. Current exploration activities rely on the delivery of diesel, and 100 LL fuel to the Illinois Creek airstrip by various aircraft; DC-6s are most cost effective.

 *Geology and Mineralization* 

The Illinois Creek mining district is characterized by intrusion-related hydrothermal systems including porphyry copper/molybdenum/silver deposits (PCDs) and surrounding poly-metallic silver/zinc/lead/copper/gold carbonate replacement deposits (CRDs) along with distal low-sulfidation precious-metal veins related to the porphyries.

At the Illinois Creek Property, mineralization is characterized by the extensive development of Ag/Zn/Pb/Cu/Au carbonate replacement bodies deposited in the over-thickened continental margin carbonate assemblages. The property is divided into two distinct structural blocks herein dubbed the East Block and the West block, that are reinterpreted as thrust sheets. Both blocks show distinctive stratigraphic sequences, but both are overprinted by the same 110 – 114 Ma Illinois Creek mineralization event. That event is metallogenetically related to the relaxation at the end of the compressional event which resulted in the emplacement of the Khotol Mountain suite of intrusions.

Both primary sulfide mineralization and secondary gossan-hosted oxide mineralization are present on the property, and both are viable exploration targets.

In conjunction with the 2022 drill program, WAM commissioned a property-wide CSAMT (controlled-source audio-magnetotellurics) survey with Zonge International to better understand the overall structural architecture of the system. CSAMT is a deep-sounding resistivity technique that effectively defines areas of similar resistivity and highlights structures bounding those discrete resistivity domains. Profiles from the CSAMT have improved the understanding of the structural framework and stratigraphic sections permissive for CRD mineralization in both the East and West structural blocks.

A high resolution 3DIP survey was acquired by DIAS Geophysical (DIAS) covering the Waterpump Creek and Last Hurrah target areas during the 2023 summer field season. Over three million dipole combinations were generated using the DIAS common voltage reference technique to provide an extremely data rich survey for resolving both shallow and deep subsurface electrical properties over an area of approximately 11 km2. Inversion modeling with UBC DCIP3D and Loke Res3DInv reveals distinct structural, stratigraphic controls to CRD mineralization as well as outline the increasing alteration halo to the south from Waterpump Creek, through Last Hurrah and into the Illinois Creek area.

In the East Block, the mineralization-controlling NNE-trending Waterpump Creek fault is apparent over the entire 6 km strike length of the survey. With the success of 2022 drilling at Waterpump Creek in the East Block and the potential to greatly expand the mineralization footprint, WAM also commissioned a reinversion of the historical 2005 NovaGold Resources Inc. (NovaGold) pole-dipole IP survey using an updated 3D inversion algorithm. This survey covers 2 km of the Waterpump Creek fault south from the WPC21-09

------

[**TABLE OF CONTENTS**](#TOC)

discovery hole including the currently outlined extent of the mineralized body. The new 3D inversion shows a direct correlation between both resistivity and chargeability with the Waterpump Creek sulfide body. The data also shows the conductive anomaly extending over 1.4 km south of the current Waterpump drilling into the Last Hurrah target area. Extensions to the Waterpump Creek sulfide mineralization and the conductive anomaly was a focus of 2023 drilling.

In the West Block, the new CSAMT profiles have led to the recognition of a slightly oblique fault south of the Illinois Creek fault called the Warm Springs fault. Between the two faults, deep oxidation up to 400 m has formed the Illinois Creek gossan. The oxide resources described in this TRS occur in the gossan. The low-grade East Illinois Creek manto extends east and south of the Illinois Creek gossan. The East Illinois Creek manto appears to lie at or near the contact between the dolomitic quartzites and dolomites.

South of the Warm Springs fault, an extensive greenstone thrust plate caps the permissive stratigraphy and looks to provide an aquitard similar to that seen with the Waterpump Creek (WPC)-LH trend where the Kaiyuh pelitic schists cap the dolomites. Two exploration holes were drilled late in the 2022 season south of the Warm Springs fault along the eastern margin of the West Block. Though both holes were lost after cutting the uppermost 50 m of the dolomitic quartzites, the holes encountered major alteration as multiphase silicification and pyrite with anomalous Pb, Zn and Ag. This permissive stratigraphy occurs in a CRD target area of 4 km x 2 km defined by the CSAMT survey. The target lies to east and south of the Illinois Creek oxide resource pit. In addition to the geophysical support for the Warm Springs target, expanded soil sampling coverage shows a major coincident Cu, Au, Pb, and As anomaly covering a 1.5 km x 1.5 km area south of the Illinois Creek pit. The soil samples suggest that a porphyry target may be developing in this direction.

Potential analogs to the Illinois Creek style of mineralization include: Hermosa and Magma in Arizona, USA; Tintic and Bingham Canyon in Utah, USA; the Leadville and Gilman districts in Colorado, USA; and a series of deposits including Santa Eulalia, Cinco de Mayo, and Naica in Mexico. Notably, the Hermosa discovery in Arizona and subsequent acquisition by S32, a major Australian mining company, for $1,300,000,000 in 2018, has led to a resurgence in CRD exploration.

 *Equipment and Facilities* 

We own the Illinois Creek camp, which includes all buildings, kitchen/dining facility, offices, dormitory/ sleeping facilities, tents, core sheds, electrical generators, water supply and storage systems, radio and internet communication equipment. Camp personnel capacity is 45 persons. We own our exploration drilling equipment, which includes two new mechanized drill rigs and rod sloops purchased in 2023 – 2024 and three older used drill rigs. We maintain extensive spare parts for our drilling equipment. We own and maintain a fleet of vehicles that include pickup trucks, side by side off road vehicles, fuel and water trucks and a dump truck. Heavy equipment includes a CAT D6 dozer, CAT 630 loader, CAT motor grader for road and runway maintenance, Hitachi excavator, John Deere dozer & excavator, snow machines and numerous miscellaneous minor equipment.

We utilize the State of Alaska owned 4,400 ft Illinois Creek airstrip for delivery of food, supplies and personnel. Fixed wing support is contracted to Wright Air Service and Everts Air Cargo. Lynden Air Cargo provide C-130 Hercules cargo aircraft with a 50,000 pound payload for drill rigs and other heavy equipment.

We do not lease any buildings or equipment.

 *History* 

Regional exploration in the Kaiyuh Hills began with the Anaconda Minerals Company/Cook Inlet Region, Inc., or "CIRI", joint venture. CIRI is one of the 13 regional native corporations defined in the Alaskan Native Claims Settlement Act. The Anaconda/CIRI joint venture identified prospective mineral-endowed lands for CIRI to select under that federal legislation.

During the 1980s, exploration for minerals in western Alaska began with extensive soil sampling, mapping, and drilling. Soil sampling in the 1980s resulted in the finding of significant intervals of oxidized gossanous mineralization to depths approaching 350 m below surface where sampling was conducted. Soil sampling in 1981 outlined a 2,000 m by 50 m anomaly with very high values of lead, zinc, copper, silver, gold and arsenic with zinc zoned to the east and copper zoned to the west.

------

[**TABLE OF CONTENTS**](#TOC)

Ownership, control, and operation of the project areas has varied greatly since the 1980s.

 *Permitting and Licensing* 

Exploration Permits

WACG has renewed the authorization to explore at Illinois Creek under authority of the Alaska Department of Natural Resources ("ADNR") Miscellaneous Land Use Permit #9831, also referred to as an "APMA" permit, which has an issue date of April 26, 2024, and will expire on December 31, 2028. The permit has reclamation stipulations and includes requirements for filing an annual work plan and an Annual Reclamation Report with ADNR, describing reclamation activities. WACG submitted a Plan of Operations approved on April 26, 2024 by the ADNR under the APMA application F20249831 that will allow for exploration activities on the Upland Mining Lease area for 2024 to 2028. Exploration of the remaining Illinois Creek claims outside of lease are authorized under the same Plan of Operations, though will require an annual Work Plan to be submitted. WACG submits annual Reclamation Reports to ADNR and a Notice of Intent to fulfill any carryover reclamation obligations into the next year. Certain aspects of camp operations, including management of solid wastes, are authorized under permit SWGPCAMP-28.

A list of likely required major mine permits is shown below:

#### Table 1.2: Mine Permits

---

| | |
|:---|:---|
| **Agency**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Authorization**  |
| **State of Alaska** |  |
| ADNR  | Plan of Operations Approval (including Reclamation Plan and Financial Assurance)  |
| ADNR  | Upland Mining Lease |
| ADNR  | Mill Site Lease |
| ADNR  | Reclamation Financial Assurance |
| ADNR  | Certificate of Approval to Construct a Dam |
| ADNR  | Certificate of Approval to Operate a Dam |
| ADNR  | Water Use Authorization to Appropriate Water |
| ADF&G | Title 16 Permits for Fish Passage (authorize stream crossings, if required) |
| ADEC  | APDES Water Discharge Permit (if required)  |
| ADEC  | Alaska Multi-Sector General Permit (MSGP) for Stormwater Discharge Pollution Prevention Plan (requirement of MSGP) |
| ADEC  | Section 401 Water Quality Certification of the CWA Section 404 Permit (for CWA Section 404 permit) |
| ADEC  | Integrated Waste Management Permit |
| ADEC  | Air Quality Control — Construction Permit |
| ADEC  | Air Quality Control — Title V Operating Permit |
| ADEC  | Reclamation Financial Assurance (shared with ADNR) |
| **Federal Government**  |  |
| EPA | Spill Prevention, Control, and Countermeasure (SPCC) Plan (fuel transport and storage) |
| USACE | CWA Section 404 Dredge and Fill Permit (if required) |

---

 *Quality Assurance and Quality Control* 

We have maintained a consistent Quality Assistance and Quality Control ("QA/QC") protocol for all drill cores sampling through the 2021 to 2023 field seasons. Our protocol calls for insertion of 11% QA/QC check samples by inserting a blank, a duplicate, and a standard into each set of 27 core samples.

During the 2021 field program, blank material consisting of sand that had previously been tested by SGS Canada, an independent lab with no ownership interest in our business, using the same analytical suite as the

------

[**TABLE OF CONTENTS**](#TOC)

2021 drill core to determine baseline values of the material. During the 2022 drill program, WACG acquired blank material from ALS Global ("ALS"), an independent lab with no ownership interest in our business, prep lab in Fairbanks, which also analyzed and certified the material. Commercially available marble chips were used in 2023 as blank material. One split was taken from each 50 pound bag (3 splits) and was analyzed separately to establish values for the blanks. During the 2024 drill program WACG acquired blank and standard samples from OREAS LTD, an independent lab with no ownership interest in our business, and samples were shipped to ALS Vancouver, BC and Reno, NV for preparation and analysis.

For the 2021, 2022, 2023 and 2024 drilling campaigns, WACG collected field duplicates of drill core. Each designated duplicate sample was collected by halving the primary sample interval such that the primary sample and duplicate sample were quarter core segments of the entire sample interval.

 *Data Verification* 

WACG randomly selected the sample data from 15 drill holes including results from across the Illinois Creek area gold drilling programs. The number of samples represent over 4% of the data used in the estimate of mineral resources. A typical industry procedure is to compare approximately 5% of the assay sample results in the database to certificates. If the error rate is less than 1%, then no further action is taken. If the error rate exceeds 1%, a more extensive review is undertaken. The grades in these holes were compared to those contained in the certified assay certificates provided by the laboratories. In this suite of 818 individual samples, there were four errors found in the gold data and three errors in the silver data, an error rate of less than one percent. These results are similar to those achieved during previous database audits. The historical metallurgical studies were reviewed to understand why the historic heap leach process did not work efficiently. Those studies represented valuable background needed to develop a process that could efficiently handle both gold and copper metallurgy as the project progresses.

The sample data from an additional four drill holes from the leach pad area were randomly selected, and the assay results were compared to the values contained in the assay certificates. There were no errors identified.

The sample data from two drill holes from the Waterpump Creek ("WPC") area were randomly selected, and the assay results in the database were compared to the values contained in the assay certificates. There were no errors identified.

 *Mineral Extraction Activities* 

There have been no extractions from the Illinois Creek Project.

 *Mineral Resources* 

On March 20, 2019, WACG provided the updated drill hole sample data for the Illinois Creek deposit. Since that time, there has been no additional exploration in the area of the in-situ mineral resources.

The drill hole sample data comprised a series of ASCII files containing collar locations, down- hole survey results, geologic information, and assay results for a total of 583 drill holes representing 51,558 m of drilling. Of these, 505 drill holes, totaling 41,488 m of drilling, test the Illinois Creek deposit and contribute to the estimation of the in-situ mineral resources. The other 78 drill holes are exploratory in nature and test for extensions east of the Illinois Creek deposit or other satellite deposits on the Property.

The drilling data for the Illinois Creek deposit had initially been reported in the imperial system using a local "drill grid" coordinate system. All of this information was converted to metric units, and the coordinates were rotated to UTM grid coordinates (UTM NAD83 Zone 4W).

Of the 505 holes that test the Illinois Creek deposit, 145 are diamond drill ("DD") holes and the other 360 holes are reverse circulation (RC) drill holes. Comparisons were made between the data produced from each type of drilling. DD holes tend to provide higher gold grades than RC drilling, but these differences are inconsistent and may only be local occurrences. Previous studies conducted by Mineral Resource Development Inc. ("MRDI") suggest that the RC drilling may not effectively capture all of the gold in some areas. DD and

------

[**TABLE OF CONTENTS**](#TOC)

RC results show local variations, but the results overall, seem to correspond quite well. There were no modifications made to the database based on the type of drill hole.

There is no recovery data included in the database. MRDI, as part of its March 2000 audit, reported that recoveries tend to be quite good in most cases, but some gold losses were observed in holes that encountered poor recoveries.

Drilling on the Illinois Creek deposit was conducted between 1981 and 2006 with the majority of holes completed during campaigns run from 1990 through 1995. Drill holes penetrate the south-southeast dipping Illinois Creek deposit over a strike length of more than 2,500 m and to depths that exceed 200 m below surface.

In the Illinois Creek sample database, a total of 16,936 individual samples, representing 25,611 m of drilling, were analyzed for gold and silver content. About 50% of these samples were also analyzed using a multi-element (whole-rock, 26-element) package. The results for copper, lead and zinc were selected for potential inclusion in this mineral resource evaluation. Further evaluation of the available data show that only about 30% of samples were tested for lead and zinc content, and based on these results, the distributions of lead and zinc data are considered insufficient to support estimates of mineral resources.

Tables presenting an estimate of the Illinois Creek project's mineral resources as at December 31, 2024 are provided above under "Properties — Summary of Mineral Resources". The mineral resource estimates disclosed are the first to be disclosed by us subject to S-K 1300, and there are no previously disclosed S-K 1300 mineral resources from prior fiscal years to which we can make any comparison.

The 2024 exploration activities at the Illinois Creek project did not produce material results. The 2024 exploration activities were not associated with the Illinois Creek or Waterpump Creek mineral resources.

 *Mining and Recovery Methods* 

The Illinois Creek Project is an early exploration project and as such, there have been no recovery methods investigated.

 *Economic Analysis* 

The Illinois Creek Project is an early exploration project and as such, no economic analysis has been completed.

 *Exploration Areas* 

The Illinois Creek Property represents a major epigenetic porphyry-centered system which presents opportunities to find both the causative porphyry driving the system and distal CRD mineralization focused within carbonate-rich clastic sediments and carbonates within the lower Paleozoic Illinois Creek formation. Deep leaching in the district has also allowed for extensive oxidation and the development of the Illinois Creek deposit oxide gossans.

Since 2021, a major reinterpretation of the Illinois Creek property geology has been ongoing due to the discovery at WPC of sulfide mineralization at depths below previous levels of exploration.

In the East Block the mineralization-controlling north-northeast-trending WPC fault and the look alike Wades fault trend are apparent over the entire 6 km north-south strike length of the controlled source audio-magnetotellurics ("CSAMT") survey. Immediate extensions to the WPC sulfide mineralization and the 1.4 km low resistivity anomaly was a focus in the 2023 drilling. The extension of WPC mineralization to the north along the WPC fault is still open for exploration and is a target for 2024 drilling. To the south, the WPC mineralization is offset against the E-W 4700N fault, but mineralization is believed to continue south into the LH zone. The primary focus of 2024 exploration drilling will be to explore down-dip of the anomalous soil geochemistry and LH gossan, towards the WPC fault which is shown in the 2023 3D IP low resistivity.

In the West Block, south of the Warm Springs fault, an extensive greenstone sill caps the permissive stratigraphy and looks to provide an aquitard not unlike that seen in the East Block where the pelitic schists provide an aquitard to trap mineralization. The mineralization permissive stratigraphic section below the

------

[**TABLE OF CONTENTS**](#TOC)

greenstone sill identified by the CSAMT profiles outline an approximate 4x2 km CRD target area southeast of the Illinois Creek pit. This Warm Springs target zone will be another primary focus of 2024 exploration drilling.

A Cu, Au, Pb, As soil anomaly covering a 1.5 x 1.5 kms area extending south of the Illinois Creek pit suggests a developing porphyry target in that area.

In addition to the sulfide targets which are the current focus of exploration, additional oxide Au/Ag targets extend in and around the Illinois Creek mine pit.

 *Planned Work* 

The planned exploration program in 2025 will be focused on expanding the WPC resource to the south. Up to 6,000 meters of diamond drilling is planned for the WPC South Target, subject to completion of a financing. Up to 20 drill holes with depths between 150 and 450 meters are planned, depending upon depth of mineralization encountered and geologic targets. A secondary target is WPC North, along the northerly projection of the WPC structure north of the existing resource. If adequate funding is available, a tertiary target is to define the extent of the 2024 Warm Springs discovery, a promising zone of high grade gold-copper similar to the Illinois Creek Mine and a separate zone of high grade silver-lead mineralization similar to that of WPC.

Additional metallurgical testing of both WPC and Illinois Creek deposits is planned. This work will assist in an update of the Illinois Creek resource estimate. Baseline environmental work will continue if budgets permit, including fish habitat studies by Alaska Department of Fish & Game and wetlands delineation along the planned Yukon River & Access Route.

#### Internal controls disclosure
Historical pre-1999 assays and sample collection did not fully document quality assurance/quality control and (QA/QC) programs are lacking or poorly documented. The last documented and outlined procedures were outlined in 1999. MRDI, then a prominent mineral resource development consulting company, conducted an audit of drilling, sampling, and assay procedures in 1999. They concluded the assays from the various drill campaigns were sufficiently well controlled by QA/QC programs to support mineral resource estimation. They also compared drill results from the different drill campaigns and found results were consistent. Unfortunately, the database of results compiled by MRDI was lost. The current QP's also compared historical drill results to those obtained by us. They also found those assay results were consistent with the historical assays where drilling intersections were in proximity. The QP's concurred with the MRDI assessment that pre-1999 drill results are sufficiently controlled to support mineral resource estimation.

QA/QC programs by Western Alaska Copper & Gold for 2020-2024 were documented and observed per the disclosure under Quality Assurance and Quality Control under "Material Properties — *Illinois Creek Project — Quality Assurance and Quality Control.*"

------

[**TABLE OF CONTENTS**](#TOC)

#### MANAGEMENT
The following table provides information regarding our executive officers and directors as of December 31, 2024:

---

| | | |
|:---|:---|:---|
| **Name**  | &nbsp;&nbsp; **Age**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Position(s)**  |
| *Executive Officers:* |  |  |
| &nbsp;&nbsp;&nbsp; Christopher "Kit" Marrs  | 73  | Chief Executive Officer, President, and Director |
| &nbsp;&nbsp;&nbsp; Joe Piekenbrock  | 70  | Chief Exploration Officer |
| &nbsp;&nbsp;&nbsp; Darren Morgans  | 50  | Chief Financial Officer |
| Non-Employee Directors |  |  |
| &nbsp;&nbsp;&nbsp; Nate Brewer  | 73  | Director |
| &nbsp;&nbsp;&nbsp; Susan Mitchell  | 69  | Director |
| &nbsp;&nbsp;&nbsp; Kevin Nishi  | 61  | Director |
| &nbsp;&nbsp;&nbsp; David Smallhouse  | 76  | Director |

---

The following is a biographical summary of the experience of our executive officers, other senior management and directors. There are no family relationships among any of our executive officers, other senior management or directors.

#### Executive Officers
 *Christopher (Kit) Marrs, CEO and Director, 73* 

Mr. Marrs has served as our President, CEO and Director since November 2021. Prior to November 2021 Mr. Marrs was the President, CEO and Director of WACG, currently a 100% owned subsidiary of Alaska Silver, since its inception in 2010. Mr. Marrs has more than 40 years' experience as an Economic Geologist. Mr. Marrs was a project geologist for Anaconda, based in Anchorage, Alaska and managed the Illinois Creek and Round Top Projects in the 1980's along with a number of other projects throughout Alaska and participated in the discovery of the Greens Creek deposit in southeast Alaska while working for WGM Consultants. Mr. Marrs was also previously a consulting geologist for Noranda Mining and LAC Minerals in Sonora Mexico. Mr. Marrs has a B.S. in Geology and a M.S. in Economic and Structural Geology from the University of Arizona and is a member of the Society of Economic Geologists, Alaska Miners Association and Arizona Geological Society. Mr. Marrs has also served on the University of Arizona Geoscience Department Advisory Board between 2005 and 2021.

 *Joe Piekenbrock, Chief Exploration Officer, 70* 

Mr. Piekenbrock brings over 45 years of experience to the mining exploration and development industry where he has managed all aspects of exploration from grassroots discovery through feasibility. Mr. Piekenbrock has served as our Chief Exploration Officer since November 2021. From 2014 to 2021, he managed his privately owned exploration assets held in Piek Exploration LLC and provided consulting services and advisory expertise for a variety of Canadian TSX-listed companies including Western Alaska Copper and Gold (now Alaska Silver), Sitka Gold (TSX), and Cappex Minerals (now Highlander Silver). During that period, he also served on the board of directors for several TSX-listed exploration companies including Solidusgold (now Valhalla Metals), and Tintina Resources (now Sandfire America). From 2011 to 2014 he served as Senior Vice President of Exploration for NovaCopper (now Trilogy Metals) and from 2003 to 2011, he served as Vice President, Exploration, for NovaGold Resources. He developed extensive experience throughout Latin America while working for Placer Dome and was one of the founding members of Brett Resources. Earlier in his career, he was a member of the Cominco Alaska exploration team responsible for the discovery of the Whistler Cu deposit, and the Pebble Cu/Au deposit. After joining the Nova group of companies in 2003, he led a series of discoveries including the Donlin Creek Au deposit, the Bornite Cu and the Galore Creek Cu/Au porphyry deposit in Alaska and British Columbia. He was awarded the Thayer Lindsley medal for International Discovery in 2009 for his role in the discovery of the Donlin Creek deposit and the Colin Spence award for International Discovery in 2015 for his contributions to the discovery of

------

[**TABLE OF CONTENTS**](#TOC)

South Reef deposit at Bornite. Mr. Piekenbrock holds a Bachelor of Arts degree in geology from the University of Colorado, and a Master of Science degree in economic geology from the University of Arizona.

 *Darren Morgans, Chief Financial Officer, 50* 

Mr. Morgans, a Canadian CPA and Australian CA, has been a practicing finance professional since 1995 and has worked with Canadian and Australian publicly listed resource companies for over 25 years. Mr. Morgans was appointed as our CFO in June 2024, and he is also currently CFO of Cosa Resources Corp, a uranium explorer in the Athabasca Basin in Canada, where he was appointed in February 2023. Previously, Mr. Morgans was a fractional CFO for Velocity Minerals (December 2019 to April 2024) and Volta Metals (January 2023 to September 2024), both Canadian listed junior explorers. Earlier in his career, Mr. Morgans was the CFO of Perpetua Resources Corp (April 2011 to March 2021) (formerly Midas Gold Corp.). Mr. Morgans joined Perpetua when it was a private company and assisted it through its initial public offering in 2011 on the Toronto Stock Exchange and subsequent capital raises of more than C$200 million in equity, convertible debt and royalty financings, with the focus of advancing the Stibnite Gold Project from a small resource to a Feasibility Study with almost 5 million ounces in reserves. Prior to joining Perpetua in 2011, he was the Controller and Secretary for Terrane Metals Corp. prior to its acquisition by Thompson Creek Metals. He has also worked for Placer Dome Inc. and Mount Isa Mines. Mr. Morgans began his career with PwC after obtaining a Bachelor of Commerce from the University of Queensland.

#### Non-Employee Directors
 *Nathan Brewer, Director, 73* 

Mr. Brewer has more than 45 years' experience as an exploration geologist. Since January 2019, he has been self-employed as a consulting economic geologist and has advised three clients on their gold and gold-copper exploration projects. These are Gold Fields Australia Pty. Ltd, and Newcrest Resources Inc, both major mining companies with global exploration interests; and Andex Minerals, a private Canadian company with a gold-copper project in Chile. He has been a Director of Western Alaska Minerals (now Alaska Silver) since we went public in November 2021. Prior to that, Mr. Brewer served as a Director of Western Alaska Copper & Gold starting in 2019. He also served as a Director for Highlander Silver Corp., a Canadian public company, from August 2021 until February 2023. Prior to his retirement from Gold Fields Ltd. in December 2018, Mr., Brewer was Senior Vice President, Global Greenfields Exploration. During his career he led two South American projects from grass roots discovery through resource delineation, PEA, and Pre-Feasibility and Feasibility stages. One of these projects — Salares Norte commenced production in Q1 2024. He also played a role in the acquisition of the Cerro Corona copper-gold project in Peru and the Veladero gold-silver project in Argentina. Both of these projects have since become profitable mines. In addition to his international experience, he worked for Anaconda Minerals in Alaska in the early 1980's where he was the Project Manager of the Illinois Creek Project from 1982 through 1985 and played a key role in the discovery of the Waterpump Creek deposit. Mr. Brewer holds a BA in Geology from UC Santa Barbara and is a Certified Professional Geologist and Qualified Person as a member of the American Institute of Professional Geologists. He is also a member of the Society of Economic Geologists and was the President of the Denver Regional Exploration Geologists Society from 2019 to 2021.

 *David Smallhouse, Director, 69* 

Mr. Smallhouse is a fifth generation Tucsonan, graduated from the University of California at Davis with a Bachelor of Science Degree in Agricultural Economics and holds a Master of Science Degree in Agricultural Economics from the University of Arizona. Since 2002 Mr. Smallhouse has been the Managing Partner of Miramar Ventures, LLC, a firm involved in agribusiness, real estate, private equity and venture capital investments. Miramar Ventures is also an active investor in angel and early-stage ventures. In 2015 Mr. Smallhouse was appointed a board member of Dependable Health Services and its four subsidiaries.

 *Kevin Nishi, Director, 61* 

Mr. Nishi is a Chartered Professional Accountant and holds a Bachelor of Business Administration degree from Simon Fraser University. He has held several director positions with exploration stage mining companies. Mr. Nishi was an audit partner with Smythe LLP for 28 years working with several public

------

[**TABLE OF CONTENTS**](#TOC)

companies listed on the TSX and TSX Venture exchanges in Canada and in the United States before retiring in December 2023. In the past five years, Mr. Nishi is also an independent director of Outcrop Silver & Gold Corporation (from February 2015 to current), and was an independent director of Providence Gold Mines Inc (January 2021 – March 2023), both TSX Venture Exchange companies in the resource exploration industry. He also completed a 12-year term as an independent director and 10-year term as the treasurer of the Eagle Ridge Hospital Foundation in Port Moody, Canada in June 2023. Mr. Nishi has served as one of our directors since May 10, 2021.

 *Susan Mitchell, Director, 76* 

Ms. Mitchell brings over 40 years of capital markets experience to Alaska Silver, starting her career with Canadian Imperial Bank of Commerce in Toronto in the Corporate Finance and Treasury divisions, participating in raising over C$1 billion in primary capital. She was also Director of Treasury of Cyprus AMAX Minerals and a Managing Director of Metals & Mining, Global Structured finance for Westdeutsche Landesbannk (WESTLB) in New York, NY, and a Director of Risk Solutions with Standard & Poor's in New York. For the last five years Ms. Mitchell's principial occupation has been president of her own consulting firm, S. Mitchell & Associates which provides investment banking services and corporate finance advice. Ms. Mitchell formed S, Mitchell & Associates in 2024. Ms. Mitchell obtained her International Board Director Competency Designation in 2023. Ms. Mitchell has served as one of our directors since November 1, 2023. Ms. Mitchell was a director of Talisker Resources Ltd from March 2020 to June 2021.

#### Significant Employees

#### Principal Geologist; Sage Langston-Stewart
Ms. Langston-Stewart holds both a Master's (2022) and a Bachelor's (2020) degree in Geology and Geological Engineering from the Colorado School of Mines. While at Mines, Sage also worked as a laboratory technician in the thin section and SEM laboratories from 2019 to 2020. She worked on numerous other projects including working with the Center for Advanced Subsurface Earth Resource Models on the Hyperspectral Data Project, Tailings to Glass Project, and Mineralogy Across Scales Case Studies while at Mines. Sage worked at the Caribou-Cross Mine in Nederland, Colorado from January 2021 until May of 2022, where she completed her master's thesis, conducted core logging, underground mapping, and geological modeling at the alkaline Au-Ag intermediate sulfidation magmatic-hydrothermal vein system. Sage developed a conceptual model for the Caribou-Cross deposits including alteration and metal zoning and improved understanding of ore zonation, related alteration assemblages, mineralogy, and spatial distribution of precious metals using optical petrography, micro-X-ray fluorescence, cathodoluminescence microscopy, fluid inclusion petrography and micro-thermometry, FE-SEM-BSE and -EDS, and SEM based automated mineralogy. Sage started with Alaska Silver in the summer of 2020 as an exploration geologist working on the RC drill rig and collecting soil samples on the Illinois Creek Property. Since then, Sage has been critical in the drill targeting and development of the WPC Resource and exploration drilling. She started full time with Alaska Silver in the fall of 2022. Sage now serves as the Principal Geologist, where she leads drill hole targeting, geologic interpretation, geologic modeling, and leads the geologic team. Additionally, Sage manages the core processing facilities, is involved with overall project management, and plays a key role in advancing the geological understanding of the Illinois Creek — Waterpump Creek CRD system.

#### Executive Vice President; Patrick Donnelly
Mr. Donnelly possesses extensive experience in mineral exploration, capital markets, corporate development, and investor relations. His career began nearly three decades ago as a project geologist, exploring for precious and base metals as well as diamonds in western and northern Canada. Following this, he transitioned to a role as a mining analyst with a Canadian securities firm. Most recently Mr. Donnelly was the Vice President of Capital Markets for Tudor Gold Corp. Mr. Donnelly has considerable experience working in Alaska due to his time as Vice President of Corporate Communications and Development for Trilogy Metals Inc., where he played a key role in advancing the Upper Kobuk Mineral Projects in Alaska, USA, alongside its partners. During his six years at Trilogy Metals, Mr. Donnelly developed a key understanding of the permitting and political landscape of the state. Mr. Donnelly also held the position of President at First Mining Gold Corporation for over three years. At First Mining, where he was also a co-founder, he

------

[**TABLE OF CONTENTS**](#TOC)

spearheaded the company s initial public offering and listing on the Toronto Stock Exchange. Noteworthy achievements during his tenure at First Mining include the successful negotiation and completion of eight significant transactions. Mr. Donnelly holds a Master of Business Administration from the University of Toronto and a Bachelor of Science in Geological Sciences from the University of British Columbia. Mr. Donnelly is registered as a Professional Geoscientist with the Engineers and Geoscientists of British Columbia.

#### Committees of the Board of Directors
Our board of directors has an audit committee, and a compensation committee, each of which, pursuant to its respective charter, will have the composition and responsibilities described below upon the completion of this offering. Following the completion of this offering, copies of the charters for each committee will be available on the investor relations portion of our website. Members serve on these committees until their resignation or until otherwise determined by our board of directors.

 *Audit Committee* 

Our audit committee is composed of David Smallhouse, Kevin Nishi, and Susan Mitchell. Kevin Nishi is the chair of our audit committee. The majority of the members of our audit committee meet the independence requirements under SEC rules. Nishi, Smallhouse and Mitchell are considered to be "independent" within the meaning of NI 52-110. Each member of our audit committee is financially literate. In addition, our board of directors has determined that Kevin Nishi is an "audit committee financial expert" as that term is defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act. This designation does not, however, impose on him or her any supplemental duties, obligations, or liabilities beyond those that are generally applicable to the other members of our audit committee and board of directors. Our audit committee's principal functions are to assist our board of directors in its oversight of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • review, approve, and recommend for approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our interim financial statements and management discussion and analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The auditor's report, if any, prepared in relation to such financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • recommend the external auditor to be nominated and determine the compensation of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • oversee the work of the external auditor engaged for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services completed for us, including the resolution of disagreements between management and the external auditor regarding financial reporting, establishing procedures for employees to anonymously submit concerns about questionable accounting or audit matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • monitor, evaluate and report to the board of directors on the integrity of the financial reporting process and the system of internal controls that management and the board of directors have established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • monitor the management of the principal risks that could impact our financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establish procedures for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls, or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pre-approve all non-audit services to be provided to us or its subsidiary entities by our external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • review and approve our hiring policies regarding partners, employees and former partners and employees of our present and former external auditor, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • with respect to ensuring the integrity of disclosure controls and internal controls over financial reporting, understand the process utilized by the Chief Executive Officer and the Chief Financial Officer.

------

[**TABLE OF CONTENTS**](#TOC)

#### Compensation Committee
Our compensation committee is composed of Nathan Brewer, David Smallhouse, and Kevin Nishi. David Smallhouse is the chair of our compensation committee. The members of our compensation committee meet the independence requirements under SEC rules, and NI 52-110. Each member of this committee is also a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act. Our compensation committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Making recommendations to our Board regarding the compensation of our directors and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • From time to time, establishing parameters and guidelines to the magnitude and frequency of security-based compensation arrangements for eligible new hires and other employees, within the parameters set out our LTIP and applicable exchange rules and policies, and recommending such grants to the Board for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Assessing our objectives in light of our external environment and current business situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Considering and if appropriate recommending if annual bonuses should be granted to executive officers and recommends those grants to the Board.

------

[**TABLE OF CONTENTS**](#TOC)

#### EXECUTIVE COMPENSATION

#### Overview
The following discussion contains forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. The actual amount and form of compensation and the compensation policies and practices that we adopt in the future may differ materially from currently planned programs as summarized in this discussion.

As an "emerging growth company," we have opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies," as such term is defined in the rules promulgated under the Securities Act. This section provides an overview of the compensation awarded to, earned by, or paid to each individual who served as our principal executive officer during fiscal years 2023 and 2024, and our next two most highly compensated executive officers in respect of their service to our company for fiscal years 2023 and 2024. We refer to these individuals as our "NEOs". Our NEOs for fiscal years 2023 and 2024 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Christopher "Kit" Marrs, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Darren Morgans, Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Joe Piekenbrock, Chief Exploration Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Alex Tong, Former Chief Financial Officer (Resigned effective May 31, 2024)

The compensation paid in Canadian dollars was converted to United States dollars using the Bank of Canada daily rate of exchange reported on June 30, 2025, as set forth in this prospectus under the heading "About this Prospectus and Exchange Rates".

#### Summary Compensation Table

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and principal position**  | **Fiscal <br> year**  | **Salary <br> ($)**  | **Option- <br> awards <br> ($)<sup>(1)</sup>**  | **Total <br> ($)**  |
| Christopher Marrs, President and Chief Executive Officer  | 2024 | 257111 | 131688 | 388799 |
|  | 2023 | 288746 | 145970 | 434716 |
| Darren Morgans, Chief Financial Officer<sup>(2)</sup>  | 2024 | 65835 | 39676 | 105511 |
|  | 2023 |  |  |  |
| Joe Piekenbrock, Chief Exploration Officer  | 2024 | 49346 | 104318 | 153664 |
|  | 2023 | 162187 | 106091 | 268278 |
| Alex Tong, Former Chief Financial Officer  | 2024 | 42357 | 94850 | 137207 |
|  | 2023 | 102027 | 145022 | 247029 |

---

(1) Amounts reflect the aggregate grant date fair value of stock options granted to our NEOs, computed in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation. These amounts do not reflect the actual economic value that will be realized by the employee upon the vesting, settlement or exercise of the stock option. The assumptions that we used to calculate these amounts are discussed in Note 8 to our audited consolidated financial statements for the fiscal year ended December 31, 2024 filed on SEDAR on April 25, 2025.

(2) Mr. Morgans' Compensation is dominated in Canadian Dollars. For 2024 Mr. Morgans was paid C$88,000 which is converted to $65,835 at the monthly average exchange rate through the year.

(3) Mr. Tong's compensation is denominated in Canadian Dollars. For 2024 Mr. Tong was paid C$57,292 which was converted to $42,357 at the monthly average exchange rate through the year. For 2023 Mr. Tong was paid C$137,500 which was converted to $102,027 at the monthly average exchange rate through the year.

#### Narrative to 2024 Summary Compensation Table
*Base Salaries:* Salaries and consulting fees are determined by the Compensation Committee based on market conditions and established in the executive employment agreements described below.

*Annual Bonuses:* There were no annual bonuses paid in 2024 or 2023 due to our limited working capital. For the CEO and CFO, who are eligible for annual bonuses, the amount may be up to 50% to 70% of their

------

[**TABLE OF CONTENTS**](#TOC)

base salary, as approved by the Board of Directors based on a recommendation from the Compensation Committee after an evaluation of their individual contributions to us during the fiscal year and consideration of our working capital position.

*Equity Compensation:* We utilize stock options as a long-term incentive plan to attract and retain senior executives. The exercise price is the closing price of our subordinate voting shares on the day before the grant date. The stock options vest ratably over a period of zero to two years, and they are exercisable for a five-year term.

#### Grants of Options for 2023 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name**  | **# of Options**  | &nbsp;&nbsp; **Exercise <br> price**  | &nbsp;&nbsp;&nbsp;&nbsp; **Grant date**  | **Vesting <br> Schedule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expiry**  |
| Alexander Tong  | 100000 | 2.20 | Jan 20, 2023  | 1 | Jan 20, 2028  |
| Alexander Tong  | 75000 | 0.34 | March 1, 2024  | 1 | March 1, 2029  |
| Christopher Marrs  | 100000 | 2.20 | Jan 20, 2023  | 1 | Jan 20, 2028  |
| Christopher Marrs  | 75000 | 0.34 | March 1, 2024  | 1 | March 1, 2029  |
| Christopher Marrs  | 125000 | 0.31 | Dec 27, 2024  | 2 | Dec 27, 2029  |
| Darren Morgans  | 100000 | 0.59 | June 14, 2024  | 1 | June 14, 2029  |
| Darren Morgans  | 100000 | 0.31 | Dec 27, 2024  | 2 | Dec 27, 2029  |
| Joe Piekenbrock  | 100000 | 2.20 | Jan 20, 2023  | 1 | Jan 20, 2028  |
| Joe Piekenbrock  | 50000 | 0.34 | March 1, 2024  | 1 | March 1, 2029  |
| Joe Piekenbrock  | 40000 | 0.31 | Dec 27, 2024  | 2 | Dec 27, 2029  |

---

Vesting Schedule 1: These stock options vest 33% upon grant, 33% after one year and 34% after two years.

Vesting Schedule 2: These stock options vest 100% upon grant.

#### Equity Compensation Plan Information
The following table summarizes information about our equity compensation plans as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category**  | **Number of <br> Securities <br> to be Issued <br> Upon <br> Exercise of <br> Outstanding <br> Options, <br> Warrants and <br> Rights<sup>(1)</sup>**  | **Weighted- <br> Average <br> Exercise <br> Price of <br> Outstanding <br> Options, <br> Warrants <br> and Rights<sup>(2)</sup>**  | **Number of <br> Securities <br> Remaining <br> Available for <br> Future <br> Issuance <br> Under Equity <br> Compensation <br> Plans<sup>(3)</sup>**  |
| Equity compensation plans approved by security holders  | 5905626 | $0.88 | 561376 |
| Total  |  |  |  |

---

(1) Consists of 278,126 restricted stock units, or "RSUs", and 5,627,500 subordinate voting shares issuable upon exercise of stock options under the Long Term Incentive Plan.

(2) This is the weighted average exercise price of the stock options. The RSUs have no exercise prices.

(3) Consists of shares available for issuance under the Long Term Incentive Plan.

------

[**TABLE OF CONTENTS**](#TOC)

#### NON-EMPLOYEE DIRECTOR COMPENSATION
The following table provides information regarding the total compensation that was earned by or paid to each of our non-employee directors during fiscal year 2024.

Director compensation is limited strictly to non-employee directors. Our director compensation philosophy is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To provide a compensation level that will attract exceptionally experienced and skilled candidates and encourage them to play an active role in our strategic development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To compensate for work on the Board and work on the committees of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To provide share-based compensation to align director compensation with increases in long-term shareholder value.

#### Annual Cash Retainers
In 2024, we adopted a director compensation policy under which our non-employee directors, other than Ms. Mitchell, received in 2024, a fee of $18,000 for board service, payable in cash or restricted stock units, or "RSUs", at the election of each director. Each director elected to receive such fee in the form of RSUs. Ms. Mitchell did not receive any director fees in 2024, but was paid, through her limited liability company, an annual cash retainer of $36,000 in equal monthly installments for corporate finance advisory services provided to our company pursuant to an agreement entered in 2023 and terminated in October 2024.

As of January 1, 2025, all of our non-employee directors are entitled to receive annual compensation of $36,000 for board service, payable at the election of each director in cash or RSUs.

Chairs of the Audit and Compensation Committees do not receive additional retainers.

#### Share-Based Compensation
Non-employee directors are eligible for grants of stock options. The exercise price is the closing price of a share of our subordinate voting shares on the day before the grant date. The stock options vest immediately or over a two year period from the grant date, and they are exercisable for a five-year term. Refer to the table below for details of all stock options granted in the last two fiscal years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name**  | **# of Options**  | &nbsp;&nbsp; **Exercise <br> price**  | &nbsp;&nbsp;&nbsp;&nbsp; **Grant date**  | **Vesting <br> Schedule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expiry**  |
| Kevin Nishi  | 75000 | 2.20 | Jan 20, 2023  | 1 | Jan 20, 2028  |
| Nathan Brewer  | 75000 | 2.20 | Jan 20, 2023  | 1 | Jan 20, 2028  |
| David Smallhouse  | 75000 | 2.20 | Jan 20, 2023  | 1 | Jan 20, 2028  |
| Susan Mitchell  | 75000 | 0.34 | March 1, 2024  | 1 | March 1, 2029  |
| Kevin Nishi  | 75000 | 0.34 | March 1, 2024  | 1 | March 1, 2029  |
| Nathan Brewer  | 75000 | 0.34 | March 1, 2024  | 1 | March 1, 2029  |
| David Smallhouse  | 75000 | 0.34 | March 1, 2024  | 1 | March 1, 2029  |
| Susan Mitchell  | 100000 | 0.59 | June 14, 2024  | 1 | June 14, 2029  |
| Susan Mitchell  | 75000 | 0.31 | Dec 27, 2024  | 2 | Dec 27, 2029  |
| Kevin Nishi  | 75000 | 0.31 | Dec 27, 2024  | 2 | Dec 27, 2029  |
| Nathan Brewer  | 75000 | 0.31 | Dec 27, 2024  | 2 | Dec 27, 2029  |
| David Smallhouse  | 75000 | 0.31 | Dec 27, 2024  | 2 | Dec 27, 2029  |

---

Vesting Schedule 1: These stock options vest 33% upon grant, 33% after one year and 34% after two years.

Vesting Schedule 2: These stock options vest 100% upon grant.

Non-employee directors are also eligible to elect to receive their fee for serving as a director of our company in the form of RSUs. As a result, on October 17, 2024 we issued 38,196 RSUs to each of Mr. Smallhouse, Mr. Brewer and Mr. Nishi. Each RSU entitles the holder to be issued one subordinate voting

------

[**TABLE OF CONTENTS**](#TOC)

share on vesting. All the RSUs will vest one year from the grant date. Ms. Mitchell did not receive any director fees in 2024 but instead was paid, through her limited liability company, S. Mitchell & Associates, LLC, an annual cash retainer of $36,000 in equal monthly installments for corporate finance advisory services provided to our company pursuant to an agreement entered in 2023 and terminated in October 2024.

RSUs accrue dividends that are only paid out on the vesting of the underlying subordinate voting shares. Each stock option and RSU award will vest in full upon a Change of Control, as previously defined under Executive Compensation — Termination and Change of Control Benefits.

The following table sets forth the total compensation for our non-employee directors for the fiscal year ended December 31, 2024.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name**  | **Fees <br> earned <br> or paid <br> in cash <br> ($)**  | **Stock <br> awards<sup>(1)</sup> <br> ($)**  | **Option <br> awards<sup>(1)</sup> <br> ($)**  | **Non-equity incentive <br> plan compensation <br> ($)**  | **Non-equity incentive <br> plan compensation <br> ($)**  | **Nonqualified <br> deferred <br> compensation <br> earnings <br> ($)**  | **All other <br> compensation <br> ($)**  | **Total <br> (C$)**  |
| **Name**  | **Fees <br> earned <br> or paid <br> in cash <br> ($)**  | **Stock <br> awards<sup>(1)</sup> <br> ($)**  | **Option <br> awards<sup>(1)</sup> <br> ($)**  | **Annual <br> incentive <br> plans**  | **Long- <br> term <br> incentive <br> plans**  | **Nonqualified <br> deferred <br> compensation <br> earnings <br> ($)**  | **All other <br> compensation <br> ($)**  | **Total <br> (C$)**  |
| Nathan Brewer  |  | 18000 | 31155 |  |  |  |  | 49155 |
| David Smallhouse  |  | 18000 | 31155 |  |  |  |  | 49155 |
| Kevin Nishi  |  | 18000 | 31155 |  |  |  |  | 49155 |
| Susan Mitchell  | 36000 |  | 47655 |  |  |  |  | 83655 |

---

(1) Amounts reflect the aggregate grant date fair value of RSUs and stock options granted to our non-employee directors, computed in accordance with the provisions of ASC Topic 718, Compensation — Stock Compensation. These amounts do not reflect the actual economic value that will be realized by the director upon the vesting, settlement or exercise of the RSU or stock option. The assumptions that we used to calculate these amounts are discussed in Note 8 to our audited consolidated financial statements for the fiscal year ended December 31, 2024 filed on SEDAR on April 25, 2025.

The table below shows the aggregate numbers of our subordinate voting shares subject to unvested RSUs or outstanding stock options (exercisable and unexercisable) held as of December 31, 2024 by each non-employee director who served on our Board during 2024.

---

| | | |
|:---|:---|:---|
| **Name**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Options <br> Outstanding at <br> Year End <br> (#)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RSUs <br> Outstanding at <br> Year End <br> (#)**  |
| Nathan Brewer  | 365000 | 38196 |
| David Smallhouse  | 285000 | 38196 |
| Kevin Nishi  | 285000 | 38196 |
| Susan Mitchell  | 250000 | 38196 |

---

#### Executive Employment Agreements
The following are descriptions of the employment agreements with our NEOs. For a discussion of the severance pay and other benefits to be provided in connection with a termination of employment and/or a change in control under the arrangements with our NEOs, please see "Non-Employee Director Compensation — Termination and Change of Control Benefits" below.

 *Chief Executive Officer Agreement* 

We have in place an executive employment agreement with Christopher Marrs effective January 1, 2023 (the "CEO Agreement"), pursuant to which Mr. Marrs provides President and Chief Executive Officer services to us at an annual salary of $262,500 (the "CEO Fee"). Mr. Marrs is entitled to an annual bonus of up to 70% of the CEO Fee subject to approval of the Board of Directors based on a recommendation by the Compensation Committee.

 *Chief Financial Officer Agreement* 

We have in place a executive employment agreement with 1397257 BC Ltd, a company controlled by Mr. Morgans, effective May 20, 2024 (the "CFO Agreement"), pursuant to which Mr. Morgans provides

------

[**TABLE OF CONTENTS**](#TOC)

Chief Financial Officer services to us at an annual salary of C$144,000 (the "CEO Fee"). Mr. Morgans is entitled to an annual bonus of up 50% of the CFO Fee subject to approval of the Board of Directors based on a recommendation by the Compensation Committee. Mr. Morgans dedicates approximately 50% of his time to us.

 *Chief Exploration Officer Agreement* 

We had put in place an executive employment agreement with Joe Piekenbrock effective January 1, 2023 (the "CXO Agreement"), pursuant to which Mr. Piekenbrock provides Chief Exploration Officer services to us at an annual salary of $243,750 which was reduced by 75% to $60,937.50 at June 1, 2023 (the "CXO Fee"). Effective July 1, 2024 the agreement was terminated, and Mr. Piekenbrock provided his services through Piek Exploration LLC, where the rate was further reduced to $3,000 per month plus expenses.

#### Outstanding Equity Awards at Fiscal Year-End
The following table presents information regarding outstanding equity awards held by our NEOs as of December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards**  | **Option Awards**  | **Option Awards**  | **Option Awards**  | **Option Awards**  |
| **Name**  | **Grant <br> Date<sup>(1)</sup>**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options <br> (#) <br> Exercisable**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options <br> (#) <br> Unexercisable**  | **Equity <br> Incentive <br> Plan <br> Awards: <br> Number of <br> Securities <br> Underlying <br> Unexercised <br> Unearned <br> Options <br> (#)**  | **Option <br> Exercise <br> Price <br> (C$)**  | **Option <br> Expiration <br> Date**  |
| Christopher Marrs  | Mar 1, 2021  | 150000 |  |  | $0.45 | Mar 1, 2026  |
|  | Jun 15, 2021  | 80000 |  |  | $0.45 | Jun 15, 2026  |
|  | Nov, 12, 2021  | 70000 |  |  | $0.67 | Nov 12, 2026  |
|  | Jan 20, 2023  | 66000 | 34000 |  | $2.20 | Jan 20, 2028  |
|  | Mar 1, 2024  | 50250 | 24750 |  | $0.34 | Mar 1, 2029  |
| Darren Morgans  | Jun 14, 2024  | 33000 | 64000 |  | $0.59 | Jun 14, 2029  |
|  | Dec 27, 2024  | 100000 |  |  | $0.31 | Dec 27, 2029  |
| Joe Piekenbrock  | Mar 1, 2021  | 50000 |  |  | $0.45 | Mar 1, 2026  |
|  | Jun 15, 2021  | 30000 |  |  | $0.45 | Jun 15, 2026  |
|  | Nov 12, 2021  | 30000 |  |  | $0.67 | Nov 12, 2026  |
|  | Jan 20, 2023  | 66000 | 34000 |  | $2.20 | Jan 20, 2028  |
|  | Mar 1, 2024  | 16500 | 33500 |  | $0.34 | Mar 1, 2029  |
|  | Dec 27, 2024  | 40000 |  |  | $0.31 | Dec 27, 2029  |

---

(1) These option vests options vest 33% upon grant, 33% after one year and 34% after two years, except for the options granted on Dec 27, 2024 which vested 100% upon grant.

#### Pension and Other Retirement Benefits
We do not have a defined benefit plan, a deferred contribution plan, a deferred compensation plan or a pension plan.

#### Termination and Change of Control Benefits
 *Chief Executive Officer Agreement* 

We have in place a executive employment agreement with Christopher Marrs effective January 1, 2023 (the "CEO Agreement"), pursuant to which Mr. Marrs provides President and Chief Executive Officer services to us at an annual salary of $262,500 (the "CEO Fee"). Pursuant to the CEO Agreement, we may terminate

------

[**TABLE OF CONTENTS**](#TOC)

the CEO Agreement at any time with or without cause. If we terminate the CEO Agreement without cause or if Mr. Marrs resigns under certain allowable circumstances, Mr. Marrs is entitled to a severance payment in an amount equal to (i) 2 times the CEO Fee; (ii) 2 times an amount equal to 70% of the CEO Fee and (iii) any unvested LTIP awards will vest immediately. If we terminate the CEO Agreement with cause or if Mr. Marrs resigns for any other reason, Mr. Marrs is not entitled to a severance payment nor any unvested LTIP awards. If, within 12 months of a Change of Control (as defined below), we terminate the CEO Agreement without cause or if Mr. Marrs resigns under certain allowable circumstances, Mr. Marrs is entitled to a severance payment in an amount equal to (i) 2 times the CEO Fee; (ii) 2 times an amount equal to 70% of the CEO Fee and (iii) any unvested LTIP awards will vest immediately. Under the LTIP, upon termination all LTIP awards terminate 120 days after termination.

 *Chief Financial Officer Agreement* 

We have in place a executive employment agreement with 1397257 BC Ltd, a company controlled by Mr. Morgans, effective May 20, 2024 (the "CFO Agreement"), pursuant to which Mr. Morgans provides Chief Financial Officer services to us at an annual salary of C$144,000 (the "CEO Fee"). Pursuant to the CFO Agreement, we may terminate the CFO Agreement at any time with or without cause. If we terminate the CFO Agreement without cause or if Mr. Morgans resigns under certain allowable circumstances, 1397257 BC Ltd is entitled to a severance payment in an amount equal to (i) the CFO Fee and (ii) an amount equal to the bonus paid in the previous year. If we terminate the CFO Agreement with cause or if Mr. Morgans resigns for any other reason, 1397257 BC Ltd is not entitled to a severance payment. If, within 12 months of a Change of Control (as defined below), we terminate the CFO Agreement without cause or if Mr. Morgans resigns under certain allowable circumstances, Mr. Morgans is entitled to a severance payment equal to (i) the CFO Fee and (ii) an amount equal to 50% of the CFO Fee. Under the LTIP, upon termination all LTIP awards terminate 120 days after termination.

 *Chief Exploration Officer Agreement* 

Our current consulting services agreement with Piek Exploration LLC, a company controlled by Mr. Piekenbrock, effective July 1, 2024, does not contain any change of control benefits. It does, however, provide that if termination occurs without cause and while Mr. Piekenbrock is in the field pursuant to the consulting services agreement, we must reimburse Mr. Piekenbrock for all reasonable expenses to return him to Evergreen, Colorado. Under the LTIP, upon termination all LTIP awards terminate 120 days after termination.

For the purposes of the executive employment and consulting agreements discussed above, a "Change of Control" is defined as the occurrence of any of the following: (a) any individual, entity or group of individuals or entities acting jointly or in concert (other than us, our subsidiaries or an employee benefit plan or trust maintained by us or our subsidiaries, or any company owned, directly or indirectly, by our Shareholders in substantially the same proportions as their ownership of Subordinate voting shares) acquiring beneficial ownership, directly or indirectly, of more than 50% of our combined voting power then outstanding securities (excluding any "person" who becomes such a beneficial owner in connection with a transaction described in paragraph (b) below); (b) the consummation of an arrangement, amalgamation, merger, consolidation or other similar business combination transaction or any of our direct or indirect subsidiaries with any other corporation, other than an arrangement, amalgamation, merger, consolidation or other similar business combination transaction which would result in our voting securities outstanding immediately prior to such transaction continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power or the total fair market value of our securities or such surviving entity or any parent thereof outstanding immediately after such transaction; provided, however, that an arrangement, amalgamation, merger, consolidation or other similar business combination transaction effected to implement a recapitalization of our business (or similar transaction) in which no person (other than those covered by the exceptions in paragraph (a) of this definition) acquires more than 50% of our combined voting power then outstanding securities shall not constitute a Change in Control of our business; or (c) a complete liquidation or dissolution of our business or the consummation of any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all of our assets; other than such liquidation, sale or disposition to a person or persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of our outstanding voting securities at the time of the sale.

------

[**TABLE OF CONTENTS**](#TOC)

#### Option Grant Policy and Practices
As a general practice, our Compensation Committee grants options prior to January 15 of each year and does not grant stock options or similar awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our subordinate voting shares and we do not time the public release of such information based on stock option grant dates. In the event material nonpublic information becomes known to the Compensation Committee before granting an equity-based compensation award, the Compensation Committee will consider such information and use its business judgment to determine whether to delay the grant of equity to avoid any appearance of impropriety.

------

[**TABLE OF CONTENTS**](#TOC)

#### CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Christopher "Kit" Marrs, our Chief Executive Officer, President and Director, directly, and indirectly through his wife Joan Marrs, loaned us $125,000 on March 21, 2025 as part of a $1,200,000 that included other shareholders. The Loan is due to be repaid on March 21, 2028 and will accrue interest at 10% per year, payable at maturity of the Loan. The Loan may be repaid early but not before March 21, 2026. Related to the Loan, Christopher "Kit" Marrs, and indirectly through his wife Joan Marrs, received 281,000 warrants to acquire subordinate voting shares at an exercise price of C$0.64 per share. The warrants expire on March 21, 2028.

In 2021, WACG entered into the Piek Acquisition Agreement to acquire all of the issued and outstanding shares of common stock of Piek for a total purchase price of $3,698,000, which WACG satisfied by the issuance the Piek Promissory Note. Since 2021, the Piek Promissory Note has been amended seven times. As at December 31, 2024, we owed $2,356,065 to Joe Piekenbrock, our Chief Exploration Officer, who is the holder of the Piek Promissory Note. Under the terms of the Piek Promissory Note, as amended, 6% of all equity financings are due and payable upon closing of an equity financing to the holder. A principal reduction of $750,000 will be due on June 1, 2026 and the remaining balance and all accrued interest is be due on December 1, 2026.

#### Indemnification Agreements
Our amended and restated certificate of incorporation contains provisions limiting the liability of directors, and our amended and restated articles provide that we will indemnify each of our directors and officers to the fullest extent permitted under law. In addition, we have entered into an indemnification agreement with each of our directors and our Chief Financial Officer, which requires us to indemnify them.

#### Policies and Procedures for Transactions with Related Persons
Prior to completion of this offering, we intend to adopt a written policy that our executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of our issued and outstanding subordinate voting shares and any members of the immediate family of any of the foregoing persons are not permitted to enter into a related person transaction with us without the approval or ratification of our Board or our audit committee. Any request for us to enter into a transaction with an executive officer, director, nominee for election as a director, beneficial owner of more than 5% of our issued and outstanding subordinate voting shares, or any member of the immediate family of any of the foregoing persons, in which the amount involved exceeds $120,000 and such person would have a direct or indirect interest, will be required to be presented to our Board or our audit committee for review, consideration and approval. In approving or rejecting any such proposal, our Board or our audit committee will consider the material facts of the transaction, including whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person's interest in the transaction.

------

[**TABLE OF CONTENTS**](#TOC)

#### PRINCIPAL SHAREHOLDERS
The table below sets forth information known to us regarding the beneficial ownership of our subordinate voting shares as of September 9, 2025 for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person we believe beneficially owns more than 5% of our outstanding subordinate voting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our directors and NEOs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all our directors and executive officers as a group.

We have determined beneficial ownership in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Except as otherwise indicated, the persons in the table below have sole voting and investment power with respect to all subordinate voting shares shown as beneficially owned by them, subject to community property laws where applicable. We do not know of any arrangement, the operation of which may at a subsequent date result in a change in control of us.

Beneficial ownership prior to this offering is based on subordinate voting shares outstanding as of . Beneficial ownership after this offering assumes the issuance of subordinate voting shares in this offering. Upon the closing of this offering, we will issue the warrants included in the Units as well as the Underwriter's Warrants, which warrants are all exercisable to purchase our subordinate voting shares. The number of subordinate voting shares beneficially owned by a person includes shares subject to options held by that person that are currently exercisable or that become exercisable within 60 days of [•], 2025. Percentage calculations assume, for each person and group, that all subordinate voting shares that may be acquired by such person or group pursuant to options or other securities currently exercisable or convertible or that become exercisable or convertible within 60 days of [•] are outstanding for the purpose of computing the percentage of subordinate voting shares owned by such person or group. However, such unissued subordinate voting shares described above are not deemed to be outstanding for calculating the percentage of subordinate voting shares owned by any other person.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Ownership**  | **Number of <br> Subordinate <br> Voting <br> Shares <br> Beneficially <br> Owned<sup>(1)</sup>**  | **Percentage of <br> Subordinate <br> Voting Shares <br> Beneficially <br> Owned (%)**  | **Number of <br> Proportionate <br> Voting Shares <br> Beneficially <br> Owned**  | **Percentage of <br> Proportionate <br> Voting Shares <br> Beneficially <br> Owned (%)**  |
|  Nate Brewer (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada)  | 389500(2) | \* | 228 | \* |
|  Christopher "Kit" Marrs (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada  | 12299605(3) | 18.85% | 88202 | 39.24% |
|  Susan Mitchell (1500-1111 West Hastings St, Vancouver, <br> British Columbia, V6E 2J3, Canada)  | 192500(4) | \* |  |  |
|  Darren Morgans (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada)  | 199000(5) | \* |  |  |
|  Kevin Nishi (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada)  | 314500(6) | \* |  |  |
|  Joe Piekenbrock (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada)  | 1970140(7) | 3.02% | 12200 | 5.43% |
|  David Smallhouse (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada)  | 4178152(8) | 6.40% | 17571 | 7.82% |
|  Crescat Portfolio Management LLC (44 Cook <br> Street, Suite 100, Denver, CO. 80206)  | 12715225(9) | 19.49% | 7600 | 3.38% |
|  Konwave AG Gold 2000 (Obstmarkt 1, CH-9100 <br> Herisau, Switzerland)  | 6000000(10) | 9.20% |  |  |
| All executive officers and directors as a group  | 19543397 | 29.96% | 118201 | 52.58% |

---

\*

Less than 1%.

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) Assuming the conversion of proportionate voting shares that may be converted at the option of the holders thereof.

(2) Consists of 27,200 subordinate voting shares, 22,800 subordinate voting shares issuable upon conversion of 228 proportionate voting shares and 339,500 subordinate voting shares issuable upon exercise of options.

(3) Consists of (a) 1,158,247 subordinate voting shares,4,400,700 subordinate voting shares issuable upon conversion of 44,007 proportionate voting shares, 449,500 subordinate voting shares issuable upon exercise of options, and 207,042 subordinate voting shares issuable upon exercise of warrants, in each case, held by Christopher "Kit" Marrs, and (b) 1,038,074 subordinate voting shares, 4,419,500 subordinate voting shares issuable upon conversion of 44,195 proportionate voting shares, 419,500 subordinate voting shares issuable upon exercise of options, and 207,042 subordinate voting shares issuable upon exercise of warrants, in each case held by Joan Marrs, who is Christopher "Kit" Marrs's spouse.

(4) Consists of 2,000 subordinate voting shares and 190,500 subordinate voting shares issuable upon exercise of options.

(5) Consists of 199,000 subordinate voting shares issuable upon exercise of options.

(6) Consists of 55,000 subordinate voting shares and 259,500 subordinate voting shares issuable upon exercise of options.

(7) Consists of 410,940 subordinate voting shares, 1,220,000 subordinate voting shares issuable upon conversion of 12,200 proportionate voting shares, 283,000 subordinate voting shares issuable upon exercise of options, and 56,200 subordinate voting shares issuable upon exercise of 56,200 warrants.

(8) Consists of (a) 180,000 subordinate voting shares, 259,500 subordinate voting shares issuable upon exercise of options and 65,000 subordinate voting shares upon exercise of warrants, in each case held by Mr. Smallhouse; (b) 90,700 subordinate voting shares, 619,300 subordinate voting shares issuable upon conversion of 6,193 proportionate voting shares and 81,200 subordinate voting shares issuable upon exercise of 81,200 warrants, in each case, held by Miramar Ventures LLC, a company controlled by Mr. Smallhouse; (c) 9,300 subordinate voting shares and 50,700 subordinate voting shares issuable upon conversion of 507 proportionate voting shares, in each case held by Arch Partners, LLC, a company controlled by Mr., Smallhouse; and (d) 1,161,186 subordinate voting shares, 1,087,100 subordinate voting shares issuable upon conversion of 10,871 proportionate voting shares and 574,166 subordinate voting shares issuable upon the exercise of 574,166 warrants, in each case, held by SBS Ventures, LLC, a company controlled by Mr. Smallhouse' s spouse.

(9) Consists of 10,016,827 subordinate voting shares, 760,000 subordinate voting shares issuable upon conversion of 7,600 proportionate voting shares and 1,938,398 subordinate voting shares issuable upon exercise of warrants all held by entities managed by Crescat Portfolio Management LLC ("Crescat" and such entities managed by Crescat, the "Funds"), which consist of (a) Crescat Global Macro Master Fund Ltd, which beneficially owns 4,257,720 subordinate voting shares, 202,700 subordinate voting shares issuable upon conversion of 2,027 proportionate voting shares and 536,637 subordinate voting shares issuable upon exercise of warrants; (b) Crescat Institutional Commodity Master Fund Ltd, which beneficially owns 349,227 subordinate voting shares and 42,266 subordinate voting shares issuable upon exercise of warrants, (c) Crescat Institutional Macro Master Fund Ltd, which beneficially owns 379,226 subordinate voting shares and 35,565 warrants exercisable for 35,565 subordinate voting shares, (d) Crescat Long/Short Master Fund Ltd, which beneficially owns 677,148 subordinate voting shares, 114,439 warrants exercisable for 114,439 subordinate voting shares, and 42,200 subordinate voting shares issuable upon conversion of 422 proportionate voting shares, and (e) Crescat Precious Metals Master Fund Ltd, which beneficially owns 4,353,506 subordinate voting shares, 1,212,491 warrants exercisable for 1,212,491 subordinate voting shares and 515,100 subordinate voting shares issuable upon conversion of 5,151 proportionate voting shares. Crescat has the sole power to direct the vote and disposition of the securities held by the Funds.

(10) Consists of 3,000,000 subordinate voting shares and 3,000,000 subordinate voting shares issuable upon exercise of warrants.

------

[**TABLE OF CONTENTS**](#TOC)

#### DESCRIPTION OF SECURITIES

#### General
We are authorized to issue an unlimited number of subordinate voting shares and an unlimited number of proportionate voting shares without par value, of which 43,072,626 subordinate voting shares and 224,801 proportionate voting shares are issued and outstanding as at September 9, 2025. The proportionate voting shares are owned by US shareholders, and each proportionate voting share is convertible into 100 subordinate voting shares at the request of the shareholder and at the discretion of our company. The total number of equity shares assuming all are converted into subordinate voting shares would be 65,552,726. There are no limitations on the right of nonresident or foreign owners to hold or vote their subordinate voting shares or proportionate voting shares. Subject to the prior rights of the holders of any of our shares ranking in priority to the subordinate voting share or proportionate voting shares, in the event of the liquidation, dissolution or winding-up of our business or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs, whether voluntarily or involuntarily, all the property and assets of our business available for distribution to the holders of the proportionate voting shares and subordinate voting shares will be paid or distributed to the holders on the basis that each proportionate voting share will be entitled to 100 times the amount distributed per subordinate voting share, but otherwise there is no preference or distinction among or between the proportionate voting shares and subordinate voting shares.

Our Articles, which are filed as an exhibit to this registration statement, provide further information regarding our securities and qualify the summary under this Item 11 of this registration statement in its entirety.

#### Certain Takeover Bid Requirements
Unless such offer constitutes an exempt transaction, an offer made by a person to acquire outstanding shares of a Canadian entity that, when aggregated with the offeror's holdings (and those of persons or companies acting jointly with the offeror), would constitute 20% or more of the outstanding shares, would be subject to the take-over provisions of Canadian securities laws. The foregoing is a limited and general summary of certain aspects of applicable securities law in the provinces and territories of Canada, all in effect as of the date hereof.

In addition to the take-over bid requirements noted above, the acquisition of shares may trigger the application of additional statutory regimes including amongst others, the Investment Canada Act and the Competition Act.

This summary is not a comprehensive description of relevant or applicable considerations regarding such requirements and, accordingly, is not intended to be, and should not be interpreted as, legal advice to any prospective purchaser and no representation with respect to such requirements to any prospective purchaser is made. Prospective investors should consult their own Canadian legal advisors with respect to any questions regarding securities law in the provinces and territories of Canada.

#### Actions Requiring a Special Majority
Under the BCBCA, and the Articles, certain corporate actions require the approval of a special majority of shareholders, meaning holders of shares representing 66 2/3% of those votes cast in respect of a shareholder vote addressing such matter. Those items requiring the approval of a special majority generally relate to fundamental changes with respect to our business, and include amongst others, resolutions: (i) removing a director prior to the expiry of his or her term; (ii) altering the Articles; (iii) approving an amalgamation; (iv) approving a plan of arrangement; and (v) providing for a sale of all or substantially all of our assets.

#### Transfer Agent and Registrar
The transfer agent and registrar for our subordinate voting shares is Odyssey Trust Company, 350-409 Granville St., Vancouver, British Columbia, V6C 1T2, Canada.

#### Subordinate Voting Shares
Holders of subordinate voting shares are entitled to receive notice of and to attend all meetings of our shareholder meetings, except meetings at which only holders of other classes or series of shares are entitled to

------

[**TABLE OF CONTENTS**](#TOC)

attend, and at all such meetings shall be entitled to one vote in respect of each subordinate voting share held. The holders of subordinate voting shares shall be entitled to receive dividends if and when declared by the Board. Furthermore, subject to the rights of holders of shares of any class ranking prior to the subordinate voting shares, holders of subordinate voting shares are entitled to receive our remaining property or assets. In the event of a take-over bid for proportionate voting shares, where such bid is not made to the holders of the subordinate voting shares, the subordinate voting shares may be converted, at the option of the holder into proportionate voting shares on the basis of 100 subordinate voting shares for each proportionate voting share, for the sole purpose of tendering such proportionate voting shares to the take-over bid.

As of August 27, 2025, we had 245 registered shareholders of our subordinate voting shares.

#### Proportionate Voting Shares
Holders of proportionate voting shares are entitled to receive notice of and to attend all our shareholder meetings, except meetings at which only holders of other classes or series of shares are entitled to attend, and at all such meetings shall be entitled to 100 votes in respect of each proportionate voting share held. The holders of proportionate voting shares shall be entitled to receive dividends if and when declared by our Board. Furthermore, subject to the rights of holders of shares of any class ranking prior to the proportionate voting shares, holders of proportionate voting shares are entitled to receive our remaining property or assets.

The proportionate voting shares are convertible at any time, at the option of the holder, into subordinate voting shares on the basis of 100 subordinate voting shares for each proportionate voting share upon the delivery of notice to us. In addition, in the event of a take-over bid for subordinate voting shares, where such bid is not made to the holders of the proportionate voting shares, the proportionate voting shares may be converted, at the option of the holder, into subordinate voting shares on the basis of 1 proportionate voting shares for each 100 subordinate voting shares, for the sole purpose of tendering such subordinate voting shares to the take-over bid.

Notwithstanding the foregoing, the Board may determine by resolution that it is no longer in our best interests that the proportionate voting shares be maintained as a separate class of shares of our company. If so determined, all proportionate voting shares will automatically, without any action on the part of a holder, be converted into subordinate voting shares on the basis of 100 subordinate voting shares for each 1 proportionate voting share. We are required to issue each holder of proportionate voting shares notice of such conversion at least 20 days prior to the record date specifying the date of conversion, the number of subordinate voting shares each holder of proportionate voting shares will be issued and the address of record for such holder.

As of August 27, 2025, we had 63 registered shareholders of our proportionate voting shares.

#### Options and Share Awards
In connection with the RTO and with our listing on the TSXV, we adopted a Long Term Incentive Plan. The LTIP authorizes our Board to issue a variety of equity-based awards that provide different types of incentives to be granted to directors, officers, employees and consultants, including options. The LTIP facilitates the granting of awards representing the right to receive one subordinate voting share (and in the case of RSUs and PSUs, one subordinate voting share, the cash equivalent of one subordinate voting share, or a combination thereof) in accordance with the terms of the LTIP.

As at the date of this prospectus, there are options outstanding that are exercisable for up to 5,772,500 subordinate voting shares and 338,540 RSUs outstanding.

The maximum number of subordinate voting shares reserved for issuance under the LTIP is 10% of the aggregate number of subordinate voting shares (calculated on the basis of all proportionate voting shares have been converted into subordinate voting shares) issued and outstanding from time to time. The aggregate number of subordinate voting shares (i) issued to insiders under the LTIP or any other proposed or established share-based compensation arrangement within any one-year period and (ii) issuable to insiders at any time under the LTIP or any other proposed or established share based compensation arrangement, shall in each case not exceed 10% of the aggregate number of issued and outstanding subordinate voting shares (calculated

------

[**TABLE OF CONTENTS**](#TOC)

on the basis of all proportionate voting shares have been converted into subordinate voting shares) from time to time or such other number as may be approved by the TSXV and our shareholders from time to time.

In addition, at all times when we are listed on the TSXV: (i) the total number of subordinate voting shares which may be reserved for issuance to any one eligible participant under the LTIP together with all of our other previously established or proposed share compensation arrangements shall not exceed 5% of the issued and outstanding subordinate voting shares on the grant date or within any 12 month period (in each case on a non-diluted basis); (ii) the aggregate number of awards to any one eligible participant that is our consultant in any 12 month period must not exceed 2% of the issued subordinate voting shares calculated at the first such grant date; (iii) the aggregate number of options to all persons retained to provide investor relations activities must not exceed 2% of the issued subordinate voting shares in any 12-month period calculated at the first such grant date (and including any eligible participant that performs investor relations activities and/or whose role or duties primarily consist of investor relations activities); (iv) options granted to any person retained to provide investor relations activities must vest in a period of not less than 12 months from the date of grant of the award and with no more than 25% of the options vesting in any three (3) month period notwithstanding any other provision of the LITP; (v) the aggregate number of share units to any one eligible participant must not exceed (a) 1% of the issued subordinate voting shares at the first such grant date and (b) 2% of the issued subordinate voting shares in any 12-month period calculated at the first such grant date. At all times when we are listed on the TSXV, we are required to seek annual TSXV and shareholder approval for the LTIP in conformity with the rules of the TSXV.

Unless our board of directors determines otherwise, the LTIP provides that options will vest as to 1/3 following the first anniversary of the date of such grant, 1/3 following the second anniversary of the date of such grant and 1/3 following the third anniversary of the date of such grant. The exercise price of any option shall be fixed by the Board when such option is granted, but shall be no less than the five-day volume weighted average trading price of the subordinate voting shares on the TSXV on the day prior to the date of grant. An option shall be exercisable during a period established by the Board, which shall commence on the date of the grant and shall terminate no later than ten years after the date of granting the option, or such shorter period of time as our board of directors may determine.

With respect to RSUs, the Board shall determine the relevant conditions and vesting provisions of the RSUs at the time of their grant. With respect to PSUs, unless otherwise approved by our Board and except as otherwise provided in a participant's grant agreement or any other provision of the LTIP, PSUs will vest subject to performance and time vesting.

#### Warrants
As of the date of this prospectus, we have an aggregate of 1,902,301 warrants issued and outstanding and exercisable at a price of C$3.15 to purchase one subordinate voting share. 1,491,024 of the warrants expire on May 4, 2026, 378,191 of the warrants expire on September 1, 2026, and 33,086 of the warrants expire on September 14, 2026. As of the date of this prospectus, we also have an aggregate of 13,266,333 warrants issued and outstanding that are exercisable at a price of C$0.90 to purchase one subordinate voting shares. 8,967,852 of the warrants expire on April 26, 2027, 3,812,981 of the warrants expire on May 8, 2027 and 200,000 warrants expire on May 15, 2027. As of the date of this prospectus, we also have an aggregate of 551,019 warrants issued and outstanding that are exercisable at a price of C$0.65 to purchase one subordinate voting share and expire on April 26, 2027. As of the date of this prospectus, we also have an aggregate of 2,641,400 warrants issued and outstanding that are exercisable at a price of C$0.64 to purchase one subordinate voting share and expire on March 21, 2028.

#### Finder Warrants
As of the date hereof, we have an aggregate of 94,093 finder warrants issued and outstanding. We issued 1,170 Finders warrants in 2023 ("2023 Finders Warrants"), which are exercisable at a price of $3.15 to purchase one subordinate voting share until September 1, 2026. We issued 92,923 Finder warrants issued in 2024 ("2024 Finder Warrants"), which are exercisable at a price of $0.90 to purchase one subordinate voting share until May 8, 2027. One finder in the United States received finder warrants, and that finder is registered as a broker-dealer under the Exchange Act.

------

[**TABLE OF CONTENTS**](#TOC)

#### Market Price of and Dividends on the Our Subordinate Voting Shares
Our subordinate voting shares are quoted under the symbol "WAM" on the TSXV. We are seeking the quotation of our subordinate voting shares on the OTCQX under the symbol "WAMFF". There can be no assurance that our subordinate voting shares will be quoted on the OTCQX or that they will continue to trade on the TSXV, or that any liquidity for our shareholders will exist. There are approximately 245 subordinate voting shareholders and 63 proportionate voting shareholders of record as of September 9, 2025.

While there are no restrictions on the payment of dividends, we have never declared nor paid any cash dividends on our subordinate voting shares, and we presently have no intention of paying any cash dividend in the foreseeable future. Our current policy is to retain earnings, if any, to finance the expansion of our business. The future payment of dividends will depend on our business, financial condition, results of operations, capital expenditure plans and other factors that we deem relevant and will be at the sole discretion of our Board.

------

[**TABLE OF CONTENTS**](#TOC)

#### DESCRIPTION OF THE SECURITIES WE ARE OFFERING

#### Units
Each Unit consists of one subordinate voting share and one warrant to purchase subordinate voting shares. Each warrant will have an exercise price equal to $, which is % of the public offering price of the Units. The subordinate voting shares and warrants comprising the Units are immediately separable upon issuance.

#### Warrants Included in the Units
The following summary of certain terms and provisions of the warrants included in the Units offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the warrant agent agreement between us and [•], as warrant agent, and the form of warrant, both of which are filed as exhibits to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions set forth in the warrant agent agreement and the form of warrant.

*Exercisability*. The warrants are exercisable at any time after their original issuance and at any time up to the date that is years after their original issuance. The warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the subordinate voting shares underlying the warrants under the Securities Act is effective and available for the issuance of such shares, by payment in full in immediately available funds for the number of subordinate voting shares purchased upon such exercise. If a registration statement registering the issuance of the subordinate voting shares underlying the warrants under the Securities Act is not effective or available, the holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise a net number of subordinate voting shares determined according to the formula set forth in the warrant. If the holder exercises the warrants (other than pursuant to a cashless exercise) at a time when there is not a registration statement effective and available for the issuance of the subordinate voting shares underlying the warrants under the Securities Act, the holder will receive "restricted securities" subject to restrictions on transfer under the Securities Act. Additionally, there may be restrictions on exercise of the warrants in certain U.S. states pursuant to applicable U.S. state "blue sky" securities laws. No fractional shares will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.

*Exercise Limitation*. A holder will not have the right to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the number of subordinate voting shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days following notice from the holder to us.

*Exercise Price.* The per share exercise price under the warrants is $, which is % of the public offering price of the Units. The exercise price is subject to appropriate adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting our subordinate voting shares and also upon any distributions of assets, including cash, shares or other property to our shareholders.

*No Listing or Quotation*. We do not intend to apply for listing or quotation of the warrants on any national securities exchange or trading system.

*Transferability*. Although the warrants may be offered for sale, sold, transferred or assigned without our consent and will not bear a restrictive legend, we do not currently expect that they will be tradable on any securities exchange or nationally recognized trading system. Accordingly, the liquidity of the warrants will be limited, including in light of applicable U.S. state "blue sky" securities laws.

*Warrant Agent*. The warrants will be issued in registered form under a warrant agent agreement between , as warrant agent, and us.

------

[**TABLE OF CONTENTS**](#TOC)

*Fundamental Transactions.* In the event of a fundamental transaction, as described in the warrants and generally including any reorganization, recapitalization or reclassification of our subordinate voting shares, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding subordinate voting shares, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding subordinate voting shares, the holders of the warrants will be entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction without regard to any limitations on exercise contained in the warrants.

*Rights as a Shareholder*. Except as otherwise provided in the warrants or by virtue of such holder's ownership of our subordinate voting shares, the holder of a warrant does not have the rights or privileges of a holder of our subordinate voting shares, including any voting rights, until the holder exercises the warrant.

*Governing Law.* The warrants are governed by New York law.

#### Underwriter's Warrants
The material terms and provisions of the underwriter's warrants are described under the caption "Underwriting."

------

[**TABLE OF CONTENTS**](#TOC)

#### MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following is, as of the date of this prospectus, a summary of certain material U.S. federal income tax considerations applicable to the acquisition, ownership and disposition of Units, the acquisition, ownership and disposition of subordinate voting shares acquired as part of the Units, the exercise, lapse and disposition of warrants acquired as part of the Units, and the acquisition, ownership and disposition of subordinate voting shares received upon exercise of the warrants, all as issued pursuant to this offering, but does not purport to be a complete analysis of all the potential tax consequences relating thereto.

This summary is based on the United States Internal Revenue Code of 1986, as amended (the "U.S. Tax Code"), the U.S. Treasury Regulations (whether final, temporary, or proposed) promulgated thereunder, the Convention between the United States and Canada with respect to Taxes on Income and Capital of 1980, as amended (the "Treaty"), judicial decisions and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), all as in effect as of the date of this prospectus. These authorities are subject to change and to differing interpretations, possibly retroactively, which may result in U.S. federal income tax consequences different from those discussed below. We have not sought and will not seek a ruling from the IRS or an opinion of legal counsel with respect to the statements made and the conclusions reached in this summary. There can be no assurance the IRS or a U.S. court will not take a contrary position to that discussed below regarding the tax consequences of the acquisition, ownership or disposition of Units, subordinate voting shares and warrants.

This discussion is limited to holders who hold subordinate voting shares and warrants that compose the Units as "capital assets" within the meaning of Section 1221 of the U.S. Tax Code (generally, property held for investment). This discussion does not address all of the U.S. federal income tax consequences that may be relevant to a particular holder in light of such holder's particular circumstances. This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • brokers or dealers in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • traders in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. holders (as defined below) whose "functional currency" is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. expatriates and certain former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • partnerships or other pass-through entities (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • S corporations (and shareholders thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "controlled foreign corporations" and "passive foreign investment companies" and shareholders of such entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. holders that hold Units, subordinate voting shares or warrants in connection with a trade or business, permanent establishment or fixed base outside the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • banks, financial institutions, investment funds, or insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-exempt organizations and government organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • real estate investment trusts and beneficial owners of such trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulated investment companies and shareholders of such companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons that own, have owned, or will own, actually or constructively, more than 5% (by vote or value) of our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons who have elected to mark securities to market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons subject to special tax accounting rules;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons which acquire Units, subordinate voting shares or warrants as compensation for services or through the exercise or cancellation of employee stock options or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-U.S. holders which are corporations organized outside the U.S., any state thereof, or the District of Columbia that are nonetheless treated as U.S. taxpayers for U.S. federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • persons holding Units, subordinate voting shares or warrants as part of a hedging, conversion, straddle, constructive sale, or other integrated transaction.

The U.S. federal income tax treatment of a partner in a partnership (including an entity treated as a partnership for U.S. federal tax purposes) that holds Units, subordinate voting shares or warrants generally will depend on the status of the partner and the activities of the partnership. Such partnerships and partners should consult their own tax advisors regarding the U.S. federal income tax consequences of the acquisition, ownership, and disposition of the Units, subordinate voting shares and warrants.

This summary does not discuss all the aspects of U.S. federal income taxation that may be relevant to a holder considering the holder's particular investment or other circumstances. In addition, this summary does not discuss any U.S. state or local income, foreign income, generation-skipping, U.S. federal alternative minimum, Medicare tax on net investment income, or other non-income tax consequences or (except as specifically addressed herein) estate or gift tax consequences or (except as specifically addressed herein) the effect of any tax treaty. Except as specifically discussed herein, this summary does not discuss tax reporting matters.

 **THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF ACQUIRING, OWNING AND DISPOSING OF UNITS, SUBORDINATE VOTING SHARES AND WARRANTS, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. TAX LAWS.** 

#### Our U.S. Tax Classification as a U.S. Domestic Corporation
Although we are a Canadian corporation, we are also classified as a U.S. domestic corporation for U.S. federal income tax purposes under Section 7874(b) of the U.S. Tax Code and are subject to U.S. federal income tax on our worldwide income. We anticipate that we will experience a number of significant and complicated U.S. federal income tax consequences as a result of being treated as a U.S. domestic corporation for U.S. federal income tax purposes. It is anticipated that such U.S. tax treatment will continue indefinitely and that subordinate voting shares will be treated indefinitely as shares in a U.S. domestic corporation for U.S. federal income tax purposes.

This summary does not attempt to describe all such U.S. federal income tax consequences. Section 7874 of the U.S. Tax Code and the U.S. Treasury Regulations promulgated thereunder do not address all the possible tax consequences that may arise from our classification as a U.S. domestic corporation for U.S. federal income tax purposes. Accordingly, there may be additional or unforeseen U.S. federal income tax consequences to us that are not discussed in this summary.

Generally, we are subject to U.S. federal income tax on our worldwide taxable income (regardless of whether such income is "U.S. source" or "foreign source") and will be required to file a U.S. federal income tax return annually with the IRS. We are also subject to tax in Canada. It is unclear how the foreign tax credit rules under the U.S. Tax Code will operate in certain circumstances, given our classification as a U.S. domestic corporation for U.S. federal income tax purposes and our also being subject to tax in Canada. Subject to the availability of income tax credits, we will be subject to double taxation with respect to all or part of our taxable income. The remainder of this summary assumes that we will be treated as a U.S. domestic corporation for U.S. federal income tax purposes.

#### Allocation of Offering Price for Units
Each Unit should be treated for U.S. federal income tax purposes as an investment unit consisting of one subordinate voting share and one warrant. The offering price paid for a Unit will need to be allocated between

------

[**TABLE OF CONTENTS**](#TOC)

these two components in proportion to their relative fair market values at the time of purchase by the holder. This allocation of the offering price will establish a holder's initial tax basis for U.S. federal income tax purposes in the one subordinate voting share and one warrant, respectively.

For this purpose, we will allocate $ of the offering price to the one subordinate voting share and $ of the offering price to the one warrant. However, the IRS will not be bound by our allocation of the offering price or the allocation of the offering price by any holder, and therefore, the IRS or a U.S. court may not respect such allocation. Each holder should consult its own tax advisor regarding the allocation of the offering price.

#### U.S. Holders
The following is a summary of certain material U.S. federal income tax consequences to U.S. holders (as defined below) of the ownership and disposition of the subordinate voting shares and warrants acquired pursuant to the offering.

 *Definition of a U.S. Holder* 

For purposes of this discussion, a "U.S. holder" is any beneficial owner of Units, subordinate voting shares or warrants that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation, including any entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the U.S., any state within the U.S. or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust that either (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the U.S. Tax Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

 *Distributions* 

No dividends on the subordinate voting shares have been paid by us to date. Investors in our securities cannot expect to receive a dividend on their investment in the foreseeable future, if at all. If we make cash or other property distributions on subordinate voting shares (as well as any constructive distributions on warrants), the gross amount of such distributions (including any amount of Canadian withholding tax) will constitute dividends for U.S. federal income tax purposes to the extent paid from our current and accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess thereof will first constitute a non-taxable return of capital and be applied against and reduce a U.S. holder's adjusted tax basis in its subordinate voting shares (or warrants), but not below zero, and thereafter will be treated as capital gain as described below under "*Sale or Other Taxable Disposition*."

Dividends are treated as ordinary income but will generally be taxable to a non-corporate U.S. holder at the federal income tax rates applicable to long-term capital gains, provided that such holder meets certain holding period and other requirements. Dividends received by corporate U.S. holders may be eligible for a dividends received deduction, subject to certain restrictions relating to, among others, the corporate U.S. holder's taxable income, holding period and debt financing.

 *Sale or Other Taxable Disposition* 

Upon the sale or other taxable disposition of subordinate voting shares or warrants, a U.S. holder will generally recognize capital gain or loss equal to the difference between (i) the amount realized by such U.S. holder in connection with such sale or other taxable disposition, and (ii) such U.S. holder's adjusted tax basis in such subordinate voting shares or warrants. Generally, such gain or loss will be capital gain or loss. Such capital gain or loss will generally be long-term capital gain or loss if the U.S. holder's holding period for such subordinate voting shares or warrants is longer than one year. U.S. holders who are individuals are currently

------

[**TABLE OF CONTENTS**](#TOC)

eligible for preferential rates of federal income taxation in respect of their long-term capital gains. Deductions for capital losses are subject to certain limitations.

 *Exercise or Lapse of Warrants* 

A U.S. holder generally will not recognize gain or loss on the exercise of a warrant and related receipt of a subordinate voting share (unless cash is received in lieu of a fractional subordinate voting share). A U.S. holder's initial tax basis in the subordinate voting share received upon the exercise of a warrant should be equal to the sum of (a) such U.S. holder's tax basis in such warrant plus (b) the exercise price paid by such U.S. holder on the exercise of such warrant. It is unclear whether a U.S. holder's holding period for the subordinate voting share received upon the exercise of a warrant should begin on the date that such warrant is exercised by such U.S. holder or the day following the date of exercise of the warrant.

If a warrant is allowed to lapse unexercised, a U.S. holder will recognize a capital loss in an amount equal to its tax basis in the warrant. Such loss will be long-term capital loss if the warrant has been held for longer than one year as of the date the warrant lapsed. The deductibility of capital losses is subject to certain limitations.

In certain limited circumstances, a U.S. holder may be permitted to undertake a cashless exercise of warrants into subordinate voting shares. The U.S. federal income tax treatment of a cashless exercise of warrants into subordinate voting shares is unclear, and the tax consequences of a cashless exercise could differ from the consequences upon the exercise of a warrant described in the preceding paragraph. U.S. holders should consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of warrants.

 *Adjustment to Exercise Price* 

Under Section 305 of the U.S. Tax Code, an adjustment to the number of subordinate voting shares that will be issued upon the exercise of the warrants, or an adjustment to the exercise price of the warrants, may be treated as a constructive distribution to a U.S. holder of the warrants if, and to the extent that, such adjustment has the effect of increasing such U.S. holder's proportionate interest in our "earnings and profits" or our assets, depending on the circumstances of such adjustment (for example, if such adjustment is to compensate for a distribution of cash or other property to the shareholders). Adjustments to the exercise price of warrants made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing dilution of the interest of the holders of the warrants should generally not be considered to result in a constructive distribution. Any such constructive distribution would be taxable whether there is an actual distribution of cash or other property.

 *Foreign Tax Credit Limitations* 

As a result of our being subject to tax both as a U.S. domestic corporation and as a Canadian corporation, a U.S. holder may pay, through withholding, Canadian tax, as well as U.S. federal income tax, with respect to any dividends paid on subordinate voting shares. For U.S. federal income tax purposes, a U.S. holder may elect for any taxable year to receive either a credit or a deduction for foreign income taxes paid by the holder during the year. Complex limitations apply to foreign tax credits, including a general limitation that the credit cannot exceed the proportionate share of a U.S. holder's U.S. federal income tax that the U.S. holder's foreign source taxable income bears to the U.S. holder's worldwide taxable income. In applying this limitation, items of income and deduction are classified as either foreign source or U.S. source. Our status as a U.S. domestic corporation for U.S. federal income tax purposes is expected to cause any dividends paid by us to be treated as U.S. source rather than foreign source income for this purpose. As a result, a foreign tax credit may be unavailable for any Canadian tax paid on dividends received from us.

Similarly, to the extent a sale or disposition of subordinate voting shares by a U.S. holder results in Canadian tax payable by the U.S. holder (for example, in case the subordinate voting shares constitute taxable Canadian property within the meaning of the Tax Act), a U.S. foreign tax credit may be unavailable to the U.S. holder for such Canadian tax. In the case of Canadian withholding on a dividend or in connection with a sale or disposition, a U.S. holder should be able to instead take a deduction for the U.S. holder's Canadian tax paid, provided that the U.S. holder has not made an election to credit other foreign taxes during the same

------

[**TABLE OF CONTENTS**](#TOC)

taxable year. In addition, U.S. Treasury Regulations that apply to foreign taxes paid or accrued (the "Foreign Tax Credit Regulations") impose additional requirements for Canadian withholding taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Treasury Department has released guidance temporarily pausing the application of certain of the Foreign Tax Credit Regulations. The foreign tax credit rules are complex, and each U.S. holder should consult its own tax advisor regarding these rules.

 *Foreign Currency* 

The amount of any distribution paid to a U.S. holder in foreign currency, or the amount of proceeds paid in foreign currency on the sale, exchange or other taxable disposition of subordinate voting shares or warrants, generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt or, if applicable, the date of settlement if the subordinate voting shares are traded on an established securities market (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. A foreign currency tax loss generally will not be deductible by non-corporate U.S. holders. Different rules apply to U.S. holders who use the accrual method of tax accounting. Each U.S. holder should consult its own tax advisors regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

 *Information Reporting and Backup Withholding* 

U.S. backup withholding (currently at a rate of 24%) is imposed upon certain payments to persons that fail (or are unable) to furnish the information required pursuant to U.S. information reporting requirements. Distributions to U.S. holders will generally be exempt from backup withholding, provided the U.S. holder meets applicable certification requirements, including providing a U.S. taxpayer identification number on a properly completed IRS Form W-9, or otherwise establishing an exemption. We must report annually to the IRS and to each U.S. holder the amount of distributions and dividends paid to that U.S. holder and the proceeds from the sale or other disposition of subordinate voting shares or warrants, unless such U.S. holder is an exempt recipient.

Backup withholding does not represent an additional tax. Any amounts withheld from a payment to a U.S. holder under the backup withholding rules will generally be allowed as a credit against such U.S. holder's U.S. federal income tax liability, and may entitle such U.S. holder to a refund, provided the required information and returns are timely furnished by such U.S. holder to the IRS.

#### Non-U.S. Holders
 *Definition of a Non-U.S. Holder* 

For purposes of this discussion, a "non-U.S. holder" is any beneficial owner of Units, subordinate voting shares and warrants that is neither a "U.S. holder" nor an entity treated as a partnership for U.S. federal income tax purposes.

 *Distributions* 

No dividends on the subordinate voting shares have been paid by us to date. Investors in our securities cannot expect to receive a dividend on their investment in the foreseeable future, if at all. If we make cash or other property distributions on subordinate voting shares (as well as any constructive distributions on warrants), the gross amount of such distributions (including any amount of Canadian withholding tax) will constitute dividends for U.S. federal income tax purposes to the extent paid from our current and accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess thereof will first constitute a return of capital and be applied against and reduce a non-U.S. holder's adjusted tax basis in its subordinate voting shares (or warrants), but not below zero, and thereafter be treated as capital gain and will be treated as described below under "*Sale or Other Taxable Disposition*."

------

[**TABLE OF CONTENTS**](#TOC)

Subject to the discussion below regarding backup withholding and regarding FATCA (as defined below), any dividend paid to a non-U.S. holder of subordinate voting shares that is not effectively connected with the non-U.S. holder's conduct of a trade or business within the U.S. generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends, or such lower rate as may be specified under an applicable income tax treaty. To receive the benefit of a reduced treaty rate, a non-U.S. holder must furnish us or our paying agent a valid IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or appropriate successor form) properly certifying such holder's eligibility for the reduced rate. If a non-U.S. holder holds subordinate voting shares through a financial institution or other agent acting on the non-U.S. holder's behalf, the non-U.S. holder will be required to provide appropriate documentation to such agent, and the non-U.S. holder's agent will then be required to provide such (or a similar) certification to us, either directly or through other intermediaries. A non-U.S. holder that does not timely furnish the required certification, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders should consult their own tax advisors regarding their entitlement to benefits under any applicable income tax treaty. If we are a USRPHC (as defined below) and our subordinate voting shares do not qualify for the Regularly Traded Exception (as defined below), distributions which constitute a return of capital will be subject to withholding tax unless an application for a withholding certificate is filed to reduce or eliminate such withholding.

Dividends paid to a non-U.S. holder that are effectively connected with the non-U.S. holder's conduct of a trade or business in the U.S. (or, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment, or fixed base, of the non-U.S. holder) generally will be exempt from the withholding tax described above and instead will be subject to U.S. federal income tax on a net income basis at the regular graduated U.S. federal income tax rates in the same manner as if the non-U.S. holder were a U.S. person. In such case, we will not have to withhold U.S. federal tax so long as the non-U.S. holder timely complies with the applicable certification and disclosure requirements. To obtain this exemption from withholding tax, a non-U.S. holder must provide its financial intermediary with an IRS Form W-8ECI properly certifying its eligibility for such exemption. Any such effectively connected dividends received by a corporate non-U.S. holder may be subject to an additional "branch profits tax" at a rate of 30% (or such lower rate as may be specified by an applicable income tax treaty), as adjusted for certain items. Non-U.S. holders should consult their own tax advisors regarding any applicable tax treaties that may provide for different rules*.* 

 *Sale or Other Taxable Disposition* 

Subject to the discussion below regarding backup withholding and FATCA, a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized on the sale or other disposition of subordinate voting shares or warrants, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the gain is effectively connected with the non-U.S. holder's conduct of a trade or business in the United States (or, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the non-U.S. holder is an individual present in the United States for 183 days or more during the taxable year of the disposition, and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rules of the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") apply to treat the gain as effectively connected with a U.S. trade or business.

A non-U.S. holder who has a gain that is described in the first bullet point immediately above will be subject to U.S. federal income tax on the gain derived from the sale or other disposition pursuant to regular graduated U.S. federal income tax rates in the same manner as if it were a U.S. person. In addition, a corporate non-U.S. holder described in the first bullet point immediately above may be subject to the branch profits tax equal to 30% of its effectively connected earnings and profits (or at such lower rate as may be specified by an applicable income tax treaty), as adjusted for certain items.

A non-U.S. holder who meets the requirements described in the second bullet point immediately above will be subject to a flat 30% tax (or a lower tax rate specified by an applicable tax treaty) on the gain derived from the sale or other disposition, which gain may be offset by certain U.S. source capital losses (even though the individual is not considered a resident of the U.S.), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses.

------

[**TABLE OF CONTENTS**](#TOC)

With respect to the third bullet point above, pursuant to FIRPTA, in general, a non-U.S. holder is subject to U.S. federal income tax in the same manner as a U.S. holder on any gain realized on the sale or other disposition of a "U.S. real property interest" within the meaning of Section 897(c)(1) of the U.S. Tax Code (a "USRPI"). For purposes of these rules, a USRPI generally includes stock in a U.S. corporation (like subordinate voting shares) assuming the U.S. corporation's interests in U.S. real property constitute 50% or more, by value, of the sum of the U.S. corporation's (i) assets used in a trade or business, (ii) U.S. real property interests, and (iii) interests in real property outside of the U.S. A U.S. corporation whose interests in U.S. real property constitute 50% or more, by value, of the sum of such assets is commonly referred to as a U.S. real property holding corporation within the meaning of Section 897(c)(2) of the U.S. Tax Code (a "USRPHC"). We believe that we are currently and anticipate remaining for the foreseeable future a USRPHC for U.S. federal income tax purposes. However, as long as our subordinate voting shares are regularly traded on an established securities market as determined under applicable U.S. Treasury Regulations ("Regularly Traded," and the "Regularly Traded Exception"), our subordinate voting shares will be treated as a USRPI only if a non-U.S. holder actually (directly or indirectly) or constructively (under certain attribution rules) holds or has held more than five percent of such Regularly Traded subordinate voting shares at any time during the shorter of the five-year period preceding such non-U.S. holder's disposition of, or holding period for, our subordinate voting shares (a "5% Shareholder"). However, no assurance can be provided that our subordinate voting shares will be considered to be Regularly Traded for purposes of the rules described above. Since the warrants are not expected to be listed on a securities market, the warrants are unlikely to qualify for the Regularly Traded Exception and would thus likely be subject to U.S. federal income taxation on any gain if sold, exchanged, or otherwise disposed of. If gain on the sale or other taxable disposition of subordinate voting shares or warrants by a non-U.S. holder is subject to U.S. federal income taxation by reason of such subordinate voting shares or warrants, as applicable, being treated as a USRPI in respect of such non-U.S. holder, such non-U.S. holder generally would be subject to regular U.S. federal income tax with respect to such gain in the same manner as a taxable U.S. holder and would be required to file a U.S. federal income tax return for the taxable year in which such gain was recognized. In addition, the purchaser of such subordinate voting shares or warrants, as applicable, from a non-U.S. holder generally would be required to withhold and remit to the IRS 15% of the purchase price paid to such non-U.S. holder unless, at the time of such sale or other disposition, the Regularly Traded Exception applies to the securities sold or another exception to such withholding applies. The determination of whether a non-U.S. holder is a 5% Shareholder and the potential application of the Regularly Traded Exception is complex and subject to uncertainty. Non-U.S. holders should consult with their own tax advisors regarding such determinations and the consequences of these rules on their investment.

 *Exercise or Lapse of a Warrant* 

The U.S. federal income tax treatment of a non-U.S. Holder's exercise or lapse of a warrant generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder, as described above under the section entitled "*U.S. Holders — Exercise or Lapse of a Warrant*."

 *U.S. Estate and Gift Tax Consequences of Owning Subordinate Voting Shares and Warrants* 

Because we are treated as a U.S. corporation under Section 7874(b) of the U.S. Tax Code, U.S. gift, estate, and generation-skipping transfer tax rules may apply to a non-U.S. holder of subordinate voting shares and warrants. In general, subordinate voting shares and warrants are considered a U.S.-situs asset for U.S. estate tax purposes and could be subject to U.S. estate tax at the death of a non-U.S. holder depending on the particular facts and circumstances of the non-U.S. holder. Non-U.S. holders should consult their own tax advisors with respect to U.S. gift, estate, and generation-skipping transfer tax consequences applicable to the ownership of Units, subordinate voting shares and warrants.

 *Information Reporting and Backup Withholding* 

With respect to distributions and dividends on subordinate voting shares, we must report annually to the IRS and to each non-U.S. holder the amount of distributions and dividends paid to such non-U.S. holder and any tax withheld with respect to such distributions and dividends, regardless of whether withholding was required with respect thereto. Copies of the information returns reporting such dividends and distributions and withholding also may be made available to the tax authorities in the country in which the non-U.S. holder

------

[**TABLE OF CONTENTS**](#TOC)

resides or is established under the provisions of an applicable income tax treaty, tax information exchange agreement or other arrangement. A non-U.S. holder will be subject to backup withholding for dividends and distributions paid to such non-U.S. holder at a rate of 30% unless either (i) such non-U.S. holder certifies under penalty of perjury that it is not a U.S. person (as defined in the U.S. Tax Code), which certification is generally satisfied by providing a properly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8ECI, as applicable (or appropriate successor form), and the payor does not have actual knowledge or reason to know that such holder is a U.S. person, or (ii) such non-U.S. holder otherwise establishes an exemption.

With respect to sales or other dispositions of subordinate voting shares or warrants, information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition of subordinate voting shares or warrants within the U.S. or conducted through certain U.S.-related financial intermediaries, unless either (i) such non-U.S. holder certifies under penalty of perjury that it is not a U.S. person (as defined in the U.S. Tax Code), which certification is generally satisfied by providing a properly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8ECI, as applicable (or appropriate successor form), and the payor does not have actual knowledge or reason to know that such holder is a U.S. person, or (ii) such non-U.S. holder otherwise establishes an exemption.

Whether with respect to distributions and dividends, or the sale or other disposition of subordinate voting shares or warrants, backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS. In addition, backup withholding may be credited against any FATCA withholding discussed under the section below entitled "*FATCA"*.

 *FATCA* 

Withholding taxes may be imposed under Sections 1471 to 1474 of the U.S. Tax Code (such sections commonly referred to as the Foreign Account Tax Compliance Act, or "FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends paid to a non-U.S. holder on our subordinate voting shares, or, subject to the proposed U.S. Treasury Regulations discussed below, gross proceeds from the disposition of, our subordinate voting shares or warrants paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the U.S. Tax Code), unless (i) the foreign financial institution undertakes certain diligence and reporting obligations, (ii) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the U.S. Tax Code) or furnishes identifying information regarding each substantial United States owner, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (i) above, it must enter into an agreement with the United States Department of Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the U.S. Tax Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Non-U.S. holders typically will be required to furnish certifications (generally on the applicable IRS Form W-8) or other documentation to provide the information required by FATCA or to establish compliance with or an exemption from withholding under FATCA. FATCA withholding may apply where payments are made through a non-U.S. intermediary that is not FATCA compliant, even where the non-U.S. holder satisfies the holder's own FATCA obligations.

Under the applicable U.S. Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on subordinate voting shares, and subject to proposed U.S. Treasury Regulations described below, to payments of gross proceeds from the sale or other disposition of subordinate voting shares and warrants. The United States Department of Treasury has released proposed Treasury Regulations (the preamble to which specifies that taxpayers may rely on them pending finalization) which would eliminate FATCA withholding on payments of gross proceeds from the sale or other disposition of subordinate voting shares and warrants. There can be no assurance that the proposed U.S. Treasury Regulations will be finalized in their present form.

------

[**TABLE OF CONTENTS**](#TOC)

The United States and a number of other jurisdictions have entered into intergovernmental agreements to facilitate the implementation of FATCA. Any applicable intergovernmental agreement may alter one or more of the FATCA information reporting and withholding requirements. Prospective investors should consult their own tax advisors regarding the potential application of withholding under FATCA to an investment in Units, subordinate voting shares and warrants, including the applicability of any intergovernmental agreements.

 **The preceding summary of U.S. federal income tax considerations is for informational purposes only. It is not legal or tax advice. Prospective investors should consult their own tax advisors regarding the particular U.S. federal, state, local, and non-U.S. tax consequences of acquiring, holding and disposing of Units, subordinate voting shares and warrants, including the consequences of any proposed changes in applicable laws** 

------

[**TABLE OF CONTENTS**](#TOC)

#### UNDERWRITING
Subject to the terms and conditions set forth in the underwriting agreement, dated , 2025, between us and Cantor Fitzgerald & Co., as the underwriter, we have agreed to sell to the underwriter, and the underwriter has agreed to purchase from us, Units.

The underwriting agreement provides that the obligations of the underwriter are subject to certain conditions precedent such as the receipt by the underwriter of officers' certificates and legal opinions and the approval of certain legal matters by their counsel. The underwriting agreement provides for a firm commitment underwriting. The underwriter has advised us that it proposes to offer the Units to the public at the initial public offering price set forth on the cover page of this prospectus.

The underwriter is offering the Units subject to its acceptance of the Units from us. The underwriter reserves the right to withdraw, cancel or modify offers to the public, and to reject orders in whole or in part. In addition, the underwriter has advised us that it does not intend to confirm sales to any account over which it exercises discretionary authority.

We have agreed to indemnify the underwriter and certain of its affiliates and controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriter may be required to make in respect of those liabilities.

This offering is being made concurrently in the United States and in each of the provinces and territories in Canada[, other than Quebec]. The underwriter is not registered as an investment dealer in any Canadian jurisdiction and, accordingly, will only sell the Units in connection with this offering in the United States, and will not, directly or indirectly, sell or solicit offers to purchase any Units in Canada. Cantor Fitzgerald Canada Corporation will act as an agent of Cantor Fitzgerald & Co. for sales of the Units, if any, in Canada. Cantor Fitzgerald Canada Corporation is not a broker-dealer registered with the SEC and, therefore, may not make any sales of the Units in the United States or to U.S. persons. Cantor Fitzgerald Canada Corporation is an affiliate of Cantor Fitzgerald & Co.

Subject to applicable law, the underwriter, or such other registered dealers or other entities outside the United States and Canada that are affiliates of the underwriter as may be designated by the underwriter, may offer our Units outside of the United States and Canada. In Canada, the Units are to be taken up by Cantor Fitzgerald Canada Corporation, if at all, on or before a date not later than 42 days after the date of this prospectus.

#### Option to Purchase Additional Units
We have granted to the underwriter an option, exercisable for a period of days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of additional Units from us at the initial public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions.

#### Discounts and Commissions and Expenses
The underwriter has advised us that it proposes to offer our Units to the public at the initial public offering price set forth on the cover page of this prospectus, and to certain dealers, which may include the underwriter, at that price less a concession not in excess of $ per Unit. The underwriter may allow, and certain dealers may reallow, a discount from the concession not in excess of $ per Unit to certain brokers and dealers.

The following table shows the public offering price, the underwriting discounts and commissions that we will pay to the underwriter, and the proceeds to us, before expenses, in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriter's option to purchase additional Units.

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Per Unit**  | **Per Unit**  | **Total**  | **Total**  |
| | **No Exercise of <br> Option to <br> Purchase <br> Additional <br> Units**  | **Full Exercise of <br> Option to <br> Purchase <br> Additional <br> Units**  | **No Exercise of <br> Option to <br> Purchase <br> Additional <br> Units**  | **Full Exercise of <br> Option to <br> Purchase <br> Additional <br> Units**  |
| Public offering price  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Underwriting discounts and commissions<sup>(1)</sup>  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Proceeds to us, before expenses  |  | $&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |

---

(1) The underwriting discounts and commissions reflected in this table do not include (i) the issuance by us of the Underwriter's Warrants to the underwriter (see " — Underwriter's Warrants" below), or (ii) the reimbursement by us of certain expenses as described below.

We estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $. We have also agreed to reimburse the underwriter up to $ for certain of their out-of-pocket expenses reasonably incurred in connection with this offering, including up to $ of the reasonable and documented fees of its legal counsels, which reimbursed fees are deemed by FINRA to be underwriting compensation for this offering.

#### Determination of Offering Price and Warrant Exercise Price
Prior to this offering, there has been no U.S. public market for our subordinate voting shares. The initial public offering price per Unit and the exercise price of the warrants to be issued in this offering were negotiated between us and the underwriter based on, among other things, the trading price of our subordinate voting shares on the TSXV immediately prior to the pricing of this offering. Other factors considered in determining the initial public offering price of the Units and the exercise price for warrants being issued in this offering included our history and prospects, the stage of development of our business, our strategic plans for the future, an assessment of our management team and its experience in the mining industry, our capital structure, general conditions of the securities markets at the time of this offering, and other factors that we and the underwriter deemed relevant.

#### Underwriter's Warrants
We have agreed to issue to the underwriter, upon the closing of this offering, warrants exercisable for the number of our subordinate voting shares equal to 4% of the total number of Units sold in this offering (which we refer to as the "Underwriter's Warrants"). The Underwriter's Warrants will be exercisable at an exercise price equal to % of the exercise price of the warrants that form part of the Units being sold in this offering. Subject to FINRA Rule 5110(e)(1), the Underwriter's Warrants will be exercisable, in whole or in part, from time to time after 180 days following the date of this prospectus, until the expiration of the Underwriter's Warrants on the date that is years following the date of this prospectus. The Underwriter's Warrants and the subordinate voting shares issuable upon exercise of the Underwriter's Warrants are also being registered under the registration statement of which this prospectus forms a part, and this prospectus also relates to the subordinate voting shares issuable upon exercise of the Underwriter's Warrants. Additionally, the Underwriter's Warrants provide for certain additional registration rights, including a one-time demand registration right at our expense and unlimited piggyback rights, with such registration rights expiring years following the date of this prospectus.

In addition, pursuant to FINRA Rule 5110, the Underwriter's Warrants and the subordinate voting shares underlying the Underwriter's Warrants are deemed by FINRA to be underwriting compensation for this offering, and, as such, they will be subject to lock-up restrictions, as required by FINRA Rule 5110(e)(1), and may not be sold during this offering, or sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days immediately following the date of effectiveness of the registration statement of which this prospectus forms a part or the commencement of sales in this offering, except as provided in FINRA Rule 5110(e)(2).

------

[**TABLE OF CONTENTS**](#TOC)

The exercise price and the number of subordinate voting shares issuable upon exercise of the Underwriter's Warrants may be adjusted in certain circumstances, including in the event of a share dividend, extraordinary cash dividend, or recapitalization, reorganization, merger or consolidation. You should review a copy of the form of the Underwriter's Warrant, which is included as Exhibit 4.2 to the registration statement of which this prospectus forms a part, for a complete description of the terms and conditions applicable to the Underwriter's Warrants.

#### No Sales of Similar Securities
We, each of our directors and executives, and each of our shareholders that beneficially owns at least 5% of our outstanding subordinate voting shares immediately prior to this offering, have agreed, subject to certain specified exceptions, not to, (i) for a period of days following the date of this prospectus in the case of our directors and executives, and our shareholders that beneficially own at least 5% of our outstanding subordinate voting shares immediately prior to this offering, and (ii) for a period of days following the date of this prospectus in the case of our Company, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • offer, sell, contract or grant any option to sell (including any short sale), issue (in the case of our Company), pledge, transfer, establish an open "put equivalent position" within the meaning of Rule 16a-l(h) under the Exchange Act, or otherwise dispose of, any subordinate voting shares, options or warrants to acquire subordinate voting shares, or securities exchangeable or exercisable for or convertible into subordinate voting shares currently or hereafter owned either of record or beneficially;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into any swap, hedge or other agreement or transaction that transfers, in whole or in part, the economic consequence of ownership of subordinate voting shares, or securities exchangeable or exercisable for or convertible into subordinate voting shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • publicly announce an intention to do any of the foregoing, without the prior written consent of the underwriter.

In addition, we and each such person subject to the foregoing lock-up restrictions (which we refer to as a "Locked-up Person") agreed that, without the prior written consent of the underwriter, we or such other Locked-up Person will not, during the restricted period, make any demand for, or exercise any right with respect to, the registration of any subordinate voting shares or any security exercisable or exchangeable for or convertible into subordinate voting shares.

The restrictions in the immediately preceding paragraphs do not apply in certain circumstances, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

in the case of our directors and executives, and our shareholders that beneficially own at least 5% of our outstanding subordinate voting shares immediately prior to this offering, subject to certain exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfers in connection with bona fide gifts or bona fide estate planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfers to immediate family members, related trusts or legal entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfers to any fund or other entity controlling or controlled by such Locked-up Person or by his, her or its affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if such Locked-up Person is a corporation, partnership, limited liability company, trust or other business entity, transfers to another legal entity that is an affiliate of such Locked-up Person or as a distribution to general or limited partners or stockholders or other equity holders of such Locked-up Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if such Locked-up Person is a trust, transfers to beneficiaries of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfers by operation of law, including pursuant to a qualified domestic order or in connection with a divorce settlement, divorce decree or separation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfers by will or intestate succession upon the death of such Locked-up Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfers of any subordinate voting shares acquired in the open market after the closing of this offering;

------

[**TABLE OF CONTENTS**](#TOC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exercises of outstanding options or settlements of equity awards pursuant to our long term incentive plan or other similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exercises, vestings or settlements of options, deferred share units, warrants or other rights to purchase or acquire any subordinate voting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • transfers in connection with bona fide third-party tender offers, mergers, consolidations, or other similar transactions that are approved by our board of directors, offered to all our shareholders, and involve a change of control in our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the establishment of, but not sales under, Rule 10b5-1 trading plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

in the case of our Company, in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain issuances of our subordinate voting shares or related securities in connection with our long term incentive plan or other similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issuances of our subordinate voting shares upon the exercise of warrants outstanding as of the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issuances of up to 10% of our subordinate voting shares outstanding as of immediately following the completion of this offering in connection with certain acquisitions, joint ventures, and similar strategic transactions by our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the filing of any Registration Statements on Form S-8.

The underwriter may, in its sole discretion and at any time or from time to time before the end of the (i) day period in the case of our directors and executives, and our shareholders that beneficially own at least 5% of our outstanding subordinate voting shares immediately prior to this offering, and (ii) day period in the case of our Company, release all or any portion of the securities subject to lock-up agreements.

#### Market Making, Stabilization and Other Transactions
The underwriter may make a market in our subordinate voting shares as permitted by applicable laws and regulations. However, the underwriter is not obligated to do so, and the underwriter may discontinue any market-making activities at any time in its sole discretion without notice. Accordingly, no assurance can be given as to the liquidity of the trading market for our subordinate voting, that you will be able to sell any of the subordinate voting shares held by you at a particular time, or that the prices that you receive when you sell will be favorable.

The underwriter has advised us that they may engage, pursuant to Regulation M under the Exchange Act, in short sale transactions, stabilizing transactions, syndicate covering transactions, or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of our subordinate voting shares at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve "covered" short sales, which are sales made in an amount not greater than the underwriter's option to purchase additional Units in this offering. The underwriter may close out any covered short position by either exercising their option to purchase additional Units or purchasing subordinate voting shares in the open market. In determining the source of subordinate voting shares to close out the covered short position, the underwriter will consider, among other things, the price of our subordinated voting shares available for purchase in the open market as compared to the price at which it may purchase our subordinated voting shares through the option to purchase additional Units.

A stabilizing bid is a bid for the purchase of subordinate voting shares on behalf of the underwriter for the purpose of fixing or maintaining the price of the subordinate voting shares. A syndicate covering transaction is the bid for, or the purchase of, subordinate voting shares on behalf of the underwriter to reduce a short position incurred by the underwriter in connection with the offering. Similar to other purchase transactions, the underwriter's purchases to cover syndicate short sales may have the effect of raising or maintaining the market price of our subordinate voting shares or preventing or retarding a decline in the market price of our subordinate voting shares. As a result, the price of our subordinate voting shares may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriter to reclaim the selling concession otherwise accruing to a syndicate member in connection with

------

[**TABLE OF CONTENTS**](#TOC)

the offering if the subordinate voting shares originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we nor the underwriter make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our subordinate voting shares. The underwriter is not obligated to engage in any of these activities and, if commenced, may end any of these activities at any time. These transactions may be effected on the TSXV, in the over-the-counter market, or otherwise.

#### Electronic Distribution
A prospectus in electronic format may be made available by e-mail or on web sites or through online services maintained by the underwriter, selling group members (if any), or their respective affiliates. The underwriter may agree with us to allocate a specific number of subordinate voting shares sold as part of the Units for sale to online brokerage account holders. Other than the prospectus in electronic format, the information on the underwriter's website and any information contained in any other web sites maintained by the underwriter is not part of this prospectus, has not been approved and/or endorsed by us or the underwriter and should not be relied upon by investors.

#### Other Activities and Relationships
The underwriter and certain of its affiliates are full service financial institutions engaged in a wide range of activities for their own accounts and the accounts of their customers, which may include, among other things, corporate finance, mergers and acquisitions, merchant banking, equity and fixed income sales, trading and research, derivatives, foreign exchange, futures, asset management, custody, clearance, and securities lending. The underwriter and certain of its affiliates may in the future perform, from time to time, various investment banking and financial advisory services for us and our affiliates, for which the underwriter and its affiliates will receive customary fees and expenses.

In addition, in the ordinary course of their respective businesses, the underwriter and its affiliates may, directly or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities and/or bank debt of, and/or derivative products. Such investment and securities activities may involve our securities and instruments. The underwriter and its affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities or instruments.

#### Notice to Investors
This prospectus does not constitute an offer to sell to, or a solicitation of an offer to buy from, anyone in any country or jurisdiction (i) in which any such an offer or solicitation is not authorized, (ii) in which any person making any such offer or solicitation is not qualified to do so, or (iii) in which any such offer or solicitation would otherwise be unlawful. No action has been taken that would, or is intended to, permit a public offer of the securities or possession or distribution of this prospectus or any other offering or publicity material relating to the securities in any country or jurisdiction (other than the United States and Canada) where any such action for that purpose is required. Accordingly, the underwriter has undertaken that it will not, directly or indirectly, offer or sell any securities or have in its possession, distribute or publish any prospectus, form of application, advertisement, or other document or information in any country or jurisdiction except under circumstances that will, to the best of its knowledge and belief, result in compliance with any applicable laws and regulations, and that all offers and sales of securities by it will be made on the same terms.

#### European Economic Area
Neither this prospectus nor any related free writing prospectus is a prospectus for the purposes of Regulation (EU) 2017/1129, as amended (which we refer to as the "Prospectus Regulation"). This prospectus and any related free writing prospectus, and any offer if made subsequently, is directed only at persons in Member States of the European Economic Area (which we refer to as the "EEA") who are "qualified

------

[**TABLE OF CONTENTS**](#TOC)

investors" within the meaning of Article 2(e) of the Prospectus Regulation. This prospectus and any related free writing prospectus have been prepared on the basis that any offer of our securities in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of securities. Accordingly, any person making or intending to make an offer in a Member State of the EEA of our securities that are the subject of the offering contemplated in this prospectus and any related free writing prospectus may only do so in circumstances in which no obligation arises for us or the underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation in relation to such offer. Neither we nor the underwriter have authorized, nor do we or the underwriter authorize, the making of any offer of our securities in the EEA in circumstances in which an obligation arises for us or the underwriter to publish a prospectus for such offer.

In relation to each Member State of the EEA (each referred to as a "Relevant State"), no securities have been offered or will be offered pursuant to this offering to the public in that Relevant State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in such Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that our securities may be offered to the public in that Relevant State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the relevant underwriter for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that, no such offer of our securities shall require us or the underwrite to publish a prospectus pursuant to Article 3 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to our securities in any Relevant State means the communication in any form and by any means of sufficient information regarding the terms of the offer and any securities to be offered so as to enable an investor to decide whether or not to purchase or subscribe for any securities. Each person in a Relevant State who acquires any securities or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with us and the underwriter that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of our securities being offered to a financial intermediary (as that term is used in Article 5(1) of the Prospectus Regulation), each such financial intermediary will be deemed to have represented, acknowledged and agreed to and we and the underwriter that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public, other than their offer or resale in a Relevant State to qualified investors or in circumstances in which the prior consent of the underwriter has been obtained to each such proposed offer or resale. Neither we nor the underwriter have authorized, nor do they authorize, the making of any offer of our securities through any financial intermediary, other than offers made by the underwriter which constitute the final placement of securities contemplated in this document.

We, the underwriter, and our and the underwriter's respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

#### United Kingdom
In the United Kingdom, neither this prospectus nor any related free writing prospectus is a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (which we refer to as the "UK Prospectus Regulation").

This prospectus and any related free writing prospectus have been prepared on the basis that any offer if made subsequently is directed only at persons in the United Kingdom who are "qualified investors" within the

------

[**TABLE OF CONTENTS**](#TOC)

meaning of Article 2(e) of the UK Prospectus Regulation. This prospectus and any related free writing prospectus have been prepared on the basis that any offer of our securities in the United Kingdom will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of our securities. Accordingly, any person making or intending to make an offer in the United Kingdom of our securities which are the subject of the offering contemplated in this prospectus and any related free writing prospectus may only do so in circumstances in which no obligation arises for us or any of the underwriter to publish a prospectus pursuant to Section 85 of the United Kingdom's Financial Services and Markets Act 2000, as amended (which we refer to as the "FSMA"), in relation to such offer. Neither we nor the underwriter have authorized, nor do they authorize, the making of any offer of securities in circumstances in which an obligation arises for us or the underwriter to publish a prospectus for such offer.

This prospectus and any related free writing prospectus may not be distributed or circulated to any person in the United Kingdom, other than to (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (which we refer to as the "Order"); and (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons collectively being referred to as "relevant persons"). This prospectus and any related free writing prospectus are directed only at relevant persons. Other persons should not act on this prospectus and any related free writing prospectus or any of its contents. This prospectus and any related free writing prospectus are confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on to any other person, or published, in whole or in part, for any other purpose.

No securities have been offered or will be offered pursuant to this offering to the public in the United Kingdom prior to the publication of a prospectus in relation to our securities which has been approved by the Financial Conduct Authority, except that our securities may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the relevant underwriter or underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Section 86 of the FSMA;

provided that, no such offer of our securities shall require we or the underwriter to publish a prospectus pursuant to Section 85 of the FSMA.

For the purposes of this provision, the expression an "offer to the public" in relation to our securities in the United Kingdom means the communication in any form and by any means of sufficient information regarding the terms of the offer and any securities to be offered so as to enable an investor to decide whether or not to purchase or subscribe for any securities and the expression.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the sale or issue of our securities may only be communicated or caused to be communicated in circumstances in which Section 21(1) of the FSMA does not apply to us.

All applicable provisions of the FSMA must be complied with in respect to anything done by any person in relation to our securities in, from or otherwise involving the United Kingdom.

Each person in the United Kingdom who acquires any securities in this offering or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with us and the underwriter that it is a qualified investor within the meaning of the UK Prospectus Regulation.

In the case of any securities being offered to a financial intermediary (as that term is used in Article 5(1) of the UK Prospectus Regulation), each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with us and the underwriter that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public, other than their offer

------

[**TABLE OF CONTENTS**](#TOC)

or resale in the United Kingdom to qualified investors or in circumstances in which the prior consent of the underwriter has been obtained to each such proposed offer or resale. Neither we nor the underwriter have authorized, nor do they authorize, the making of any offer of our securities through any financial intermediary, other than offers made by the underwriter which constitute the final placement of securities contemplated in this document.

We, the underwriter, and our and the underwriter's their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

#### LEGAL MATTERS
Dorsey & Whitney LLP, which has acted as our United States counsel in connection with this offering, will pass on certain legal matters with respect to United States federal law in connection with this offering. DuMoulin Black LLP , which has acted as our Canadian counsel in connection with this offering, will pass on certain legal matters with respect to Canadian law in connection with this offering. Katten Muchin Rosenman LLP has acted as counsel to the underwriter in connection with this offering.

#### EXPERTS
Our consolidated financial statements for the years ended December 31, 2023 and 2024, have been incorporated by reference herein and in the registration statement in reliance upon the report of Davidson & Company LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

Effective as of January 9, 2025, our previous auditor, De Visser Gray, resigned in connection with changing our accounting framework from International Financial Reporting Standards to U.S. GAAP. Other than a going concern qualification included in its audit report on our consolidated financial statements for the fiscal year ended December 31, 2023, De Visser Gray did not issue an adverse or qualified opinion in the last two years and the subsequent interim period until the date of its resignation, and there were no disagreements between the auditor and our company during that period. Our Audit Committee and the Board of Directors accepted the resignation and approved the appointment of Davidson & Company, effective January 10, 2025.

#### ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the Units offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our subordinate voting shares and related warrants comprising the Units, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

On the closing of this offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements and other information with the SEC.

------

[**TABLE OF CONTENTS**](#TOC2)

#### Index to Financial Statements

---

| | |
|:---|:---|
| | **Page**  |
|  **Unaudited Financial Statements as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024**  |  |
| [Condensed Consolidated Balance Sheets](#fUCCB)  | [F-2](#fUCCB) |
| [Condensed Consolidated Statements of Loss and Comprehensive Loss](#fUCCS)  | [F-3](#fUCCS) |
| [Condensed Consolidated Statements of Cash Flows](#fUCCS1)  | [F-4](#fUCCS1) |
| [Condensed Consolidated Statements of Stockholders' Equity](#fUCCS2)  | [F-5](#fUCCS2) |
| [Notes to the Unaudited Condensed Consolidated Financial Statements](#fNTTU)  | [F-6](#fNTTU) |
|  **Audit Financial Statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024 and 2023**  |  |
| [Report of Independent Registered Public Accounting Firm](#fROIR)  | [F-16](#fROIR) |
| [Consolidated Balance Sheets](#fCBS)  | [F-18](#fCBS) |
| [Consolidated Statements of Operations and Comprehensive Loss](#fCSOC)  | [F-19](#fCSOC) |
| [Consolidated Statements of Cash Flows](#fCSOS)  | [F-20](#fCSOS) |
| [Consolidated Statements of Stockholders' Equity](#fCSSE1)  | [F-21](#fCSSE1) |
| [Notes to the Consolidated Financial Statements](#fNCFS1)  | [F-22](#fNCFS1) |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (Expressed in United States Dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes**  | **June 30, 2025**  | **December 31, 2024**  |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash  |  | $591446 | $849572 |
| &nbsp;&nbsp;&nbsp; GST receivable  |  | 51280 | 33389 |
| &nbsp;&nbsp;&nbsp; Prepaid and deposits  |  | 93127 | 105347 |
| &nbsp;&nbsp;&nbsp; **Total current assets**  |  | 735853 | 988308 |
| **Non-Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Equipment  | 3  | 1337881 | 1558765 |
| &nbsp;&nbsp;&nbsp; Mineral properties  | 4  | 6076912 | 6090370 |
| **TOTAL ASSETS**  |  | $8150646 | $8637443 |
| &nbsp;&nbsp;&nbsp; **LIABILITIES AND STOCKHOLDERS' EQUITY**  |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | 5  | $105849 | $86682 |
| &nbsp;&nbsp;&nbsp; Due to related parties  | 6  | 971795 | 722989 |
| &nbsp;&nbsp;&nbsp; Promissory note – current portion  | 8  | 120000 | 120000 |
| &nbsp;&nbsp;&nbsp; **Total current liabilities**  |  | 1197644 | 929671 |
| **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset retirement obligation  | 7  | 221860 | 225959 |
| &nbsp;&nbsp;&nbsp; Promissory note  | 8  | 2928247 | 2236065 |
| **TOTAL LIABILITIES**  |  | 4347751 | 3391695 |
| **STOCKHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | 9  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited without par value  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued and outstanding:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,287,602 subordinate voting shares at June 30, 2025 and 42,189,920 at December 31, 2024;224,801 proportionate voting shares at June 30, 2025 and December 31, 2024  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 9  | 46721715 | 45969682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumulative translation adjustment  |  | (227591) | (220447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deficit  |  | (42691229) | (40503487) |
| **TOTAL SHAREHOLDERS' EQUITY**  |  | 3802895 | 5245748 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY**  |  | $8150646 | $8637443 |
| Nature and continuance of operations  | 1  |  |  |
| Subsequent events  | 11  |  |  |

---

Approved by the Board of Directors:

"Christopher (Kit) Marrs" Director "Kevin Nishi" Director

The accompanying notes are integral to these condensed consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **For the three months ended June 30**  | **For the three months ended June 30**  | **For the six months ended June 30**  | **For the six months ended June 30**  |
| | **Notes**  | **2025**  | **2024**  | **2025**  | **2024**  |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Accretion expense  |  | $2093 | $2164 | $4186 | $4328 |
| &nbsp;&nbsp;&nbsp; Bank charges  |  | 1189 | 721 | 1487 | 1180 |
| &nbsp;&nbsp;&nbsp; Consulting fees  |  | 110109 | 68846 | 154316 | 126165 |
| &nbsp;&nbsp;&nbsp; Depreciation  |  | 178 |  | 178 |  |
| &nbsp;&nbsp;&nbsp; Exploration expenses  | 3  | 428194 | 1070199 | 703450 | 1426549 |
| &nbsp;&nbsp;&nbsp; Filing and regulatory fees  |  | 50824 | 54845 | 62367 | 61344 |
| &nbsp;&nbsp;&nbsp; Insurance  |  | 25342 | 9149 | 32374 | 23338 |
| &nbsp;&nbsp;&nbsp; Management fees  |  | 292489 | 355940 | 530102 | 759928 |
| &nbsp;&nbsp;&nbsp; Marketing expenses  |  | 101571 | 106665 | 195847 | 249425 |
| &nbsp;&nbsp;&nbsp; Office and sundry  |  | 17721 | 62631 | 58375 | 80179 |
| &nbsp;&nbsp;&nbsp; Professional fees  |  | 162104 | 123122 | 265120 | 159795 |
| &nbsp;&nbsp;&nbsp; Travel and promotion  |  | 29199 | 12936 | 54451 | 16006 |
|  |  | (1221013) | $(1867218) | $(2062253) | $(2908237) |
| **OTHER ITEMS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign exchange gain (loss)  |  | (43382) | (3189) | (29198) | (3719) |
| &nbsp;&nbsp;&nbsp; Interest expense  | 8  | (72509) | (31713) | (104056) | (65463) |
| &nbsp;&nbsp;&nbsp; Interest income  |  | 4906 | 29073 | 7765 | 31699 |
| **NET LOSS**  |  | $(1331998) | $(1873047) | $(2187742) | $(2945720) |
|  **OTHER COMPREHENSIVE INCOME (LOSS)**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized foreign exchange gain (loss) on translation of foreign operations  |  | 6006 | 5600 | (7144) | (7901) |
| **COMPREHENSIVE LOSS**  |  | $(1325992) | $(1867447) | $(2194886) | $(2953621) |
|  **LOSS PER SHARE – BASIC AND DILUTED**  |  | $(0.02) | $(0.03) | $(0.03) | $(0.06) |
|  **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC AND DILUTED**  | **9**  | **64706656**  | **59806520**  | **64688439**  | **55203513**  |

---

The accompanying notes are integral to these condensed consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)

---

| | | |
|:---|:---|:---|
| | **June 30, 2025**  | **June 30, 2024**  |
| **Cash flows used in operating activities:** |  |  |
| Loss for the period  | $(2187742) | $(2945720) |
| Adjustments for non-cash items: |  |  |
| &nbsp;&nbsp;&nbsp; Accretion expense  | 4186 | 4328 |
| &nbsp;&nbsp;&nbsp; Depreciation expense  | 220884 | 219942 |
| &nbsp;&nbsp;&nbsp; Share-based payments  | 194636 | 416176 |
| &nbsp;&nbsp;&nbsp; Unrealized foreign exchange loss  | 3205 |  |
| &nbsp;&nbsp;&nbsp; Interest accrued on Promissory Note  | 103467 | 65463 |
|  | (1661364) | (2239811) |
| <u>Changes in non-cash working capital</u> |  |  |
| &nbsp;&nbsp;&nbsp; GST receivable  | (17891) | 6871 |
| &nbsp;&nbsp;&nbsp; Prepaids and deposits  | 12220 | (92209) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | 24340 | (173259) |
| &nbsp;&nbsp;&nbsp; Due to related parties  | 248806 | 169304 |
|  | (1393889) | (2329104) |
| **Cash flows (used in) from investing activities:** |  |  |
| **Cash flows from (used in) financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Issuance of subordinate voting shares, net  |  | 5861002 |
| &nbsp;&nbsp;&nbsp; Exercise of stock options  | 22924 | 188500 |
| &nbsp;&nbsp;&nbsp; Exercise of warrants  |  | 72236 |
| &nbsp;&nbsp;&nbsp; Issuance of promissory note  | 1179983 |  |
| &nbsp;&nbsp;&nbsp; Repayment of promissory note  | (60000) | (433082) |
|  | 1142907 | 5688656 |
| Effect of exchange rate changes on cash  | (7144) | (317) |
| Net change in cash for the period  | (258126) | 3359235 |
| Cash, beginning of period  | 849572 | 1191561 |
| Cash, end of period  | $591446 | $4550796 |
| Supplemental disclosure with respect to cash flows: |  |  |
| *Revision in ARO estimate*  | $8285 | $8403 |
| *Value of warrants issued with debt units*  | $534473 | $— |
| *Interest paid in cash*  | $— | $— |

---

The accompanying notes are integral to these condensed consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Expressed in United States Dollars, except number of shares)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**  | **Shares**  | **Additional <br> Paid-In <br> Capital**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Accumulated <br> Deficit**  | **Total**  |
| | **Subordinate <br> Voting**  | **Proportionate <br> Voting**  | **Additional <br> Paid-In <br> Capital**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Accumulated <br> Deficit**  | **Total**  |
| December 31, 2023  | 28120406 | 224801 | $38760427 | $(196794) | $(33224389) | $5339244 |
| Private placements, net  | 13416333 |  | 5861002 |  |  | 5861002 |
|  Exercise of stock <br> options  | 290000 |  | 188500 |  |  | 188500 |
| Exercise of warrants  | 113181 |  | 72236 |  |  | 72236 |
|  Stock-based <br> compensation  |  |  | 416176 |  |  | 416176 |
|  Foreign translation exchange loss  |  |  |  | (7901) |  | (7901) |
| Net loss  |  |  |  |  | (2945720) | (2945720) |
| June 30, 2024  | 41939920 | 224801 | 45298341 | (204695) | (36170109) | 8923537 |
| December 31, 2024  | 42189920 | 224801 | 45969682 | (220447) | (40503487) | 5245748 |
|  Exercise of stock <br> options  | 70000 |  | 22924 |  |  | 22924 |
| Exercise of RSUs  | 27682 |  |  |  |  |  |
| Issuance of warrants  |  |  | 534473 |  |  | 534473 |
|  Stock-based <br> compensation  |  |  | 194636 |  |  | 194636 |
|  Foreign translation exchange loss  |  |  |  | (7144) |  | (7144) |
| Net loss  |  |  |  |  | (2187742) | (2187742) |
| June 30, 2025  | 42,287,602\* | 224,801\* | $46721715 | $(227591) | $(42691229) | $3802895 |

---

\*

The proportionate voting shares are exchangeable into a total of 22,480,100 subordinate voting shares, for no additional consideration. See Note 9.

The accompanying notes are integral to these condensed consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
1. NATURE AND CONTINUANCE OF OPERATIONS

Alaska Silver Corp., (formerly Western Alaska Minerals Corp.), ("Alaska Silver" or the "Company"), was incorporated under the Business Corporations Act of British Columbia on April 8, 2020, as 1246779 B.C. Ltd. ("779"). On April 25, 2025, the Company changed its name from Western Alaska Minerals Corp. to Alaska Silver Corp. The Company is a public company whose subordinate voting shares are listed for trading on the TSX Venture Exchange ("TSXV") under the symbol "WAM". The Company's registered office is 1500-1111 West Hastings St, Vancouver BC V6E 2J3. As discussed further below, the Company is in the mineral exploration and development business.

#### Going Concern
These interim condensed consolidated financial statements have been prepared with the going concern assumption, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company has no current source of operating revenue, has incurred a loss of $2,187,742 in the period and has an accumulated operating deficit of $42,691,229. The Company will require further financing to operate and further develop its business. The Company's ability to realize its assets and discharge its liabilities is dependent upon it obtaining financing as necessary and ultimately upon its ability to dispose of its mineral property interests on a profitable basis or otherwise achieve profitable operations. These material uncertainties cast substantial doubt on the Company's ability to continue as a going concern. Failure to arrange adequate financing on acceptable terms and/or achieve profitability may have an adverse effect on the Company's financial position, operational success, cash flow, and prospects. These interim condensed consolidated financial statements do not give effect to adjustments to assets or liabilities that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

#### Statement of Compliance
These interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). The interim condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our annual financial statements for the year ended December 31, 2024.

These interim condensed consolidated financial statements were authorized for issue by the Board of Directors on September 4, 2025.

#### Basis of Presentation
These interim condensed consolidated financial statements have been prepared on a historical cost basis, modified where applicable. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

#### Basis of Consolidation
These interim condensed consolidated financial statements include the accounts of the Company and its wholly owned and controlled entities. Control is achieved when the Company has the power to govern the financial operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

The following subsidiaries have been consolidated from all dates presented within these financial statements:

---

| | | |
|:---|:---|:---|
| **Subsidiary**  | **Ownership**  | **Location**  |
| Western Alaska Copper & Gold Company. ("WACG")  | 100% | USA  |
| Piek Inc.  | 100% | USA  |

---

All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

These interim condensed consolidated financial statements are presented in United States dollars. The functional currency of each entity in the consolidated group is determined with reference to the currency of the primary economic environment in which that entity operates. Accordingly, the functional currency of entities operating principally in the United States is the United States dollar, while the functional currency of entities operating principally in Canada is the Canadian dollar.

#### Use of Estimates and Assumptions
The preparation of these interim condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties, valuation of asset retirement obligation, valuation of stock-based compensation and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. We are evaluating the impact of adopting ASU 2023-09 on our financial statements.

3. EQUIPMENT

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025 <br> ($)**  | **December 31, 2024 <br> ($)**  | **Life**  |
| Cost: |  |  |  |
| Equipment  | 2118332 | 2118332 | 5 years  |
| Vehicles  | 180859 | 180859 | 10 years  |
|  | 2299191 | 2299191 |  |
| Accumulated Amortization: |  |  |  |
| Equipment  | (909637) | (697795) |  |
| Vehicles  | (51673) | (42631) |  |
|  | (961310) | (740426) |  |
| Total  | 1337881 | 1558765 |  |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
3. EQUIPMENT (Continued)

For the period ended June 30, 2025 depreciation of equipment and vehicles of $220,706 is included in exploration expenses (2024 — $219,942).

4. MINERAL PROPERTIES

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Round Top <br> ($)**  | **Honker <br> ($)**  | **Illinois Creek <br> ($)**  | **Others <br> ($)**  | **Total <br> ($)**  |
| Total Costs: |  |  |  |  |  |
| Balance at December 31, 2023  | 479592 | 96644 | 5334664 | 11978 | 5922878 |
| Additions  | 72600 | 19800 | 81881 | 743 | 175024 |
| ARO change in estimates  | (13) | (181) | (7338) |  | (7532) |
| Balance at December 31, 2024  | 552179 | 116263 | 5409207 | 12721 | 6090370 |
| Additions (recovery)  |  |  | (5173) |  | (5173) |
| ARO change in estimates  | (14) | (203) | (8068) |  | (8285) |
| Balance at June 30, 2025  | 552165 | 116060 | 5395966 | 12721 | 6076912 |

---

#### Round Top Property, Alaska
The Round Top Property consists of 92 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

#### Honker Property Alaska
The Honker Property consists of 24 state mineral claims, owned 100% by WACG, located in the Mount McKinley mining district of Alaska.

#### Illinois Creek Mine Project, Alaska
WACG acquired a 100% interest in the Illinois Creek Mine Project in fiscal 2021 through the issuance of 120 WACG common shares (valued at $540,000) and $3,698,000 payable by the issuance of a promissory note (note 8). As part of the acquisition in fiscal 2021, the Company also terminated a joint venture agreement on the project dating back to fiscal 2018 and reclassified share consideration under the operating agreement of which consisted of 346 common shares (valued at $692,000).

The Illinois Creek Mine Project is comprised of various state mineral claims located in Alaska.

#### Other Exploration Target Projects, Alaska
<u>Paw Print Property</u> 

The Paw Print Property consists of 18 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

<u>Khotol Property</u> 

The Khotol Property consists of 16 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

In 2024, the Company staked 3 new claims in the Khotol property for a cost of $743.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
4. MINERAL PROPERTIES (Continued)

The Company staked the claims of both Paw Print and Khotol properties for a total of $6,368 and $6,353 in 2022 and 2023 respectively.

5. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

---

| | | |
|:---|:---|:---|
| | **June 30, 2025**  | **December 31, 2024**  |
| Accounts payable  | $76014 | $73255 |
| Other payable  | 29835 | 13427 |
|  | $105849 | $86682 |

---

6. RELATED PARTY TRANSACTIONS

#### Due to/from Related Parties
As at June 30, 2025, $971,795 (December 31, 2024 — $722,989) was due to related parties for management fees and exploration expenses. Promissory notes (Note 8) in the amount of $2,498,013 (December 31, 2024 — $2,356,065) are owed to related parties.

During the period ended June 30, 2025, $175,000 in promissory notes with 393,400 warrants were issued to related parties (Note 8) while principal repayments of $60,000 were made on the promissory notes issued for the Illinois Creek Agreement.

Amounts owing to related parties are non-interest bearing and have no specific terms of repayment.

7. ASSET RETIRMENT OBLIGATIONS

The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties:

---

| | |
|:---|:---|
| | **Total**  |
| Balance, December 31, 2023  | $224835 |
| Accretion expense  | 8656 |
| Change in estimates  | (7532) |
| Balance, December 31, 2024  | 225959 |
| Accretion expense  | 4186 |
| Change in estimates  | (8285) |
| Balance, June 30, 2025  | $221860 |

---

As at June 30, 2025, the total undiscounted amount of estimated cash flows required to settle the Company's asset retirement obligations was $232,272 (December 31, 2024 — $232,272) over the next 4 years at an annual inflation rate of 2.6% (2024 — 3%) and discounted using an average discount rate of 3.80% (2024 — 4.33%).

During the period ended June 30, 2025, the Company did not incur any reclamation expenditures.

Estimated future reclamation costs are based on the extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company's environmental policies. In view of uncertainties concerning asset retirement obligations, the ultimate costs could be materially different from the amounts estimated.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
8. PROMISSORY NOTE

On March 31, 2021, and in accordance with the share purchase agreement entered upon the dissolution of the Illinois Creek Joint Venture LLC, WACG issued a promissory note of $3,698,000. The promissory note accrued interest at 2.0% per annum.

Under the terms of the promissory note, WACG made payments as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

$498,000, together with the accrued interest was paid during the year ended December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

$500,000 was paid during the year ended December 31, 2022

Effective April 1, 2023, the promissory note was amended by both parties to increase the interest rate to 5.0% per annum from the previous rate of 2.0% per annum.

On September 30, 2023, the promissory note was further amended by both parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

The Company will commence monthly principal repayments of $25,000 at the later of March 31, 2024 or at the closing of the Company's next financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

The Company will make additional principal reduction payments equal to 6% of all future equity financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

A principal reduction payment of $750,000 will be due on May 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2025.

During the year ended December 31, 2024, the promissory note was once again amended by both parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

The Company will commence monthly principal repayments of $10,000 until the closing of the next financing, at which time the monthly principal payments will increase to $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

A principal reduction payment of $750,000 will be due on June 1, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2026.

As at June 30, 2025, the balance of the promissory note was $2,348,013 (December 31, 2024 — $2,356,065) with $291,096 (December 31, 2024 — $239,148) being accrued interest. During the period ended June 30, 2025, principal repayments of $60,000 were made.

On March 12, 2025, the Company completed unsecured loan transactions with certain lenders (the "Lenders"), pursuant to which the Company has issued debt units for total consideration of $1,200,000. Each debt unit included one promissory note in the principal amount of $1,000 and 2,248 subordinate voting share purchase warrants. The promissory notes will mature after 36 months and bear interest at rate of 10% per annum. A total of 2,697,600 subordinate voting share purchase warrants (the "Warrants") were issued as part of the debt units. Each Warrant entitles the holder to purchase one subordinate voting share of the Company at an exercise price of CAD$0.64 for a period of 36 months from the date of issuance.

The net proceeds were allocated between the debt and equity components using the relative fair value method. Based on the fair values determined on the issuance date the Company allocated $645,510 of the proceeds to the promissory notes and $534,473 to the Warrants, net of share issuance costs of $20,017.

The warrants were valued at $747,488 using the Black-Scholes Option Pricing Model with the following assumptions: annualized volatility of 93.14%, risk-free interest rate of 2.52%, expected life of 3 years and a dividend rate of Nil. The debt was valued at $902,778 using a discount rate of 20%.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
8. PROMISSORY NOTE (Continued)

The promissory notes carry an effective interest rate of 29.75% and have a net book value of $700,234 with accrued interest and accretion of $51,519 at June 30, 2025.

9. SHARE CAPITAL

#### Authorized Capital
The Company is authorized to issue an unlimited number of subordinate voting shares without par value.

#### Subordinate Voting and Proportionate Stock
Pursuant to the reverse take-over ("RTO") transaction in 2021, each WACG common share held by a U.S. resident shareholder was exchanged for either (i) a "Merger Unit", comprised of 1,000 Alaska Silver subordinate voting shares ("Subordinate Voting Shares") and 90 Proportionate Shares ("Proportionate Shares"); or (ii) 100 Proportionate Shares; and each WACG common share held by a non-U.S. resident shareholder was exchanged for 10,000 Subordinate Voting Shares. The Proportionate Shares are, in effect, Subordinate Voting Shares compressed at the ratio of 100:1 which have voting and economic rights on an as-converted basis. The Proportionate Shares are convertible to Subordinate Voting Shares at the request of the shareholder and with the consent of the Company.

#### Basic and diluted weighted average number of shares outstanding

---

| | | |
|:---|:---|:---|
| | **June 30, 2025**  | **June 30, 2024**  |
| Subordinate voting shares  | 42208339 | 32723413 |
| Proportionate voting shares  | 22480100 | 22480100 |
| Weighted averages shares outstanding – basic and diluted  | 64688439 | 55203513 |

---

#### Stock Options
The Company has a stock option plan under which the Board of Directors may grant options to acquire Subordinate Voting shares of the Company to qualified directors, officers, employees, and other service providers. The stock option vests according to the provisions of the individual option agreements approved by the directors' resolutions and have a maximum of 10 years until expiry. The plan allows for the issuance up to 10% of the number of issued and outstanding Subordinate Voting shares of the Company at any time on a non-diluted basis.

The changes in stock options are summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Weighted Average <br> Exercise Price <br> (CAD)**  | **Number of Shares <br> Issued or <br> Issuable on Exercise\***  |
| Balance at December 31, 2023  | $1.69 | 3817500 |
| Granted  | $0.54 | 2545000 |
| Exercised  | $0.66 | (490000) |
| Expired  | $0.81 | (20000) |
| Cancelled  | $1.67 | (225000) |
| Balance at December 31, 2024  | $1.54 | 5627500 |
| Granted  | $0.72 | 480000 |
| Exercised  | $0.45 | (70000) |
| Balance at June 30, 2025  | $1.22 | 6037500 |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
9. SHARE CAPITAL (Continued)

On March 1, 2024, the Company granted 1,000,000 options to directors, officers, employees and consultants of the Company. These options may be exercised within 5 years from the date of grant at a price of CAD $0.49 per Subordinate Voting Share and are vested 1/3 every year starting from March 1, 2024, onwards.

On June 14, 2024, the Company granted 450,000 options to directors, officers and consultants of the Company. These options may be exercised within 5 years from the date of grant at a price of CAD $0.85 per Subordinate Voting Share. For options granted to directors and officers, the options are vested 1/3 every year starting from June 14, 2024, onwards. For options granted to consultants, the options are vested 1/4 every three months starting from September 12, 2024, onwards.

On December 27, 2024, the Company granted 1,095,000 options to directors and officers of the Company. These options may be exercised within 5 years from the date of grant at a price of CAD $0.45 per Subordinate Voting Share and were vested immediately on grant date.

On April 2, 2025, the Company granted 80,000 options to consultants of the Company. These options may be exercised within 5 years from the date of grant at a price of CAD$0.64 per Subordinate Voting Share. The options are vested 1/4 every three months starting from July 2, 2025.

On June 23, 2025, the Company granted 400,000 options to officers of the Company. These options may be exercised within 5 years from the date of grant at a price of CAD $0.73 per Subordinate Voting Share and are vested 1/3 every year starting from June 23, 2025, onwards.

The following assumptions were used for the Black-Scholes pricing model calculations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 1, <br> 2024**  | **June 14, <br> 2024**  | **December 27, <br> 2024**  | **April 2, <br> 2025**  | **June 23, <br> 2025**  |
| Risk-free interest rate  | 3.50%  | 3.51%  | 3.05%  | 2.58%  | 2.90%  |
| Expected stock price volatility  | 72.61%  | 67.89%  | 67.89%  | 92.43%  | 90.33%  |
| Expected option life in years  | 5 years  | 5 years  | 5 years  | 5 years  | 5 years  |
| Dividend rate  | Nil  | Nil  | Nil  | Nil  | Nil  |

---

Stock-based compensation related to stock options was allocated as follows:

— $97,265 (2024 — $247,590) was allocated to management fees;

— $10,922 (2024 — $112,342) was allocated to exploration expenses;

— $30,456 (2024 — $45,635) was allocated to consulting fees.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
9. SHARE CAPITAL (Continued)

Stock options outstanding and exercisable on June 30, 2025, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding**  | **Outstanding**  | **Exercisable**  | **Exercisable**  |
| **Exercise Price (CAD)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Number of <br> Subordinate Voting <br> Shares Issuable on <br> Exercise**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted Average <br> Remaining Life <br> (Years)**  | &nbsp;&nbsp;&nbsp; **Number of <br> Subordinate <br> Voting Shares <br> Issuable on <br> Exercise**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted Average <br> Remaining Life <br> (Years)**  |
| $0.56  | 490000 | 0.67 | 490000 | 0.67 |
| $0.56  | 630000 | 0.96 | 630000 | 0.96 |
| $0.85  | 462500 | 1.37 | 462500 | 1.37 |
| $0.96  | 25000 | 1.58 | 25000 | 1.58 |
| $1.65  | 275000 | 1.88 | 275000 | 1.88 |
| $2.75  | 175000 | 2.36 | 175000 | 2.36 |
| $3.16  | 1125000 | 2.56 | 1125000 | 2.56 |
| $2.70  | 100000 | 2.77 | 100000 | 2.77 |
| $0.49  | 1000000 | 3.67 | 666667 | 3.67 |
| $0.85  | 450000 | 3.96 | 383333 | 3.96 |
| $0.45  | 825000 | 4.50 | 825000 | 4.50 |
| $0.64  | 80000 | 4.76 |  | 4.76 |
| $0.73  | 400000 | 4.98 | 133320 | 4.98 |
|  | 6037500 | 2.85 | 5290820 | 2.65 |

---

As at June 30, 2025, the market price of the Company's Subordinate Voting share was CAD$0.73 per share. The intrinsic value of the stock options was $504,451 (CAD$688,200).

#### Warrants
The following table summarizes information about warrants outstanding as at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Date Issued**  | **Expiry Date**  | **Exercise <br> Price <br> (CAD)**  | **Number of Warrants <br> Outstanding**  |
| Outstanding as of December 31, 2023  |  |  | $2.89 | 2076011 |
| Private placement warrants  | April 26, 2024  | April 26, 2027  | $0.90 | 9403352 |
| Agents warrants  | April 26, 2024  | April 26, 2027  | $0.90 | 564200 |
| Private placement warrants  | May 8, 2024  | May 8, 2027  | $0.90 | 3812981 |
| Finders warrants  | May 8, 2024  | May 8, 2027  | $0.90 | 92923 |
| Private placement warrants  | May 14, 2024  | May 14, 2027  | $0.90 | 200000 |
| Exercise  | April 26, 2024  | April 26, 2027  | $0.90 | (150000) |
| Exercise  | April 25, 2024  | April 25, 2027  | $0.90 | (13181) |
| Outstanding at December 31, 2024  |  |  | $1.17 | 15986286 |
| Promissory note warrants  | March 21, 2025  | March 21, 2028  | $0.64 | 2697600 |
| Expired  |  |  | 2.35 | (172540) |
| Outstanding at June 30, 2025  |  |  | $1.09\* | 18511346 |

---

\*

The weighted average exercise price and weighted average life was CAD$1.09 and 1.88 years, respectively.

As at June 30, 2025, the market price of the Company's Subordinate Voting share was CAD$0.73 per share. The intrinsic value of the warrants was $211,045 (CAD$287,920).

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
9. SHARE CAPITAL (Continued)

The Company's Private placement warrants, Finder warrants and Promissory note warrants are warrants that when exercised by the holder, the Company will issue one subordinate voting share for each warrant exercise. For the Broker warrants, the holder receives one subordinate voting share and one Private placement warrant for each Broker warrant exercise.

#### Restricted Share Units
On March 1, 2024, the Company issued 88,538 restricted share units ("RSU") to two employees with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $31,984, of which $11,455 have been recorded as a share-based payment during the period ended June 30, 2025.

On October 17, 2024, the Company issued 114,588 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $51,666, of which $25,621 was recorded as a share-based payment during the period ended June 30, 2025.

On December 27, 2024, the Company issued 75,000 RSUs to two employees and an officer with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $23,411, of which $11,610 was recorded as a share-based payment during the period ended June 30, 2025.

On March 31, 2025, the Company issued 60,414 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $28,156 of which $7,020 was recorded as a share-based payment during the period ended June 30, 2025.

On June 26, 2025, the Company issued 46,950 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $26,498 of which $287 was recorded as a share-based payment during the period ended June 30, 2025.

Share-based payments for the RSUs was allocated as follows:

— $38,187 (2024 — $nil) from RSUs was allocated to management fees;

— $17,806 (2024 — $10,609) from RSUs was allocated to exploration expenses;

The following table summarizes information about RSUs outstanding as at June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Date Issued**  | **Vesting Date**  | **No. of RSUs**  |
| Grant  | March 1, 2024  | March 1, 2025  | 88538 |
| Grant  | October 17, 2024  | October 17, 2025  | 114588 |
| Grant  | December 27, 2024  | December 27, 2025  | 75000 |
| Outstanding at December 31, 2024  |  |  | 278126 |
| Grant  | March 31, 2025  | March 31, 2026  | 60414 |
| Grant  | June 26, 2025  | June 26, 2026  | 46950 |
| Exercised  |  |  | (27682) |
| Outstanding at June 30, 2025  |  |  | 357808 |

---

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (Expressed in United States Dollars)
10. SEGMENTED INFORMATION

A reporting segment is defined as a component of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Engages in business activities from which it may earn revenues and incur expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

Operating results are reviewed regularly by the entity's chief operating decision maker ("CODM"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

Discrete financial information is available.

The CODM is the CEO of the Company. The Company has determined that it operates its business in one geographical segment located in Alaska, United States, where the majority of its equipment and all of its mineral properties are located.

The CODM is responsible for evaluating performance, allocating resources, and making strategic decisions. The primary measure used to assess the Company's profitability is consolidated net loss, which is used to compare budgeted versus actual results and informs operating cash flow decisions. The financial position, results of operations, and cash flows of the Company's single reportable segment align with the consolidated financial statements presented herein. The measure of segment assets is reported on the consolidated balance sheet as total assets.

The CODM primarily evaluates the Company's performance based on consolidated net loss and reviews significant expenses, when applicable, on a consolidated basis, consistent with the presentation in the consolidated statements of operations. While the CODM's primary focus is on overall consolidated results, supplemental information on exploration costs is also reviewed.

11. SUBSEQUENT EVENTS

Subsequent to June 30, 2025, the Company issued Subordinate Voting Shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issued 372,500 Subordinate Voting Shares for the exercise of stock options for gross proceeds of CAD$207,425.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issued 412,524 Subordinate Voting Shares for the exercise of warrants for gross proceeds of CAD$355,396.

------

[**TABLE OF CONTENTS**](#TOC2)

![[MISSING IMAGE: lh_davidson-bw.jpg]](lh_davidson-bw.jpg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Directors of

Alaska Silver Corp.

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Alaska Silver Corp. (the "Company"), as of December 31, 2024 and 2023, and the related consolidated statements of loss and comprehensive loss, stockholders' equity, and cash flows for the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Alaska Silver Corp. as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023 in conformity with accounting principles generally accepted in the United States of America.

#### Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has no operating revenue, has incurred a net loss of $7,279,098, and has an accumulated operating deficit of $40,503,487 which raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![[MISSING IMAGE: ft_nexia-4c.jpg]](ft_nexia-4c.jpg)

------

[**TABLE OF CONTENTS**](#TOC2)

#### Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.

 *<u>Assessment of Impairment Indicators of Mineral Properties</u>* 

As described in Note 4 to the financial statements, the carrying amount of the Company's mineral properties was $6,090,370 as of December 31, 2024. As more fully described in Note 2 to the financial statements, management assesses mineral properties for indicators of impairment at each reporting period.

The principal considerations for our determination that the assessment of impairment indicators of the mineral properties is a critical audit matter is that there was judgment made by management when assessing whether there were indicators of impairment for the mineral properties, specifically relating to the properties' carrying amount which is impacted by the Company's intent and ability to continue to explore and evaluate these properties. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate audit evidence relating to the judgments made by management in their assessment of indicators of impairment that could give rise to the requirement to prepare an estimate of the recoverable amount of the mineral properties.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Evaluating management's assessment of impairment indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Evaluating the intent for the mineral properties through discussion and communication with management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing the Company's recent expenditure activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Obtaining, on a test basis, confirmation of title to ensure mineral rights underlying the mineral properties are in good standing.

We have served as the Company's auditor since 2024.

![[MISSING IMAGE: sg_davidson-bw.jpg]](sg_davidson-bw.jpg)

Vancouver, CanadaChartered Professional Accountants

September 4, 2025

------

[**TABLE OF CONTENTS**](#TOC2)

#### ASLAKA SILVER CORP.

#### CONSOLIDATED BALANCE SHEET (Expressed in United States Dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **Notes**  | **December 31, 2024**  | **December 31, 2023**  |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  |  | $849572 | $1191561 |
| &nbsp;&nbsp;&nbsp; GST receivable  |  | 33389 | 35763 |
| &nbsp;&nbsp;&nbsp; Prepaid and deposits  |  | 105347 | 170479 |
| &nbsp;&nbsp;&nbsp; **Total current assets**  |  | 988308 | 1397803 |
| **Non-Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Equipment  | 3 | 1558765 | 1999413 |
| &nbsp;&nbsp;&nbsp; Mineral properties  | 4 | 6090370 | 5922878 |
| **TOTAL ASSETS**  |  | $8637443 | $9320094 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | 5 | $86682 | $413175 |
| &nbsp;&nbsp;&nbsp; Due to related parties  | 6 | 722989 | 523757 |
| &nbsp;&nbsp;&nbsp; Promissory note – current portion  | 8 | 120000 | 225000 |
| &nbsp;&nbsp;&nbsp; **Total current liabilities**  |  | 929671 | 1161932 |
| **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset retirement obligation  | 7 | 225959 | 224835 |
| &nbsp;&nbsp;&nbsp; Promissory note  | 8 | 2236065 | 2594083 |
| **TOTAL LIABILITIES**  |  | 3391695 | 3980850 |
| **STOCKHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited without par value  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued and outstanding:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,189,920 subordinate voting shares at December 31, 2024 <br> and 28,120,406 at December 31, 2023; 224,801 <br> proportionate voting shares at December 31, 2024 and <br> 2023  |  |  |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 9 | 45969682 | 38760427 |
| &nbsp;&nbsp;&nbsp; Cumulative translation adjustment  |  | (220447) | (196794) |
| &nbsp;&nbsp;&nbsp; Deficit  |  | (40503487) | (33224389) |
| **TOTAL SHAREHOLDERS' EQUITY**  |  | 5245748 | 5339244 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY**  |  | $8637443 | $9320094 |
| Nature and continuance of operations  | 1 |  |  |
| Subsequent events  | 12 |  |  |

---

Approved by the Board of Directors:

"Christopher (Kit) Marrs" Director "Kevin Nishi" Director

The accompanying notes are integral to these consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ASLAKA SILVER CORP.
**CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS** 

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)* 

---

| | | | |
|:---|:---|:---|:---|
| | **Notes**  | **December 31, 2024**  | **December 31, 2023**  |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Accretion expense  |  | $8656 | $9557 |
| &nbsp;&nbsp;&nbsp; Bank charges  |  | 2245 | 3207 |
| &nbsp;&nbsp;&nbsp; Consulting fees  |  | 306835 | 510103 |
| &nbsp;&nbsp;&nbsp; Depreciation expense  | 3 | 61 |  |
| &nbsp;&nbsp;&nbsp; Exploration expenses  |  | 4218109 | 6441491 |
| &nbsp;&nbsp;&nbsp; Filing and regulatory fees  |  | 66697 | 75822 |
| &nbsp;&nbsp;&nbsp; Insurance  |  | 49068 | 48634 |
| &nbsp;&nbsp;&nbsp; Management fees  |  | 1561326 | 2039213 |
| &nbsp;&nbsp;&nbsp; Marketing expenses  |  | 531374 | 386544 |
| &nbsp;&nbsp;&nbsp; Office and sundry  |  | 129808 | 129689 |
| &nbsp;&nbsp;&nbsp; Professional fees  |  | 259140 | 264052 |
| &nbsp;&nbsp;&nbsp; Travel and promotion  |  | 121234 | 58134 |
|  |  | (7254553) | (9966446) |
| **OTHER ITEMS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign exchange gain (loss)  |  | 29814 | (33688) |
| &nbsp;&nbsp;&nbsp; Interest expense  | 8 | (120065) | (118824) |
| &nbsp;&nbsp;&nbsp; Interest income  |  | 65706 | 45184 |
| **NET LOSS**  |  | (7279098) | (10073774) |
| &nbsp;&nbsp;&nbsp; **OTHER COMPREHENSIVE INCOME (LOSS)**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized foreign exchange gain (loss) on translation of foreign operations  |  | (23653) | (126288) |
| **COMPREHENSIVE LOSS**  |  | $(7302751) | $(10200062) |
| **LOSS PER SHARE – BASIC AND DILUTED**  |  | $(0.12) | $(0.21) |
|  **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC AND DILUTED**  |  | 59859899 | 48599611 |

---

The accompanying notes are integral to these consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

#### ALASKA SILVER CORP.
**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)* 

---

| | | | |
|:---|:---|:---|:---|
| | **Notes**  | **December 31, 2024**  | **December 31, 2023**  |
| **Cash flows used in operating activities:** |  |  |  |
| Loss for the year  |  | $(7279098) | $(10073774) |
| Adjustments for non-cash items: |  |  |  |
| &nbsp;&nbsp;&nbsp; Accretion expense  |  | 8656 | 9557 |
| &nbsp;&nbsp;&nbsp; Depreciation expense  |  | 441733 | 271600 |
| &nbsp;&nbsp;&nbsp; Share-based payments  | 9 | 987431 | 1990074 |
| &nbsp;&nbsp;&nbsp; Interest accrued on Promissory Note  | 8 | 120065 | 114750 |
|  |  | (5721213) | (7687793) |
| <u>Changes in non-cash working capital</u> |  |  |  |
| &nbsp;&nbsp;&nbsp; GST receivable  |  | 2374 | 4931 |
| &nbsp;&nbsp;&nbsp; Prepaids and deposits  |  | 65132 | (70609) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  |  | (326493) | 12549 |
| &nbsp;&nbsp;&nbsp; Due to related parties  |  | 199232 | 269507 |
|  |  | (5780968) | (7471415) |
| **Cash flows (used in) from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of equipment  | 3 | (1085) | (1355563) |
| &nbsp;&nbsp;&nbsp; Mineral properties acquisition costs  |  | (175024) | (161874) |
|  |  | (176109) | (1517437) |
| **Cash flows from (used in) financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issuance of subordinate voting shares, net  | 9 | 5865837 | 5917765 |
| &nbsp;&nbsp;&nbsp; Exercise of stock options  | 9 | 250870 | 293000 |
| &nbsp;&nbsp;&nbsp; Exercise of warrants  | 9 | 105117 |  |
| &nbsp;&nbsp;&nbsp; Repayment of promissory note  | 8 | (583083) |  |
|  |  | 5638741 | 6210765 |
| Effect of exchange rate changes on cash  |  | (23653) | 126900 |
| Net change in cash for the year  |  | (341989) | (2651187) |
| Cash and cash equivalents, beginning of year  |  | 1191561 | 3842748 |
| Cash and cash equivalents, end of year  |  | $849572 | $1191561 |
| *Change in long-term deposits related to purchase of equipment*  |  | $— | $416810 |
| *Revision in ARO estimate*  |  | $7532 | $22942 |
| Interest paid in cash  |  | $— | $— |

---

The accompanying notes are integral to these consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

#### CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Expressed in United States Dollars, except number of shares)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares**  | **Shares**  | **Additional <br> Paid-In <br> Capital**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Accumulated <br> Deficit**  | **Total**  |
| | **Subordinate <br> Voting**  | **Proportionate <br> Voting**  | **Additional <br> Paid-In <br> Capital**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Accumulated <br> Deficit**  | **Total**  |
| December 31, 2022  | 23810804 | 224801 | $30559588 | $(70506) | $(23150615) | $7338467 |
| Private placements, net  | 3804602 |  | 5917765 |  |  | 5917765 |
| Exercise of stock options  | 505000 |  | 293000 |  |  | 293000 |
| Stock-based compensation  |  |  | 1990074 |  |  | 1990074 |
|  Foreign translation exchange <br> loss  |  |  |  | (126288) |  | (126288) |
| Net loss  |  |  |  |  | (10073774) | (10073774) |
| December 31, 2023  | 28120406 | 224801 | 38760427 | (196794) | (33224389) | 5339244 |
| Private placements, net  | 13416333 |  | 5865837 |  |  | 5865837 |
| Exercise of stock options  | 490000 |  | 250870 |  |  | 250870 |
| Exercise of warrants  | 163181 |  | 105117 |  |  | 105117 |
| Stock-based compensation  |  |  | 987431 |  |  | 987431 |
|  Foreign translation exchange <br> loss  |  |  |  | (23653) |  | (23653) |
| Net loss  |  |  |  |  | (7279098) | (7279098) |
| December 31, 2024  | 42,189,920\* | 224,801\* | $45969682 | $(220447) | $(40503487) | $5245748 |

---

\*

The proportional voting shares are exchangeable into a total of 22,480,100 subordinate voting shares, for no additional consideration. See Note 9.

The accompanying notes are integral to these consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)* 

1. #### NATURE AND CONTINUANCE OF OPERATIONS
Alaska Silver Corp., (formerly Western Alaska Minerals Corp.) ("Alaska Silver" or the "Company") was incorporated under the Business Corporations Act of British Columbia on April 8, 2020, as 1246779 B.C. Ltd. ("779"). The Company is a public company whose subordinate voting shares are listed for trading on the TSX Venture Exchange ("TSXV") under the symbol "WAM". The Company's registered office is PO Box 881, Talkeetna, Alaska, 99676. As discussed further below, the Company is in the mineral exploration and development business.

#### Going Concern
These consolidated financial statements have been prepared with the going concern assumption, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company has no current source of operating revenue, has incurred a current loss of $7,279,098 and has an accumulated operating deficit of $40,503,487. The Company will require further financing to operate and further develop its business. The Company's ability to realize its assets and discharge its liabilities is dependent upon it obtaining financing as necessary and ultimately upon its ability to dispose of its mineral property interests on a profitable basis or otherwise achieve profitable operations. These material uncertainties cast substantial doubt on the Company's ability to continue as a going concern. Failure to arrange adequate financing on acceptable terms and/or achieve profitability may have an adverse effect on the Company's financial position, operational success, cash flow, and prospects. These consolidated financial statements do not give effect to adjustments to assets or liabilities that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

2. #### BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

#### Statement of Compliance
These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP").

These consolidated financial statements were authorized for issue by the Board of Directors on September 4, 2025.

#### Basis of Presentation
These consolidated financial statements have been prepared on a historical cost basis, modified where applicable. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

#### Basis of Consolidation
These consolidated financial statements include the accounts of the Company and its wholly owned and controlled entities. Control is achieved when the Company has the power to govern the financial operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.

The following subsidiaries have been consolidated from all dates presented within these financial statements:

---

| | | |
|:---|:---|:---|
| **Subsidiary**  | **Ownership**  | **Location**  |
| Western Alaska Copper & Gold Company ("WACG")  | 100% | USA |
| Piek Inc.  | 100% | USA |

---

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

2. #### BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)
All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

These consolidated financial statements are presented in United States dollars. The functional currency of each entity in the consolidated group is determined with reference to the currency of the primary economic environment in which that entity operates. Accordingly, the functional currency of entities operating principally in the United States is the United States dollar, while the functional currency of entities operating principally in Canada is the Canadian dollar.

#### Use of Estimates and Assumptions
The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties, valuation of asset retirement obligation, valuation of stock-based compensation and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.

#### Financial Instruments
The Company's financial instruments consist of cash and cash equivalents, accounts payable and accrued liabilities and promissory notes. The fair values of these financial instruments approximate their carrying values unless otherwise noted.

#### Fair Value of Financial Assets and Liabilities
The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition.

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest rate method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income.

The following indicates the fair value hierarchy of the valuation techniques the Company utilizes to determine the fair value of financial assets that are measured at fair value on a recurring basis.

Level 1

Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2

Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, and

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

2. #### BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)
Level 3

Inputs that are not based on observable market data.

Cash is considered level 1 and classified as cash on hand and held at banks.

Financial instruments, including accounts payable, accrued liabilities and loans payable are classified as other financial liabilities and are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments.

#### Concentration of Credit Risk
The financial instrument which potentially subjects the Company to concentration of credit risk is cash. We maintain cash in bank accounts that, at times, may exceed federally insured limits. However, we have not experienced any losses in such accounts and believe we are not exposed to any significant risks on the cash in our bank accounts.

#### Cash and Cash Equivalents
Cash and cash equivalents are comprised of cash at banks and on hand, and short-term deposits with an original maturity of three months or less, which are readily convertible into a known amount of cash. The Company's cash is held with major financial institutions in business accounts, bankers' acceptances and in government treasury bills which are available on demand by the Company for its programs and are not invested in any asset backed deposits/investments.

#### Mineral Properties
The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset.

#### Long-Lived Assets
Long-lived assets, consisting of equipment held and used by the Company, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

#### Equipment
Equipment is recorded at cost less accumulated depreciation. Depreciation is provided over the assets' useful lives on a straight-line basis. Management estimated the useful lives of its computer software to be 1 year; equipment to be 5 years and vehicles to be 10 years.

#### Asset Retirement Obligations
Future obligations to retire an asset, including dismantling, remediation and ongoing treatment and monitoring of the site, are recognized and recorded as a liability at fair value at the time when they are

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

2. #### BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)
incurred or when the event giving rise to such an obligation occurs. The liability is increased (accreted) over time through periodic charges to earnings. The corresponding asset retirement cost is capitalized as part of the asset's carrying value and is amortized over the asset's estimated useful life. The amount of the liability will be subject to re-measurement at each reporting period.

We are subject to laws and regulations relating to environmental matters in all jurisdictions in which we operate, including provisions relating to property reclamation, discharge of hazardous material and other matters. We may also be held liable should environmental problems be discovered that were caused by former owners and operators of our properties and properties in which we previously had an interest. We conduct our exploration and evaluation activities in compliance with applicable environment protection legislation. We are not aware of any existing environmental problems related to any of our current or former properties that may result in material liability to us.

#### Stock-Based Compensation
The Company accounts for share-based compensation under the provisions of ASC 718 *Compensation-Stock Compensation*. Under the fair value recognition provisions, stock-based compensation expense is measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measured. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service periods, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value.

#### Related Party Transactions
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

#### Income Taxes
The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss from the current year and any adjustment to income taxes payable related to previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or subsequently enacted by the year-end date.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized.

#### Loss Per Share
The Company is required to calculate basic and diluted loss per share using the two-class method. The two-class method is required because the Company's Proportionate Shares, each of which are in effect,

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

2. #### BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)
Subordinate Voting Shares compressed at the ratio of 100:1 have voting and economic rights on an as-converted basis. The Proportionate Shares are convertible to Subordinate Voting Shares at the request of the shareholder and with the consent of the Company. Under the two-class method, earnings/loss for the period are allocated on a pro-rata basis to the Subordinate and Proportionate stockholders. The weighted average number of Subordinate Shares and Proportionate Shares (on an as converted basis) outstanding during the period is then used to calculate basic earnings or loss for each class of shares.

Stock options and other potential subordinate voting shares are included in the calculation of diluted earnings per share ("diluted EPS"). The Company uses the treasury stock method for calculating dilutive potential subordinate voting shares. In calculating diluted EPS, such shares are assumed to be exercised or converted, except when their effect would be anti-dilutive.

Potentially dilutive shares as of December 31, 2024 and 2023, are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
| Share purchase options  | 5627500 | 3817500 |
| Share purchase warrants  | 15986286 | 2076011 |
| Restricted share units  | 278126 |  |
| Total | 21891912 | 5893511 |

---

All potentially dilutive shares were excluded from the calculation of diluted loss per share as their exercise and conversion would be anti-dilutive.

#### Foreign Currency Translation
The functional currency of each entity in the consolidated group is the currency of the primary economic environment in which that entity operates. The foreign currency transactions of each entity are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the period in which they arise.

Management has assessed the functional currency of both WACG and Piek Inc. to be the USD, while the functional currency of Alaska Silver is the CAD. The Company's consolidated reporting currency, which is determined on a discretionary basis, is USD. Exchange differences arising on the translation of Alaska Silver's accounts to USD for reporting purposes, including the translation of non-monetary items using period end rates, are reported in Other Comprehensive Income and are maintained on a carry-forward basis within a separate component of equity.

#### Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires incremental disclosures related to a public entity's reportable segments. Required disclosures include, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss, an amount for

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

2. #### BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Continued)
other segment items (which is the difference between segment revenue less segment expenses and less segment profit or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also permits disclosure of more than one measure of segment profit. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 is effective for fiscal years beginning after December 15, 2025. We are evaluating the impact of adopting ASU 2023-09 on our financial statements.

3. #### EQUIPMENT

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024 <br> ($)**  | **December 31, 2023 <br> ($)**  | **Life**  |
| Cost: |  |  |  |
| Computer software  | 25050 | 25050 | 1 year  |
| Equipment  | 2118332 | 2117247 | 5 years  |
| Vehicles  | 180859 | 180859 | 10 years  |
|  | 2324241 | 2323156 |  |
| Accumulated Amortization: |  |  |  |
| Computer software  | (25050) | (25050) |  |
| Equipment  | (697795) | (274148) |  |
| Vehicles  | (42631) | (24545) |  |
|  | (765476) | (323743) |  |
| Total  | 1558765 | 1999413 |  |

---

For the year ended December 31, 2024 depreciation of equipment and vehicles of $441,672 is included in exploration expenses (2023 – $271,600).

4. #### MINERAL PROPERTIES

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Round Top <br> ($)**  | **Honker <br> ($)**  | **Illinois Creek <br> ($)**  | **Others <br> ($)**  | **Total <br> ($)**  |
| Total Costs: |  |  |  |  |  |
| Balance at December 31, 2022  | 407025 | 77308 | 5293245 | 6368 | 5783946 |
| Additions  | 72600 | 19800 | 63864 | 5610 | 161874 |
| ARO change in estimates  | (33) | (464) | (22445) |  | (22942) |
| Balance at December 31, 2023  | 479592 | 96644 | 5334664 | 11978 | 5922878 |
| Additions  | 72600 | 19800 | 81881 | 743 | 175024 |
| ARO change in estimates  | (13) | (181) | (7338) |  | (7532) |
| Balance at December 31, 2024  | 552179 | 116263 | 5409207 | 12721 | 6090370 |

---

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

4. #### MINERAL PROPERTIES (Continued)

#### Round Top Property, Alaska
The Round Top Property consists of 92 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

#### Honker Property Alaska
The Honker Property consists of 24 state mineral claims, owned 100% by WACG, located in the Mount McKinley mining district of Alaska.

#### Illinois Creek Mine Project, Alaska
WAGC acquired a 100% interest in the Illinois Creek Mine Project in fiscal 2021 through the issuance of 120 WACG common shares (valued at $540,000) and $3,698,000 payable by the issuance of a promissory note (note 8). As part of the acquisition in fiscal 2021, the Company also terminated a joint venture agreement on the project dating back to fiscal 2018 and reclassified share consideration under the operating agreement of which consisted of 346 common shares (valued at $692,000).

The Illinois Creek Mine Project is comprised of various state mineral claims located in Alaska.

#### Other Exploration Target Projects, Alaska
<u>Paw Print Property</u> 

The Paw Print Property consists of 18 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

<u>Khotol Property</u> 

The Khotol Property consists of 16 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

In 2024, the Company staked 3 new claims in the Khotol property for a cost of $743.

The Company staked the claims of both Paw Print and Khotol properties for a total of $6,368 and $6,353 in 2022 and 2023 respectively.

5. #### ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

---

| | | |
|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2023**  |
| Accounts payable  | $73255 | $408303 |
| Other payable  | 13427 | 4872 |
|  | $86682 | $413175 |

---

6. #### RELATED PARTY TRANSACTIONS

#### Due to/from Related Parties
As at December 31, 2024, $722,989 (2023 – $523,757) was due to related parties for management compensation. Promissory notes (Note 8) in the amount of and $2,356,065 (2023 – $2,819,083) are owed to related parties.

Amounts owing to related parties are non-interest bearing and have no specific terms of repayment.

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

7. #### ASSET RETIRMENT OBLIGATIONS
The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties:

---

| | |
|:---|:---|
| | **Total**  |
| Balance, December 31, 2022  | $238220 |
| Accretion expense  | 9557 |
| Change in estimates  | (22942) |
| Balance, December 31, 2023  | 224835 |
| Accretion expense  | 8656 |
| Change in estimates  | (7532) |
| Balance, December 31, 2024  | $225959 |

---

As at December 31, 2024, the total undiscounted amount of estimated cash flows required to settle the Company's asset retirement obligations was $232,272 (December 31, 2023 – $223,081) over the next 4 years at an annual inflation rate of 3% (2023 – 4%) and discounted using an average discount rate of 3.70% (2023 – 3.86%).

During the year ended December 31, 2024, the Company did not incur any reclamation expenditures.

Estimated future reclamation costs are based on the extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company's environmental policies. In view of uncertainties concerning asset retirement obligations, the ultimate costs could be materially different from the amounts estimated.

8. #### PROMISSORY NOTE
On March 31, 2021, and in accordance with the share purchase agreement entered upon the dissolution of the Illinois Creek Joint Venture LLC, WACG issued a promissory note of $3,698,000. The promissory note accrued interest at 2.0% per annum.

Under the terms of the promissory note, WACG made payments as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

$498,000, together with the accrued interest was paid during the year ended December 31, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

$500,000 was paid during the year ended December 31, 2022

Effective April 1, 2023, the promissory note was amended by both parties to increase the interest rate to 5.0% per annum from the previous rate of 2.0% per annum.

On September 30, 2023, the promissory note was further amended by both parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

The Company will commence monthly principal repayments of $25,000 at the later of March 31, 2024 or at the closing of the Company's next financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

The Company will make additional principal reduction payments equal to 6% of all future equity financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

A principal reduction payment of $750,000 will be due on May 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2025.

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

8. #### PROMISSORY NOTE (Continued)
On December 31, 2024, the promissory note was once again amended by both parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

The Company will commence monthly principal repayments of $10,000 until the closing of the next financing, at which time the monthly principal payments will increase to $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

The Company will make additional principal reduction payments equal to 6% of all equity financings, plus accrued interest on the outstanding principal balance, due and payable upon closing of each round;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

A principal reduction payment of $750,000 will be due on June 1, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2026.

During the year ended December 31, 2024, the Company repaid $583,083 in principal repayments. As at December 31, 2024, the balance of the promissory note was $2,356,065 (2023 – $2,819,083) with $239,148 (2023 – $119,083) being accrued interest.

9. #### SHARE CAPITAL

#### Authorized Capital
The Company is authorized to issue an unlimited number of subordinate voting shares without par value.

#### Subordinate Voting and Proportionate Stock
Pursuant to the reverse take-over ("RTO") transaction in 2021, each WACG common share held by a U.S. resident shareholder was exchanged for either (i) a "Merger Unit", comprised of 1,000 Alaska Silver subordinate voting shares ("Subordinate Voting Shares") and 90 Proportionate voting shares ("Proportionate voting shares"); or (ii) 100 Proportionate voting shares; and each WACG common share held by a non-U.S. resident shareholder was exchanged for 10,000 Subordinate Voting Shares. The Proportionate voting shares are, in effect, Subordinate Voting Shares compressed at the ratio of 100:1 which have voting and economic rights on an as-converted basis. The Proportionate voting shares are convertible to Subordinate Voting Shares at the request of the shareholder and with the consent of the Company.

#### Issued Share Capital
On February 1, 2023, the Company issued 20,000 Subordinate Voting Shares for gross proceeds of $9,000 on exercise of stock options.

On May 4, 2023, the Company issued 2,982,049 units in a private placement for CAD$2.35 per unit for gross proceeds $5,018,862 (CAD$7,007,815). Each unit consists of one subordinate voting share and one-half warrant with an exercise price of CAD$3.15 for a period of 36 months. In addition, the Company paid a cash commission of $298,886 (CAD$405,469) and issued 172,540 broker warrants to the agents. Each broker warrant entitles the holder to purchase one unit of the private placement for a period of 24 months following the closing of the private placement.

On June 23, 2023, the Company issued 25,000 subordinate voting shares for gross proceeds of $17,000 on exercise of stock options.

On September 1, 2023, the Company issued 756,382 units in the first tranche of a private placement for CAD$2.05 per unit, and on September 14, 2023, the Company issued 66,171 units in the final tranche.

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

9. #### SHARE CAPITAL (Continued)
Each unit consists of one subordinate voting share of the Company and one-half warrant with an exercise price of CAD$3.15 per share for a period of 36 months.

In addition, the Company paid a cash commission of $1,766 (CAD$2,399) and issued 1,170 Finder Warrants to the agents. Each Finder Warrant entitles the holder to purchase one subordinate voting share of the Company for a period of 36 months following the closing of the private placement.

On November 30, 2023, the Company issued 460,000 subordinate voting shares for gross proceeds of $267,000 on exercise of stock options.

On April 4, 2024, the Company issued 100,000 Subordinate Voting Shares to option holders who exercised their options in return for gross proceeds of $65,000.

On April 26, 2024, the Company issued 9,403,352 units in a brokered shelf prospectus offering for CAD$0.65 per unit for gross proceeds of $4,466,627 (CAD$6,112,179). Each unit consists of one Subordinate Voting Share and one warrant with an exercise price of $0.66 (CAD$0.90) for a period of 36 months. In addition, the Company paid a cash commission $268,313 (CAD$366,731) and issued 564,200 agent warrants to the agents. Each agent warrant entitles the holder to purchase one Subordinate Voting Share at $0.48 (CAD$0.65) for a period of 36 months from issuance date. The Company also incurred professional fees of $7,323 related to this financing.

On May 8, 2024, the Company issued 3,812,981 units in the first tranche of a non-brokered private placement for CAD$0.65 per unit, and on May 14, 2024, the Company issued 200,000 units in the final tranche, for total gross proceeds of $1,897,758 (CAD$2,608,438). Each unit consists of one Subordinate Voting Share and one warrant with an exercise price of $0.66 (CAD$0.90) for a period of 36 months. In addition, the Company paid a cash commission $82,423 (CAD$113,200) and issued 92,923 finders warrants to the finders. Each finders warrant entitles the holder to purchase one Subordinate Voting Share at $0.66 (CAD$0.90) for a period of 36 months from issuance date. The Company also incurred professional fees of $152,646 related to this financing.

On May 27, 2024, the Company issued 100,000 Subordinate Voting Shares to warrant holders who exercised their warrants in return for gross proceeds of $66,002

On June 17, 2024, the Company issued 190,000 Subordinate Voting Shares to option holders who exercised their options in return for gross proceeds of $123,500.

On June 17, 2024, the Company issued 13,181 Subordinate Voting Shares to warrant holders who exercised their warrants in return for gross proceeds of $6,234

On July 16, 2024, the Company issued 50,000 Subordinate Voting Shares to warrant holders who exercised their warrants in return for gross proceeds of $32,881.

On December 31, 2024, the Company issued 200,000 Subordinate Voting Shares to option holders who exercised their options in return for gross proceeds of $62,370.

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

9. Basic and diluted weighted average number of shares outstanding

---

| | | |
|:---|:---|:---|
| | **2024**  | **2023**  |
| Weighted Average number of shares outstanding |  |  |
| Subordinate Voting shares  | 37379799 | 26119511 |
| Proportionate Voting shares (as converted)  | 22480100 | 22480100 |
| Weighted averages shares outstanding – basic and diluted  | 59859899 | 48599611 |
| Loss attributed to owners  | $(7320751) | $(10200062) |
| Loss per share  | $(0.12) | $(0.21) |
| Loss attributed to Subordinate Voting shares  | $(0.08) | $(0.11) |
| Loss attributed to Proportionate Voting shares (as converted)  | $(0.05) | $(0.10) |

---

#### Stock Options
The Company has a stock option plan under which the Board of Directors may grant options to acquire subordinate voting shares of the Company to qualified directors, officers, employees, and other service providers. The stock option vests according to the provisions of the individual option agreements approved by the directors' resolutions and have a maximum of 10 years until expiry. The plan allows for the issuance up to 10% of the number of issued and outstanding subordinate voting and proportionate shares of the Company at any time on a non-diluted basis.

The changes in stock options are summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Weighted Average <br> Exercise Price\* <br> (CAD)**  | **Number of Shares <br> Issued or Issuable <br> on Exercise\***  |
| Balance at December 31, 2022  | $0.93\* | 3057500 |
| Granted  | 3.12 | 1265000 |
| Exercised  | 0.72 | (505000) |
| Balance at December 31, 2023  | 1.69 | 3817500 |
| Granted  | 0.54 | 2545000 |
| Exercised  | 0.66 | (490000) |
| Expired  | 0.81 | (20000) |
| Forfeited  | 1.69 | (225000) |
| Balance at December 31, 2024  | 1.26 | 5627500 |

---

\*

The weighted average exercise price and number of subordinate voting shares issued or issuable on exercise have been adjusted for 1:10,000 split.

The following assumptions were used for the Black-Scholes pricing model calculations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **January 20, <br> 2023**  | **April 6, <br> 2023**  | **March 1, <br> 2024**  | **June 14, <br> 2024**  | **December 27, <br> 2024**  |
| Risk-free interest rate  | 2.88%  | 2.98%  | 3.50%  | 3.51%  | 3.05%  |
| Expected stock price volatility  | 101.34%  | 100.86%  | 72.61%  | 67.89%  | 67.89%  |
| Expected option life in years  | 5 years  | 5 years  | 5 years  | 5 years  | 5 years  |
| Dividend rate  | Nil  | Nil  | Nil  | Nil  | Nil  |

---

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

9. #### SHARE CAPITAL (Continued)
Stock-based compensation related to stock options was allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $567,225 (2023 – $1,166,655) was allocated to management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $226,112 (2023 – $739,889) was allocated to exploration expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $156,288 (2023 – $83,530) was allocated to consulting fees.

Stock options outstanding and exercisable on December 31, 2024, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding**  | **Outstanding**  | **Exercisable**  | **Exercisable**  |
| **Exercise Price (CAD)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Number of <br> Subordinate Voting <br> Shares Issuable <br> on Exercise**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted Average <br> Remaining Life <br> (Years)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Number of <br> Subordinate Voting <br> Shares Issuable <br> on Exercise**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Weighted Average <br> Remaining Life <br> (Years)**  |
| $0.56  | 490000 | 1.17 | 490000 | 1.17 |
| $0.56  | 630000 | 1.46 | 630000 | 1.46 |
| $0.85  | 462500 | 1.87 | 462500 | 1.87 |
| $0.96  | 25000 | 2.08 | 25000 | 2.08 |
| $1.65  | 275000 | 2.39 | 275000 | 2.39 |
| $2.75  | 175000 | 2.86 | 175000 | 2.86 |
| $3.16  | 1125000 | 3.06 | 728900 | 3.06 |
| $2.70  | 100000 | 3.27 | 66000 | 3.27 |
| $0.49  | 1000000 | 4.17 | 330000 | 4.17 |
| $0.85  | 450000 | 4.46 | 191667 | 4.46 |
| $0.45  | 895000 | 4.99 | 895000 | 4.99 |
|  | 5627500 | 3.20 | 4269067 | 2.98 |

---

As at December 31, 2024, the market price of the Company's subordinate voting share was CAD$0.48 per share. The intrinsic value of the stock options was $19,601 (CAD$26,850).

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

9. #### Warrants
The following table summarizes information about warrants outstanding as at December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Date Issued**  | **Expiry Date**  | **Exercise <br> Price <br> (CAD)**  | **Number of <br> Warrants <br> Outstanding**  | **Intrinsic <br> Value <br> ($)**  |
|  Outstanding at December 31, 2022  |  |  |  |  |  |
| Broker warrants  | May 4, 2023  | May 4, 2025  | 2.35 | 172540 |  |
| Private placement warrants  | May 4, 2023  | May 4, 2026  | 3.15 | 1491025 |  |
| Private placement warrants  | September 1, 2023  | September 1, 2026  | 3.15 | 378191 |  |
| Finders warrants  | September 1, 2023  | September 1, 2025  | 3.15 | 1170 |  |
| Private placement warrants  | September 14, 2023  | September 14, 2026  | 3.15 | 33086 |  |
|  Outstanding at December 31, 2023  |  |  | 3.08 | 2076011 |  |
| Private placement warrants  | April 26, 2024  | April 26, 2027  | 0.90 | 9403352 |  |
| Agents warrants  | April 26, 2024  | April 26, 2027  | 0.65 | 564200 |  |
| Private placement warrants  | May 8, 2024  | May 8, 2027  | 0.90 | 3812981 |  |
| Finders warrants  | May 8, 2024  | May 8, 2027  | 0.90 | 92923 |  |
| Private placement warrants  | May 14, 2024  | May 14, 2027  | 0.90 | 200000 |  |
| Exercise  | April 26, 2024  | April 26, 2027  | 0.90 | (150000) |  |
| Exercise  | April 25, 2024  | April 25, 2027  | 0.65 | (13181) |  |
|  Outstanding at December 31, 2024  |  |  | 1.18\* | 15986286 |  |

---

\*

The weighted average exercise price and weighted average life was CAD$1.18 and 2.23 years, respectively.

The Company's Private placement warrants and Finder warrants are warrants that when exercised by the holder, the Company will issue one subordinate voting share for each warrant exercise. For the Broker warrants, the holder receives one subordinate voting share and one Private placement warrant for each Broker warrant exercise.

#### Restricted Share Units
On March 1, 2024, the Company issued 88,538 restricted share units ("RSU") to two employees with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $31,984, of which $26,727 have been recorded as management fees, exploration expenses and consulting fees during the year ended December 31, 2024.

On October 17, 2024, the Company issued 114,588 RSUs to three directors with a vesting date being one year from grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $51,666, of which $10,617 have been recorded as a stock-based compensation during the year ended December 31, 2024.

On December 27, 2024, the Company issued 75,000 RSUs to two employees and an officer with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

9. #### SHARE CAPITAL (Continued)
Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $23,411, of which $257 have been recorded as a share-based payment during the year ended December 31, 2024.

Share-based payments for the RSUs was allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $11,233 (2023 – $nil) from RSUs was allocated to management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $26,573 (2023 – $nil) from RSUs was allocated to exploration expenses;

The following table summarizes information about RSUs outstanding as at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Date Issued**  | **Vesting Date**  | **No. of RSUs**  |
| Grant  | March 1, 2024  | March 1, 2025  | 88538 |
| Grant  | October 17, 2024  | October 17, 2025  | 114588 |
| Grant  | December 27, 2024  | December 27, 2025  | 75000 |
| Outstanding at December 31, 2024  |  |  | 278126 |

---

10. #### INCOME TAXES
A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2023**  |
| Net loss before tax  | $(7279098) | $(10073774) |
| Statutory tax rate  | 27% | 27% |
| Expected income tax recovery  | (1965356) | (2719919) |
| Effect of current items  | 111433 | (131408) |
| True-up of prior year amounts  | (98600) |  |
| Tax assets not recognized  | 1952523 | 2851327 |
| Income tax recovery  | $— | $— |

---

The significant components of deferred tax assets that have not been included on the statements of financial position are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2023**  |
| Share issuance costs  | $268150 | $238300 |
| Non-capital losses available for future period (USA)  | 2381162 | 1888920 |
| Non-capital losses available for future period (Canada)  | 1408434 | 1051380 |
| Exploration and evaluation assets  | 7070105 | 6115994 |
| Equipment  | 206678 | 87411 |
| Total deferred tax pools, net  | 11334529 | 9382005 |
| Valuation allowance  | (11334529) | (9382005) |
|  | $— | $— |

---

The Company has approximately $8,819,000 of non-capital losses in Canada which expire between 2041 and 2044 and approximately $5,146,000 of non-capital losses in the US. Tax attributes are subject to review and potential adjustment by tax authorities.

------

[**TABLE OF CONTENTS**](#TOC2)

**ALASKA SILVER CORP.**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

*(Expressed in United States Dollars)*

11. #### SEGMENTED INFORMATION
A reporting segment is defined as a component of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Engages in business activities from which it may earn revenues and incur expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

Operating results are reviewed regularly by the entity's chief operating decision maker; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

Discrete financial information is available.

The CODM is the CEO of the Company. The Company has determined that it operates its business in one geographical segment located in Alaska, United States, where majority of its equipment and all of its mineral properties are located.

The CODM is responsible for evaluating performance, allocating resources, and making strategic decisions. The primary measure used to assess the Company's profitability is consolidated net loss, which is used to compare budgeted versus actual results and informs operating cash flow decisions. The financial position, results of operations, and cash flows of the Company's single reportable segment align with the consolidated financial statements presented herein. The measure of segment assets is reported on the consolidated balance sheet as total assets.

The CODM primarily evaluates the Company's performance based on consolidated net loss and reviews significant expenses, when applicable, on a consolidated basis, consistent with the presentation in the consolidated statements of operations. While the CODM's primary focus is on overall consolidated results, supplemental information on exploration costs is also reviewed.

12. #### SUBSEQUENT EVENTS
On March 21, 2025, the Company completed an unsecured loan transaction with certain lenders (the "Lenders") to the Company, pursuant to which the Company has issued promissory notes in the aggregate principal amount of $1,200,000. The Loan will mature after 36 months and bear interest at rate of 10% per annum. The Loan will be payable by the Company after 12 months. In addition, the Company has also issued to the Lenders an aggregate of 2,697,600 bonus warrants (the "Warrants"). Each Warrant entitles the holder to purchase one subordinate voting share of the Company at an exercise price of CAD$0.64 for a period of 36 months from the date of issuance.

On March 31, 2025, the Company issued 60,414 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting.

On April 2, 2025, the Company granted 80,000 options to a consultant of the Company. These options may be exercised within 5 years from the date of grant at a price of CAD $0.64 per Subordinate Voting Share and are vested 1/4 every three months starting from July 2, 2025, onwards.

On June 23, 2025, the Company granted 400,000 options to officers of the Company. These options may be exercised within 5 years from the date of grant at a price of CAD $0.73 per Subordinate Voting Share and are vested 1/3 every year starting from June 23, 2025, onwards.

On June 26, 2025, the Company issued 46,950 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting.

The Company issued 442,500 Subordinate Voting Shares for the exercise of stock options for gross proceeds of CAD$238,925.

The Company issued 27,682 Subordinate Voting Shares for the exercise of RSUs.

The Company issued 412,524 Subordinate Voting Shares for the exercise of warrants for gross proceeds of CAD$355,396.

------

[**TABLE OF CONTENTS**](#TOC2)

#### Units

#### Consisting of Subordinate Voting Shares and Warrants to Purchase Subordinate Voting Shares

#### Subordinate Voting Shares Issuable upon the Exercise of the Warrants
![[MISSING IMAGE: lg_alaska-4c.jpg]](lg_alaska-4c.jpg)

#### PRELIMINARY PROSPECTUS
, 2025

### Cantor

#### Sole Bookrunner

------

[**TABLE OF CONTENTS**](#TOC2)

#### PART II INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 13. Other expenses of issuance and distribution
The following table sets forth the costs and expenses, other than underwriting discounts and commissions, to be paid by us in connection with the sale of the Units being registered hereby. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee.

---

| | |
|:---|:---|
| SEC registration fee  | $4533.33 |
| FINRA filing fee  | \* |
| Printing and engraving expenses  | \* |
| Legal fees and expenses  | \* |
| Accounting fees and expenses  | \* |
| Blue Sky fees and expenses (including legal fees)  | \* |
| Transfer agent and registrar fees and expenses  | \* |
| Miscellaneous  | \* |
| Total  | $\* |

---

\*

To be filed by amendment

#### Item 14. Indemnification of directors and officers
We are subject to the provisions of Part 5, Division 5 of the Business Corporations Act (British Columbia), or the "BCBCA". Under Section 160 of the BCBCA, we may, subject to Section 163 of the BCBCA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

indemnify an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • is or was a director or officer of our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • is or was a director or officer of another corporation (i) at a time when such corporation is or was an affiliate of our company; or (ii) at our request, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at our request, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity,

and including, subject to certain limited exceptions, the heirs and personal or other legal representatives of that individual (collectively, an "eligible party"), against all eligible penalties to which the eligible party is or may be liable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "eligible proceeding" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "expenses" includes costs, charges, and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "proceeding" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

------

[**TABLE OF CONTENTS**](#TOC2)

Under Section 161 of the BCBCA, and subject to Section 163 of the BCBCA, we must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding if the eligible party (a) has not been reimbursed for those expenses, and (b) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding.

Under Section 162 of the BCBCA, and subject to Section 163 of the BCBCA, we may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of the proceeding, provided that we must not make such payments unless we first receive from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited under Section 163 of the BCBCA, the eligible party will repay the amounts advanced.

Under Section 163 of the BCBCA, we must not indemnify an eligible party against eligible penalties to which the eligible party is or may be liable under Section 160 of the BCBCA or pay the expenses of an eligible party actually and reasonably incurred in respect of that proceeding under Sections 160, 161 or 162 of the BCBCA, as the case may be, if any of the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, we were prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, we are prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of our company or the associated corporation, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

If an eligible proceeding is brought against an eligible party by or on behalf of our company or by or on behalf of an associated corporation, we must not either indemnify the eligible party against eligible penalties to which the eligible party is or may be liable under Section 160 of the BCBCA, or pay the expenses actually and reasonably incurred by the eligible party under Sections 160, 161 or 162 of the BCBCA, as the case may be, in respect of the proceeding.

Under Section 164 of the BCBCA, and despite any other provision of Part 5, Division 5 of the BCBCA and whether or not payment of expenses or indemnification has been sought, authorized or declined under Part 5, Division 5 of the BCBCA, on the application of our company or an eligible party, the Supreme Court of British Columbia may do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • order us to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • order us to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • order the enforcement of, or any payment under, an agreement of indemnification entered into by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • order us to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order under Section 164 of the BCBCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any other order the court considers appropriate.

Section 165 of the BCBCA provides that we may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation.

------

[**TABLE OF CONTENTS**](#TOC2)

Under our articles, and subject to the BCBCA, we must indemnify each person who is or was a director, alternate director or officer of our company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and we must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each current or former director, alternate director or officer is deemed to have contracted with our company on the terms of the indemnity contained in our articles.

Under our articles, and subject to the BCBCA, we may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for us. We have entered into indemnification agreements with each of our directors and our Chief Financial Officer.

Pursuant to our articles, the failure of an eligible party to comply with the BCBCA or our articles does not invalidate any indemnity to which he or she is entitled under our articles.

Despite any other provision of our articles, we are not obliged to make any payment that is prohibited by the BCBCA or by court order in force at the date the payment is made.

Under our articles, we may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • is or was serving as a director, alternate director or officer of our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • is or was serving as a director, alternate director or officer of any associated company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at our request, holds or held a position equivalent to that of a director or officer of a partnership, trust, joint venture or other unincorporated entity against any liability incurred by him or her in such equivalent position.

#### Item 15. Recent sales of unregistered securities
We completed the following sales or issuances of unregistered securities during the past three years:

 *Private Placements* 

On May 5, 2022, we issued by private placement an aggregate of 4,170,000 subordinate voting shares at a price of C$1.20 per share for gross proceeds of approximately C$5 million. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On August 22, 2022, we issued, in the first tranche of a private placement, an aggregate of 2,378,219 subordinate voting shares at a price of C$4.10 per share for gross proceeds of approximately C$7.5 million. In connection with this tranche, we issued 36,585 finder's shares. On September 6, 2022, we issued in a second tranche an aggregate of 548,780 subordinate voting shares for gross proceeds of approximately C$2.2 million. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

We granted to one shareholder a right of participation in future issuances, by private placement or public offering, of subordinate voting shares (or securities convertible into subordinate voting shares), other than certain excluded offerings. For so long as that shareholder holds not less than 3% of the issued and outstanding subordinate voting shares, we are required to offer to that shareholder the right to subscribe for securities on the same terms and conditions as such securities are being offered to third parties (subject to exceptions provided for in the underlying agreement), so that the shareholder may maintain its proportional ownership.

On May 4, 2023, we issued by private placement an aggregate of 2,982,049 units at a price of C$2.35 per unit for gross proceeds of approximately $7 million and paid a cash commission of C$405,469 and issued 172,540 broker warrants. Each unit is comprised of one subordinate voting share and one-half of one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$3.15 for a term of three years. Each broker warrant was exercisable to purchase one unit

------

[**TABLE OF CONTENTS**](#TOC2)

at a price of C$2.35 for a term of two years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On September 1, 2023, we issued by private placement 756,382 units at a price of C$2.05 per unit for gross proceeds of approximately $1.55 million and paid a cash commission of C$2,399 and issued 1,170 finder's warrants. On September 14, 2023, we issued a second tranche of 66,171 units for gross proceeds of C$135,650.55. Each unit is comprised of one subordinate voting share and one-half of one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$3.15 for a term of three years. Each finder warrant is exercisable to purchase one subordinate voting share at a price of C$3.15 for a term of three years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On April 26, 2024, we issued, by way of shelf prospectus offering in Canada and private placement in the United States, an aggregate of 9,403,352 units at a price of C$0.65 per unit for gross proceeds of approximately C$6.1 million and paid a cash commission of C$366,731 and issued 564,200 broker warrants. Each unit is comprised of one subordinate voting share and one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$0.90 for a term of three years. Each broker warrant was exercisable to purchase one subordinate voting share at a price of C$0.65 for a term of three years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On May 8, 2024, we issued by private placement 3,812,981 units at a price of C$0.65 per unit in a first tranche, and on May 14, 2024, 200,000 units in a second tranche, for total gross proceeds of approximately C$2.6 million. In connection with the private placement, we paid a cash commission of $82,423 (C$113,200) and issued 92,923 finder's warrants. Each unit is comprised of one subordinate voting share and one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$0.90 for a term of three years. Each finder warrant is exercisable to purchase one subordinate voting share at a price of C$0.90 for a term of three years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On March 21, 2025, we issued by private placement promissory notes in the aggregate principal amount of US$1,200,000. The notes mature after three years and bear interest at a rate of 10% per annum. The notes will be repayable by us after 12 months. We also issued an aggregate of 2,697,600 subordinate voting share purchase warrants, each exercisable to purchase one subordinate voting share at an exercise price of C$0.64 for a term of three years. The use of proceeds from this transaction was to advance planning for 2025 exploration and general corporate purposes. This offering was completed pursuant to Rule 506(b) of Regulation D under the Securities Act.

 *Common Shares Issued Upon Exercise or Conversion of Outstanding Securities* 

During 2022, we issued 982,500 common shares upon the exercise of stock options, at a weighted average exercise price of C$0.54 per share. The common shares were issued pursuant to Rule 701 under the Securities Act.

During 2023, we issued 505,000 common shares upon the exercise of stock options, at a weighted average exercise price of $0.58 per share. The common shares were issued pursuant to Rule 701 under the Securities Act.

During 2024, we issued 490,000 common shares upon the exercise of stock options, at a weighted average exercise price of $0.66 per share. The common shares were issued pursuant to Rule 701 under the Securities Act.

During 2025, we have issued 195,000 common shares upon the exercise of stock options, at a weighted average exercise price of C$0.54 per share. The common shares were issued pursuant to Rule 701 under the Securities Act.

------

[**TABLE OF CONTENTS**](#TOC2)

During 2024, we issued 163,181 common shares upon the exercise of warrants, at a weighted average exercise price of C$0.88 per share. When issued in accordance with the warrant indenture governing such warrants, the common shares were issued pursuant to Regulation S under the Securities Act.

During 2025, we have issued (i) 56,200 common shares upon the exercise of warrants, at an exercise price of C$0.64 per share, which were issued pursuant to Section 4(a)(2) the Securities Act; (ii) 34,234 common shares upon the exercise of warrants, at an exercise price of C$0.65 per share, which were issued outside the United States pursuant to Regulation S under the Securities Act; and (iii) 320,500 common shares upon the exercise of warrants, at an exercise price of C$0.90 per share, which, when issued in accordance with the warrant indenture governing such warrants, were issued pursuant to Regulation S under the Securities Act.

#### Item 16. Exhibits and financial statement schedules
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

Exhibits

---

| | |
|:---|:---|
| **Exhibit No.**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description of Exhibit**  |
| &nbsp;&nbsp; 1.1\* | Form of Underwriting Agreement |
| &nbsp;&nbsp; 3.1 | [Notice of Articles](tm2515003d8_ex3-1.htm)  |
| &nbsp;&nbsp; 3.2 | [Articles of Incorporation](tm2515003d8_ex3-2.htm)  |
| &nbsp;&nbsp; 4.1\* | Form of Warrant |
| &nbsp;&nbsp; 4.2\* | Form of Underwriter's Warrant |
| &nbsp;&nbsp; 4.3\* | Form of Warrant Agent Agreement |
| &nbsp;&nbsp; 4.4 | [Western Alaska Minerals Corp. Long-Term Incentive Plan, dated November 5, 2021, as amended May 27, 2022](tm2515003d8_ex4-4.htm)  |
| &nbsp;&nbsp; 5.1 | [Opinion of DuMoulin Black LLP](tm2515003d8_ex5-1.htm)  |
| &nbsp;&nbsp; 5.2 | [Opinion of Dorsey & Whitney LLP related to the Warrants](tm2515003d8_ex5-2.htm)  |
| 10.1 | [Promissory Note dated March 31, 2021 by and between our company and Joe Piekenbrock](tm2515003d8_ex10-1.htm)  |
| 10.2 | [First Amendment to Promissory Note effective August 16, 2021 by and between Western Alaska Copper & Gold and Joe Piekenbrock](tm2515003d8_ex10-2.htm)  |
| 10.3 | [Second Amendment to Promissory Note effective October 1, 2021 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](tm2515003d8_ex10-3.htm)  |
| 10.4 | [Third Amendment to Promissory Note effective March 31, 2022 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](tm2515003d8_ex10-4.htm)  |
| 10.5 | [Fourth Amendment to Promissory Note effective March 31, 2023 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](tm2515003d8_ex10-5.htm)  |
| 10.6 | [Fifth Amendment to Promissory Note effective September 30, 2023 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](tm2515003d8_ex10-6.htm)  |
| 10.7 | [Sixth Amendment to Promissory Note effective October 31, 2023 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](tm2515003d8_ex10-7.htm)  |
| 10.8 | [Seventh Amendment to Promissory Note effective December 31, 2024 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](tm2515003d8_ex10-8.htm)  |
| 10.9 | [Contractor Agreement, dated May 20, 2024, by and between our company and 1397257 BC Ltd](tm2515003d8_ex10-9.htm)  |
| 10.10 | [Corporate Finance Advice Letter Agreement dated October 26, 2023 by and between our company and S. Mitchell & Associates LLC](tm2515003d8_ex10-10.htm)  |
| 10.11 | [Western Alaska Minerals Corp. Long-Term Incentive Plan dated November 5, 2021, as amended May 27, 2022 and May 20, 2025](tm2515003d8_ex10-11.htm)  |
| 10.12 | [Executive Employment Agreement dated January 1, 2023 by and between our company and Christopher "Kit" Marrs](tm2515003d8_ex10-12.htm)  |
| 10.13 | [Consulting Service Agreement dated July 1, 2024 by and between our company and Piek Exploration LLC](tm2515003d8_ex10-13.htm)  |

---

------

[**TABLE OF CONTENTS**](#TOC2)

---

| | |
|:---|:---|
| **Exhibit No.**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description of Exhibit**  |
| 10.14 | [Consulting Service Agreement dated August 7, 2025, by and between our company and Piek Exploration LLC](tm2515003d8_ex10-14.htm)  |
| 10.15 | [Grant of Participation Right Agreement, dated October 14, 2021, by and between Crescat Portfolio Management LLC and 1246779 B.C. Ltd.](tm2515003d8_ex10-15.htm)  |
| 21.1 | [Subsidiaries](tm2515003d8_ex21-1.htm)  |
| 23.1 | [Consent of Davidson & Company LLP, independent registered public accounting firm](tm2515003d8_ex23-1.htm)  |
| 23.2 | [Consent of DuMoulin Black LLP (included in Exhibit 5.1)](tm2515003d8_ex5-1.htm)  |
| 23.3 | [Consent of Dorsey & Whitney LLP (included in Exhibit 5.2)](tm2515003d8_ex5-2.htm)  |
| 23.4 | [Consent of Jack DiMarchi, C.P.G. and Core GeoScience LLC](tm2515003d8_ex23-4.htm)  |
| 23.5 | [Consent of Bruce Davis, Ph.D,, FAusIMM and Bruce DavisConsulting](tm2515003d8_ex23-5.htm)  |
| 23.6 | [Consent of Deepak Malhotra, Ph.D., SME(RM) and DM Consulting](tm2515003d8_ex23-6.htm)  |
| 24.1 | [Powers of Attorney (included on the signature page)](#tSIG) |
| 96.1 | [S-K 1300 Technical Report Summary Illinois Creek Project, Western Alaska, USA](tm2515003d8_ex96-1.htm)  |
| 107 | [Calculation of Filing Fees Table](tm2515003d7_ex-filingfees.htm)  |

---

\*

To be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Financial Statement Schedules

None

#### Item 17. Undertakings
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

------

[**TABLE OF CONTENTS**](#TOC2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first us.

------

[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, Alaska Silver Corp. has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Vancouver, British Columbia, Canada, on September 11, 2025.

#### ALASKA SILVER CORP.
By:

*/s/ Christopher "Kit" Marrs*

Name:

Christopher "Kit" Marrs

Title:

Chief Executive Officer

#### POWERS OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Christopher "Kit" Marrs and Darren Morgans, and each of them, as his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on September 11, 2025.

---

| | |
|:---|:---|
| **Signature**  | **Title**  |
| */s/ Christopher "Kit" Marrs* <br>Christopher "Kit" Marrs  | Chief Executive Officer and Director (Principal Executive Officer) |
| */s/ Darren Morgans* <br>Darren Morgans  | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
| */s/ Nate Brewer* <br>Nate Brewer  | Director |
| */s/ Susan Mitchell* <br>Susan Mitchell  | Director |
| */s/ Kevin Nishi* <br>Kevin Nishi  | Director |
| */s/ David Smallhouse* <br>David Smallhouse  | Director |

---

------

[**TABLE OF CONTENTS**](#TOC)

#### AUTHORIZED REPRESENTATIVE
Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this registration statement, solely in its capacity as the duly authorized representative of Alaska Silver Corp. in the United States, on September 11, 2025

 */s/ Christopher "Kit" Marrs* 

 *Name: Christopher "Kit" Marrs Title: Chief Executive Officer and Director (Principal Executive Officer)* 

------

## Exhibit 3.1

**Exhibit 3.1**

---

| | | |
|:---|:---|:---|
| ![](tm2515003d8_ex3-1img001.jpg) | Mailing Address: | Location: |
| ![](tm2515003d8_ex3-1img001.jpg) | PO Box 9431 Stn Prov Govt | 2nd Floor - 940 Blanshard Street |
| ![](tm2515003d8_ex3-1img001.jpg) | Victoria BC V8W 9V3 | Victoria BC |
| ![](tm2515003d8_ex3-1img001.jpg) | www.corporateonline.gov.bc.ca | 1 877 526-1526 |

---

------

---

| | |
|:---|:---|
|  | **CERTIFIED COPY** |
|  | Of a Document filed with the Province of British Columbia Registrar of Companies |
| **Notice of Articles** |  |
|  | /s/ SINEAD O'CALLAGHAN |
| *BUSINESS CORPORATIONS ACT* | SINEAD O'CALLAGHAN |

---

*This Notice of Articles was issued by the Registrar on: April 25, 2025 09:09 AM Pacific Time*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Incorporation Number:* | **BC1246779** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recognition Date and Time:* | *Incorporated on April 8, 2020 11:44 AM Pacific Time* |

---

**NOTICE OF ARTICLES**

**Name of Company:**

ALASKA SILVER CORP.

------

**REGISTERED OFFICE INFORMATION**

---

| | |
|:---|:---|
| **Mailing Address:** | **Delivery Address:** |
| 15TH FLOOR, 1111 WEST HASTINGS STREET | 15TH FLOOR, 1111 WEST HASTINGS STREET |
| VANCOUVER BC V6E 2J3 | VANCOUVER BC V6E 2J3 |
| CANADA | CANADA |

---

------

**RECORDS OFFICE INFORMATION**

---

| | |
|:---|:---|
| **Mailing Address:** | **Delivery Address:** |
| 15TH FLOOR, 1111 WEST HASTINGS STREET | 15TH FLOOR, 1111 WEST HASTINGS STREET |
| VANCOUVER BC V6E 2J3 | VANCOUVER BC V6E 2J3 |
| CANADA | CANADA |

---

Page: 1 of 3

**DIRECTOR INFORMATION**

**Last Name, First Name, Middle Name:**

Smallhouse, David

---

| | |
|:---|:---|
| **Mailing Address:** | **Delivery Address:** |
| 1990 N. KOLB ROAD | 1990 N. KOLB ROAD |
| TUCSON AZ 85715 | TUCSON AZ 85715 |
| UNITED STATES | UNITED STATES |

---

------

**Last Name, First Name, Middle Name:**

Nishi, Kevin

---

| | |
|:---|:---|
| **Mailing Address:** | **Delivery Address:** |
| 1700 - 475 HOWE STREET | 1700 - 475 HOWE STREET |
| VANCOUVER BC V6C 2B3 | VANCOUVER BC V6C 2B3 CANADA |
| CANADA | CANADA |

---

------

**Last Name, First Name, Middle Name:**

Brewer, Nathan

---

| | |
|:---|:---|
| **Mailing Address:** | **Delivery Address:** |
| 9027 OLD TOM MORRIS CIRCLE | 9027 OLD TOM MORRIS CIRCLE |
| HIGHLANDS RANCH CO 80219 | HIGHLANDS RANCH CO 80219 |
| UNITED STATES | UNITED STATES |

---

------

**Last Name, First Name, Middle Name:**

Mitchell, Susan

---

| | |
|:---|:---|
| **Mailing Address:** | **Delivery Address:** |
| 2 HORATIO STREET, SUITE 16L | 2 HORATIO STREET, SUITE 16L |
| NEW YORK NY 10014 | NEW YORK NY 10014 |
| UNITED STATES | UNITED STATES |

---

------

**Last Name, First Name, Middle Name:**

Marrs, Christopher

---

| | |
|:---|:---|
| **Mailing Address:** | **Delivery Address:** |
| 3573 E. SUNRISE DRIVE, SUITE 233 | 3573 E. SUNRISE DRIVE, SUITE 233 |
| TUCSON AZ 85718 | TUCSON AZ 85718 |
| UNITED STATES | UNITED STATES |

---

------

**RESOLUTION DATES:**

Date(s) of Resolution(s) or Court Order(s) attaching or altering Special Rights and Restrictions attached to a class or a series of shares:

November 8, 2021

July 17, 2023

------

**AUTHORIZED SHARE STRUCTURE**

Page: 2 of 3

1. No Maximum Subordinate Voting Shares Without Par Value <br>With Special Rights or Restrictions attached

------

2. No Maximum Proportionate Voting Shares Without Par Value <br>With Special Rights or Restrictions attached

Page: 3 of 3

## Exhibit 3.2

**Exhibit 3.2**

**ALASKA SILVER CORP.**

**(the "Company")**

**<u>AMENDMENT TO THE ARTICLES OF THE COMPANY</u>**

Pursuant to section 42(2)(a)(iv) of the *British Columbia Business Corporations Act*, the following is an extract of a resolution passed by all of the directors of the Company on April 2, 2025, which extract is to be attached to the Articles of the Company as effected on April 25, 2025.

**"CHANGE OF NAME WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;A. pursuant to section 257 of the *British Columbia Business Corporations Act* and section 2.1(g) of
the Company's Articles, the Company may authorize an alteration of its Notice of Articles in order to change its name by a resolution
of its directors; and

&nbsp;&nbsp;&nbsp;&nbsp;B. the directors of the Company have determined that it is in the best interests of the Company to change
its name to "Alaska Silver Corp." in accordance with Policy 5.8 of the TSXV Venture Exchange (the "**TSXV**).

**BE IT RESOLVED THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to approval from the British Columbia Registrar of Companies (the "**BC Registrar** ")
and the TSXV, the name change of the Company from "Western Alaska Minerals Corp." to "Alaska Silver Corp." (the "**Name Change**") be and is hereby approved to be effective at an effective date to be determined by any one director or officer of the
Company, and the Company's trading symbol will not change.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Company's Notice of Articles be altered by changing the name of the Company to reflect the new name of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;3. Any one director or officer of the Company is authorized to execute the required Notice of Alteration
on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;4. Subject to the deposit of this resolution at the Company's records office, the solicitors for the
Company are authorized and directed to prepare and electronically file the Notice of Alteration with the BC Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;5. Any one director or officer of the Company be and is hereby authorized and directed to execute and arrange
to be filed on behalf of the Company all necessary forms and documentation required to be filed with any regulatory authority, including
without limitation the TSXV, in relation to the Name Change.

&nbsp;&nbsp;&nbsp;&nbsp;6. All actions previously taken by any director or officer of the Company in connection with the Name Change
are hereby adopted, ratified, confirmed and approved in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;7. Any one director or officer of the Company, alone, be and is hereby authorized and directed in the name
of and on behalf of the Company to take all such action, do all such things, enter into, execute, and to deliver or cause to be delivered
all such documents, agreements and writings, including without limitation all necessary filings with applicable Canadian securities regulatory
authorities, as he or she may in his or her sole discretion deem necessary or advisable in connection with any of the matters referred
to in the preceding resolutions, or any of them, or in respect thereof, or in connection with any actions to be taken by the Company in
the performance and fulfillment of its obligations as contemplated by the Name Change, and execution by any one director or officer of
the Company, alone, will be conclusive proof of his or her authority to act on behalf of the Company and his or her approval thereof."

**WESTERN ALASKA MINERALS CORP.**

**(the "Company")**

**<u>AMENDMENT TO THE ARTICLES OF THE COMPANY</u>**

Pursuant to section 42(2)(a)(iv) of the British Columbia *Business Corporations Act*, the following is an extract of a resolution passed by the shareholders of the Company on July 17, 2023 which extract is to be attached to the Articles of the Company as effected on August 10, 2023.

"**RATIFICATION AND REIDENTIFICATION RESOLUTION**

UPON MOTION duly made and carried, IT WAS RESOLVED as a special resolution of the Company's shareholders that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the creation of the proportionate voting shares in the capital of the Company, having the effect that
the common shares in the capital of the Company became, at such time, "restricted securities" as defined in National Instrument
51-102 – *Continuous Disclosure Obligations*, be and is hereby ratified, confirmed, authorized and approved;

&nbsp;&nbsp;&nbsp;&nbsp;2. the Notice of Articles of the Company be amended to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reidentify the existing common shares of the Company as subordinate voting shares in the capital of the
Company (the "**Subordinate Voting Shares** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare that, after giving effect to the foregoing, the Company is authorized to issue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an unlimited number of Subordinate Voting Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an unlimited number of proportionate voting shares in the capital of the Company (the "**Proportionate Voting Shares** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide that the Subordinate Voting Shares and the Proportionate Voting Shares shall have the rights,
privileges, restrictions and conditions as set out in Schedule "B" to the amended and restated management information circular
of the Company dated June 16, 2023 (the "**Revised Special Rights and Restrictions** "); and

&nbsp;&nbsp;&nbsp;&nbsp;3. the existing Articles of the Company be amended by replacing Part 23 – *Special Rights and Restrictions* thereof with the Revised Special Rights and Restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;4. any one officer and/or director of the Company be, and each of them hereby is, authorized and empowered,
acting for and in the name of and on behalf of the Company, to execute or to cause to be executed, under the seal of the Company or otherwise,
and to deliver or to cause to be delivered, any and all such documents and instruments and to do or cause to be done all such other acts
and things as, in the opinion of such director or officer, may be necessary or desirable in connection with the foregoing or in order
to give effect to the intent of these special resolutions."

Alteration passed by special resolution dated November 8, 2021 <br> Alteration received for deposit at the records office of the Company at 10:25 am on November 8, 2021 <br> <u>Notice of Alteration filed at 10:35 am on November 8, 2021</u>

*BUSINESS CORPORATIONS ACT*

**ARTICLES**

- of -

**<u>WESTERN ALASKA MINERALS CORP.</u>**

**<u>1246779 B.C. LTD.</u>**

Incorporation Number: BC1246779

Translated Name: Not applicable<br>

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| **PART 1** | **INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | Business Corporations Act and Interpretation Act Definitions Applicable | 2 |
| **PART 2** | **RESOLUTIONS AND MAJORITIES** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | Directors' Resolution | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | Ordinary Resolution | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | Special Resolution | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | Special Majority | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.5 | Special Separate Majority | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.6 | Consent Resolution | 4 |
| **PART 3** | **SHARE CERTIFICATES** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | Mailing of Certificates | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | Replacement of Lost or Destroyed Certificate | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | Consolidation of Certificates | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | Fee for Certificates | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | Non-Recognition of Trusts | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | Central Securities Register | 5 |

---

---

| | | |
|:---|:---|:---|
| **PART 4** | **ISSUE, TRANSFER AND TRANSMISSION OF SHARES** | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | Directors Authorized to Issue Shares | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | Transferability and Instrument of Transfer | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | Submission of Instruments of Transfer | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | Authority in Instrument of Transfer | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5 | Enquiry as to Title Not Required | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6 | Transfer Fee | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.7 | Personal Representative Recognized | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.8 | Jointly Held Shares | 6.0 |
| **PART 5** | **PURCHASE OF SHARES** | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | Company Authorized to Purchase its Shares | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 | Offer to Purchase Shares | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 | Shareholder may Waive | 7.0 |
| **PART 6** | **BORROWING POWERS** | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 | Powers of Directors | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 | Negotiability of Debt Obligations | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 | Special Rights on Debt Obligations | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 | Execution of Debt Obligations | 8.0 |
| **PART 7** | **GENERAL MEETINGS** | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 | Location of General Meetings | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 | General Meeting Participation | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 | Notice of General Meetings | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4 | Waiver of Notice | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.5 | Record Date for Notice | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.6 | Failure to Give Notice | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.7 | Notice of Special Business at General Meeting | 9.0 |
| **PART 8** | **PROCEEDINGS AT GENERAL MEETINGS** | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | Special Business | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 | Quorum | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 | Requirement of Quorum | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4 | Lack of Quorum | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.5 | Chair | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.6 | Adjournments | 9.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.7 | Voting | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.8 | Resolution Need Not Be Seconded | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.9 | Casting Vote | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.10 | Manner of Taking Ballot | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.11 | Splitting Votes | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.12 | Demand for Ballot Not to Prevent Continuance of Meeting | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.13 | Retention of Ballots and Proxies | 10.0 |

---

- ii -

---

| | | |
|:---|:---|:---|
| **PART 9** | **VOTES OF SHAREHOLDERS** | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | Number of Votes Per Share or Shareholder | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 | Votes of Persons in Representative Capacity | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.3 | Votes by Joint Holders | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.4 | Representative of a corporate shareholder | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.5 | Appointment of Proxy Holders | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.6 | Execution of Proxy Instrument | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.7 | Qualification of Proxy Holder | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.8 | Deposit of Proxy | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.9 | Validity of proxy vote | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.10 | Form of Proxy | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.11 | Revocation of Proxy | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.12 | Revocation of Proxy Will Be Signed | 13.0 |
| **PART 10** | **DIRECTORS** | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | General Authority | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | Number of Directors | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | Directors' Acts Valid Despite Vacancy | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | Qualification of Directors | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5 | Remuneration and Expenses of Directors | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6 | Right to Office and Contract with Company | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.7 | Director Acting in Professional Capacity | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.8 | Alternate Directors | 14.0 |
| **PART 11** | **ELECTION, APPOINTMENT AND REMOVAL OF DIRECTORS** | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 | Election and Appointment | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 | Elections and Appointments at Annual General Meetings | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 | Filling a Casual Vacancy | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 | Power to Appoint Additional Directors | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.5 | Removal of Directors | 15.0 |
| **PART 12** | **PROCEEDINGS OF DIRECTORS** | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.1 | Meetings and Quorum | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.2 | Chair | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.3 | Call and Notice of Meetings | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.4 | Validity of Meeting Despite Failure to Give Notice | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.5 | Meeting Participation | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.6 | Competence of Quorum | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.7 | Committees | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.8 | Validity of Meeting if Directorship Deficient | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.9 | Majority Rule and Casting Vote | 16.0 |
| **PART 13** | **OFFICERS** | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.1 | Appointment of Officers | 16.0 |

---

- iii -

---

| | | |
|:---|:---|:---|
| **PART 14** | **DIVIDENDS** | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.1 | Declaration of Dividends | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.2 | Dividend Bears No Interest | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.3 | Payment in Specie | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.4 | Fractional Interests | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.6 | Payment of Dividends | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.7 | Receipt by Joint Shareholders | 17.0 |
| **PART 15** | **ACCOUNTING RECORDS AND AUDITORS** | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.1 | Accounts to be Kept | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.2 | Location of Accounts | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.3 | Remuneration of Auditors | 17.0 |
| **PART 16** | **SENDING OF RECORDS** | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.1 | Manner of Sending Records | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.2 | Sending to Joint Holders | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.3 | Date Record Deemed Received | 18.0 |
| **PART 17** | **NOTICES** | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;17.1 | Minimum Number of Days | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;17.2 | Persons to Receive Notice | 18.0 |
| **PART 18** | **EXECUTION OF DOCUMENTS** | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;18.1 | Seal Optional | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;18.2 | Official Seal | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;18.3 | Affixing of Seal to Documents | 18.0 |
| **PART 19** | **INDEMNIFICATION** | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;19.1 | Definitions | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;19.2 | Mandatory Indemnification of Eligible Parties | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;19.3 | Non-Compliance with Business Corporations Act | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;19.4 | Advance Expenses | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;19.5 | Indemnity Restricted | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;19.6 | Company May Purchase Insurance | 20.0 |
| **PART 20** | **RESTRICTION ON SECURITY TRANSFERS** | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;20.1 | Application | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;20.2 | Directors May Decline to Approve Transfer | 20.0 |
| **PART 21** | **AUTHORIZED SHARE STRUCTURE** | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;21.1 | Described in Notice of Articles | 20.0 |
| **PART 22** | **RESTRICTIONS ON BUSINESS OR POWERS** | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.1 | No Restrictions | 20.0 |
| **PART 23** | **SPECIAL RIGHTS AND RESTRICTIONS** | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;23.1 | Common Shares and Proportionate Voting Shares | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;23.2 | Proportionate Voting Shares | 23.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;23.3 | Amendment of Special Rights | 27.0 |

---

- iv -

Alteration passed by special resolution dated November 8, 2021 <br> Alteration received for deposit at the records office of the Company at 10:25 am on November 8, 2021 <br> <u>Notice of Alteration filed at 10:35 am on November 8, 2021</u>

*BUSINESS CORPORATIONS ACT*

**ARTICLES**

- of -

**<u>WESTERN ALASKA MINERALS CORP.</u>**

**<u>1246779 B.C. LTD.</u>**

Incorporation Number: BC1246779

Translated Name: Not applicable

**<u>PART 1 – INTERPRETATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**  **<u>Definitions</u>.** In these Articles, unless the context otherwise requires:

(a) "Board of Directors" or "Board" or "the directors" means the directors
or the sole director of the Company for the time being, as the case may be;

(b) "Business Corporations Act" means the *Business Corporations Act* (British Columbia)
from time to time in force and all amendments to that Act and includes all regulations and amendments made pursuant to that Act;

(c) "Company" means  **<u>WESTERN ALASKA MINERALS CORP.</u> <u>1246779 B.C. LTD.</u>** or any other name which it may from time to time change to and adopt
pursuant to the Business Corporations Act;

(d) "prescribed address" of a director means the address as recorded in the register of directors
to be kept pursuant to the Business Corporations Act;

(e) "registered address" of a shareholder means the last known address of that shareholder as
recorded in the central securities register to be kept pursuant to the Business Corporations Act;

(f) "registered owner", when used with respect to a share of the Company, means the person registered
in the central securities register as the shareholder in respect of such share.

**1.2 <u>Business Corporations Act and Interpretation Act Definitions Applicable</u>.** The definitions in the Business Corporations Act and the definitions and rules of construction in the *Interpretation Act* (British Columbia), with the necessary changes and so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Business Corporations Act and a definition or rule in the *Interpretation Act* relating to a term used in these Articles, the definition in the Business Corporations Act prevails in relation to the use of the term in these Articles. If there is a conflict between these Articles and the Business Corporations Act, the Business Corporations Act prevails.

**<u>PART 2 – RESOLUTIONS AND MAJORITIES</u>**

**2.1 <u>Directors' Resolution</u>.** Subject to the Business Corporations Act, the Company may, by a resolution of the directors:

(a) create one or more classes of shares;

(b) if the class rights so authorize:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) create one or more series of shares out of a class of shares, and when creating such series of shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) determine the maximum number or determine that there is no maximum number of shares that the Company is
authorized to issue for such series of shares created;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) create and attach special rights or restrictions to the shares of any such series of shares created; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) create an identifying name for the shares of any such series of shares created;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a series of shares of which there are no issued shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) alter any determination of the number of shares of which the series shall consist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) alter the identifying name of shares of the series of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) alter any special rights or restrictions attached to the shares of the series of shares;

(c) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares;

(d) redeem or repurchase shares;

(e) accept a surrender of shares by way of gift or for cancellation;

(f) convert fractional shares into whole shares on a subdivision or consolidation of shares or on a redemption, purchase or surrender
of shares;

(g) change its name;

(h) adopt or change a translation of its name;

(i) subdivide all or any of its issued and/or unissued shares with par value into shares of smaller par value;

(j) subdivide all or any of its issued and/or unissued shares without par value;

(k) consolidate all or any of its issued and/or unissued shares with par value into shares of larger par value;

(l) consolidate all or any of its issued and/or unissued shares without par value;

(m) decrease the par value of shares of a class with par value;

(n) increase the par value of shares of a class with par value if none of the shares are allotted or issued;

(o) eliminate any class or series of shares if none of the shares of that class or series of shares are allotted or issued;

(p) change all or any of its issued and/or unissued shares with par value into shares without par value;

(q) change all or any of its issued and/or unissued shares without par value into shares with par value;

(r) alter the identifying name of any of its classes of shares; or

(o) otherwise alter its authorized share structure or shares when required or permitted to do so by the Business Corporations Act;

and make any necessary alterations to its notice of articles or these Articles or both to effect the change.

**2.2 <u>Ordinary Resolution</u>.** Subject to the Business Corporations Act, the Company may, by an ordinary resolution:

(a) deal with all matters set out in Article 2.1;

(b) establish a maximum number of shares that the company is authorized to issue out of any class of shares for which no maximum is established;

(c) increase, reduce or eliminate the maximum number of shares that the company is authorized to issue out of any class of shares;

(d) for a class of shares of which there are no issued shares, create special rights or restrictions for, and attach those special rights
or restrictions to, the shares of the class of shares; or

(e) for a class of shares of which there are no issued shares, vary or delete any special rights or restrictions attached to the shares
of the class of shares;

and make any necessary alterations to its notice of articles or these Articles or both to effect the change.

**2.3 <u>Special Resolution</u>.** Subject to the Business Corporations Act, the Company may, by a special resolution:

(a) deal with all matters set out in Article 2.1 and Article 2.2;

(b) alter its notice of articles;

(c) alter these Articles;

(d) create one or more classes of shares;

(e) if the Company is authorized to issue shares of a class of shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the Business Corporations Act, decrease the par value of those shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) increase the par value of those shares if none of the shares of that class of shares are allotted or issued;

(f) change all or any of its fully paid issued shares with par value into shares without par value;

(g) for a class or series of shares of which there are issued shares, create special rights or restrictions
for, and attach those special rights or restrictions to, the shares of the class or series of shares;

(h) for a class or series of shares of which there are issued shares, vary or delete any special rights or
restrictions attached to the shares of the class or series of shares; or

(i) otherwise alter its authorized share structure when required or permitted by to do so by the Business
Corporations Act.

**2.4 <u>Special Majority</u>.** The majority of votes required for the Company to pass a special resolution at a general meeting is 2/3 of the votes cast on the resolution by shareholders voting shares that carry the right to vote at general meetings.

**2.5 <u>Special Separate Majority</u>.** The majority of votes required to pass a special separate resolution at a class meeting is 2/3 of the votes cast on the resolution by shareholders voting shares that carry the right to vote at the class meeting.

**2.6 <u>Consent Resolution</u>.** A consent resolution in writing, whether by signed documents, fax, e-mail or any other method of transmitting legibly recorded messages, of shareholders or directors or a committee of directors is as valid as if it had been passed at a duly called and held meeting of the shareholders, directors or committee, as the case may be. The consent resolution may be executed in any number of counterparts, each of which when executed and delivered (by fax, email or otherwise) is deemed to be an original, and all of which together constitute one consent resolution in writing.

**<u>PART 3 – SHARE CERTIFICATES</u>**

**3.1 <u>Mailing of Certificates</u>.** Any share certificate may be mailed by registered mail, postage prepaid, to the shareholder entitled to that certificate at that shareholder's registered address and the Company is not liable for any loss occasioned to the shareholder if that share certificate is lost or stolen. In respect of a share held jointly by several persons, mailing of a certificate for that share to one of several joint holders or to a duly authorized agent of any of the joint holders is sufficient delivery to all.

**3.2 <u>Replacement of Lost or Destroyed Certificate</u>.** If a share certificate:

(a) is worn out or defaced, the directors may, upon production to them of that certificate and upon such other
terms, if any, that they determine, order the certificate to be cancelled and issue a new certificate to replace the cancelled certificate;

(b) is lost, stolen or destroyed, then upon production of proof to the satisfaction of the directors and upon
provision of such indemnity and security, if any, that the directors deem adequate, a new share certificate must be issued to the person
entitled to the lost, stolen or destroyed certificate.

**3.3 <u>Consolidation of Certificates</u>.** If two or more certificates are surrendered by their registered owner to the Company together with a written request that the Company issue one certificate registered in that registered owner's name representing the aggregate of the shares represented by the certificates so surrendered, the Company must cancel the certificates so surrendered and issue in their place one certificate in accordance with the request.

**3.4 <u>Fee for Certificates</u>.** There must be paid to the Company in respect of the issue of any certificate pursuant to this Part 3 such amount, if any, as the directors may from time to time determine and which must not exceed the amount prescribed in the Business Corporations Act.

**3.5 <u>Non-Recognition of Trusts</u>.** Except as required by law or statute or these Articles, no person is recognized by the Company as holding any share upon any trust and the Company is not bound by or compelled in any way to recognize (even when having notice of any trust) any equitable, contingent, future or partial interest in any share or any interest in any fractional part of a share or (except as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety in the shareholder.

**3.6 <u>Central Securities Register</u>.** As required by and subject to the *Business Corporations Act,* the Company must maintain in British Columbia a central securities register. The directors may, subject to the *Business Corporations Act,* appoint an agent to maintain the central securities register. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**<u>PART 4 – ISSUE, TRANSFER AND TRANSMISSION OF SHARES</u>**

**4.1 <u>Directors Authorized to Issue Shares</u>.** Subject to any direction to the contrary contained in a resolution passed at a general meeting authorizing any increase of capital, the issue of shares is under the control of the directors who may issue, otherwise dispose of or grant options on shares authorized but not yet issued at any time, to any person including a director, in the manner, upon the terms and conditions and at the price or for the consideration as the directors, in their absolute discretion, may determine.

**4.2 <u>Transferability and Instrument of Transfer</u>.** Subject to the restrictions, if any, set forth in these Articles, any shareholder may transfer that shareholder's shares by an instrument in writing executed by or on behalf of that shareholder and delivered to the Company or its transfer agent. The instrument of transfer of any share of the Company must be in the form, if any, provided on the back of the Company's form of share certificate or in any other form which the directors may approve. If the directors so require, each instrument of transfer must be in respect of only one class of shares.

**4.3 <u>Submission of Instruments of Transfer</u>.** Every instrument of transfer must be executed by the transferor and provided to the Company or the office of its transfer agent or registrar for registration together with the share certificate for the shares to be transferred and such other evidence, if any, as the directors or the transfer agent or registrar may require to prove the title of the transferor or the transferor's right to transfer the shares. If the transfer is registered, the instrument of transfer must be retained by the Company or its transfer agent or registrar. If the transfer is not registered, the instrument of transfer must be returned to the person depositing it together with the share certificate that accompanied it when tendered for registration.

**4.4 <u>Authority in Instrument of Transfer</u>.** The signature of a shareholder or of that shareholder's duly authorized attorney on the instrument of transfer authorizes the Company to register the shares specified in the instrument of transfer in the name of the person named in that instrument of transfer as transferee or, if no person is so named, in any name designated in writing by the person depositing the share certificate and the instrument of transfer with the Company or its transfer agent or registrar.

**4.5 <u>Enquiry as to Title Not Required</u>.** Neither the Company nor any of its directors, officers or agents is bound to enquire into any title of the transferor of any shares to be transferred and none of them is liable to any person for registering the transfer.

**4.6 <u>Transfer Fee</u>.** There must be paid to the Company in respect of the registration of any transfer such amount, if any, as the directors may from time to time prescribe.

**4.7 <u>Personal Representative Recognized</u>.** Upon the death or bankruptcy of a shareholder, that shareholder's legal personal representative or trustee in bankruptcy, although not a shareholder, has the same rights, privileges and obligations that attach to the shares formerly held by the deceased or bankrupt shareholder if the documents required by the Business Corporations Act have been deposited at the Company's registered office. This Article does not apply on the death of a shareholder with respect to shares registered in that shareholder's name and the name of another person in joint tenancy.

**4.8 <u>Jointly Held Shares</u>.** If there are joint shareholders in respect of a share and in the case of the bankruptcy of one of the joint shareholders, the trustee in bankruptcy of the bankrupt shareholder and the surviving joint shareholder or shareholders are the only persons recognized by the Company as having any title to or interest in the share so held jointly.

**<u>PART 5 – PURCHASE OF SHARES</u>**

**5.1 <u>Company Authorized to Purchase its Shares</u>.** Subject to the provisions of this Part 5, the Business Corporations Act and the special rights and restrictions attached to any class of shares, the Company may, by a resolution of the directors:

(a) purchase any of its shares at the price and upon the terms specified in that resolution; and

(b) sell any of its shares so purchased but not cancelled at the price and upon the terms specified in that resolution.

**5.2 <u>Offer to Purchase Shares</u>.** Subject to section 5.3, before the Company purchases any of its shares, it must make an offer, to every shareholder who holds shares of the class or series of shares to be purchased, to purchase rateably from those shareholders the number of shares of that class or series of shares that the Company wishes to purchase unless:

(a) the purchase is made through a securities exchange or a quotation and trade reporting system;

(b) the shares are being purchased:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from an employee or former employee of the Company or of an affiliate of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of shares beneficially owned by an employee or former employee of the Company or of an affiliate
of the Company, from the registered owner of the shares;

(c) in respect of a specific share purchase, the Company is, for that purchase, relieved of its obligation
to make an offer to purchase rateably from those shareholders holding shares of the class or series of shares from which the shares are
to be purchased by a special separate resolution of those shareholders;

(d) the purchase is one made pursuant to an order of the court upon application by a shareholder;

(e) the purchase is of all of the notice shares of a dissenter;

(f) the purchase is one made pursuant to an arrangement proposed by the Company with shareholders, creditors
or other persons;; or

(g) the purchase is of fractional shares.

**5.3 <u>Shareholder may Waive</u>.** A shareholder may, in writing, waive the right to receive an offer to purchase a shareholder's shares under this Part 5 and that waiver is effective whether given before or after the purchase by the Company of any of its shares.

**<u>PART 6 – BORROWING POWERS</u>**

**6.1 <u>Powers of Directors</u>.** Subject to the Business Corporations Act, the directors may from time to time at their discretion authorize the Company to:

(a) borrow any amount of money;

(b) guarantee the repayment of any amount of money borrowed by any person or corporation; and

(c) guarantee the performance of any obligation of any person or corporation;

and may raise or secure the repayment of any amount of money so borrowed or guaranteed or any obligation so guaranteed in any manner and upon any terms and conditions as they may think fit and in particular and without limiting the generality of the foregoing by the issue of bonds, debentures or other debt obligations or by the granting of any mortgages or other security interest on the undertaking of the whole or any part of the property of the Company, both present and future.

**6.2 <u>Negotiability of Debt Obligations</u>.** The directors may make any bonds, debentures or other debt obligations issued by the Company by their terms assignable free from any equities between the Company and the person to whom they may be issued or any other person who lawfully acquires them by assignment, purchase or otherwise.

**6.3 <u>Special Rights on Debt Obligations</u>.** The directors may authorize the issue of any bonds, debentures or other debt obligations of the Company at a discount, premium or otherwise and with special or other rights or privileges as to redemption, surrender, drawings, allotment of or conversion into or exchange for shares, attending at general meetings of the Company and otherwise as the directors may determine at or before the time of issue.

**6.4 <u>Execution of Debt Obligations</u>.** If the directors so authorize or if any instrument under which any bonds, debentures or other debt obligations of the Company are issued so provides any bonds, debentures and other debt obligations of the Company, instead of being manually signed by the directors or officers authorized in that behalf, may have the facsimile signatures of those directors or officers printed or otherwise mechanically reproduced thereon and in either case is as valid as if signed manually and every bond, debenture or other debt obligation so bearing facsimile signatures of directors or officers of the Company must be manually signed, countersigned or certified by or on behalf of a registrar, branch registrar, transfer agent or branch transfer agent of the Company duly authorized to do so by the directors or the instrument under which such bonds, debentures or other debt obligations are issued. Notwithstanding that any person whose facsimile signature is so used has ceased to hold the office that he or she is stated on any bond, debenture or other debt obligation to hold at the date of the actual issue of that bond, debenture or other debt obligation, the bond, debenture or other debt obligation is valid and binding on the Company.

**<u>PART 7 – GENERAL MEETINGS</u>**

**7.1 <u>Location of Meetings</u>.** Every general meeting must be held at such time and location as the directors may determine. The Company may hold meetings of shareholders within or outside of Canada.

**7.2 <u>General Meeting Participation</u>.** A shareholder or proxy holder who is entitled to participate in, including vote at, a meeting of shareholders may do so by video conference or telephone if all shareholders and proxy holders participating in the meeting, whether by video conference, telephone or in person, are able to communicate with each other. If all shareholders or proxy holders who are entitled to participate in, including vote at, a meeting consent, a shareholder or proxy holder may participate in the meeting by a communications medium other than video conference or telephone if all shareholders and proxy holders participating in the meeting are able to communicate with each other. A shareholder or proxy holder who participates in a meeting by a communications medium other than video conference or telephone is deemed to have agreed to participate by the other communications medium. A shareholder or proxy holder who participates in a meeting by video conference, telephone or other communications medium is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and must be counted in the quorum for and is entitled to communicate and vote at that meeting, and the meeting is deemed to be held at the location specified in the notice of meeting.

**7.3 <u>Notice of General Meetings</u>.** Notice of a general meeting must specify the time and location of the meeting and, in case of special business (as described in Part 8), the general nature of that business.

**7.4 <u>Waiver of Notice</u>.** Any person entitled to notice of a general meeting may waive or reduce the period of notice for that meeting in writing or otherwise and may do so before, during or after the meeting.

**7.5 <u>Record Date for Notice</u>.** The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months.

**7.6 <u>Failure to Give Notice</u>.** The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting.

**7.7 <u>Notice of Special Business at General Meeting</u>.** If any special business includes the presenting, considering, approving, ratifying or authorizing the execution of any document, then the portion of any notice relating to that document is sufficient if it states that a copy of the document or proposed document is or will be available for inspection by shareholders at a place in the Province of British Columbia specified in that notice during business hours in any working day or days prior to the date of the meeting.

**<u>PART 8 – PROCEEDINGS AT GENERAL MEETINGS</u>**

**8.1 <u>Special Business</u>.** All business at a general meeting is deemed to be special business except the consideration of the financial statements and the reports of the directors and auditors, the election of directors, appointment of auditors and such other business as under these Articles ought to be transacted at an annual general meeting or any business which is brought under consideration by the report of the directors.

**8.2 <u>Quorum</u>.** Subject to this Part 8, a quorum for a general meeting is two individuals who are shareholders, proxy holders representing shareholders or duly authorized representatives of corporate shareholders personally present and representing shares aggregating not less than 10% of the issued shares of the Company carrying the right to vote at that meeting. In the event there is only one shareholder, the quorum is one person personally present and being, or representing by proxy, that shareholder, or in the case of a corporate shareholder, a duly authorized representative of that shareholder.

**8.3 <u>Requirement of Quorum</u>.** No business other than the election of a chair and the adjournment or termination of the meeting may be transacted at any general meeting unless a quorum is present at the commencement of the meeting but the quorum need not be present throughout the meeting.

**8.4 <u>Lack of Quorum</u>.** If within 30 minutes from the time appointed for a meeting a quorum is not present, the meeting:

(a) if convened by requisition of the shareholders, must be terminated; and

(b) in any other case, must stand adjourned to the same day in the next week at the same time and place.

If at the adjourned meeting a quorum is not present within 30 minutes from the time appointed, the shareholder or shareholders present in person, by proxy or by authorized representative is or are a quorum.

**8.5 <u>Chair</u>.** The chair of the Board, if any, or in his or her absence the President, if any, is entitled to act as chair at every general meeting. If at any general meeting the chair of the Board, if any, and the President, if any, are not present within 15 minutes after the time appointed for holding the meeting or if neither is willing to act as chair, the directors present must choose one of their number to act as chair. If no director is present or if all the directors present decline to act as chair or fail to so choose, the persons present must choose one of their number to act as chair.

**8.6 <u>Adjournments</u>.** The chair of the meeting may, with the consent of any meeting at which a quorum is present and must, if so directed by the meeting, adjourn the meeting from time to time and from place to place. No business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. If a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of a general meeting. It is otherwise not necessary to give any notice of an adjourned meeting or of the business to be transacted at any adjourned meeting.

 **8.7 <u>Voting</u>.** Every question submitted to a general meeting must be decided:

(a) if a ballot is demanded by a shareholder or proxy holder entitled to vote at the meeting or is directed by the chair, by ballot; or

(b) in any other case, by a show of hands or by any other manner that adequately discloses the intentions of the shareholders or proxy
holders.

The chair must declare to the meeting the decision on every question in accordance with the result of the ballot, the show of hands or the other manner that adequately disclosed the intentions of the shareholders or proxy holders and that decision must be entered in the minute book of the Company. A declaration of the chair that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority and an entry to that effect in the minute book of the Company is conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against that resolution.

**8.8 <u>Resolution Need Not Be Seconded</u>.** No resolution proposed at a meeting need be seconded and the chair of any meeting is entitled to move or second a resolution.

**8.9 <u>Casting Vote</u>.** In case of an equality of votes upon a resolution, whether on a show of hands or by ballot or any other manner, the chair does not have a casting vote in addition to the vote or votes to which he or she may be entitled as a shareholder.

**8.10 <u>Manner of Taking Ballot</u>.** If a ballot is duly demanded it must be taken at once or in the manner the chair of the meeting directs. A demand for a ballot may be withdrawn. In the case of any dispute as to the admission or rejection of a vote the chair must conclusively determine whether that vote is admitted or rejected.

**8.11 <u>Splitting Votes</u>.** On a ballot, a shareholder entitled to more than one vote need not, if that shareholder votes, use all that shareholder's votes or cast all the votes that shareholder uses in the same way.

**8.12 <u>Demand for Ballot Not to Prevent Continuance of Meeting</u>.** The demand for a ballot does not prevent the continuance of a meeting for the transaction of any business other than the question on which a ballot has been demanded.

**8.13 <u>Retention of Ballots and Proxies</u>.** The Company must, for at least three months after a meeting of shareholders, keep each ballot cast and each proxy voted at the meeting and, during the period, make them available for inspection during statutory business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of the three-month period, the Company may destroy such ballots and proxies.

**<u>PART 9 – VOTES OF SHAREHOLDERS</u>**

**9.1 <u>Number of Votes Per Share or Shareholder</u>.** Subject to any special rights or restrictions attached to any share contained in these Articles, on a show of hands every shareholder entitled to vote present in person, by proxy or by authorized representative has one vote and on a ballot every shareholder entitled to vote on that ballot has one vote for every whole share held by that shareholder and a fractional vote in proportion to any fraction of a share held by that shareholder.

**9.2 <u>Votes of Persons in Representative Capacity</u>.** A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a ballot, and may appoint a proxy holder to act at the meeting if, before doing so, the person satisfies the chair of the meeting or the directors that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**9.3 <u>Votes by Joint Holders</u>.** If there are joint shareholders registered in respect of any share, any one of the joint shareholders may vote at any meeting in person, by proxy or by authorized representative in respect of the share as if that joint shareholder were solely entitled to it. If more than one of the joint shareholders is present at any meeting in person, by proxy or by authorized representative, the joint shareholder so present whose name stands first on the central securities register in respect of the share is alone entitled to vote in respect of that share. For the purpose of this Part 9, two or more executors or administrators of a deceased shareholder in whose sole name any share stands are deemed joint shareholders.

**9.4 <u>Representative of a Corporate Shareholder</u>.** If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint, by an instrument in writing, a person to act as its authorized representative at any meeting of shareholders of the Company, and:

(a) for that purpose, the instrument appointing the authorized representative must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be received at the registered office of the Company or at any other place specified in the notice calling
the meeting for the receipt of proxies at least the number of business days specified in the notice for the receipt of proxies, or if
no number of days is specified, not less than 48 hours before the time for holding the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be deposited with the chair of the meeting, or to a person designated by the chair of the meeting, prior
to the commencement of the meeting;

(b) if an authorized representative is appointed under this Part 9:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the authorized representative is entitled to exercise in respect of and at that meeting the same rights
on behalf of the corporation that the authorized representative represents as that corporation could exercise if it were a shareholder
who is an individual including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the authorized representative, if present at the meeting, is to be counted for the purpose of forming
a quorum and is deemed to be a shareholder present in person at the meeting.

An instrument appointing an authorized representative of a corporation must be in writing signed by a duly authorized person on behalf of that corporation and must be sent to the Company.

**9.5 <u>Appointment of Proxy Holders</u>.** A shareholder holding more than one share in respect of which that shareholder is entitled to vote at a general meeting is entitled to appoint one or more proxy holders to attend, act and vote for that shareholder at the general meeting and in so doing that shareholder must specify the number of shares that each proxy holder is entitled to vote.

**9.6 <u>Execution of Proxy Instrument</u>.** A proxy must be in writing signed by the appointor or the appointor's attorney or, if the appointor is a corporation, by the authorized representative or a duly authorized person on behalf of that corporation.

**9.7 <u>Qualification of Proxy Holder</u>.** A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

(a) the person appointing the proxy holder is a corporation or an authorized representative of a corporation
appointed under this Part 9;

(b) the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder
entitled to vote at the meeting; or

(c) the Company, by a resolution of the directors, permits the proxy holder to attend and vote at the meeting.

**9.8 <u>Deposit of Proxy</u>.** A proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy of such power of attorney or other authority must be deposited at the registered office of the Company or at such other place as is specified for that purpose in the notice calling the meeting not less than 48 hours before the time for holding the meeting at which the person named in the proxy proposes to vote or must be deposited with the chair of the meeting, or with a person designated by the chair of the meeting, prior to the commencement of the meeting. In addition to any other method of depositing proxies provided for in these Articles, the directors may from time to time make regulations:

(a) permitting the depositing of proxies at some place or places other than the place at which a meeting or
adjourned meeting of shareholders is to be held;

(b) providing for particulars of those proxies to be sent in writing or by fax, e-mail or any other method
of transmitting legibly recorded messages before a meeting or an adjourned meeting to the Company or any agent of the Company for the
purpose of receiving those particulars; and

(c) providing that particulars of those proxies may be voted as though the proxies themselves were produced
to the chair of the meeting or of the adjourned meeting as required by this Article.

Votes given in accordance with proxies and particulars of proxies so deposited are valid and counted.

**9.9 <u>Validity of Proxy Vote</u>.** A vote given in accordance with the terms of a proxy is valid notwithstanding the previous death, bankruptcy or incapacity of the shareholder or revocation of the proxy or of the authority under which the proxy was executed or the transfer of the share in respect of which the proxy is given, provided that prior to the meeting no notice in writing of such death, bankruptcy, incapacity, revocation or transfer has been received at the registered office of the Company or by the chair of the meeting or of the adjourned meeting at which the vote was given.

**9.10 <u>Form of Proxy</u>.** A proxy appointing a proxy holder must be in the following form or in any other form that the directors approve:

(<u>Name of Company</u>)

The undersigned hereby appoints_______________________________________________________________________________________________

______________________________or failing him or her____________________________________________________________________________

as proxy holder for the undersigned to attend at and vote for and on behalf of the undersigned at the general meeting of the Company to be held on the day of_____,_____ , and at any adjournment of that meeting.

Signed this __________ day of____________,_____ .

  <br> (Signature of Shareholder)

**9.11 <u>Revocation of Proxy</u>.** Subject to this Part, every proxy may be revoked by an instrument in writing that is received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used or deposited with the chair of the meeting, or with a person designated by the chair of the meeting, prior to the commencement of the meeting.

**9.12 <u>Revocation of Proxy Will Be Signed</u>.** An instrument to revoke a proxy must be signed as follows:

(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed
by the shareholder or his or her legal personal representative or trustee in bankruptcy;

(b) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed
by a duly authorized person on behalf of the corporation or by the authorized representative appointed for the corporation under this
Part 9.

**<u>PART 10 – DIRECTORS</u>**

**10.1 <u>General Authority</u>.** Subject to these Articles, the directors may exercise all powers and do all acts and things as the Company is by the Business Corporations Act, these Articles or otherwise authorized to exercise and do and which are not by these Articles, by statute or otherwise lawfully directed or required to be exercised or done by the Company by unanimous resolution, exceptional resolution, special resolution or ordinary resolution.

**10.2 <u>Number of Directors</u>.** The number of directors may be determined by ordinary resolution. The number of directors may be changed from time to time by ordinary resolution whether previous notice of that ordinary resolution has been given or not. If at any time the Company becomes a public company and the number of directors fixed pursuant to these Articles is less than three, then the number of directors is deemed to have been increased to three.

**10.3 <u>Directors' Acts Valid Despite Vacancy</u>.** An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**10.4 <u>Qualification of Directors</u>.** A director is not required to hold a share in the capital of the Company as qualification for his or her office but must be qualified as required by the Business Corporations Act to become, act or continue to act as a director.

**10.5 <u>Remuneration and Expenses of Directors</u>.** The remuneration of the directors as such may from time to time be determined by the directors. Any remuneration of a director is in addition to any salary or other remuneration paid to him or her as an officer or employee of the Company. Every director must be repaid such reasonable expenses as he or she may incur in and about the business of the Company. Other than remuneration for professional services described in this Part 10, if any director performs any services for the Company that in the opinion of the directors are outside the ordinary duties of a director or if he or she is specifically occupied in or about the Company's business other than as a director, he or she may be paid a remuneration to be fixed by the directors. The remuneration so fixed may be either in addition to or in substitution for any other remuneration that he or she may be entitled to receive and the additional remuneration may be charged as part of ordinary working expenses of the Company. Unless otherwise determined by ordinary resolution, the directors may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company, to his or her spouse or dependants and they may also make any contributions to any fund and pay premiums for the purchase or provision of any gratuity, pension or allowance in respect of that director.

**10.6 <u>Right to Office and Contract with Company</u>.** A director may hold any office or place of profit in the Company, other than auditor, in conjunction with his or her office of director for the period and on such terms as the directors may determine. Subject to compliance with the Business Corporations Act, no director or intended director is disqualified by his or her office from contracting with the Company with regard to his or her tenure of office or place of profit or as vendor, purchaser or otherwise.

**10.7 <u>Director Acting in Professional Capacity</u>.** Any director may act by him or herself or his or her firm in a professional capacity for the Company and he or she or his or her firm is entitled to remuneration for professional services as if he or she were not a director.

**10.8 <u>Alternate Directors</u>.** Any director may from time to time appoint any person who is approved by resolution of the directors to be his or her alternate director provided that approval is not required if a director is appointed alternate director for another director. The appointee, while he or she holds office as an alternate director, is entitled to notice of meetings of the directors and, in the absence of the director for whom he or she is an alternate, to attend and vote at meetings as a director and is not entitled to be remunerated otherwise than out of the remuneration of the director appointing him or her. Any director may make or revoke an appointment of his or her alternate director by notice in writing sent to the Company. A person may act as an alternate for more than one director at any given time and a director may act as an alternate director for any other director. No person may act as an alternate director unless that person qualifies under the Business Corporations Act to act as a director of the Company. Every alternate director, if authorized by the notice appointing him or her, may sign any consent resolution in place of the director appointing him or her.

**<u>PART 11 – ELECTION, APPOINTMENT AND REMOVAL OF DIRECTORS</u>**

**11.1 <u>Election and Appointment</u>.** The shareholders may elect or appoint directors at any time and from time to time.

**11.2 <u>Elections and Appointments at Annual General Meetings</u>.** At each annual general meeting all the directors retire and the shareholders must elect or appoint a Board of Directors consisting of the number of directors for the time being fixed pursuant to Part 10. Any retiring director is eligible for re- election or re-appointment. If the holding of an annual general meeting of the Company is deferred or waived by a unanimous resolution of all shareholders entitled to vote at the annual general meeting, each director in office on the annual reference date selected in the unanimous resolution continues to be a director until the next annual reference date unless that director retires or is removed prior to the next annual reference date.

**11.3 <u>Filling a Casual Vacancy</u>.** The directors may at any time and from time to time appoint any person as a director to fill a casual vacancy among the directors or a vacancy resulting from an increase of the number of directors.

**11.4 <u>Power to Appoint Additional Directors</u>.** Between successive annual general meetings, the directors have the power to appoint one or more additional directors but not more than one-third the number of directors elected or appointed at the last annual general meeting at which directors were elected or appointed. Any director so appointed may hold office only until the next following annual general meeting of the Company but is eligible for election at such meeting and, so long as he or she is an additional director, the number of directors is increased accordingly.

**11.5 <u>Removal of Directors</u>.** If a director is convicted of an indictable offence or ceases to be qualified to act as a director of the company and does not promptly resign, the Company may remove the director before the expiration of the director's term of office by a resolution of the directors. The Company may otherwise remove a director before the expiration of the director's term of office by a special resolution of the shareholders.

**<u>PART 12 – PROCEEDINGS OF DIRECTORS</u>**

**12.1 <u>Meetings and Quorum</u>.** The directors may hold meetings as they think fit for the dispatch of business and may adjourn and otherwise regulate their meetings and proceedings as they think fit. The directors may from time to time fix the quorum necessary for the transaction of business and unless so fixed the quorum is a majority of the Board.

**12.2 <u>Chair</u>.** The chair of the Board, if any, of the Company is entitled to act as chair of every meeting of the Board but if at any meeting the chair of the Board, if any, is not present within 15 minutes after the time appointed for holding the meeting, or if the chair of the Board is not willing to act as chair, the directors present must choose one of their number to act as chair.

**12.3 <u>Call and Notice of Meetings</u>.** A director may at any time call a meeting of the directors. Notice specifying the time and place of that meeting may be personally given or sent to each director and must be given at least 48 hours before the time appointed for holding the meeting or such lesser time as may be reasonable under the circumstances. It is not necessary to give to any director notice of a meeting of directors immediately following a general meeting at which that director has been elected or notice of a meeting of directors at which that director was appointed.

**12.4 <u>Validity of Meeting Despite Failure to Give Notice</u>.** The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director does not invalidate any proceedings at that meeting.

**12.5 <u>Meeting Participation</u>.** A director may participate in a meeting of the directors or of any committee of the directors by video conference or telephone if all directors participating in the meeting, whether by video conference or telephone or in person, are able to communicate with each other. If all the directors consent, a director may participate in a meeting of the directors or of any committee of the directors by a communications medium other than video conference or telephone if all directors participating in the meeting are able to communicate with each other. A director who participates in a meeting by a communications medium other than video conference or telephone is deemed to have agreed to participate by the other communications medium. A director who participates in a meeting by video conference, telephone or other communications medium is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and must be counted in the quorum for and is entitled to communicate and vote at that meeting.

**12.6 <u>Competence of Quorum</u>.** The directors at a meeting at which a quorum is present are competent to exercise all or any of the authorities, powers and discretions for the time being vested in or exercisable by the directors.

**12.7 <u>Committees</u>.** The directors may from time to time by resolution constitute, dissolve or reconstitute standing committees and other committees consisting of such persons as the directors may determine. Every committee so constituted has the authorities, powers and discretions that may be delegated to it by the directors and must act in accordance with any regulations that the directors may impose upon it.

**12.8 <u>Validity of Meeting if Directorship Deficient</u>.** All acts done by any director or by any member of a committee constituted by the directors, notwithstanding that it is discovered afterwards that there was some defect in the appointment of any person so acting or that he or she was disqualified, are valid.

**12.9 <u>Majority Rule and Casting Vote</u>.** Questions arising at any meeting of the directors must be decided by a majority of votes. In the case of an equality of votes, the chair does not have a casting vote.

**<u>PART 13 – OFFICERS</u>**

**13.1 <u>Appointment of Officers</u>.** The directors may appoint officers of the Company and may specify their duties. Any individual may be appointed to any office of the Company. Two or more offices of the Company may be held by the same individual.

**<u>PART 14 – DIVIDENDS</u>**

**14.1 <u>Declaration of Dividends</u>.** Subject to the Business Corporations Act and the rights, if any, of shareholders holding shares with special rights and restrictions, the directors may declare dividends and fix the date of record and the date for payment of any dividend. No date of record for any dividend may precede the date of payment of that dividend by more than the maximum number of days permitted by the Business Corporations Act. No notice need be given of the declaration of any dividend. If no valid date of record is fixed, the date of record is deemed to be the same date as the date of payment of the dividend.

**14.2 <u>Dividend Bears No Interest</u>.** No dividend may bear interest against the Company.

**14.3 <u>Payment in Specie</u>.** The directors may direct payment of any dividend wholly or partly by the distribution of specific assets or of paid-up shares or bonds, debentures or other debt obligations of the Company or in any one or more of those ways and if any difficulty arises in regard to the distribution the directors may settle the difficulty as they think fit. The directors may fix the value for distribution of specific assets and may vest any of those specific assets in trustees upon such trusts for the persons entitled to those specific assets as the directors think fit.

**14.4 <u>Fractional Interests</u>.** Notwithstanding the provisions of this Part 14, if any dividend results in any shareholder being entitled to a fraction of a share, bond, debenture or other debt obligation of the Company, the directors may pay that shareholder the cash equivalent in place of that fraction of a share, bond, debenture or other debt obligation. The directors may arrange through a fiscal agent or otherwise for the sale, consolidation or other disposition of fractions of shares, bonds, debentures or other debt obligations of the Company on behalf of shareholders entitled to them.

**14.5 <u>Payment of Dividends</u>.** Any dividend payable in cash by the Company may be paid by cheque mailed to the registered address of the shareholder or in the case of joint shareholders to the registered address of the joint shareholder first named in the central securities register or to such person or to such address as any shareholder may direct in writing. Every cheque must be made payable to the order of the person to whom it is sent and in the case of joint shareholders to those joint shareholders.

**14.6 <u>Receipt by Joint Shareholders</u>.** If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**<u>PART 15 – ACCOUNTING RECORDS AND AUDITORS</u>**

**15.1 <u>Accounts to be Kept</u>.** The directors must cause accounting records to be kept as necessary to properly record the financial affairs and condition of the Company and to comply with the provisions of statutes applicable to the Company.

**15.2 <u>Location of Accounts</u>.** The directors must determine the place at which the accounting records of the Company must be kept and those records must be open to the inspection of any director during the statutory business hours of the Company.

**15.3 <u>Remuneration of Auditors</u>.** The directors may set the remuneration of any auditor of the Company.

**<u>PART 16 – SENDING OF RECORDS</u>**

**16.1 <u>Manner of Sending Records</u>.** Unless the Business Corporations Act requires otherwise, a record may be sent:

(a) to the Company by delivery or mail to the Company at the delivery address or mailing address of its registered
office or by fax or e-mail to a fax number or e-mail address specified by the Company for that purpose;

(b) to a director by delivery or mail to the director at the prescribed address of that director or by fax
or e-mail to the fax or e-mail address specified for that purpose by the director;

(c) to a shareholder by delivery or mail to the shareholder at the registered address of that shareholder
or by fax or e-mail to the fax or e-mail address specified for that purpose by the shareholder; or

(d) to the person entitled to a share as a result of the death, bankruptcy or incapacity of a shareholder
by delivery or mail or by fax or e-mail to that person at the address specified for that purpose by the person so entitled and until that
address, fax number or e-mail address has been so specified, the record may be sent in any manner in which it might have been sent if
the death, bankruptcy or incapacity had not occurred.

**16.2 <u>Sending to Joint Holders</u>.** A record may be sent by the Company to joint shareholders in respect of a share registered in their names by sending the record to the joint shareholder first named in the central securities register in respect of that share.

**16.3 <u>Date Record Deemed Received</u>.** If a record is sent by mail, postage prepaid, that record is deemed to have been received on the day, Saturdays, Sundays and holidays excepted, following the date of mailing. If a record is sent by fax, e-mail or any other manner of transmitting visually recorded messages, that record is deemed to have been received on the day it is sent if received before or during statutory business hours that day and is deemed to have been received on the day, Saturdays and holidays excepted, following the date it is sent if received after statutory business hours or on a Saturday or holiday.

**<u>PART 17 – NOTICES</u>**

**17.1 <u>Minimum Number of Days</u>.** Notice of a general meeting must be sent to all shareholders holding shares that carry the right to vote at general meetings at least 21 days before the general meeting. Notice of a class or series meeting must be sent to all shareholders holding shares of that class or series at least 21 days before the class or series meeting.

**17.2 <u>Persons to Receive Notice</u>.** Notice of every general meeting must be sent to:

(a) every shareholder holding a share or shares carrying the right to vote at that meeting on the record date
or, if no record date was established by the directors, on the date the notice is sent;

(b) the personal representative of a deceased shareholder if entitled to notice by the Business Corporations
Act;

(c) the trustee in bankruptcy of a bankrupt shareholder if entitled to notice by the Business Corporations
Act;

(d) every director; and

(e) the auditor, if any.

No other person is entitled to receive notices of general meetings.

**<u>PART 18 - EXECUTION OF DOCUMENTS</u>**

**18.1 <u>Seal Optional</u>.** The directors may provide a common seal for the Company and may provide for its use. The directors have power to destroy the common seal and may provide a new common seal.

**18.2 <u>Official Seal</u>.** The directors may provide for use in any other province, state, territory or country an official seal that must have on its face the name of the province, state, territory or country where it is to be used.

**18.3 <u>Affixing of Seal to Documents</u>.** The directors must provide for the safe custody of each of the Company's seals, if any, which shall not be affixed to any instrument except by the authority of a resolution of the directors and by such person or persons as may be prescribed in and by that resolution and the person or persons so prescribed must sign every instrument to which the seal of the Company is affixed in his, her or their presence, provided that a resolution directing the general use of a seal, if any, may at any time be passed by the directors and applies to the use of that seal until countermanded by another resolution of the directors. In the absence of any resolution so authorizing the use of any seal, any seal of the Company may be affixed to any document that requires the seal of the Company in the presence of all the directors.

**<u>PART 19 – INDEMNIFICATION</u>**

**19.1 <u>Definitions</u>.** In this Part 19:

(a) "associated corporation" means a corporation or entity that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was an affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is a corporation, other than the Company, for which the eligible party is or was a director, alternate
director or officer, at the request of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is a partnership, trust, joint venture or other unincorporated entity for which the eligible party holds
or held a position equivalent to that of a director or officer at the request of the Company;

(b) "eligible party" means a person who is or was a director, alternate director or officer of
the Company;

(c) "eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an amount paid
in settlement of, an eligible proceeding;

(d) "eligible proceeding" means a proceeding in which an eligible party or any of the heirs and
legal personal representatives of the eligible party, by reason of the eligible party being or having been a director, alternate director
or officer or holding or having held a position equivalent to that of a director, alternate director or officer of the Company or an associated
corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or may be joined as a party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

(e) "expenses" includes costs, charges and expenses, including legal and other fees, but does
not include judgments, penalties, fines or amounts paid in settlement of a proceeding;

(f) "proceeding" includes any legal proceeding or investigative action, whether current, threatened,
pending or completed.

**19.2 <u>Mandatory Indemnification of Eligible Parties</u>.** To the extent the Company is not so prohibited by the Business Corporations Act, the Company must indemnify each eligible party and the heirs and legal personal representatives of each eligible party against all eligible penalties to which each eligible party is or may be liable, and the Company must, after the final disposition of an eligible proceeding pay the expenses actually and reasonably incurred by each eligible party in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this Part 19.

**19.3 <u>Non-Compliance with Business Corporations Act</u>.** The failure of each eligible party to comply with the Business Corporations Act or these Articles does not invalidate any indemnity to which he or she is entitled under this Part.

**19.4 <u>Advance Expenses</u>.** Unless prohibited by applicable law or court order, the Company must pay, as they are incurred, in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of the eligible proceeding provided that the Company shall not make such payments unless the Company first receives from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited by applicable law, the eligible party must repay the amounts advanced.

**19.5 <u>Indemnity Restricted</u>.** Despite any other provision of this Part 19, the Company is not obliged to make any payment that is prohibited by the Business Corporations Act or by court order in force at the date the payment is made.

**19.6 <u>Company May Purchase Insurance</u>.** The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was serving as a director, alternate director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was serving as a director, alternate director or officer of any associated corporation;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the request of the Company, holds or held a position equivalent to that of a director or officer of
a partnership, trust, joint venture or other unincorporated entity against any liability incurred by him or her in such equivalent
position.

**<u>PART 20 – RESTRICTION ON SECURITY TRANSFERS</u>**

**20.1 <u>Application</u>.** This Part does not apply to the Company if and for so long as it is a public company.

**20.2 <u>Directors May Decline to Approve Transfer</u>.** No security of the company, other than a non-convertible debt security, may be sold, transferred or otherwise disposed of without the approval of the directors. Notwithstanding anything contained in these Articles, the directors may in their absolute discretion decline to approve any sale, transfer or other disposition of a security of the company (other than non-convertible debt security) or to approve the registration of the transfer of such a security of the company in the central securities register or other registers of the Company and the directors are not required to disclose their reasons for declining approval.

**<u>PART 21 – AUTHORIZED SHARE STRUCTURE</u>**

**21.1 <u>Described in Notice of Articles</u>.** The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

**<u>PART 22 – RESTRICTIONS ON BUSINESS OR POWERS</u>**

**22.1 <u>No Restrictions</u>.** There arc no restrictions on the business to be carried on or the powers to be exercised by the Company.

**<u>PART 23 – SPECIAL RIGHTS AND RESTRICTIONS</u>**

**23.1 <u>Subordinate Voting Shares and Proportionate Voting Shares.</u>** The special rights and restrictions attached to the Subordinate Voting Shares and the Proportionate Voting Shares of the Company are as follows:

**(1) Equality**

Except as set out in this Part 23, the Subordinate Voting Shares and Proportionate Voting Shares (collectively, the "**Equity Shares**") have the same rights and are equal in all respects and are treated by the Company as if they were shares of one class only.

**(2) Conversion of the Shares Upon an Offer to Acquire Proportionate Voting Shares**

In the event that an offer is made to purchase Proportionate Voting Shares, and such offer is:

(a) required, pursuant to applicable securities legislation or the rules of any stock
 exchange on which: (i) the Proportionate Voting Shares; or (ii) the Subordinate Voting Shares which may be obtained upon
 conversion of the Proportionate Voting Shares; may then be listed, to be made to all or substantially all of the holders of
 Proportionate Voting Shares in a province or territory of Canada to which the requirement applies (such offer to purchase in this
 Article 23.1(2), an "**Offer** "); and

(b) not made to the holders of Subordinate Voting Shares for consideration per Subordinate Voting Share equal
to the consideration offered per Proportionate Voting Share,

each Subordinate Voting Share shall become convertible at the option of the holder into a Proportionate Voting Share on the basis of one hundred (100) Subordinate Voting Shares for one (1) Proportionate Voting Share, at any time while the Offer is in effect until one day after the time prescribed by applicable securities legislation or stock exchange rules for the offeror to take up and pay for such shares as are to be acquired pursuant to the Offer (the "**SVS Offer Conversion Right**").

The SVS Offer Conversion Right may only be exercised for the purpose of depositing the Proportionate Voting Shares acquired upon conversion under such Offer, and for no other reason. If the SVS Offer Conversion Right is exercised, the Company shall procure that the transfer agent for the Subordinate Voting Shares shall deposit under such Offer the Proportionate Voting Shares acquired upon conversion, on behalf of the holder.

To exercise the SVS Offer Conversion Right, a holder of Subordinate Voting Shares or his or her attorney, duly authorized in writing, shall:

&nbsp;&nbsp;&nbsp;&nbsp;(i) give written notice of exercise of the SVS Offer Conversion Right to the transfer agent for the Subordinate
Voting Shares, and of the number of Subordinate Voting Shares in respect of which the SVS Offer Conversion Right is being exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the transfer agent for the Subordinate Voting Shares any share certificate or certificates
representing the Subordinate Voting Shares in respect of which the SVS Offer Conversion Right is being exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay any applicable stamp tax or similar duty on or in respect of such conversion.

No certificates representing Proportionate Voting Shares acquired upon exercise of the SVS Offer Conversion Right will be delivered to the holders of Subordinate Voting Shares. If Proportionate Voting Shares issued upon such conversion and deposited under such Offer are withdrawn by such holder, or such Offer is abandoned, withdrawn or terminated by the offeror, or such Offer expires without the offeror taking up and paying for such Proportionate Voting Shares, such Proportionate Voting Shares and any fractions thereof issued shall automatically, without further action on the part of the holder thereof, be reconverted into Subordinate Voting Shares on the basis of one (1) Proportionate Voting Share for one hundred (100) Subordinate Voting Shares, and the Company will procure that the transfer agent for the Subordinate Voting Shares shall send to such holder a direct registration statement, certificate or certificates representing the Subordinate Voting Shares acquired upon such reconversion. If the offeror under such Offer takes up and pays for the Proportionate Voting Shares acquired upon exercise of the SVS Offer Conversion Right, the Company shall procure that the transfer agent for the Subordinate Voting Shares shall deliver to the holders of such Proportionate Voting Shares the consideration paid for such Proportionate Voting Shares by such offeror.

**(3) Liquidation Entitlement**

Subject to the prior rights of the holders of any shares of the Company ranking in priority to the Equity Shares, in the event of the liquidation, dissolution or winding-up of the Company or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs, whether voluntarily or involuntarily, all the property and assets of the Company available for distribution to the holders of the Equity Shares will be paid or distributed to the holders of the Equity Shares on the basis that each Proportionate Voting Share will be entitled to 100 times the amount distributed per Subordinate Voting Share, but otherwise there is no preference or distinction among or between the Equity Shares.

**(4) Dividend Rights**

Subject to the prior rights of the holders of any shares of the Company ranking in priority to the Equity Shares, the holders of Equity Shares are entitled to receive dividends in cash or property of the Company at such times and in such amounts as the directors may in their discretion from time to time determine. All dividends which are declared in the discretion of the directors on the Proportionate Voting Shares shall be declared and paid on the Subordinate Voting Shares at the time outstanding, and vice versa, in the proportion hereinafter provided for. If, as and when dividends are declared by the directors, each Proportionate Voting Share is entitled to 100 times the amount paid or distributed per Subordinate Voting Share.

The directors may, at any time and from time to time, declare and pay a stock dividend:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payable in Subordinate Voting Shares on the Subordinate Voting Shares, provided that at the same time
a stock dividend payable in Proportionate Voting Shares is declared and paid in the same number of shares per share on the Proportionate
Voting Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payable in Proportionate Voting Shares on the Proportionate Voting Shares, provided that at the same time
a stock dividend payable in Subordinate Voting Shares is declared and paid in the same number of shares per share on the Subordinate Voting
Shares.

**(5) Meetings**

The holders of Subordinate Voting Shares and Proportionate Voting Shares are entitled to receive notice of any meeting of shareholders of the Company, and to attend and vote at those meetings, except those meetings at which holders of a specific class or series of shares are entitled to vote separately as a class or series under the Business Corporations Act. The Subordinate Voting Shares carry one vote per share for all matters coming before shareholders. The Proportionate Voting Shares carry 100 votes per share for all matters coming before shareholders. Fractional Proportionate Voting Shares will be entitled to the number of votes calculated by multiplying the fraction by 100.

**(6) Variation of Rights**

Notwithstanding any other provision of these Articles, but subject to the Business Corporations Act, the special rights and restrictions attached to any Equity Shares may be modified if the amendment is authorized by not less than 66 2⁄3% of the votes cast at a meeting of holders of Equity Shares duly held for that purpose. However, if the holders of Proportionate Voting Shares, as a class, or the holders of Subordinate Voting Shares, as a class, are to be affected in a manner materially different from such other class of Equity Shares, the amendment must, in addition, be authorized by not less than 66 2⁄3% of the votes cast at a meeting of the holders of the class of shares which is affected differently.

**(7) Subdivision or Consolidation**

No subdivision or consolidation of the Subordinate Voting Shares or Proportionate Voting Shares may be carried out unless, simultaneously, the Subordinate Voting Shares or Proportionate Voting Shares, as the case may be, are subdivided or consolidated in the same manner and on the same basis, so as to maintain and preserve the relative rights of the holders of each class of Equity Shares.

**23.2 <u>Proportionate Voting Shares</u>**<u>.</u> In addition to the special rights and restrictions set out in Article 23.1, the Proportionate Voting Shares have the special rights and restrictions set out in this Article 23.2.

**(1) Conversion at the Option of the Holder**

Subject to the conversion restrictions set forth in this Article 23.2, each issued and outstanding Proportionate Voting Share may at any time, at the option of the holder, be converted into 100 Subordinate Voting Shares and fractional Proportionate Voting Shares shall be convertible into Subordinate Voting Shares on the same ratio. The conversion right may be exercised at any time and from time to time by notice in writing delivered to the Company and the Transfer Agent accompanied by the duly endorsed certificate or certificates representing the Proportionate Voting Shares or, if uncertificated, such other evidence of ownership as the Transfer Agent may require, in respect of which the holder wishes to exercise the right of conversion (together with payment of any applicable stamp tax or similar duty on or in respect of such conversion). The notice must be signed by the registered holder of the Proportionate Voting Shares in respect of which the right of conversion is being exercised or by his or her duly authorized attorney and must specify the number of Proportionate Voting Shares which the holder wishes to have converted.

Upon receipt of the conversion notice and share certificate or share certificates or other evidence of ownership satisfactory to the Transfer Agent, the Company will (or will cause the Transfer Agent to) issue a share certificate or other evidence of ownership representing Subordinate Voting Shares on the basis set out above to the registered holder of the Proportionate Voting Shares. If fewer than all the Proportionate Voting Shares represented by a certificate accompanying the notice are to be converted, the holder is entitled to receive a new certificate representing the shares comprised in the original certificate which are not to be converted.

Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of the Proportionate Shares to be converted, and the person or persons entitled to receive the Subordinate Voting Shares issuable upon such conversion shall be treated for all purposes as the record holder or holders of such Subordinate Voting Shares as of such date.

No fractional Subordinate Voting Shares will be issued on any conversion of Proportionate Voting Shares and any fractional number of Subordinate Voting Shares to be issued shall be rounded down to the nearest whole Subordinate Voting Share.

**(2) Conversion Limitations**

Before any holder of Proportionate Voting Shares shall be entitled to convert the same into Subordinate Voting Shares, the board of directors (or a committee thereof) shall designate an officer of the Company to determine if any Conversion Limitation set forth in subsection (3) shall apply to the conversion of Proportionate Voting Shares.

**(3) Foreign Private Issuer Protection Limitation**

(a) The Company will use commercially reasonable efforts to maintain its status as a "foreign private
issuer" (as determined in accordance with Rule 3b-4 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act** "); provided that the foregoing shall cease to apply at any time during which the Company no longer qualifies as a "foreign
private issuer". Accordingly, the Company shall not effect any conversion of Proportionate Voting Shares, and the holders of Proportionate
Voting Shares shall not have the right to convert any portion of the Proportionate Voting Shares, pursuant to this Article 23.2 or
otherwise, to the extent that after giving effect to all permitted issuances after such conversions of Proportionate Voting Shares, the
aggregate number of Subordinate Voting Shares and Proportionate Voting Shares held of record, directly or indirectly, by residents of
the United States (as determined in accordance with Rules 3b-4 and 12g3-2(a) under the Exchange Act ()"**U.S. Residents** "))
would exceed forty (**40%**) (the "**40% Threshold**") of the aggregate number of Subordinate Voting Shares and Proportionate
Voting Shares issued and outstanding after giving effect to such conversions (the "**FPI Protective Restriction** "). The
board of directors may by written consent resolution increase the 40% Threshold to an amount not to exceed 50% and in the event of any
such increase all references to the 40% Threshold herein, shall refer instead to the amended threshold set by such resolution.

In order to effect the FPI Protective Restriction, each holder of Proportionate Voting Shares will be subject to the 40% Threshold based on the number of Proportionate Voting Shares held by such holder as of the date of the initial issuance of the Proportionate Voting Shares and thereafter at the end of each of the Company's subsequent fiscal quarters (each, a "**Determination Date**"), calculated as follows:

X = [(A x 0.40) - B] x (C/D)

Where on the Determination Date:

X = Maximum Number of Subordinate Voting Shares Available For Issue upon Conversion of Proportionate Voting Shares by a holder.

A = The Number of Subordinate Voting Shares and Proportionate Voting Shares issued and outstanding on the Determination Date.

B = Aggregate number of Subordinate Voting Shares and Proportionate Voting Shares held of record, directly or indirectly, by U.S. Residents on the Determination Date.

C = Aggregate number of Proportionate Voting Shares held by holder on the Determination Date.

D = Aggregate number of all Proportionate Voting Shares on the Determination Date.

To the extent that requests for conversion of Proportionate Voting Shares subject to the FPI Protective Restriction would result in the 40% Threshold being exceeded, the number of such Proportionate Voting Shares eligible for conversion held by a particular holder shall be prorated relative to the number of Proportionate Voting Shares submitted for conversion. To the extent that the FPI Protective Restriction contained in this subsection (3) applies, the determination of whether Proportionate Voting Shares are convertible shall be in the sole discretion of the Company.

(b) Notwithstanding subsection (3)(a) above, but subject to the Business Corporations Act, the Company
may require each holder of Proportionate Voting Shares to convert all, and not less than all, the Proportionate Voting Shares (a "**Mandatory Conversion**") if at any time all the following conditions are satisfied (or otherwise waived by special resolution of holders
of Proportionate Voting Shares):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the Subordinate Voting Shares issuable upon conversion of all the Proportionate Voting Shares
are registered for resale and may be sold by the holder thereof pursuant to an effective registration statement registering such Subordinate
Voting Shares under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act** "); and (B) the
Subordinate Voting Shares are listed or quoted (and are not suspended from trading) on a "national securities exchange" registered
under Section 6 of the Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the conversion of all Proportional Voting Shares is authorized by not less than 66 2⁄3% of the votes
cast at a meeting of holders of Proportionate Voting Shares, as a class.

The Company will issue or cause its transfer agent to issue each holder of Proportionate Voting Shares of record a Mandatory Conversion Notice at least 20 days prior to the record date of the Mandatory Conversion, which shall specify therein, (i) the number of Subordinate Voting Shares into which the Proportionate Voting Shares are convertible and (ii) the address of record for such holder. On the record date of a Mandatory Conversion, the Company will issue or cause its transfer agent to issue each holder of record on the Mandatory Conversion Date certificates representing the number of Subordinate Voting Shares into which the Proportionate Voting Shares are so converted and each certificate representing the Proportionate Voting Shares shall be null and void.

(c) Notwithstanding subsection (3)(a) and (3)(b) above, the board of directors may determine by
resolution ()"**Conversion Resolution**") that it is no longer in the best interests of the Company that the Proportionate
Voting Shares are maintained as a separate class of shares of the Company. If a Conversion Resolution is adopted, then all, and not less
than all, the Proportionate Voting Shares will automatically, without any action on the part of the holder, be converted into Subordinate
Voting Shares on the basis of 100 Subordinate Voting Shares for one (1) Proportionate Voting Share, and in the case of fractions
of Proportionate Voting Shares, such number of Subordinate Voting Shares as is determined by multiplying the fraction by 100 as of a date
to be specified in the Conversion Resolution (an "**Approved Conversion** "). The Company will issue or cause its transfer
agent to issue each holder of Proportionate Voting Shares of record a notice of Approved Conversion at least 20 days prior to the record
date of the Approved Conversion set by the Company's board of directors (the "**Approved Conversion Date** "), which
shall specify therein, (i) the Approved Conversion Date, (ii) the number of Subordinate Voting Shares into which the Proportionate
Voting Shares are to be converted, and (iii) the address of record for such holder. On the Approved Conversion Date, the Company
will issue or cause its transfer agent to issue each holder of record certificates (or other evidence thereof) representing the number
of Subordinate Voting Shares into which the Proportionate Voting Shares are so converted and each certificate representing the Proportionate
Voting Shares shall be null and void.

**(4)** **Conversion of the Subordinate Voting Shares Upon an Offer to Acquire Subordinate Voting Shares**

In the event that an offer is made to purchase Subordinate Voting Shares, and such offer is:

(a) required, pursuant to applicable securities legislation or the rules of any stock exchange on
 which: (i) the Proportionate Voting Shares; or (ii) the Subordinate Voting Shares which may be obtained upon conversion of
 the Proportionate Voting Shares; may then be listed, to be made to all or substantially all of the holders of Subordinate Voting
 Shares in a province or territory of Canada to which the requirement applies (such offer to purchase in this Article 23.2(4),
 an "**CS Offer** "); and

(b) not made to the holders of Proportionate Voting Shares for consideration per Proportionate Voting Share
equal to 100 times the consideration offered per Subordinate Voting Share,

each Proportionate Voting Share shall become convertible at the option of the holder into Subordinate Voting Shares on the basis of one hundred (100) Subordinate Voting Shares for one (1) Proportionate Voting Share, at any time while the Offer is in effect until one day after the time prescribed by applicable securities legislation or stock exchange rules for the offeror to take up and pay for such shares as are to be acquired pursuant to the Offer (the "**PVS Offer Conversion Right**").

The PVS Offer Conversion Right may only be exercised for the purpose of depositing the Subordinate Voting Shares acquired upon conversion under such Offer, and for no other reason. If the PVS Offer Conversion Right is exercised, the Company shall procure that the transfer agent for the Proportionate Voting Shares shall deposit under such Offer the Subordinate Voting Shares acquired upon conversion, on behalf of the holder.

To exercise the PVS Offer Conversion Right, a holder of Proportionate Voting Shares or his or her attorney, duly authorized in writing, shall:

&nbsp;&nbsp;&nbsp;&nbsp;(i) give written notice of exercise of the PVS Offer Conversion Right to the transfer agent for the Proportionate
Voting Shares, and of the number of Proportionate Voting Shares in respect of which the PVS Offer Conversion Right is being exercised;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver to the transfer agent for the Proportionate Voting Shares any share certificate or certificates
representing the Proportionate Voting Shares in respect of which the PVS Offer Conversion Right is being exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay any applicable stamp tax or similar duty on or in respect of such conversion.

No certificates representing Subordinate Voting Shares acquired upon exercise of the PVS Offer Conversion Right will be delivered to the holders of Proportionate Voting Shares. If Subordinate Voting Shares issued upon such conversion and deposited under such Offer are withdrawn by such holder, or such Offer is abandoned, withdrawn or terminated by the offeror, or such Offer expires without the offeror taking up and paying for such Subordinate Voting Shares, such Subordinate Voting Shares issued shall automatically, without further action on the part of the holder thereof, be reconverted into Proportionate Voting Shares on the basis of one (1) Proportionate Voting Share for one hundred (100) Subordinate Voting Shares, and the Company will procure that the transfer agent for the Proportionate Voting Shares shall send to such holder a direct registration statement, certificate or certificates representing the Proportionate Voting Shares acquired upon such reconversion. If the offeror under such Offer takes up and pays for the Subordinate

Voting Shares acquired upon exercise of the PVS Offer Conversion Right, the Company shall procure that the transfer agent for the Proportionate Voting Shares shall deliver to the holders of such Subordinate Voting Shares the consideration paid for such Subordinate Voting Shares by such offeror.

**23.3 <u>Amendment of Special Rights</u>.** Notwithstanding any other provision of these Articles, but subject to the Business Corporations Act, the special rights and restrictions attached to the Proportional Voting Shares may be modified or amended if the amendment is authorized by not less than 66 2⁄3% of the votes cast at a meeting of holders of Proportionate Voting Shares, as a single class.

## Exhibit 4.4

**Exhibit 4.4**

**ALASKA SILVER Corp.**

**LONG-TERM INCENTIVE PLAN**

**November 5, 2021**

As amended May 27, 2022 and May 20, 2025

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Article 1 - DEFINITIONS | Article 1 - DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 1 |
| Article 2 - PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS | Article 2 - PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.1 | Purpose of the Plan | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.2 | Implementation and Administration of the Plan | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.3 | Delegation to Committee | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.4 | Eligible Participants | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.5 | Shares Subject to the Plan | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.6 | Participation Limits | 8 |
| &nbsp;&nbsp;&nbsp;Section 2.7 | Additional TSXV Limits | 8 |
| Article 3 - OPTIONS | Article 3 - OPTIONS | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.1 | Nature of Options | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | Option Awards | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | Exercise Price | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | Expiry Date; Blackout Period | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.5 | Exercise of Options | 10 |
| &nbsp;&nbsp;&nbsp;Section 3.6 | Method of Exercise and Payment of Purchase Price | 10 |
| &nbsp;&nbsp;&nbsp;Section 3.7 | Special Rules for Participants Who Are United States Taxpayers | 11 |
| Article 4 - SHARE UNITS | Article 4 - SHARE UNITS | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.1 | Nature of Share Units | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | Share Unit Awards | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | Restriction Period Applicable to Share Units | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | Performance Criteria and Performance Period Applicable to PSU Awards | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | Share Unit Vesting Determination Date | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.6 | Settlement of Share Unit Awards | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.7 | Determination of Amounts | 16 |
| Article 5 - GENERAL CONDITIONS | Article 5 - GENERAL CONDITIONS | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.1 | General Conditions applicable to Awards | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.2 | Dividend Share Units | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.3 | Termination of Employment | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.4 | Unfunded Plan | 19 |
| Article 6 - ADJUSTMENTS AND AMENDMENTS | Article 6 - ADJUSTMENTS AND AMENDMENTS | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.1 | Adjustment to Shares Subject to Outstanding Awards | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | Amendment or Discontinuance of the Plan | 21 |
| &nbsp;&nbsp;&nbsp;Section 6.3 | Change of Control | 23 |

---

---

| | | |
|:---|:---|:---|
| Article 7 - MISCELLANEOUS | Article 7 - MISCELLANEOUS | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 7.1 | Currency | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 7.2 | Compliance and Award Restrictions | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 7.3 | Use of an Administrative Agent and Trustee | 24.0 |
| &nbsp;&nbsp;&nbsp;Section 7.4 | Tax Withholding | 24.0 |
| &nbsp;&nbsp;&nbsp;Section 7.5 | Code Section 409A | 25.0 |
| &nbsp;&nbsp;&nbsp;Section 7.6 | U.S. Securities Act Compliance | 26.0 |
| &nbsp;&nbsp;&nbsp;Section 7.7 | Reorganization of the Corporation | 27.0 |
| &nbsp;&nbsp;&nbsp;Section 7.8 | Governing Laws | 28.0 |
| &nbsp;&nbsp;&nbsp;Section 7.9 | Severability | 28.0 |
| &nbsp;&nbsp;&nbsp;Section 7.10 | Effective Date of the Plan | 28.0 |

---

(ii) **ALASKA SILVER CORP.<br> LONG-TERM INCENTIVE PLAN**

Alaska Silver Corp. (the "**Corporation**") hereby establishes a Long-Term Incentive Plan for certain qualified directors, officers, employees, consultants and management company employees providing ongoing services to the Corporation and its Affiliates (as defined herein).

**Article 1** **- DEFINITIONS**

**Section 1.1** **Definitions.**

Where used herein or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms shall have the following meanings, respectively, unless the context otherwise requires:

(a) "**Affiliates** "
 has the meaning given to this term in the *Securities Act* (British Columbia), as such
 legislation may be amended, supplemented or replaced from time to time;

(b) "**applicable law**" means the applicable laws and regulations and the requirements or policies
 of any governmental or regulatory authority, securities commission or stock exchange having
 authority over the Corporation or the Plan;

(c) "**Awards** "
 means Options, RSUs and PSUs granted to a Participant pursuant to the terms of the Plan;

(d) "**Award Agreement**" means an Option Agreement, RSU Agreement or a PSU Agreement, as the
 context requires;

(e) "**Black-Out Period**" means the period of time required by applicable law when, pursuant to any
 policies or determinations of the Corporation, securities of the Corporation may not be traded
 by Insiders or other specified persons;

(f) "**Board** "
 means the board of directors of the Corporation as constituted from time to time;

(g) "**Broker** "
 has the meaning ascribed thereto in Section 7.4(b) hereof;

(h) "**Business Day**" means a day other than a Saturday, Sunday or statutory holiday, when banks
 are generally open for business in Vancouver, British Columbia, Canada for the transaction
 of banking business;

(i) "**Cancellation** "
 has the meaning ascribed thereto in Section 2.5(a) hereof;

(j) "**Cash Equivalent**" means in the case of Share Units, the amount of money equal to the
 Market Value multiplied by the number of vested Share Units in the Participant's Account,
 net of any applicable taxes in accordance with Section 7.4, on the Share Unit Settlement
 Date;

(k) "**Change of Control**" means unless the Board determines otherwise, the happening, in a single
 transaction or in a series of related transactions, of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction (other than a transaction
 described in clause (ii) below) pursuant to which any person or group of persons
 acting jointly or in concert acquires the direct or indirect beneficial ownership of securities
 of the Corporation representing 50% or more of the aggregate voting power of all of the Corporation's
 then issued and outstanding securities entitled to vote in the election of directors of the
 Corporation, other than any such acquisition that occurs (A) upon the exercise or settlement
 of options or other securities granted by the Corporation under any of the Corporation's
 equity incentive plans; or (B) as a result of the conversion of the multiple voting
 shares in the capital of the Corporation into Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is consummated an arrangement,
 amalgamation, merger, consolidation or similar transaction involving (directly or indirectly)
 the Corporation and, immediately after the consummation of such arrangement, amalgamation,
 merger, consolidation or similar transaction, the shareholders of the Corporation immediately
 prior thereto do not beneficially own, directly or indirectly, either (A) outstanding
 voting securities representing more than 50% of the combined outstanding voting power of
 the surviving or resulting entity in such amalgamation, merger, consolidation or similar
 transaction, or (B) more than 50% of the combined outstanding voting power of the parent
 of the surviving or resulting entity in such arrangement, amalgamation merger, consolidation
 or similar transaction, in each case in substantially the same proportions as their beneficial
 ownership of the outstanding voting securities of the Corporation immediately prior to such
 transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale, lease, exchange, license or
 other disposition of all or substantially all of the Corporation's assets to a person
 other than a person that was an Affiliate of the Corporation at the time of such sale, lease,
 exchange, license or other disposition, other than a sale, lease, exchange, license or other
 disposition to an entity, more than fifty percent (50%) of the combined voting power of the
 voting securities of which are beneficially owned by shareholders of the Corporation in substantially
 the same proportions as their beneficial ownership of the outstanding voting securities of
 the Corporation immediately prior to such sale, lease, exchange, license or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the passing of a resolution by the Board
 or shareholders of the Corporation to substantially liquidate the assets of the Corporation
 or wind up the Corporation's business or significantly rearrange its affairs in one
 or more transactions or series of transactions or the commencement of proceedings for such
 a liquidation, winding-up or re-arrangement (except where such re-arrangement is part of
 a bona fide reorganization of the Corporation in circumstances where the business of the
 Corporation is continued and the shareholdings remain substantially the same following the
 re-arrangement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) individuals who, on the effective date,
 are members of the Board (the "**Incumbent Board**") cease for any reason
 to constitute at least a majority of the members of the Board; provided, however, that if
 the appointment or election (or nomination for election) of any new Board member was approved
 or recommended by a majority vote of the members of the Incumbent Board then still in office,
 such new member will, for purposes of this Plan, be considered as a member of the Incumbent
 Board;

(l) "**Corporation** "
 means Alaska Silver Corp., formerly known as 1246779 B.C. Ltd., a corporation existing under
 the *Business Corporations Act* (British Columbia), as amended from time to time;

(m) "**Discounted Market Price**" has the meaning given to such term in TSXV Policy 1.1, as amended,
 supplemented or replaced from time to time;

(n) "**Dividend Share Units**" has the meaning ascribed thereto in Section 5.2 hereof;

(o) "**Eligible Participants**" has the meaning ascribed thereto in Section 2.4(a) hereof;

(p) "**Exercise Notice**" means a notice in writing signed by a Participant and stating the Participant's
 intention to exercise a particular Award, if applicable;

(q) "**Exercise Price**" has the meaning ascribed thereto in Section 3.3 hereof;

(r) "**Expiry Date**" has the meaning ascribed thereto in Section 3.4 hereof;

(s) "**Insider** "
 has the meaning attributed thereto in the TSXV Policy 1.1, as amended, supplemented or replaced
 from time to time;

(t) "**Investor Relations Activities**" has the meaning given to such term in TSXV Policy 1.1, as
 amended, supplemented or replaced from time to time;

(u) "**Market Value**" means at any date when the market value of Shares of the Corporation is
 to be determined, the five-day volume weighted average trading price of the Shares on the
 Trading Day prior to the date of grant on the principal stock exchange on which the Shares
 are listed, or if the Shares of the Corporation are not listed on any stock exchange, the
 value as is determined solely by the Board, acting reasonably and in good faith;

(v) "**Option** "
 means an option granted to the Corporation to a Participant entitling such Participant to
 acquire a designated number of Shares from treasury at the Exercise Price, but subject to
 the provisions hereof;

(w) "**Option Agreement**" means a written notice from the Corporation to a Participant evidencing
 the grant of Options and the terms and conditions thereof, substantially in the form set
 out in Appendix "A", or such other form as the Board may approve from time
 to time;

(x) "**Participants** "
 means Eligible Participants that are granted Awards under the Plan;

(y) "**Participant's Account**" means an account maintained to reflect each Participant's participation
 in RSUs and/or PSUs under the Plan;

(z) "**Performance Criteria**" means criteria established by the Board which, without limitation, may
 include criteria based on the Participant's personal performance and/or the financial
 performance of the Corporation and/or of its Affiliates, and that may be used to determine
 the vesting of the Awards, when applicable;

(aa) "**Performance Period**" means the period determined by the Board pursuant to Section 4.4 hereof;

(bb) "**Person** "
 means an individual, corporation, company, cooperative, partnership, trust, unincorporated
 association, entity with juridical personality or governmental authority or body, and pronouns
 which refer to a Person shall have a similarly extended meaning;

(cc) "**Plan** "
 means this Long-Term Incentive Plan, as amended and restated from time to time;

(dd) "**PSU** "
 means a right awarded to a Participant to receive a payment in the form of Shares as provided
 in Article 4 hereof and subject to the terms and conditions of this Plan;

(ee) "**PSU Agreement**" means a written notice from the Corporation to a Participant evidencing
 the grant of PSUs and the terms and conditions thereof, substantially in the form of Appendix "C",
 or such other form as the Board may approve from time to time;

(ff) "**Regulation S**" means Regulation S as promulgated by the Securities and Exchange Commission
 under the U.S. Securities Act;

(gg) "**Restriction Period**" means the period determined by the Board pursuant to Section 4.3 hereof;

(hh) "**RSU** "
 means a right awarded to a Participant to receive a payment in the form of Shares as provided
 in Article 4 hereof and subject to the terms and conditions of this Plan;

(ii) "**RSU Agreement**" means a written notice from the Corporation to a Participant evidencing
 the grant of RSUs and the terms and conditions thereof, substantially in the form of Appendix
 "B", or such other form as the Board may approve from time to time;

(jj) **"Rule 144"** means Rule 144 as promulgated under the U.S. Securities Act;

(kk) **"Rule 701"** means Rule 701 as promulgated under the U.S. Securities Act;

(ll) "**Share Compensation Arrangement**" means a stock option, stock option plan, employee stock
 purchase plan, long-term incentive plan or any other compensation or incentive mechanism
 involving the issuance or potential issuance of Shares to one or more employees, directors,
 officers or insiders of the Corporation or a Subsidiary;

(mm) "**Shares** "
 means the subordinate voting shares in the capital of the Corporation;

(nn) "**Share Unit**" means a RSU or PSU, as the context requires;

(oo) "**Share Unit Settlement Date**" has the meaning determined in Section 4.6(a)(i);

(pp) "**Share Unit Settlement Notice**" means a notice by a Participant to the Corporation electing
 the desired form of settlement of vested RSUs or PSUs;

(qq) "**Share Unit Vesting Determination Date**" has the meaning described thereto in Section 4.5
 hereof;

(rr) "**Stock Exchange**" means the TSXV or the TSX, as applicable from time to time;

(ss) "**Subsidiary** "
 means a corporation, company, partnership or other body corporate that is controlled, directly
 or indirectly, by the Corporation;

(tt) "**Successor Corporation**" has the meaning ascribed thereto in Section 6.1(c) hereof;

(uu) "**Surrender** "
 has the meaning ascribed thereto in Section 3.6(c);

(vv) "**Surrender Notice**" has the meaning ascribed thereto in Section 3.6(c);

(ww) "**Tax Act**" means the *Income Tax Act* (Canada) and its regulations thereunder, as
 amended from time to time;

(xx) "**Termination Date**" means the date on which a Participant ceases to be an Eligible Participant;

(yy) "**Trading Day**" means any day on which the Stock Exchange is opened for trading;

(zz) "**TSX** "
 means the Toronto Stock Exchange;

(aaa) "**TSXV** "
 means the TSX Venture Exchange;

(bbb) "**TSXV Market Price**" means the closing price of the Shares on the TSXV on the last Trading
 Day preceding the date on which the grant of Options is approved by the Board, or if the
 Shares of the Corporation are not listed on any stock exchange, the value as is determined
 solely by the Board, acting reasonably and in good faith;

(ccc) "**TSXV Policy**" means the TSXV Corporate Finance Policies;

(ddd) **"U.S. Securities Act"** means the United States Securities Act of 1933, as amended, and
 the rules and regulations promulgated thereunder.

**Article 2** **- PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS**

**Section 2.1** **Purpose of the Plan.**

The purpose of this Plan is to advance the interests of the Corporation by: (i) providing Eligible Participants with additional incentives; (ii) encouraging stock ownership by such Eligible Participants; (iii) increasing the proprietary interest of Eligible Participants in the success of the Corporation; (iv) promoting growth and profitability of the Corporation; (v) encouraging Eligible Participants to take into account long-term corporate performance; (vi) rewarding Eligible Participants for sustained contributions to the Corporation and/or significant performance achievements of the Corporation; and (vii) enhancing the Corporation's ability to attract, retain and motivate Eligible Participants.

**Section 2.2** **Implementation and Administration of the Plan.**

(a) Subject
 to Section 2.3, this Plan will be administered by the Board.

(b) Subject
 to the terms and conditions set forth in this Plan, the Board is authorized to provide for
 the granting, exercise and method of exercise of Awards, all at such times and on such terms
 (which may vary between Awards granted from time to time) as it determines. In addition,
 the Board has the authority to (i) construe and interpret this Plan and all certificates,
 agreements or other documents provided or entered into under this Plan; (ii) prescribe,
 amend and rescind rules and regulations relating to this Plan; and (iii) make all
 other determinations necessary or advisable for the administration of this Plan. All determinations
 and interpretations made by the Board will be binding on all Participants and on their legal,
 personal representatives and beneficiaries.

(c) No member
 of the Board will be liable for any action or determination taken or made in good faith in
 the administration, interpretation, construction or application of this Plan, any Award Agreement
 or other document or any Awards granted pursuant to this Plan.

(d) The day-to-day
 administration of the Plan may be delegated to such committee of the Board and/or such officers
 and employees of the Corporation as the Board determines from time to time.

(e) Subject
 to the provisions of this Plan, the Board has the authority to determine the limitations,
 restrictions and conditions, if any, applicable to the exercise of an Award.

**Section 2.3** **Delegation to Committee.**

Despite Section 2.2 or any other provision contained in this Plan, the Board has the right to delegate the administration and operation of this Plan, in whole or in part, to a committee of the Board and/or to any member of the Board. In such circumstances, all references to the Board in this Plan include reference to such committee and/or member of the Board, as applicable.

**Section 2.4** **Eligible Participants.**

(a) The Persons
 who shall be eligible to receive Awards ()"**Eligible Participants**") shall
 be the bona fide directors, officers, senior executives, consultants, management company
 employees and other employees of the Corporation or a Subsidiary, providing ongoing services
 to the Corporation and its Affiliates; notwithstanding the foregoing, providers of Investor
 Relations Activities shall not be included as Eligible Participants entitled to receive Share
 Units related to RSU Agreements or PSU Agreements.

(b) Participation
 in the Plan shall be entirely voluntary and any decision not to participate shall not affect
 an Eligible Participant's relationship, employment or appointment with the Corporation.

(c) Notwithstanding
 any express or implied term of this Plan to the contrary, the granting of an Award pursuant
 to the Plan shall in no way be construed as a guarantee of employment or appointment by the
 Corporation.

(d) None
 of the Awards or Shares issuable under any Award granted to a Participant have been or will
 be registered under the U.S. Securities Act or any state securities laws. Unless made pursuant
 to an effective registration statement under the U.S. Securities Act, any Awards or Shares
 issuable under any Award granted to a Participant must be exempt from the registration requirements
 of the U.S. Securities Act pursuant to Rule 701 thereunder and applicable state securities
 laws. Any Award granted pursuant to the exemption available under Rule 701 shall be
 subject to the limitations set forth therein.

**Section 2.5** **Shares Subject to the Plan.**

(a) Subject
 to adjustment pursuant to provisions of Article 6 hereof, the total number of Shares
 reserved and available for grant and issuance pursuant to Awards under the Plan shall not
 exceed ten percent (10%) of the total issued and outstanding Shares from time to time or
 such other number as may be approved by the Stock Exchange and the shareholders of the Corporation
 from time to time, provided that at all times when the Corporation is listed on the TSXV,
 the shareholder approval referred to herein must be obtained on a "disinterested"
 basis in compliance with the applicable policies of the TSXV. For the purposes of this Section 2.5(a),
 in the event that the Corporation cancels or purchases to cancel any of its issued and outstanding
 Shares ()"**Cancellation**") and as a result of such Cancellation the Corporation
 exceeds the limit set out in this Section 2.5(a), no approval of the Corporation's
 shareholders will be required for the issuance of Shares on the exercise of any Options which
 were granted prior to such Cancellation.

(b) Shares
 in respect of which an Award is granted under the Plan, but not exercised prior to the termination
 of such Award or not vested or settled prior to the termination of such Award due to the
 expiration, termination, cancellation or lapse of such Award, shall be available for Awards
 to be granted thereafter pursuant to the provisions of the Plan. All Shares issued pursuant
 to the exercise or the vesting of the Awards granted under the Plan shall be so issued as
 fully paid and non-assessable Shares.

**Section 2.6** **Participation Limits.**

Subject to adjustment pursuant to provisions of Article 6 hereof, the aggregate number of Shares (i) issued to Insiders under the Plan or any other proposed or established Share Compensation Arrangement within any one-year period and (ii) issuable to Insiders at any time under the Plan or any other proposed or established Share Compensation Arrangement, shall in each case not exceed ten percent (10%) of the total issued and outstanding Shares from time to time.

**Section 2.7** **Additional TSXV Limits.**

(a) In addition
 to the requirements in Section 2.5 and Section 2.6, subject to Section 4.2(f),
 and notwithstanding any other provision of this Plan, at all times when the Corporation is
 listed on the TSXV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the total number of Shares which may be
 reserved for issuance to any one Eligible Participant under the Plan together with all of
 the Corporation's other previously established or proposed Share Compensation Arrangements
 shall not exceed 5% of the issued and outstanding Shares on the grant date or within any
 12-month period (in each case on a non-diluted basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate number of Awards to any
 one Eligible Participant that is a consultant of the Corporation in any 12 month period must
 not exceed 2% of the issued Shares calculated at the first such grant date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate number of Options to all
 persons retained to provide Investor Relations Activities must not exceed 2% of the issued
 Shares in any 12-month period calculated at the first such grant date (and including any
 Eligible Participant that performs Investor Relations Activities and/or whose role or duties
 primarily consist of Investor Relations Activities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Options granted to any person retained
 to provide Investor Relations Activities must vest in a period of not less than 12 months
 from the date of grant of the Award and with no more the 25% of the Options vesting in any
 three (3) month period notwithstanding any other provision of this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate number of Share Units to
 any one Eligible Participant must not exceed (i) 1% of the issued Shares at the each
 such grant date and (ii) 2% of the total issued and outstanding Shares within the last
 12-month period calculated at the each such grant date.

(b) At all
 times when the Corporation is listed on the TSXV, the Corporation shall seek annual TSXV
 and shareholder approval for this rolling Plan in conformity with TSXV Policy 4.4.

**Article 3** **- OPTIONS**

**Section 3.1** **Nature of Options.**

An Option is an option granted by the Corporation to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Exercise Price, subject to the provisions hereof.

**Section 3.2** **Option Awards.**

(a) The Board
 shall, from time to time, in its sole discretion, (i) designate the Eligible Participants
 who may receive Options under the Plan, (ii) determine the number of Options, if any,
 to be granted to each Eligible Participant and the date or dates on which such Options shall
 be granted, (iii) determine the price per Share to be payable upon the exercise of each
 such Option (the "**Exercise Price** "), (iv) determine the relevant vesting
 provisions (including Performance Criteria, if applicable) and (v) determine the Expiry
 Date, the whole subject to the terms and conditions prescribed in this Plan, in any Option
 Agreement and any applicable rules of the Stock Exchange.

(b) Subject
 to the terms of any other agreement between the Participant and the Corporation, or the Board
 expressly providing to the contrary, and except as otherwise provided in a Option Agreement,
 each Option shall vest as to 1/3 on the date of grant, 1/3 on the first anniversary of the
 date of grant and 1/3 on the second anniversary of the date of grant.

(c) Notwithstanding
 any other provision of this Plan, at all times when the Corporation is listed on the TSXV,
 the Corporation shall maintain timely disclosure and file appropriate documentation in connection
 with Option grants made under this Plan in accordance with TSXV Policy 4.4.

**Section 3.3** **Exercise Price.**

The Exercise Price for Shares that are the subject of any Option shall be fixed by the Board when such Option is granted, but shall not be less than:

(A) the
 Market Value of such Shares at the time of the grant; or

(B) if
 the Shares are listed on the TSXV, the TSXV Market Price,

and in any event shall not be less than the Discounted Market Price. For special rules related to U.S. Participants, see Section 3.7.

**Section 3.4** **Expiry Date; Blackout Period.**

Subject to Section 6.2, each Option must be exercised no later than ten (10) years after the date the Option is granted or such shorter period as set out in the Participant's Option Agreement, at which time such Option will expire (the "**Expiry Date**"). Notwithstanding any other provision of this Plan, each Option that would expire during or within ten (10) Business Days immediately following a Black-Out Period shall expire on the date that is ten (10) Business Days immediately following the expiration of the Black-Out Period. Where an Option will expire on a date that falls immediately after a Black-Out Period, and for greater certainty, not later than ten (10) Business Days after the Black- Out Period, then the date such Option will expire will be automatically extended by such number of days equal to ten (10) Business Days less the number of Business Days after the Black-Out Period that the Option expires. For special rules related to U.S. Participants, see Section 3.7.

**Section 3.5** **Exercise of Options.**

(a) Subject
 to the provisions of this Plan, a Participant shall be entitled to exercise an Option granted
 to such Participant, subject to vesting limitations which may be imposed by the Board at
 the time such Option is granted.

(b) Prior
 to its expiration or earlier termination in accordance with the Plan, each Option shall be
 exercisable as to all or such part or parts of the optioned Shares and at such time or times
 and/or pursuant to the achievement of such Performance Criteria and/or other vesting conditions
 as the Board may determine in its sole discretion.

(c) No fractional
 Shares will be issued upon the exercise of Options granted under this Plan and, accordingly,
 if a Participant would become entitled to a fractional Share upon the exercise of an Option,
 or from an adjustment pursuant to Section 6.1, such Participant will only have the right
 to acquire the next lowest whole number of Shares, and no payment or other adjustment will
 be made with respect to the fractional interest so disregarded.

**Section 3.6** **Method of Exercise and Payment of Purchase Price.**

(a) Subject
 to the provisions of the Plan and the alternative exercise procedures set out herein, an
 Option granted under the Plan may be exercisable (from time to time as provided in Section 3.5
 hereof) by the Participant (or by the liquidator, executor or administrator, as the case
 may be, of the estate of the Participant) by delivering an Exercise Notice to the Corporation
 in the form and manner determined by the Board from time to time, together with cash, a bank
 draft or certified cheque in an amount equal to the aggregate Exercise Price of the Shares
 to be purchased pursuant to the exercise of the Options and any applicable tax withholdings.

(b) Subject
 to Section 3.6(e), pursuant to the Exercise Notice and subject to the approval of the
 Board, a Participant may choose to undertake a "cashless exercise" with the assistance
 of a broker in order to facilitate the exercise of such Participant's Options. The
 "cashless exercise" procedure may include a sale of such number of Shares as
 is necessary to raise an amount equal to the aggregate Exercise Price for all Options being
 exercised by that Participant under an Exercise Notice and any applicable tax withholdings.
 Pursuant to the Exercise Notice, the Participant may authorize the broker to sell Shares
 on the open market by means of a short sale and forward the proceeds of such short sale to
 the Corporation to satisfy the Exercise Price and any applicable tax withholdings, promptly
 following which the Corporation shall issue the Shares underlying the number of Options as
 provided for in the Exercise Notice.

(c) Subject
 to Section 3.6(e), in addition, in lieu of exercising any vested Option in the manner
 described in this Section 3.6(a) or Section 3.6(b), and pursuant to the terms
 of this Article 3, a Participant may, by surrendering an Option ()"**Surrender** ")
 with a properly endorsed notice of Surrender to the Corporate Secretary of the Corporation,
 substantially in the form of Schedule "B" to the Option Agreement (a "**Surrender Notice** "), elect to receive that number of Shares calculated using the following
 formula:

X = (Y \* (A-B)) / A

**Where:**

X = the number of Shares to be issued to the Participant upon exercising such Options; provided that if the foregoing calculation results in a negative number, then no Shares shall be issued

Y = the number of Shares underlying the Options to be Surrendered

A = the Market Value of the Shares as at the date of the Surrender

B = the Exercise Price of such Options

(d) Subject
 to Section 3.6(e), upon the exercise of an Option pursuant to Section 3.6(a) or
 Section 3.6(c), the Corporation shall, as soon as practicable after such exercise but
 no later than ten (10) Business Days following such exercise, forthwith cause the transfer
 agent and registrar of the Shares to deliver to the Participant such number of Shares as
 the Participant shall have then paid for and as are specified in such Exercise Notice.

(e) Notwithstanding
 any other provision of this Plan, the "cashless exercise" provisions contained
 in each of Section 3.6(b), Section 3.6(c) and Section 3.6(d) shall
 not apply at all times when the Corporation is listed on the TSXV, and such provisions shall
 be of no force and effect during such period.

**Section 3.7** **Special Rules for Participants Who Are United States Taxpayers.**

(a) <u>Grants to U.S. Participants</u>. For purposes of this Section 3.7(a), a Participant who is
 a United States taxpayer (a "**U.S. Participant**") shall mean an Eligible
 Participant who is a U.S. citizen or a U.S. resident for U.S. federal tax purposes, in each
 case as defined in the U.S. Internal Revenue Code of 1986, as amended (the "**Code** ").
 In addition to the other provisions of this Plan (and notwithstanding any other provision
 of this Plan to the contrary), the following limitations and requirements will apply to any
 Option granted to a U.S. Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Option Exercise Price payable per
 Option Share upon exercise of an Option will not be less than 100% of the fair market value
 of the Option Shares as of the date of grant. For purposes of this Section 3.7(a)(i),
 fair market value shall be calculated in accordance with applicable regulations under section
 409A of the Code, and in the absence of a methodology specified by the Board, fair market
 value shall be calculated using the closing price of the shares (on the Stock Exchange, or
 another stock exchange where the majority of the trading volume and value of the Shares occurs)
 on the trading day prior to the grant date. In all events, fair market value shall be determined
 without utilizing trailing averages and any discount permitted by the Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to payments made pursuant
 to Section 3.6(c) of this Plan, the fair market value of one Share as of a particular
 date shall be the fair market value, as determined under this Section 3.7 of this Plan,
 replacing "date of grant" with "date of exercise" and shall be calculated
 without regard to any discount permitted by the Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Board may use its reasonable efforts
 to ensure that any adjustment with respect to the Option Exercise Price for and number of
 Option Shares subject to an Option (including, but not limited to, the adjustments contemplated
 under Article 6 of this Plan) granted to a U.S. Participant pursuant to this Plan will
 be made so as to comply with, and not create any adverse consequences under, sections 424
 and 409A of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Options granted to U.S. Participants
 that are intended to qualify as "incentive stock options" within the meaning
 of section 422 of the Code ("Incentive Stock Options") shall, notwithstanding
 any other provision of this Plan to the contrary, be subject to the following limitations
 and requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The
 maximum number of Option Shares reserved for issuance in respect of grants of Incentive Stock
 Options under this Plan shall not exceed 6,467,002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) An
 Incentive Stock Option may be granted only to employees (including a director or officer
 who is also an employee) of the Corporation (or of any parent or subsidiary of the Corporation).
 For purposes of this Section 3.7(a), the term Participant, as applied to a U.S. Participant,
 shall mean a person who is an employee for purposes of the Code and the terms "parent"
 and "subsidiary" shall have the meanings set forth in sections 424(e) and
 424(f) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) To
 the extent that the aggregate fair market value (determined at the time of grant) of the
 Option Shares with respect to which Incentive Stock Options are exercisable for the first
 time by any U.S. Participant during any calendar year (under all plans of the Corporation
 and any affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise
 does not comply with the rules governing Incentive Stock Options, the Options or portions
 thereof that exceed such limit (according to the order in which they were granted) or otherwise
 do not comply with such rules will be treated non-qualified Options, notwithstanding
 any contrary provision of the applicable award agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The
 Option Exercise Price payable per Option Share upon exercise of an Incentive Stock Option
 will not be less than 100% of the fair market value of an Option Share on the date of grant;
 provided, however, that, in the case of the grant of an Incentive Stock Option to a U.S.
 Participant who, at the time such Incentive Stock Option is granted, is a 10% shareholder,
 the Option Exercise Price payable per Option Share upon exercise of such Incentive Stock
 Option will be not less than 110% of the fair market value of a Share on the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) An
 Incentive Stock Option will terminate and no longer be exercisable no later than ten years
 after the date of grant; provided, however, that in the case of a grant of an Incentive Stock
 Option to a U.S. Participant who, at the time such Incentive Stock Option is granted, is
 a 10% shareholder, such Incentive Stock Option will terminate and no longer be exercisable
 no later than five years after the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If
 a U.S. Participant who has been granted Incentive Stock Options ceases to be employed by
 the Corporation (or by any parent or subsidiary of the Corporation) for any reason, whether
 voluntary or involuntary, other than death, permanent disability or cause, such Incentive
 Stock Option shall cease to qualify as an Incentive Stock Option as of the earlier of (i) the
 date that is three months after the date of cessation of employment or (ii) the expiration
 of the term of such Incentive Stock Option. If a U.S. Participant who has been granted Incentive
 Stock Options ceases to be employed by the Corporation (or by any parent or subsidiary of
 the Corporation) because of the death or permanent disability of such U.S. Participant, such
 U.S. Participant, then such Incentive Stock Option shall cease to qualify as an Incentive
 Stock Option as of the earlier of (i) the date that is one year after the date of death
 or permanent disability, as the case may be, or (ii) the expiration of the term of such
 Incentive Stock Option. Nothing herein is intended to require the Option to remain outstanding
 any longer than as required under Section 3.4, Section 5.3, and Section 6.3
 of this Plan. For purposes of this Section 3.7(a), the term "permanent disability"
 has the meaning assigned to that term in section 422(e)(3) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) An
 Incentive Stock Option granted to a U.S. Participant may be exercised during such U.S. Participant's
 lifetime only by such U.S. Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) An
 Incentive Stock Option granted to a U.S. Participant may not be transferred, assigned or
 pledged by such U.S. Participant, except by will or by the laws of descent and distribution;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) No
 Incentive Stock Option will be granted more than ten years after the earlier of the date
 this Plan is adopted by the Board or the date this Plan is approved by the shareholders of
 the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding Section 3.4 of this
 Plan pertaining to Blackout Periods, no Option granted to a U.S. Participant may be extended
 beyond its Option Expiry Date.

**Article 4** **- SHARE UNITS**

**Section 4.1** **Nature of Share Units.**

A Share Unit is an Award entitling the recipient to acquire Shares, at such purchase price (which may be zero) as determined by the Board, subject to such restrictions and conditions as the Board may determine at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives.

**Section 4.2** **Share Unit Awards.**

(a) Subject
 to the provisions herein set forth and any shareholder or regulatory approval which may be
 required, the Board shall, from time to time, in its sole discretion, (i) designate
 the Eligible Participants who may receive RSUs and/or PSUs under the Plan, (ii) fix
 the number of RSUs and/or PSUs, if any, to be granted to each Eligible Participant and the
 date or dates on which such RSUs and/or PSUs shall be granted, and (iii) determine the
 relevant conditions and vesting provisions (including, in the case of PSUs, the applicable
 Performance Period and Performance Criteria, if any) and Restriction Period of such RSUs
 and/or PSUs, the whole subject to the terms and conditions prescribed in this Plan and in
 any RSU Agreement.

(b) The RSUs
 and PSUs are structured so as to be considered to be a plan described in Section 7 of
 the Tax Act or any successor to such provision.

(c) Subject
 to the vesting and other conditions and provisions set forth herein and in the RSU Agreement
 and/or PSU Agreement, the Board shall determine whether each RSU and/or PSU awarded to a
 Participant shall entitle the Participant: (i) to receive one Share issued from treasury;
 (ii) to receive the Cash Equivalent of one Share; or (iii) to elect to receive
 either one Share from treasury, the Cash Equivalent of one Share or a combination of cash
 and Shares.

(d) Share
 Units shall be settled by the Participant at any time beginning on the first Business Day
 following their Share Unit Vesting Determination Date but no later than the Share Unit Settlement
 Date. With respect to U.S. Participants, Share Units shall be settled as provided in Section 5.3(a)(v) (or
 in the event of any deferred settlement, in accordance with Section 7.5).

(e) Unless
 otherwise specified in the RSU Agreements, one-third of RSUs awarded pursuant to a RSU Agreement
 shall vest on each of the first three anniversaries of the date of grant. None of the RSUs
 may vest earlier than the first anniversary of the date of grant.

(f) Notwithstanding
 any other provision of this Plan, at all times when the Corporation is listed on the TSXV,
 no person retained to provide Investor Relations Activities shall receive any grant of Share
 Units in compliance with TSXV Policy 3.4.

**Section 4.3** **Restriction Period Applicable to Share Units.**

The applicable restriction period in respect of a particular Share Unit shall be determined by the Board but in all cases shall end no later than December 31 of the calendar year which is three (3) years after the calendar year in which the Award is granted ("**Restriction Period**"). For example, the Restriction Period for a grant made in June 2019 shall end no later than December 31, 2022. Subject to the Board's determination, any vested Share Units with respect to a Restriction Period will be paid to Participants in accordance with Article 4, no later than the end of the Restriction Period. Unless otherwise determined by the Board, all unvested Share Units shall be cancelled on the Share Unit Vesting Determination Date (as such term is defined in Section 4.5) and, in any event, no later than the last day of the Restriction Period.

**Section 4.4** **Performance Criteria and Performance Period Applicable to PSU Awards.**

(a) For each
 award of PSUs, the Board shall establish the period in which any Performance Criteria and
 other vesting conditions must be met in order for a Participant to be entitled to receive
 Shares in exchange for all or a portion of the PSUs held by such Participant (the "**Performance Period** "), provided that such Performance Period may not expire after the end of
 the Restriction Period, being no longer than three (3) years after the calendar year
 in which the Award was granted. For example, a Performance Period determined by the Board
 to be for a period of three (3) financial years will start on the first day of the financial
 year in which the award is granted and will end on the last day of the second financial year
 after the year in which the grant was made. In such a case, for a grant made on January 4,
 2019, the Performance Period will start on January 1, 2019 and will end on December 31,
 2021.

(b) For each
 award of PSUs, the Board shall establish any Performance Criteria and other vesting conditions
 in order for a Participant to be entitled to receive Shares in exchange for his or her PSUs.

**Section 4.5** **Share Unit Vesting Determination Date.**

The vesting determination date means the date on which the Board determines if the Performance Criteria and/or other vesting conditions with respect to a RSU and/or PSU have been met (the "**Share Unit Vesting Determination Date**"), and as a result, establishes the number of RSUs and/or PSUs that become vested, if any. For greater certainty, the Share Unit Vesting Determination Date in respect of Share Units must fall after the end of the Performance Period, if applicable, but no later than the last day of the Restriction Period.

**Section 4.6** **Settlement of Share Unit Awards.**

(a) Subject
 to the terms of any other agreement between the Participant and the Corporation, or the Board
 expressly providing to the contrary, and except as otherwise provided in a RSU Agreement
 and/or PSU Agreement, in the event that the vesting conditions, the Performance Criteria
 and Performance Period, if applicable, of a Share Unit are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all of the vested Share Units covered
 by a particular grant may, subject to Section 4.6(d), be settled at any time beginning
 on the first Business Day following their Share Unit Vesting Determination Date but no later
 than the date that is five (5) years from their Share Unit Vesting Determination Date
 (the "**Share Unit Settlement Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Participant is entitled to deliver
 to the Corporation, on or before the Share Unit Settlement Date, a Share Unit Settlement
 Notice in respect of any or all vested Share Units held by such Participant.

(b) Subject
 to Section 4.6(d), settlement of Share Units shall take place promptly following the
 Share Unit Settlement Date and take the form set out in the Share Unit Settlement Notice
 through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of settlement of Share Units
 for their Cash Equivalent, delivery of a bank draft, certified cheque or other acceptable
 form of payment to the Participant representing the Cash Equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of settlement of Share Units
 for Shares, delivery of Shares to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of settlement of the Share
 Units for a combination of Shares and the Cash Equivalent, a combination of (i) and
 (ii) above.

(c) If a
 Share Unit Settlement Notice is not received by the Corporation on or before the Share Unit
 Settlement Date, settlement shall take the form of Shares issued from treasury as set out
 in Section 4.7(b).

(d) Notwithstanding
 any other provision of this Plan, in the event that a Share Unit Settlement Date falls during
 a Black-Out Period and the Participant has not delivered a Share Unit Settlement Notice,
 then such Share Unit Settlement Date shall be automatically extended to the tenth (10th)
 Business Day following the date that such Black-Out Period is terminated. Where a Share Unit
 Settlement Date falls immediately after a Black-Out Period, and for greater certainty, not
 later than ten (10) Business Days after the Black-Out Period, then the Share Unit Settlement
 Date will be automatically extended by such number of days equal to ten (10) Business
 Days less the number of Business Days that a Share Unit Settlement Date is after the Black-Out
 Period.

**Section 4.7** **Determination of Amounts.**

(a) For purposes
 of determining the Cash Equivalent of Share Units to be made pursuant to Section 4.6,
 such calculation will be made on the Share Unit Settlement Date and shall equal the Market
 Value on the Share Unit Settlement Date multiplied by the number of vested Share Units in
 the Participant's Account which the Participant desires to settle in cash pursuant
 to the Share Unit Settlement Notice.

(b) For the
 purposes of determining the number of Shares from treasury to be issued and delivered to
 a Participant upon settlement of Share Units pursuant to Section 4.6, such calculation
 will be made on the Share Unit Settlement Date and be the whole number of Shares equal to
 the whole number of vested Share Units then recorded in the Participant's Account which
 the Participant desires to settle pursuant to the Share Unit Settlement Notice. Shares issued
 from treasury will be issued in consideration for the past services of the Participant to
 the Corporation and the entitlement of the Participant under this Plan in respect of such
 Share Units settled for Shares shall be satisfied in full by such issuance of Shares.

**Article 5** **- GENERAL CONDITIONS**

**Section 5.1** **General Conditions applicable to Awards.**

Each Award, as applicable, shall be subject to the following conditions:

(a) **Employment** - The granting of an Award to a Participant shall not impose upon the Corporation or a Subsidiary
 any obligation to retain the Participant in its employ in any capacity. For greater certainty,
 the granting of Awards to a Participant shall not impose any obligation on the Corporation
 to grant any awards in the future nor shall it entitle the Participant to receive future
 grants.

(b) **Rights as a Shareholder** - Neither the Participant nor such Participant's personal representatives
 or legatees shall have any rights whatsoever as shareholder in respect of any Shares covered
 by such Participant's Awards until the date of issuance of a share certificate to such
 Participant (or to the liquidator, executor or administrator, as the case may be, of the
 estate of the Participant) or the entry of such person's name on the share register
 for the Shares. Without in any way limiting the generality of the foregoing, no adjustment
 shall be made for dividends or other rights for which the record date is prior to the date
 such share certificate is issued or entry of such person's name on the share register
 for the Shares.

(c) **Conformity to Plan** – In the event that an Award is granted or an Award Agreement is executed
 which does not conform in all particulars with the provisions of the Plan, or purports to
 grant Awards on terms different from those set out in the Plan, the Award or the grant of
 such Award shall not be in any way void or invalidated, but the Award so granted will be
 adjusted to become, in all respects, in conformity with the Plan.

(d) **Non-Transferability** – Except as set forth herein, Awards are not transferable. Awards may be exercised
 only upon the Participant's death, by the legal representative of the Participant's
 estate, provided that any such legal representative shall first deliver evidence satisfactory
 to the Corporation of entitlement to exercise any Award. A person exercising an Award may
 subscribe for Shares only in the person's own name or in the person's capacity
 as a legal representative.

(e) **Hold Period** – In the event that the Shares are listed on the TSXV, the granting of an
 Award (i) to Insiders, or (ii) where the exercise price is at a discount to the
 TSXV Market Price shall be subject to a four-month hold period in compliance with the applicable
 policies of the TSXV. In addition, any Shares issued are deemed to be "*restricted securities*" as defined in Rule 144 and are subject to the restrictions set
 forth in Section 7.6, below.

**Section 5.2** **Dividend Share Units.**

When dividends (other than stock dividends) are paid on Shares, Participants shall receive additional RSUs and/or PSUs, as applicable ("**Dividend Share Units**") as of the dividend payment date. The number of Dividend Share Units to be granted to the Participant shall be determined by multiplying the aggregate number of RSUs and/or PSUs, as applicable, held by the Participant on the relevant record date by the amount of the dividend paid by the Corporation on each Share, and dividing the result by the Market Value on the dividend payment date, which Dividend Share Units shall be in the form of RSUs and/or PSUs, as applicable. Dividend Share Units granted to a Participant in accordance with this Section 5.2 shall be subject to the same vesting conditions applicable to the related RSUs and/or PSUs.

**Section 5.3** **Termination of Employment.**

(a) Unless
 otherwise determined by the Board, each Share Unit and Option shall be subject to the following
 conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Termination for Cause.** Upon a Participant
 ceasing to be an Eligible Participant for "cause", all unexercised vested or
 unvested Share Units and Options granted to such Participant shall terminate on the effective
 date of the termination as specified in the notice of termination. For the purposes of the
 Plan, the determination by the Corporation that the Participant was discharged for cause
 shall be binding on the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Termination or Cessation.** In the
 case of a Participant ceasing to be an Eligible Participant for any reason (other than for
 "cause" or death), subject to any later expiration dates determined by the Board,
 all Share Units and Options shall expire on the earlier of one hundred and twenty (120) days
 after the effective date of such termination or cessation, or the expiry date of such Share
 Unit or Option, to the extent such Share Unit or Option was vested and exercisable by the
 Participant on the effective date of such termination or cessation and all unexercised unvested
 Share Units and/or Options granted to such Participant shall terminate on the effective date
 of such termination or cessation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Death.** If a Participant dies
 while in his or her capacity as an Eligible Participant, all unvested Share Units and Options
 will immediately vest and all Share Units and Options will expire one (1) year after
 the death of such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Change of Control.** Subject to
 any written employment or contracting agreement between the Corporation and a Participant,
 if a participant is terminated without "cause" or resigns for good reason during
 the 12 month period following a Change of Control, or after the Corporation has signed a
 written agreement to effect a change of control but before the change of control is completed,
 then any unvested Share Units and/or Options will immediately vest and may be exercised prior
 to the earlier of thirty (30) days of such date or the expiry date of such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **U.S. Participants.** Notwithstanding
 anything to the contrary in this Plan, with respect to U.S. Participants, Share Units shall
 not be exercisable at the Participant's discretion. Rather, Share Units shall be settled
 and paid out by the Corporation as soon as administratively practicable after the Share Units
 vest and are no longer to a substantial risk of forfeiture within the meaning of section
 409A of the Code ("Vesting"), but in all events no later than March 15 following
 the calendar year in which Vesting occurs (and such U.S. Participant shall not have the ability
 to choose the taxable year of payment). For added clarity, if Share Units vest on February 1,
 2021, the Share Units shall be settled and paid out as soon as administratively practicable
 but no later than March 15, 2022. The Board may award Share Units with delayed settlement
 terms, but in all events such Share Units must comply with the requirements of section 409A
 of the Code, including the provisions described in Section 7.5.

(b) For the
 purposes of this Plan, a Participant's employment with the Corporation or an Affiliate
 is considered to have terminated effective on the last day of the Participant's actual
 and active employment with the Corporation or Affiliate, whether such day is selected by
 agreement with the individual, unilaterally by the Corporation or Affiliate and whether with
 or without advance notice to the Participant. For the avoidance of doubt, no period of notice,
 if any, or payment instead of notice that is given or that ought to have been given under
 applicable law, whether by statute, imposed by a court or otherwise, in respect of such termination
 of employment that follows or is in respect of a period after the Participant's last
 day of actual and active employment will be considered as extending the Participant's
 period of employment for the purposes of determining his entitlement under this Plan.

(c) The Participant
 shall have no entitlement to damages or other compensation arising from or related to not
 receiving any awards which would have settled or vested or accrued to the Participant after
 the date of cessation of employment or if working notice of termination had been given.

**Section 5.4** **Unfunded Plan.**

Unless otherwise determined by the Board, this Plan shall be unfunded. To the extent any Participant or his or her estate holds any rights by virtue of a grant of Awards under this Plan, such rights (unless otherwise determined by the Board) shall be no greater than the rights of an unsecured creditor of the Corporation. Notwithstanding the foregoing, any determinations made shall be such that the Plan continuously meets the requirements of paragraph 6801(d) of the Income Tax Regulations, adopted under the Tax Act or any successor provision thereto.

**Article 6** **- ADJUSTMENTS AND AMENDMENTS**

**Section 6.1** **Adjustment to Shares Subject to Outstanding Awards.**

(a) In the
 event of any subdivision of the Shares into a greater number of Shares at any time after
 the grant of an Award to a Participant and prior to the expiration of the term of such Award,
 the Corporation shall deliver to such Participant, at the time of any subsequent exercise
 or vesting of such Award in accordance with the terms hereof, in lieu of the number of Shares
 to which such Participant was theretofore entitled upon such exercise or vesting of such
 Award, but for the same aggregate consideration payable therefor, such number of Shares as
 such Participant would have held as a result of such subdivision if on the record date thereof
 the Participant had been the registered holder of the number of Shares to which such Participant
 was theretofore entitled upon such exercise or vesting of such Award.

(b) In the
 event of any consolidation of Shares into a lesser number of Shares at any time after the
 grant of an Award to any Participant and prior to the expiration of the term of such Award,
 the Corporation shall deliver to such Participant at the time of any subsequent exercise
 or vesting of such Award in accordance with the terms hereof in lieu of the number of Shares
 to which such Participant was theretofore entitled upon such exercise or vesting of such
 Award, but for the same aggregate consideration payable therefor, such number of Shares as
 such Participant would have held as a result of such consideration if on the record date
 thereof the Participant had been the registered holder of the number of Shares to which such
 Participant was theretofore entitled upon such exercise or vesting of such Award.

(c) If at
 any time after the grant of an Award to any Participant and prior to the expiration of the
 term of such Award, the Shares shall be reclassified, reorganized or otherwise changed, otherwise
 than as specified in Section 6.1(a) or Section 6.1(b) hereof or, subject
 to the provisions of Section 6.2(c) hereof, the Corporation shall consolidate,
 merge or amalgamate with or into another corporation (the corporation resulting or continuing
 from such consolidation, merger or amalgamation being herein called the "Successor
 Corporation"), the Participant shall be entitled to receive upon the subsequent exercise
 or vesting of Award, in accordance with the terms hereof and shall accept in lieu of the
 number of Shares then subscribed for but for the same aggregate consideration payable therefor,
 the aggregate number of shares of the appropriate class or other securities of the Corporation
 or the Successor Corporation (as the case may be) or other consideration from the Corporation
 or the Successor Corporation (as the case may be) that such Participant would have been entitled
 to receive as a result of such reclassification, reorganization or other change of shares
 or, subject to the provisions of Section 6.2(c) hereof, as a result of such consolidation,
 merger or amalgamation, if on the record date of such reclassification, reorganization or
 other change of shares or the effective date of such consolidation, merger or amalgamation,
 as the case may be, such Participant had been the registered holder of the number of Shares
 to which such Participant was immediately theretofore entitled upon such exercise or vesting
 of such Award.

(d) If, at
 any time after the grant of an Award to any Participant and prior to the expiration of the
 term of such Award, the Corporation shall make a distribution to all holders of Shares or
 other securities in the capital of the Corporation, or cash, evidences of indebtedness or
 other assets of the Corporation (excluding an ordinary course dividend in cash or shares,
 but including for greater certainty shares or equity interests in a subsidiary or business
 unit of the Corporation or one of its subsidiaries or cash proceeds of the disposition of
 such a subsidiary or business unit), or should the Corporation effect any transaction or
 change having a similar effect, then the price or the number of Shares to which the Participant
 is entitled upon exercise or vesting of Award shall be adjusted to take into account such
 distribution, transaction or change. The Board shall determine the appropriate adjustments
 to be made in such circumstances in order to maintain the Participants' economic rights
 in respect of their Awards in connection with such distribution, transaction or change. If
 any adjustment required by this section shall result in any limits set forth in this Plan
 or as set out in TSXV Policy being exceeded then the Corporation may settle any outstanding
 amount in cash.

**Section 6.2** **Amendment or Discontinuance of the Plan.**

(a) The Board
 may amend the Plan or any Award at any time without the consent of the Participants provided
 that such amendment shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not adversely alter or impair any Award
 previously granted except as permitted by the provisions of Article 6 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be in compliance with applicable law
 and subject to any regulatory approvals including, where required, the approval of the Stock
 Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be subject to shareholder approval,
 where required by law, the requirements of the Stock Exchange or the provisions of the Plan,
 provided that shareholder approval shall not be required for the following amendments and
 the Board may make any such amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amendments
 of a general "housekeeping" or clerical nature that, among others, clarify, correct
 or rectify any ambiguity, defective provision, error or omission in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) changes
 that alter, extend or accelerate the terms of vesting or settlement applicable to any Award
 (other than in respect of any Options held by persons retained to provide Investor Relations
 Activities for which prior approval of the TSXV shall be required at all times when the Corporation
 is listed on the TSXV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a
 change to the assignability provisions under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any
 amendment regarding the effect of termination of a Participant's employment or engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any
 amendment to add or amend provisions relating to the granting of cash- settled awards, provision
 of financial assistance or clawbacks and any amendment to a cash-settled award, financial
 assistance or clawbacks provisions which are adopted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any
 amendment regarding the administration of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any
 amendment necessary to comply with applicable law or the requirements of the Stock Exchange
 or any other regulatory body having authority over the Corporation, this Plan or the shareholders
 of the Corporation (provided, however, that any Stock Exchange shall have the overriding
 right in such circumstances to require shareholder of any such amendments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any
 other amendment that does not require the shareholder approval under Section 6.2(b).

(b) Notwithstanding
 Section 6.2(a)(iii), the Board shall be required to obtain shareholder approval to make
 the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change to the maximum number of Shares
 issuable from treasury under the Plan, except such increase by operation of Section 2.5
 and in the event of an adjustment pursuant to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amendment which reduces the exercise
 price of any Award, except in the case of an adjustment pursuant to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amendment which extends the term
 of any Award held by an Insider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any amendment to remove or to exceed
 the insider participation limit set out in Section 2.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment to the amendment provisions
 of the Plan.

At all times when the Corporation is listed on the TSXV, the shareholder approval referred to in Section 6.2(b)(ii) (if any such Award is held by an Insider), Section 6.2(b)(iii) and Section 6.2(b)(iv) above must be obtained on a "disinterested" basis in compliance with the applicable policies of the TSXV.

(c) The Board
 may, subject to applicable regulatory approvals, decide that any of the provisions hereof
 concerning the effect of termination of the Participant's employment shall not apply
 for any reason acceptable to the Board.

(d) Notwithstanding
 any other provision of this Plan, at all times when the Corporation is listed on the TSXV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation shall be required to obtain
 prior TSXV acceptance of any amendment to this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation shall be required to
 obtain disinterested shareholder approval in compliance with the applicable policies of the
 TSXV for this Plan if, together with all of the Corporation's previously established
 and outstanding equity compensation plans or grants, could permit at any time: (1) the
 aggregate number of Shares reserved for issuance under Awards granted to Insiders (as a group)
 at any point in time exceeding 10% of the issued Shares; and (2) the grant to Insiders
 (as a group), within a 12 month period, of an aggregate number of Awards exceeding 10% of
 the issued Shares, calculated at the date an Award is granted to any Insider.

**Section 6.3** **Change of Control.**

(a) Notwithstanding
 any other provision of this Plan, in the event of a Change of Control, the surviving, successor
 or acquiring entity shall assume any Awards or shall substitute similar options or share
 units for the outstanding Awards, as applicable. If the surviving, successor or acquiring
 entity does not assume the outstanding Awards or substitute similar options or share units
 for the outstanding Awards, as applicable, or if the Board otherwise determines in its discretion,
 the Corporation shall give written notice to all Participants advising that the Plan shall
 be terminated effective immediately prior to the Change of Control and all Options, RSUs
 (and related Dividend Share Units) and a specified number of PSUs (and related Dividend Share
 Units) shall be deemed to be vested and, unless otherwise exercised, settled, forfeited or
 cancelled prior to the termination of the Plan, shall expire or, with respect to RSUs and
 PSUs be settled, immediately prior to the termination of the Plan. The number of PSUs which
 are deemed to be vested shall be determined by the Board, in its sole discretion, having
 regard to the level of achievement of the Performance Criteria prior to the Change of Control.

(b) In the
 event of a Change of Control, the Board has the power to: (i) make such other changes
 to the terms of the Awards as it considers fair and appropriate in the circumstances, provided
 such changes are not adverse to the Participants; (ii) otherwise modify the terms of
 the Awards to assist the Participants to tender into a takeover bid or other arrangement
 leading to a Change of Control, and thereafter; and (iii) terminate, conditionally or
 otherwise, the Awards not exercised or settled, as applicable, following successful completion
 of such Change of Control. If the Change of Control is not completed within the time specified
 therein (as the same may be extended), the Awards which vest pursuant to this Section 6.3
 shall be returned by the Corporation to the Participant and, if exercised or settled, as
 applicable, the Shares issued on such exercise or settlement shall be reinstated as authorized
 but unissued Shares and the original terms applicable to such Awards shall be reinstated.

**Article 7** **- MISCELLANEOUS**

**Section 7.1** **Currency.**

Unless otherwise specifically provided, all references to dollars in this Plan are references to Canadian dollars.

**Section 7.2** **Compliance and Award Restrictions.**

(a) The Corporation's
 obligation to issue and deliver Shares under any Award is subject to: (i) the completion
 of such registration or other qualification of such Shares or obtaining approval of such
 regulatory authority as the Corporation shall determine to be necessary or advisable in connection
 with the authorization, issuance or sale thereof; (ii) the admission of such Shares
 to listing on any stock exchange on which such Shares may then be listed; and (iii) the
 receipt from the Participant of such representations, agreements and undertakings as to future
 dealings in such Shares as the Corporation determines to be necessary or advisable in order
 to safeguard against the violation of the securities laws of any jurisdiction. The Corporation
 shall take all reasonable steps to obtain such approvals, registrations and qualifications
 as may be necessary for the issuance of such Shares in compliance with applicable securities
 laws and for the listing of such Shares on any stock exchange on which such Shares are then
 listed.

(b) The Participant
 agrees to fully cooperate with the Corporation in doing all such things, including executing
 and delivering all such agreements, undertakings or other documents or furnishing all such
 information as is reasonably necessary to facilitate compliance by the Corporation with such
 laws, rule and requirements, including all tax withholding and remittance obligations.

(c) No Awards
 will be granted where such grant is restricted pursuant to the terms of any trading policies
 or other restrictions imposed by the Corporation.

(d) The Corporation
 is not obliged by any provision of this Plan or the grant of any Award under this Plan to
 issue or sell Shares if, in the opinion of the Board, such action would constitute a violation
 by the Corporation or a Participant of any laws, rules and regulations or any condition
 of such approvals.

(e) If Shares
 cannot be issued to a Participant upon the exercise or settlement of an Award due to legal
 or regulatory restrictions, the obligation of the Corporation to issue such Shares will terminate
 and, if applicable, any funds paid to the Corporation in connection with the exercise of
 any Options will be returned to the applicable Participant as soon as practicable.

**Section 7.3** **Use of an Administrative Agent and Trustee.**

The Board may in its sole discretion appoint from time to time one or more entities to act as administrative agent to administer the Awards granted under the Plan and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under the Plan, the whole in accordance with the terms and conditions determined by the Board in its sole discretion. The Corporation and the administrative agent will maintain records showing the number of Awards granted to each Participant under the Plan.

**Section 7.4** **Tax Withholding.**

(a) Notwithstanding
 any other provision of this Plan, all distributions, delivery of Shares or payments to a
 Participant (or to the liquidator, executor or administrator, as the case may be, of the
 estate of the Participant) under the Plan shall be made net of applicable source deductions.
 If the event giving rise to the withholding obligation involves an issuance or delivery of
 Shares, then, the withholding obligation may be satisfied by (a) having the Participant
 elect to have the appropriate number of such Shares sold by the Corporation, the Corporation's
 transfer agent and registrar or any trustee appointed by the Corporation pursuant to Section 7.1
 hereof, on behalf of and as agent for the Participant as soon as permissible and practicable,
 with the proceeds of such sale being delivered to the Corporation, which will in turn remit
 such amounts to the appropriate governmental authorities, or (b) any other mechanism
 as may be required or appropriate to conform with local tax and other rules.

(b) The sale
 of Shares by the Corporation, or by a broker engaged by the Corporation (the "**Broker** "),
 under Section 7.4(a) or under any other provision of the Plan will be made on the
 Stock Exchange. The Participant consents to such sale and grants to the Corporation an irrevocable
 power of attorney to effect the sale of such Shares on his behalf and acknowledges and agrees
 that (i) the number of Shares sold will be, at a minimum, sufficient to fund the withholding
 obligations net of all selling costs, which costs are the responsibility of the Participant
 and which the Participant hereby authorizes to be deducted from the proceeds of such sale;
 (ii) in effecting the sale of any such Shares, the Corporation or the Broker will exercise
 its sole judgment as to the timing and the manner of sale and will not be obligated to seek
 or obtain a minimum price; and (iii) neither the Corporation nor the Broker will be
 liable for any loss arising out of such sale of the Shares including any loss relating to
 the pricing, manner or timing of the sales or any delay in transferring any Shares to a Participant
 or otherwise.

(c) The Participant
 further acknowledges that the sale price of the Shares will fluctuate with the market price
 of the Shares and no assurance can be given that any particular price will be received upon
 any sale.

(d) Notwithstanding
 the first paragraph of this Section 7.4, the applicable tax withholdings may be waived
 where the Participant directs in writing that a payment be made directly to the Participant's
 registered retirement savings plan in circumstances to which regulation 100(3) of
 the regulations of the Tax Act apply.

**Section 7.5** **Code Section 409A.**

(a) It is
 intended that awards issued to U.S. Participants be exempt from or in compliance with the
 terms and conditions of Section 409A of the Code and the regulations and guidance promulgated
 thereunder (collectively, "**Code Section 409A** "), to the extent applicable,
 and all provisions of this Plan shall be construed in a manner consistent with the requirements
 for avoiding taxes or penalties under Section 409A. Notwithstanding the foregoing, in
 no event shall the Corporation or any Affiliate have any liability to any U.S. Participant
 for taxes, penalties, or interest that may be due as a result of the application of Code
 Section 409A to any Share Unit Award granted hereunder.

(b) If under
 this Plan, an amount is to be paid in two or more installments, for purposes of Code Section 409A,
 each installment shall be treated as a separate payment.

(c) With
 regard to any payment that is considered "non-qualified deferred compensation"
 under Code Section 409A, termination of employment for a U.S. Participant shall not
 be deemed to have occurred for purposes of any provision of this Plan providing for the payment
 of amounts or benefits to a U.S. Participant on account of a termination of employment unless
 such termination is also a "**separation from service**" within the meaning
 of Code Section 409A and, for purposes of any such provision of this Plan, references
 to a "**termination**," "**termination of employment**" or
 like terms shall mean "**separation from service**."

(d) Notwithstanding
 any other provision of the Plan to the contrary, if a U.S. Participant and deemed to be a
 "**specified employee**" within the meaning of that term under Code Section 409A(a)(2)(B),
 then with regard to any payment that is considered "**non-qualified deferred compensation** "
 under Code Section 409A payable on account of a "**separation from service**,"
 such payment shall be made on the date which is the earlier of (i) the expiration of
 the six month period measured from the date of such "**separation from service** "
 of the U.S. Participant, and (ii) the date of the U.S. Participant's death and
 (iii) the U.S. Participant's Share Unit Vesting Determination Date (the "**Delay Period**") to the extent required under Section 409A. Upon the expiration of
 the Delay Period, all payments delayed pursuant to this Section 7.4(d)(d) shall
 be paid to the U.S. Participant in a lump sum.

(e) With
 regard to any payment that is considered "non-qualified deferred compensation"
 under Code Section 409A, a Change of Control payment event, as used in Section 6.3
 of this Plan, shall not be deemed to have occurred unless such Change of Control would constitute
 a "**change in control event**" within the meaning of Code Section 409A.

**Section 7.6** **U.S. Securities Act Compliance.**

This Plan is subject to the requirements of the U.S. Securities Act and applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 the Awards nor any Shares issuable under any Award have been or are expected to be registered
 under the U.S. Securities Act or any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 made pursuant to an effective registration statement under the U.S. Securities Act, any Awards
 or Shares issuable under any Award granted to a Participant must be exempt from the registration
 requirements of the U.S. Securities Act pursuant to Rule 701 thereunder and applicable
 state securities laws. Any Award granted pursuant to the exemption available under Rule 701
 shall be subject to the limitations set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 the Award and/or any Shares issuable under the Award have been registered under the U.S.
 Securities Act, any Awards or Shares issuable under any Award will be deemed "*restricted securities*" as defined in Rule 144 and will bear a U.S. restricted legend
 in substantially the form as follows:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii) 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (E) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(i) OR (D) ABOVE, A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

*provided that,* if any of the Shares are being sold in accordance with Rule 904 of Regulation S, and such securities were acquired when the Corporation qualified as a "foreign issuer" (as defined in Rule 902(e) of Regulation S), the legend may be removed by (i) providing to the Corporation's registrar and transfer agent a declaration in the form as the Corporation may prescribe from time to time, and (ii) if required by the Corporation's registrar and transfer agent an opinion of counsel, of recognized standing in form and substance reasonably satisfactory to the Corporation, or other evidence reasonably satisfactory to the Corporation, that the proposed transfer may be effected without registration under the U.S. Securities Act; and *provided, further, that,* if any such securities are being sold under Rule 144 under the U.S. Securities Act, if available, the legend may be removed by delivering to the Corporation and the Corporation's registrar and transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation, that the legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

**Section 7.7** **Reorganization of the Corporation.**

The existence of any Awards shall not affect in any way the right or power of the Corporation or its shareholders to make or authorize any adjustment, recapitalization, reorganization or other change in the Corporation's capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Corporation or to create or issue any bonds, debentures, shares or other securities of the Corporation or the rights and conditions attaching thereto or to affect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar nature or otherwise.

**Section 7.8** **Governing Laws.**

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

**Section 7.9** **Severability.**

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be severed from the Plan.

**Section 7.10** **Effective Date of the Plan.**

The Plan was approved by the Board and shall take effect as of November 5, 2021 and was amended by the Board on May 27, 2022 and May 20, 2025.

The Plan was most recently approved by the shareholders on June 28, 2024.

**<u>APPENDIX "A"</u>**

**FORM OF OPTION AGREEMENT**

**Alaska Silver Corp.**

**OPTION AGREEMENT**

This Stock Option Agreement (the "**Option Agreement**") is granted by Alaska Silver Corp. (the "**Corporation**"), in favour of the optionee named below (the "**Optionee**") pursuant to and on the terms and subject to the conditions of the Corporation's Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this Option Agreement shall have the meanings set forth in the Plan.

The terms of the option (the "**Option**"), in addition to those terms set forth in the Plan, are as follows:

1.  **<u>Optionee</u>** .
 The Optionee is [•] and the address of the Optionee is currently [•].

2.  **<u>Number of Shares</u>** . The Optionee may purchase up to [•] Shares of the Corporation (the
 "**Option Shares**") pursuant to this Option, as and to the extent that the
 Option vests and becomes exercisable as set forth in Section 6 of this Option Agreement.

3.  **<u>Exercise Price</u>** . The exercise price is Cdn $[•] per Option Share (the "**Exercise Price** ").

4.  **<u>Date Option Granted</u>** . The Option was granted on [•].

5.  **<u>Expiry Date</u>** . The Option terminates on [•]. (the "**Expiry Date** ").

6.  **<u>Vesting</u>** .
 The Option to purchase Option Shares shall vest and become exercisable as follows:

[•]

7.  **<u>Exercise of Options</u>** . In order to exercise the Option, the Optionee shall notify the Corporation
 in the form annexed hereto as Schedule "A", whereupon the Corporation shall
 use reasonable efforts to cause the Optionee to receive a certificate representing the relevant
 number of fully paid and non-assessable Shares in the Corporation.

8.  **<u>Transfer of Option</u>** . The Option is not-transferable or assignable except in accordance with
 the Plan.

9.  **<u>Grants to U.S. Participants</u>** . Type of Option: _____ ISO _____ NSO (check one). If designated
 as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an
 Incentive Stock Option as defined in Section 422 of the U.S. Internal Revenue Code (the
 "Code"). Nevertheless, to the extent that it exceeds the $100,000 rule of
 Section 422(d), this Option shall be treated as a Non-statutory Stock Option ("NSO").
 Further, this Option shall cease to qualify as an ISO if it fails to satisfy the requirements
 of Section 3.7(a)(iv) of the Plan or is exercised after the maximum applicable
 periods specified in Section 3.7(a)(iv) of the Plan. If for any reason this Option
 (or portion thereof) shall not qualify as an ISO, then, to the extent of such non-qualification,
 such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. However,
 nothing herein or in Section 3.7(a) of the Plan shall be construed to require the
 Option to remain outstanding beyond the time of expiry specified above in Section 5.
 For avoidance of doubt, the accelerated expiry provisions in Section 5.3 and Section 6.3
 of the Plan shall apply to this Option, whether it qualifies as an ISO or NSO. If the Option
 is designated as an ISO, and if the Participant sells or otherwise disposes of any of the
 Shares acquired pursuant to the ISO on or before the later of (i) the date two years
 after the Grant Date, or (ii) the date one year after the date of exercise, the Participant
 shall immediately notify the Corporation in writing of such disposition in order to enable
 the Corporation to satisfy informational reporting requirements to the Internal Revenue Service.

10.  **<u>U.S. Securities Law Compliance</u>** . Neither the Awards nor any Shares issuable under any Award
 have been or are expected to be registered under the U.S. Securities Act of 1933, as amended
 (the "**U.S. Securities Act**") or any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless
 made pursuant to an effective registration statement under the U.S. Securities Act, any Awards
 or Shares issuable under any Award granted to a Participant must be exempt from the registration
 requirements of the U.S. Securities Act pursuant to Rule 701 thereunder and applicable
 state securities laws. Any Award granted pursuant to the exemption available under Rule 701
 shall be subject to the limitations set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 Awards or Shares issuable under any Award granted to a Participant will be deemed "*restricted securities*" as defined in Rule 144 and will bear the following U.S. restricted
 legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii) 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (E) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(i) OR (D) ABOVE, A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

*provided that,* if any of the Shares are being sold in accordance with Rule 904 of Regulation S, and such Shares were acquired when the Corporation qualified as a "foreign issuer" (as defined in Rule 902(e) of Regulation S), the legend may be removed by (i) providing to the Corporation's registrar and transfer agent a declaration in the form attached hereto as <u>Appendix I</u> or as the Corporation may prescribe from time to time, and (ii) if required by the Corporation's registrar and transfer agent an opinion of counsel, of recognized standing in form and substance reasonably satisfactory to the Corporation, or other evidence reasonably satisfactory to the Corporation, that the proposed transfer may be effected without registration under the U.S. Securities Act; and *provided, further, that,* if any such securities are being sold under Rule 144 under the U.S. Securities Act, if available, the legend may be removed by delivering to the Corporation and the Corporation's registrar and transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation, that the legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws

11.  **<u>Inconsistency</u>** .
 This Option Agreement is subject to the terms and conditions of the Plan and, in the event
 of any inconsistency or contradiction between the terms of this Option Agreement and the
 Plan, the terms of the Plan shall govern.

12.  **<u>Severability</u>** .
 Wherever possible, each provision of this Option Agreement shall be interpreted in such manner
 as to be effective and valid under applicable law, but if any provision of this Option Agreement
 is held to be invalid, illegal or unenforceable in any respect under any applicable law or
 rule in any jurisdiction, such invalidity, illegality or unenforceability shall not
 affect any other provision or any other jurisdiction, but this Option Agreement shall be
 reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
 provision had never been contained herein.

13.  **<u>Entire Agreement</u>** . This Option Agreement and the Plan embody the entire agreement and understanding
 among the parties and supersede and preempt any prior understandings, agreements or representations
 by or among the parties, written or oral, which may have related to the subject matter hereof
 in any way.

14.  **<u>Successors and Assigns</u>** . This Option Agreement shall bind and enure to the benefit of the Optionee
 and the Corporation and their respective successors and permitted assigns.

15.  **<u>Time of the Essence</u>** . Time shall be of the essence of this Agreement and of every part
 hereof.

16.  **<u>Governing Law</u>** . This Agreement and the Option shall be governed by and interpreted and enforced
 in accordance with the laws of the Province of British Columbia and the federal laws of Canada
 applicable therein.

17.  **<u>Counterparts.</u>** This Option Agreement may be executed in separate counterparts, each of which is deemed to
 be an original and all of which taken together constitute one and the same agreement.

By signing this Agreement, the Optionee acknowledges that the Optionee has been provided a copy of and has read and understands the Plan and agrees to the terms and conditions of the Plan and this Option Agreement.

IN WITNESS WHEREOF the parties hereof have executed this Option Agreement as of the ______ day of ________________, 20__.

---

| | |
|:---|:---|
| **Alaska Silver Corp.** | **Alaska Silver Corp.** |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Witness | **[Insert Participant's Name]** |

---

**Schedule "A"<br> ELECTION TO EXERCISE STOCK OPTIONS**

**TO: Alaska Silver Corp. (the "Corporation")**

The undersigned Optionee hereby elects to exercise Options granted by the Corporation to the undersigned pursuant to an Award Agreement dated________________________, 20__ under the Corporation's Long-Term Incentive Plan (the "**Plan**"), for the number Shares set forth below. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Number of Shares to be Acquired: |  |
| &nbsp;&nbsp;Exercise Price (per Share): | &nbsp;&nbsp;Cdn.$|
| &nbsp;&nbsp;Aggregate Purchase Price: | &nbsp;&nbsp;Cdn.$|
| &nbsp;&nbsp;Amount enclosed that is payable on account of any source deductions relating to this Option exercise (contact the Corporation for details of such amount): | &nbsp;&nbsp;Cdn.$|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◻ Or check here if alternative arrangements have been made with the Corporation; |  |

---

and hereby tenders a certified cheque, bank draft or other form of payment confirmed as acceptable by the Corporation for such aggregate purchase price, and, if applicable, all source deductions, and directs such Shares to be registered in the name of ____________________________________ __________________________________________

In the event that a registration statement under the U.S. Securities Act of 1933, as amended (the "Securities Act"), covering the exercise of the Options is not effective on the date hereof, the undersigned Optionee hereby makes the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 Optionee understands and acknowledges that the Shares issuable upon exercise of the Options
 have not been and will not be registered under the Securities Act or the securities laws
 of any state of the United States, and that the offer and sale of the Shares to the Optionee
 is being and will be made in reliance upon a private placement exemption provided by Rule 701
 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 Optionee is a natural person and is acquiring the Shares for its own account as principal,
 for investment purposes only, and not with a view to any resale, distribution or other disposition
 of the Shares in violation of United States federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the
 Optionee understands and acknowledges that the Shares will be "restricted securities"
 within the meaning of Rule 144 under the Securities Act ("Rule 144"),
 and the Optionee understands and agrees that the Shares may be offered, sold or otherwise
 transferred by the Optionee only in transactions exempt from, or not subject to, the registration
 requirements of the Securities Act and applicable state securities laws, and that prior to
 any transfer of Securities, the Corporation may require the delivery of an opinion of counsel
 of recognized standing, or other evidence, reasonably satisfactory to the Corporation, to
 the effect that the proposed transfer may be effected without registration under the Securities
 Act or applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the
 Optionee understands and acknowledges that certificates or direct registration statements
 representing any Securities, and all certificates or direct registration statements issued
 in exchange for or in substitution of such certificates or direct registration statements,
 will bear, upon the original issuance of the Shares and until the legend is no longer required
 under applicable requirements of the Securities Act or applicable state securities laws,
 a legend with respect to the transfer restrictions described in the foregoing paragraph;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the
 Optionee consents to the Corporation making a notation on its records or giving instructions
 to the transfer agent for the Shares in order to implement the transfer restrictions described
 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the
 Optionee understands and acknowledges that the Corporation is not obligated to file and has
 no present intention of filing with the United States Securities and Exchange Commission
 or with any state securities administrator any registration statement in respect of resales
 of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the
 Optionee understands and acknowledges that there may be United States tax consequences related
 to acquisition and disposition of the Shares, and that the Optionee is solely responsible
 for determining such tax consequences. In particular, the Optionee understands and
 acknowledges that if the Corporation were to be deemed to be a "passive foreign investment
 company" within the meaning of the United States Internal Revenue Code in respect of
 any year in which the Optionee owns Shares, the Optionee may face adverse tax consequences,
 and it is solely the Optionee's responsibility to determine such tax consequences. 
 No determination by the Corporation has been made as to whether or not it is, or expects
 to be in respect of any fiscal year, a passive foreign investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the
 Optionee understands and acknowledges that if the Corporation were ever deemed to be, or
 to have at any time previously been, a company with (i) no or nominal operations and
 (ii) no or nominal assets other than cash and cash equivalents, Rule 144 under
 the Securities Act may be unavailable for resales of the Shares, and that the Corporation
 is under no obligation to take, and has no present intention of taking, any action to make
 Rule 144 under the Securities Act (or any other exemption from the registration requirements
 of the Securities Act) available for resales of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the
 Optionee acknowledges that the representations and warranties and agreements contained herein
 are made by the Optionee with the intent that they may be relied upon by the Corporation
 in determining the Optionee's eligibility to acquire the Shares. The Optionee
 further agrees that by accepting the Shares, the Optionee shall be representing and warranting
 that the foregoing representations and warranties are true as at the delivery time with the
 same force and effect as if they had been made by the Optionee at the delivery time and that
 they shall survive the acquisition by the Optionee of the Shares and shall continue in full
 force and effect notwithstanding any subsequent disposition by the Optionee of the Shares;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. the
 Corporation is irrevocably authorized to produce this agreement or a copy hereof to any interested
 party in any administrative or legal proceeding or official inquiry with respect to the matters
 covered hereby.

I hereby agree to file or cause the Corporation to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities laws. I understand that this request to exercise my Options is irrevocable.

DATED this _____ day of _____________, _______.

---

| |
|:---|
| &nbsp;&nbsp;*Signature of Participant* |
| &nbsp;&nbsp;*Name of Participant (Please Print)* |

---

**Schedule "B"<br> SURRENDER NOTICE**

**TO:** Alaska Silver Corp. **(the "Corporation")**

The undersigned Optionee hereby elects to surrender ____________Options granted by the Corporation to the undersigned pursuant to an Award Agreement dated _________________, 20 ___under the Corporation's Long-Term Incentive Plan (the "**Plan**") in exchange for Shares as calculated in accordance with Section 3.6(c) of the Plan. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

Please issue a certificate or certificates representing the Shares in the name of ____________________________________________________

I hereby agree to file or cause the Corporation to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities laws. I understand that this request to exercise my Options is irrevocable.

DATED this ______ day of _________________, _____.

---

| |
|:---|
| &nbsp;&nbsp;*Signature of Participant* |
| &nbsp;&nbsp;*Name of Participant (Please Print)* |

---

**<u>APPENDIX "B"</u>**

**FORM OF RSU AGREEMENT**

**ALASKA SILVER CORP.**

**RESTRICTED SHARE UNIT AGREEMENT**

This restricted share unit agreement ("**RSU Agreement**") is granted by Alaska Silver Corp. (the "**Corporation**") in favour of the Participant named below (the "**Recipient**") of the restricted share units ("**RSUs**") pursuant to the Corporation's Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this RSU Agreement shall have the meanings set forth in the Plan.

The terms of the RSUs, in addition to those terms set forth in the Plan, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Recipient**.
 The Recipient is [•] and the address of the Recipient is currently [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Grant of RSUs**. The Recipient is hereby granted [•] RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Restriction Period**. In accordance with Section 4.3 of the Plan, the restriction period in respect
 of the RSUs granted hereunder, as determined by the Board, shall commence on [•] and
 terminate on [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Performance Criteria**. [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Performance Period**. [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Vesting**.
 The RSUs will vest as follows:

[•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Transfer of RSUs**. The RSUs granted hereunder are non-transferable or assignable except in accordance
 with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Inconsistency**.
 This RSU Agreement is subject to the terms and conditions of the Plan and, in the event of
 any inconsistency or contradiction between the terms of this RSU Agreement and the Plan,
 the terms of the Plan shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Severability**.
 Wherever possible, each provision of this RSU Agreement shall be interpreted in such manner
 as to be effective and valid under applicable law, but if any provision of this RSU Agreement
 is held to be invalid, illegal or unenforceable in any respect under any applicable law or
 rule in any jurisdiction, such invalidity, illegality or unenforceability shall not
 affect any other provision or any other jurisdiction, but this RSU Agreement shall be reformed,
 construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
 provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Entire Agreement**. This RSU Agreement and the Plan embody the entire agreement and understanding
 among the parties and supersede and pre-empt any prior understandings, agreements or representations
 by or among the parties, written or oral, which may have related to the subject matter hereof
 in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Successors and Assigns**. This RSU Agreement shall bind and enure to the benefit of the Recipient
 and the Corporation and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Time of the Essence**. Time shall be of the essence of this Agreement and of every part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Governing Law**. This RSU Agreement and the RSUs shall be governed by and interpreted and enforced
 in accordance with the laws of the Province of British Columbia and the federal laws of Canada
 applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **Counterparts**.
 This RSU Agreement may be executed in separate counterparts, each of which is deemed to be
 an original and all of which taken together constitute one and the same agreement.

By signing this RSU Agreement, the Participant acknowledges that he or she has been provided with, has read and understands the Plan and this RSU Agreement.

IN WITNESS WHEREOF the parties hereof have executed this RSU Agreement as of the ______ day of _______________________________, 20____.

---

| | |
|:---|:---|
| Alaska Silver Corp. | Alaska Silver Corp. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Witness | &nbsp;&nbsp;**[Insert Participant's Name]** |

---

**<u>APPENDIX "C"</u>**

**FORM OF PSU AGREEMENT**

**ALASKA SILVER CORP.**

**PERFORMANCE SHARE UNIT AGREEMENT**

This performance share unit agreement ("**PSU Agreement**") is granted by Alaska Silver Corp. (the "**Corporation**") in favour of the Participant named below (the "**Recipient**") of the performance share units ("**PSUs**") pursuant to the Corporation's Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this PSU Agreement shall have the meanings set forth in the Plan.

The terms of the PSUs, in addition to those terms set forth in the Plan, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Recipient**.
 The Recipient is [•] and the address of the Recipient is currently [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Grant of PSUs**. The Recipient is hereby granted [•] PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Restriction Period**. In accordance with Section 4.3 of the Plan, the restriction period in respect
 of the PSUs granted hereunder, as determined by the Board, shall commence on [•] and
 terminate on [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Performance Criteria**. [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Performance Period**. [•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Vesting**.
 The PSUs will vest as follows:

[•].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Transfer of PSUs**. The PSUs granted hereunder are not-transferable or assignable except in accordance
 with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Inconsistency**.
 This PSU Agreement is subject to the terms and conditions of the Plan and, in the event of
 any inconsistency or contradiction between the terms of this PSU Agreement and the Plan,
 the terms of the Plan shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Severability**.
 Wherever possible, each provision of this PSU Agreement shall be interpreted in such manner
 as to be effective and valid under applicable law, but if any provision of this PSU Agreement
 is held to be invalid, illegal or unenforceable in any respect under any applicable law or
 rule in any jurisdiction, such invalidity, illegality or unenforceability shall not
 affect any other provision or any other jurisdiction, but this PSU Agreement shall be reformed,
 construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
 provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Entire Agreement**. This PSU Agreement and the Plan embody the entire agreement and understanding
 among the parties and supersede and pre-empt any prior understandings, agreements or representations
 by or among the parties, written or oral, which may have related to the subject matter hereof
 in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Successors and Assigns**. This PSU Agreement shall bind and enure to the benefit of the Recipient
 and the Corporation and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Time of the Essence**. Time shall be of the essence of this Agreement and of every part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Governing Law**. This PSU Agreement and the PSUs shall be governed by and interpreted and enforced
 in accordance with the laws of the Province of British Columbia and the federal laws of Canada
 applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Counterparts**.
 This PSU Agreement may be executed in separate counterparts, each of which is deemed to be
 an original and all of which taken together constitute one and the same agreement.

By signing this PSU Agreement, the Participant acknowledges that he or she has been provided with, has read and understands the Plan and this PSU Agreement.

IN WITNESS WHEREOF the parties hereof have executed this PSU Agreement as of the _____ day of ______________________, 20____.

---

| | |
|:---|:---|
| Alaska Silver Corp. | Alaska Silver Corp. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Witness | &nbsp;&nbsp;**[Insert Participant's Name]** |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2515003d8_ex5-1img001.jpg) | DuMoulin Black LLP<br> 1111 West Hastings Street, 15<sup>th</sup> Floor<br> Vancouver BC Canada V6E 2J3<br> www.dumoulinblack.com<br>Telephone No. (604) 687-1224 |

---

File No. 5948-016

September 11, 2025

Alaska Silver Corp.<br> 3573 East Sunrise Dr., Suite 233<br> Tucson, Arizona, USA<br> 85718

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Alaska Silver Corp. (the "Company") – Registration Statement on Form S-1** |

---

We have acted as counsel for the Company in the Province of British Columbia (the "**Province**") and are rendering this opinion in connection with the filing with the United States Securities and Exchange Commission (the "**SEC**") of a registration statement on Form S-1 (the "**Registration Statement**") filed by the Company under the *United Securities Act of 1933*, as amended (the "**Securities Act**"), with relating to the offer and sale by the Company (the "**Offering**") of up to US$10,000,000 of units ("**Units**"), with each Unit being comprised of one subordinate voting share of the Company (a "**Share**") and one share purchase warrant (a "**Warrant**"), with each Warrant entitling the holder to purchase one subordinate voting share (a "**Warrant Share**").

We understand that the Company has agreed to grant an over-allotment option to the underwriter of the Offering to purchase up to an additional US$1,500,000 of Units (the "**Over-Allotment Option**"). Unless otherwise specifically stated, all references hereinafter to "**Shares**", "**Warrants**", and "**Warrant Shares**" shall mean, collectively and respectively, the Shares, Warrants and Warrant Shares issuable pursuant to the Offering and any additional Shares, Warrants and Warrant Shares issuable pursuant to the Over-Allotment Option. Unless otherwise specifically stated, all references hereinafter to "**Securities**" shall mean, collectively, the Shares, Warrants and Warrant Shares.

This opinion is being rendered in connection with the filing of the Registration Statement with the SEC and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the prospectus constituting a part of the Registration Statement, other than as expressly stated herein with respect to the issue of the Shares, Warrants and Warrant Shares.

**Law**

We are not qualified to practice law in the United States of America. We are solicitors qualified to practice law in the Province only and we express no opinion as to the laws of any jurisdiction, or as to any matters governed by the laws of any jurisdiction, other than the laws of the Province and the laws of Canada applicable therein. The opinions herein are based on the laws of the Province and the laws of Canada applicable therein in effect on the date hereof.

The opinions expressed below are given as of the date of this letter and are not prospective. We disclaim any obligation to advise the addressees or any other person of any change in law or any fact which may come or be brought to our attention after the date of this letter.

**Assumptions and Qualifications**

We have examined a copy of the Registration Statement and relied upon such other documents as we have deemed relevant and necessary as a basis for the opinions hereinafter expressed. We have assumed the genuineness of all signatures, the legal capacity at all relevant times of any individual signing such documents, the authenticity and completeness of all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as certified or photostatic copies or facsimiles (including scanned copies provided by email), and the authenticity of the originals of such certified or photostatic copies or facsimiles and the truth and accuracy of all corporate records of the Company and certificates of officers provided to us by the Company.

We have assumed that at all relevant times:

(a) the Company validly exists and is duly qualified and in good standing under the laws of its jurisdiction
of incorporation;

(b) the Notice of Articles and then operative articles of the Company (the "**Articles**" and
collectively with the Notice of Articles, the "**Charter Documents**") are in full force and effect and have not been amended,
restated, supplemented or otherwise altered, and there has been no authorization of any such amendment, restatement, supplement or other
alteration, in either case since the date hereof;

(c) the Company has the necessary corporate power and capacity to authorize, create, validly issue, sell and
deliver the Securities and perform its obligations under the terms and conditions of the Securities;

(d) all necessary corporate action has been taken by the Company to duly authorize, create, validly issue,
sell and deliver the Securities and to perform its obligations under the terms and conditions of the Securities, and to duly authorize
and approve the terms of the Offering and related matters;

(e) the Securities have been duly authorized, created, validly issued, sold and delivered by the Company and
any other person signing or authenticating the Securities, as applicable, and the terms of the Offering and related matters have been
duly authorized and approved by the Company;

(f) the issuance, terms, execution and delivery of the Securities (i) do not result in a breach of, or
default under, agreements or instruments to which the Company is bound or violations of applicable statutes, rules, regulations or court
or governmental orders, and (ii) comply with any applicable requirement or restriction imposed by any court or governmental body
having jurisdiction over the Company;

(g) the issuance and delivery of the Securities, the terms of the Offering and related matters do not and
will not conflict with and do not and will not result in a breach of or default under, and do not and will not create a state of facts
which, after notice or lapse of time or both, will conflict with or result in a breach of or default under any of the terms or conditions
of the articles or by-laws of the Company, any resolutions of the Board of Directors or shareholders of the Company, any agreement or
obligation of the Company, or applicable law; and

(h) the Registration Statement, and any amendments thereto (including post-effective amendments), will have
become effective and such effectiveness will not have been terminated or rescinded.

Whenever our opinion refers to shares of the Company whether issued or to be issued, as being "**fully paid and non-assessable**", such opinion indicates that the holder of such shares will not be liable to contribute any further amounts to the Company by virtue of its status as a holder of such shares, either in order to complete payment for the shares or to generally satisfy claims of creditors of the Company. No opinion is expressed as to actual receipt by the Company of the consideration for the issuance of such shares or as to the adequacy of any consideration received.

We have not undertaken any special or independent investigation to determine the existence or absence of any facts or circumstances on which our opinions herein are based, and no inference as to our knowledge of the existence of such facts or circumstances should be drawn merely from our representation of the Company.

**Opinions**

Based and relying upon the foregoing, and subject to the assumptions and qualifications expressed above and below, we are of the opinion that:

1. When (a) the Company has taken all necessary action to authorize and approve the issuance of the
Shares, the terms of the Offering and related matters, and (b) certificates representing the Shares have been duly executed, countersigned,
registered and delivered, or if uncertificated, valid book-entry notations have been made in the share register of the Company, in each
case in accordance with the Charter Documents, against payment therefor in an amount not less than such consideration determined by the
Company's board of directors and permitted under the laws of the Province of British Columbia then in effect and in the manner contemplated
by the Registration Statement and in accordance with the provisions of the applicable definitive purchase, underwriting or similar agreement,
if any, approved by the Company, the Shares will be duly authorized and validly issued as fully paid and non-assessable subordinate voting
shares in the capital of the Company.

2. When (a) the Company has taken all necessary action to authorize and approve the issuance of the
Warrant Shares, the terms of the Offering and related matters, and (b) certificates representing the Warrant Shares have been duly
executed, countersigned, registered and delivered, or if uncertificated, valid book-entry notations have been made in the share register
of the Company, in each case in accordance with the Charter Documents, upon exercise or conversion of the Warrants in accordance with
the terms of the Warrants as approved by the Company, for the consideration approved by the Company (in an amount not less than such consideration
determined by the Company's board of directors and permitted under the laws of the Province of British Columbia then in effect),
the Warrant Shares will be duly authorized and validly issued as fully paid and non-assessable subordinate voting shares in the capital
of the Company.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to this firm under the heading "Legal Matters" in the prospectus constituting a part of the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

The above opinions are rendered solely to the persons to whom they are addressed in connection with the above transaction, and may not be used, circulated, quoted from or otherwise referred to for any other purpose and may not be relied upon by any other person without our express prior written consent.

Yours truly,

*/s/ DuMoulin Black LLP*

## Exhibit 5.2

**Exhibit 5.2**

September 11, 2025

Alaska Silver Corp.

1500-1111 West Hastings St, Vancouver, British Columbia,

V6E 2J3 Canada

Re: <u>Registration Statement on Form S-1</u>

Ladies and Gentlemen:

We have acted as United States counsel to Alaska Silver Corp., a corporation incorporated under the laws of British Columbia, Canada (the "**Company**"), in connection with a Registration Statement on Form S-1 (the "**Registration Statement**") filed by the Company with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended (the "**Securities Act**"), relating to the offer and sale by the Company of up to $10,000,000 of (i) units ("**Units**"), with each Unit being comprised of one subordinate voting share, no par value, of the Company and one warrant (collectively, the "**Warrants**") with each whole Warrant to purchase one subordinate voting share.

The Company has agreed to grant an over-allotment option to the underwriter to purchase up to an additional $1,500,000 of Units.

In addition, the Company has agreed to issue to the underwriter, as compensation for its services pursuant to an underwriting agreement to be entered into by and between the Company and the Underwriters (the "**Underwriting Agreement**"), up to $860,200 warrants (the "**Underwriter's Warrants**", together with the Warrants, the "**Offered Warrants**"), with each Underwriter's Warrant exercisable to purchase one subordinate voting share.

This opinion letter is furnished to you for filing with the Commission pursuant to Item 601 of Regulation S-K, promulgated under the Securities Act.

We have examined such documents and have reviewed such questions of law as we have considered necessary or appropriate for the purposes of our opinions set forth below. In rendering our opinions set forth below, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies. We have also assumed the legal capacity for all purposes relevant hereto of all natural persons. As to questions of fact material to our opinions, we have relied upon certificates or comparable documents of officers and other representatives of the Company and of public officials.

Based on the foregoing, we are of the opinion that the Offered Warrants, when issued and delivered against payment of the consideration therefor, as contemplated in the Registration Statement and in accordance with the terms of the Underwriting Agreement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.

Our opinions expressed above are limited to the corporate laws of the State of New York.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, and to the reference to our firm under the headings "Legal Matters" and "Advisors" in the prospectus constituting part of the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

Very truly yours,

 

*/s/ Dorsey & Whitney LLP*

## Exhibit 10.1

**Exhibit 10.1**

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| **$3698000.00** | **Tucson, Arizona** |
|  | **March 31, 2021** |

---

**PROMISE TO PAY.** For value received, the undersigned ("Maker"), promises to pay to Joe Piekenbrock, or order, and/or assigns ("Holder"), at 7853 Red Fox Drive, Evergreen, Colorado 80439, or such other address Holder designates, the principal sum of three million, four hundred and ninety-eight thousand dollars ($3,498,000.00), with interest as set forth below.

**INTEREST RATE.** Commencing on the date hereof, interest shall accrue on the outstanding principal balance hereof at a rate equal to two per cent (2.0%) per annum.

**PAYMENTS.** Maker shall make the following payments under this Promissory Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a principal reduction payment of $100,000, together with accrued interest on the outstanding principal balance of this Promissory Note, due the earlier of the closing the private WACG financing round to be commenced in April, 2021, and the first anniversary of the Promissory Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a principal reduction payment of $398,000, together with accrued interest on the outstanding principal balance of this Promissory Note, due the earlier of the closing the next private or public WACG financing round after the round to be commenced in April, 2021, and the first anniversary of the Promissory Note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) annual payments of $1,000,000, together with accrued interest on the outstanding principal balance of this Promissory Note, commencing on the first anniversary of the Promissory Note.

**PREPAYMENT.** This Promissory Note may be prepaid at any time in whole or in part without penalty.

**LATE PAYMENT.** In the event that the any payment provided for herein shall not be paid within ten (10) days after the date due, the entire principal balance shall thereafter bear interest at the rate of eight per cent (8%) per annum until the amounts owed are paid.

**DUE DATE.** The unpaid principal balance of this Promissory Note, together with all other amounts payable by Maker hereunder, will be due and payable on March 31, 2024.

**DEFAULT.** In the event the Maker fails to pay any sums when due, Maker shall be in default hereunder without any or further notice. Upon default by Maker, Holder shall be entitled to pursue, cumulatively, all its rights and remedies at law and equity under Arizona law, including the right to declare the entire unpaid balance hereof, together with all accrued but unpaid interest thereon, immediately due and payable. No remedy or election hereunder shall be deemed exclusive but shall, wherever possible, be cumulative with all other remedies at law or in equity.

**WAIVER.** Maker waives any homestead or exemption right against the debt, and further waives demand, diligence, presentment for payment, protest and notice of demand, nonpayment and exercise of any option hereunder. The granting without notice of any extension or extensions of time for payment of any sum or sums due hereunder, or for the performance of any covenants or agreements, or the taking or release of other or additional securities shall in no way release or discharge the liability of Maker.

**TIME OF ESSENCE.** Time is of the essence of this Promissory Note and each and every term and provision hereof. Failure of the Holder to exercise any option hereunder shall not constitute a waiver of the right to exercise such option in the event of any subsequent default, or in the event of continuance of any existing default after demand for performance thereof.

**GOVERNING LAW; VENUE.** This Promissory Note shall be construed according to the laws of the state of Arizona. Venue for any action relating to this Promissory Note may be brought in Pima County, Arizona.

**ATTORNEY'S FEES.** Should this Promissory Note be placed in the hands of an attorney for collection, Maker shall pay all attorney's fees, costs, and expenses resulting therefrom.

**BINDING EFFECT.** The provisions of this Promissory Note shall be binding upon and inure to the benefit of the heirs, successors and assigns of the parties hereto.

---

| |
|:---|
| **MAKER** |
| Western Alaska Copper & Gold, |
| an Alaska corporation |
| */s/ Kit Marrs* |
| President |

---

## Exhibit 10.2

**Exhibit 10.2**

**FIRST AMENDMENT TO**

**PROMISSORY NOTE**

**THIS FIRST AMENDMENT TO PROMISSORY NOTE** (this "First Amendment") is entered into effective as of August 16, 2021, by and among Western Alaska Copper & Gold Company, an Alaska corporation, and Joe Piekenbrock, a resident of Colorado.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Western Alaska Copper & Gold is the maker ("Maker) of and Joe Piekenbrock is the holder ("Holder") of that certain Promissory Note dated March 31, 2021, in the principal amount of three million, six hundred and ninety-eight thousand dollars ($3,698,000.00)(the "Promissory Note").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Maker and Holder desire to amend the Promissory Note, all as more fully set forth in the Amendment.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. First Anniversary Payment.** Subsection (iii) of the "PAYMENTS" section of the Promissory Note is hereby amended and restated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a principal reduction payment of $500,000.00, together with accrued interest on the outstanding principal balance of this Promissory Note, due the first anniversary of the Promissory Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Second Anniversary Payment.** The following Subsection (iv) is hereby added to the "PAYMENTS" section of the Promissory Note

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a principal reduction payment of $1,500,000.00, together with accrued interest on the outstanding principal balance of this Promissory Note, due the second anniversary of the Promissory Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Miscellaneous.** If not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Promissory Note. In the event of conflict between the terms hereof and the terms of the Promissory Note, the terms hereof shall control. Upon full execution hereof, this Amendment shall be appended to the Promissory Note and shall be considered a part thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Counterparts.** This First Amendment may be executed in counterparts. Any set of identical counterparts containing the signatures of all parties shall be deemed to constitute one instrument, and each such set of counterparts shall be deemed an original.

**IN WITNESS WHEREOF**, the parties hereto have executed this First Amendment effective as of the date first set forth above.

---

| | |
|:---|:---|
| **MAKER:** | **MAKER:** |
| Western Alaska Copper & Gold Company, | Western Alaska Copper & Gold Company, |
| an Alaska corporation | an Alaska corporation |
| By: | */s/ Kit Marrs* |
|  | President |

---

---

| |
|:---|
| **HOLDER:** |
| */s/ Joe Piekenbrock* |
| Joe Piekenbrock |

---

## Exhibit 10.3

**Exhibit 10.3**

**SECOND AMENDMENT TO**

**PROMISSORY NOTE**

**THIS SECOND AMENDMENT TO PROMISSORY NOTE** (this "Second Amendment") is entered into effective as of October 1, 2021, by and among Western Alaska Copper & Gold Company, an Alaska corporation, and Joe Piekenbrock, a resident of Colorado.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Western Alaska Copper & Gold is the maker ("Maker) of and Joe Piekenbrock is the holder ("Holder") of that certain Promissory Note dated March 31, 2021, in the principal amount of three million, six hundred and ninety-eight thousand dollars ($3,698,000.00), as amended by that certain "first Amendment to Promissory Note dated as of August 16, 2021 (collectively, the "Promissory Note").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Maker
 and Holder desire to amend the Promissory Note, all as more fully set forth in the Amendment.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration. the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Second Anniversary Payment.** Subsection (iii) of the "PAYMENTS" section of the Promissory Note, is amended and restated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a principal reduction payment of Sl,500,000.00, together with accrued interest on the outstanding principal balance of this Promissory Note, due May 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Miscellaneous.** If not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Promissory Note. In the event of conflict between the terms hereof and the terms of the Promissory Note, the terms hereof shall control. Upon full execution hereof, this Amendment shall be appended to the Promissory Note and shall be considered a part thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Counterparts.** This Second Amendment may be executed in counterparts. Any set of identical counterparts containing the signatures of all parties shall be deemed to constitute one instrument, and each such set of counterparts shall be deemed an original.

*-signatures on following page-*

**IN WITNESS WHEREOF**, the parties hereto have executed this First Amendment effective as of the date first set forth above.

---

| | |
|:---|:---|
| **MAKER:** | **MAKER:** |
| Western Alaska Copper & Gold Company, | Western Alaska Copper & Gold Company, |
| an Alaska corporation | an Alaska corporation |
| By: | */s/ Kit Marrs* |
|  | President |

---

---

| |
|:---|
| **HOLDER:** |
| */s/ Joe Piekenbrock* |
| Joe Piekenbrock |

---

## Exhibit 10.4

**Exhibit 10.4**

**THIRD AMENDMENT TO**

**PROMISSORY NOTE**

**THIS THIRD AMENDMENT TO PROMISSORY NOTE** (this "Third Amendment") is entered into effective as of March 31, 2022, by and among Western Alaska Copper & Gold Company, an Alaska corporation, and Joe Piekenbrock, a resident of Colorado.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Western Alaska Copper & Gold is the maker ("Maker) of and Joe Piekenbrock is the holder ("Holder") of that certain Promissory Note dated March 31, 2021, in the principal amount of three million, six hundred and ninety-eight thousand dollars ($3,698,000.00), as amended by that certain "First Amendment to Promissory Note dated as of August 16, 2021, and as amended by that certain "Second Amendment to Promissory Note" dated as of October 1, 2021 (collectively, the "Promissory Note").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Maker and Holder desire to amend the Promissory Note, all as more fully set forth in the Amendment.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. First Anniversary Payment.** Subsection (iii) of the "PAYMENTS" section of the Promissory Note, is amended and restated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a principal reduction payment of $100,000.00, together with accrued interest on the outstanding principal balance of this Promissory Note, due the first anniversary of the Promissory Note, and a principal reduction payment of $400,000.00, together with accrued interest on the outstanding principal balance of this Promissory Note, due December 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Miscellaneous.** If not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Promissory Note. In the event of conflict between the terms hereof and the terms of the Promissory Note, the terms hereof shall control. Upon full execution hereof, this Amendment shall be appended to the Promissory Note and shall be considered a part thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Counterparts.** This Third Amendment may be executed in counterparts. Any set of identical counterparts containing the signatures of all parties shall be deemed to constitute one instrument, and each such set of counterparts shall be deemed an original.

*-signatures on following page-*

**IN WITNESS WHEREOF**, the parties hereto have executed this Third Amendment effective as of the date first set forth above.

---

| | |
|:---|:---|
| **MAKER:** | **MAKER:** |
| Western Alaska Copper & Gold Company, | Western Alaska Copper & Gold Company, |
| an Alaska corporation | an Alaska corporation |
| By: | */s/ Kit Marrs* |
|  | President |

---

---

| |
|:---|
| **HOLDER:** |
| */s/ Joe Piekenbrock* |
| Joe Piekenbrock |

---

## Exhibit 10.5

**Exhibit 10.5**

**FOURTH AMENDMENT TO <br> PROMISSORY NOTE**

**THIS FOURTH AMENDMENT TO PROMISSORY NOTE** (this "Fourth Amendment") is entered into effective as of March 31, 2023, by and among Western Alaska Copper & Gold Company, an Alaska corporation, and Joe Piekenbrock, a resident of Colorado.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Western Alaska Copper & Gold is the maker ("Maker) of and Joe Piekenbrock is the holder ("Holder") of that certain "Promissory Note" dated March 31, 2021, in the principal amount of three million, six hundred and ninety-eight thousand dollars ($3,698,000.00) ("Original Note"), as amended by that certain "First Amendment to Promissory Note" dated as of August 16, 2021, by that certain "Second Amendment to Promissory Note" dated as of October 1, 2021 and that certain "Third Amendment to Promissory Note" dated as of March 31, 2022 (collectively, the "Promissory Note").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** As of the date of this Fourth Amendment, the principal balance of the Promissory Note is $2,700,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** Maker and Holder desire to amend the Promissory Note, all as more fully set forth in the Amendment.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Interest Rate.** The ''INTEREST RATE" section of the Promissory Note is amended and restated as follows:

**INTEREST RATE.** Commencing on April 1, 2023, interest shall accrue on the outstanding principal balance hereof at a rate equal to five per cent (5.0%) per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Payments.** The "PAYMENTS" section of the Promissory Note, as amended, is amended and restated as follows:

**PAYMENTS.** Note: Maker shall make the following payments under this Promissory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a principal reduction payment of $1,500,000.00, together with accrued interest on the outstanding principal balance of this Promissory Note, shall be due February 1, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that Maker's parent company, Western Alaska Minerals Corp., closes an additional financing round in calendar 2023 after the round commenced April 11, 2023, a principal reduction payment of $500,000, to be applied against the principal reduction payment set forth in Subsection (i) above, together with accrued interest on the outstanding principal balance of this Promissory Note, shall be due and payable upon closing of such round;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) commencing March 1, 2024, and on the first day of each month thereafter, interest-only payments equal to the accrued interest on the outstanding principal balance of this Promissory Note, shall be due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the remaining principal balance, together with accrued interest on the outstanding principal balance of this Promissory Note, shall be all due and payable February 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Miscellaneous.** If not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Promissory Note. In the event of conflict between the terms hereof and the terms of the Promissory Note, the terms hereof shall control. Upon full execution hereof, this Amendment shall be appended to the Promissory Note and shall be considered a part thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Counterparts.** This Fourth Amendment may be executed in counterparts. Any set of identical counterparts containing the signatures of all parties shall be deemed to constitute one instrument, and each such set of counterparts shall be deemed an original.

**IN WITNESS WHEREOF,** the parties hereto have executed this Fourth Amendment effective as of the date first set forth above.

---

| | |
|:---|:---|
| **MAKER:** | **MAKER:** |
| Western Alaska Copper & Gold Company, | Western Alaska Copper & Gold Company, |
| an Alaska corporation | an Alaska corporation |
| By: | */s/ Kit Marrs* |
|  | President |

---

---

| |
|:---|
| **HOLDER:** |
| */s/ Joe Piekenbrock* |
| Joe Piekenbrock |

---

## Exhibit 10.6

**Exhibit 10.6**

**FIFTH AMENDMENT TO**

**PROMISSORY NOTE**

**THIS FIFTH AMENDMENT TO PROMISSORY NOTE** (this "Fifth Amendment") is entered into effective as of September 30, 2023, by and among Western Alaska Copper & Gold Company, an Alaska corporation, and Joe Piekenbrock, a resident of Colorado.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Western Alaska Copper & Gold is the maker ("Maker) of and Joe Piekenbrock is the holder ("Holder") of that certain "Promissory Note" dated March 31, 2021, in the principal amount of three million, six hundred and ninety-eight thousand dollars ($3,698,000.00) ("Original Note"), as amended by that certain "First Amendment to Promissory Note" dated as of August 16, 2021, by that certain "Second Amendment to Promissory Note" dated as of October 1, 2021, by that certain "Third Amendment to Promissory Note" dated as of March 31, 2022 and by that certain "Fourth Amendment to Promissory Note" dated as of March 31, 2023 (collectively, the "Promissory Note").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** As of the date of this Fifth Amendment, the principal balance of the Promissory Note is approximately $2,700,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The interest rate of the Promissory Note was set at five percent (5.0%) commencing April 1, 2023 and shall accrue thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Maker and Holder desire to amend the Promissory Note, all as more fully set forth in the Amendment.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Payments.** The "PAYMENTS" section of the Promissory Note, as amended, is amended and restated as follows:

**PAYMENTS.** Maker shall make the following payments under this Promissory Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) monthly principal payments of $25,000.00 on the outstanding principal balance of this Promissory Note, shall begin the later of March 31, 2024 or at the closing of the next Western Alaska Minerals Corp's financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that Maker's parent company, Western Alaska Minerals Corp., closes an additional financing round in calendar 2024 and subsequent years, a principal reduction payment equal to Six Percent (6%) of said financing, to be applied against the principal set forth in Subsection (i) above, together with accrued interest on the outstanding principal balance of this Promissory Note, shall be due and payable upon closing of each such round;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a principal reduction payment of $750,000.00 due on May 1, 2025, and a principal reduction payment of remaining balance and all accrued interest on the outstanding principal balance of this Promissory Note, due December 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Miscellaneous.** If not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Promissory Note. In the event of conflict between the terms hereof and the terms of the Promissory Note, the terms hereof shall control. Upon full execution hereof, this Amendment shall be appended to the Promissory Note and shall be considered a part thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Counterparts.** This Fifth Amendment may be executed in counterparts. Any set of identical counterparts containing the signatures of all parties shall be deemed to constitute one instrument, and each such set of counterparts shall be deemed an original.

**IN WITNESS WHEREOF**, the parties hereto have executed this Fourth Amendment effective as of the date first set forth above.

---

| | |
|:---|:---|
| **MAKER:** | **MAKER:** |
| Western Alaska Copper & Gold Company, | Western Alaska Copper & Gold Company, |
| an Alaska corporation | an Alaska corporation |
| By: | */s/ Christopher Marrs* |
|  | President |

---

---

| |
|:---|
| **HOLDER:** |
| */s/ Joe Piekenbrock* |
| Joe Piekenbrock |

---

## Exhibit 10.7

**Exhibit 10.7**

**SIXTH AMENDMENT TO**

**PROMISSORY NOTE**

**THIS FIFTH AMENDMENT TO PROMISSORY NOTE** (this "Sixth Amendment") is entered into effective as of October 31, 2023, by and among Western Alaska Copper & Gold Company, an Alaska corporation, and Joe Piekenbrock, a resident of Colorado.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Western Alaska Copper & Gold is the maker ("Maker) of and Joe Piekenbrock is the holder ("Holder") of that certain "Promissory Note" dated March 31, 2021, in the principal amount of three million, six hundred and ninety-eight thousand dollars ($3,698,000.00) ("Original Note"), as amended by that certain "First Amendment to Promissory Note" dated as of August 16, 2021, by that certain "Second Amendment to Promissory Note" dated as of October 1, 2021, by that certain "Third Amendment to Promissory Note" dated as of March 31, 2022, by that certain "Fourth Amendment to Promissory Note" dated as of March 31, 2023 and certain "Fifth Amendment to Promissory Note" (collectively, the "Promissory Note").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** As of the date of this Sixth Amendment, the principal balance of the Promissory Note is approximately $2,354,000.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The interest rate of the Promissory Note was set at five percent (5.0%) commencing April 1, 2023 and shall accrue thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Maker and Holder desire to amend the Promissory Note, all as more fully set forth

in the Amendment.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Payments.** The "PAYMENTS" section of the Promissory Note, as amended, is amended and restated as follows:

**PAYMENTS.** Maker shall make the following payments under this Promissory Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) monthly principal
 payments of $25,000.00 on the outstanding principal balance of this Promissory Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that Maker's parent company, Western Alaska Minerals Corp., closes a financing, a principal reduction payment equal to Six Percent (6%) of said financing, to be applied against the principal set forth in Subsection (i) above, together with accrued interest on the outstanding principal balance of this Promissory Note, shall be due and payable upon closing of each such round;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a principal reduction payment of $750,000.00 due on June 1, 2026, and a principal reduction payment of remaining balance and all accrued interest on the outstanding principal balance of this Promissory Note, due December 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Miscellaneous.** If not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Promissory Note. In the event of conflict between the terms hereof and the terms of the Promissory Note, the terms hereof shall control. Upon full execution hereof, this Amendment shall be appended to the Promissory Note and shall be considered a part thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Counterparts.** This Sixth Amendment may be executed in counterparts. Any set of identical counterparts containing the signatures of all parties shall be deemed to constitute one instrument, and each such set of counterparts shall be deemed an original.

**IN WITNESS WHEREOF**, the parties hereto have executed this Sixth Amendment effective as of the date first set forth above.

---

| | |
|:---|:---|
| **MAKER:** | **MAKER:** |
| Western Alaska Copper & Gold Company, | Western Alaska Copper & Gold Company, |
| an Alaska corporation | an Alaska corporation |
| By: | */s/ Kit Marrs* |
|  | President |

---

---

| |
|:---|
| **HOLDER:** |
| */s/ Joe Piekenbrock* |
| Joe Piekenbrock |

---

## Exhibit 10.8

**Exhibit 10.8**

**SEVENTH AMENDMENT TO**

**PROMISSORY NOTE**

**THIS SEVENTH AMENDMENT TO PROMISSORY NOTE** (this "Seventh Amendment") is entered into effective as of December 31, 2024, by and among Western Alaska Copper & Gold Company, an Alaska corporation, and Joe Piekenbrock, a resident of Colorado.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Western Alaska Copper & Gold is the maker ("Maker) of and Joe Piekenbrock is the holder ("Holder") of that certain "Promissory Note" dated March 31, 2021, in the principal amount of three million, six hundred and ninety-eight thousand dollars ($3,698,000.00) ("Original Note"), and as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** As of the date of this Seventh Amendment, the principal balance of the Promissory Note is approximately $2,356,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The interest rate of the Promissory Note was set at five percent (5.0%) commencing April 1, 2023 and shall accrue thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Maker and Holder desire to amend the Promissory Note, all as more fully set forth

in the Amendment.

**AGREEMENT**

**NOW, THEREFORE,** in consideration of the mutual promises and covenants set forth herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Payments.** The "PAYMENTS" section of the Promissory Note, as amended, is amended and restated as follows:

**PAYMENTS.** Maker shall make the following payments under this Promissory Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) monthly principal payments of $10,000.00 on the outstanding principal balance of this Promissory Note, until the Maker's parent Company, Western Alaska Minerals Corp., closes a financing, at which time the monthly principal payments will increase to $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event that Maker's parent company, Western Alaska Minerals Corp., closes a financing, a principal reduction payment equal to Six Percent (6%) of said financing, to be applied against the principal set forth in Subsection (i) above, together with accrued interest on the outstanding principal balance of this Promissory Note, shall be due and payable upon closing of each such round;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a principal reduction payment of $750,000.00 due on June 1, 2026, and a principal reduction payment of remaining balance and all accrued interest on the outstanding principal balance of this Promissory Note, due December 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Miscellaneous.** If not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Promissory Note. In the event of conflict between the terms hereof and the terms of the Promissory Note, the terms hereof shall control. Upon full execution hereof, this Amendment shall be appended to the Promissory Note and shall be considered a part thereof for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Counterparts.** This Seventh Amendment may be executed in counterparts. Any set of identical counterparts containing the signatures of all parties shall be deemed to constitute one instrument, and each such set of counterparts shall be deemed an original.

**IN WITNESS WHEREOF**, the parties hereto have executed this Seventh Amendment effective as of the date first set forth above.

---

| | |
|:---|:---|
| **MAKER:** | **MAKER:** |
| Western Alaska Copper & Gold Company, | Western Alaska Copper & Gold Company, |
| an Alaska corporation | an Alaska corporation |
| By: | */s/ Kit Marrs* |
|  | President |

---

---

| |
|:---|
| **HOLDER:** |
| */s/ Joe Piekenbrock* |
| Joe Piekenbrock |

---

## Exhibit 10.9

**Exhibit 10.9**

![](tm2515003d8_ex10-9img001.jpg)

May 13, 2024

Darren Morgans

*Sent Via Email*: darrenmorgans@hotmail.com

Dear Darren,

I am very pleased to offer you the position of Chief Financial Officer with Western Alaska Minerals (the "Company"), May 20, 2024, reporting to me.

You will find attached our Independent Contractor Agreement, outlining key terms of the agreement, including:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Rewards** | &nbsp;&nbsp;**Total Rewards** |
| &nbsp;&nbsp;Service Fee- Part Time (50%) | &nbsp;&nbsp;C$12,000/month |
| &nbsp;&nbsp;Short-Term Incentive Plan ("STIP") Target | &nbsp;&nbsp;Up to 50% of Base Salary |
| &nbsp;&nbsp;Long-Term Incentive Plan ("LTIP") | &nbsp;&nbsp;Eligible |

---

I trust that you find these terms acceptable and look forward to having you join our team. Please feel free to contact me if you have any questions about either the offer's terms or your position.

If you are in agreement with the terms of this agreement and the attached Independent Contractor Agreement, please sign a copy of the attached Independent Contractor Agreement and return it to me by May 17, 2024.

Sincerely,

---

| |
|:---|
| /s/ Kit Marrs |
| Kit Marrs |
| CEO |

---

**INDEPENDENT CONTRACTOR AGREEMENT**

**BETWEEN:**

**WESTERN ALASKA MINERALS CORP.**

(the "Company")

- and -

**1397257 BC Ltd.**

(the "Contractor")

**WHEREAS** the Contractor is engaged in the business of providing consulting and professional services to business enterprises;

**WHEREAS** the Contractor will provide the services of Darren Morgans throughout the term of this Agreement in order to fulfil its obligations hereunder;

**AND WHEREAS** the Company is in the business of mineral exploration;

**AND WHEREAS** the parties desire to enter into this Independent Contractor Agreement ("Agreement") to set forth, among other things, their mutual covenants and agreements as to the services to be provided by the Contractor to the Company and the consideration to be paid therefore;

**NOW THEREFORE**, in consideration of the mutual covenants hereinafter set forth, the Company and the Contractor agree and covenant as follows:

---

| | |
|:---|:---|
| **ARTICLE 1** | **Consulting Agreement** |

---

1.01 The
 parties acknowledge and agree that this Agreement is not intended to and shall not operate
 to make the Contractor an employee of the Company for any purpose whatsoever. The Contractor
 is to be engaged solely as a consultant and advisor to the Company.

---

| | |
|:---|:---|
| **ARTICLE 2** | **Term** |

---

2.01 The
 Agreement shall commence on May 20, 2024 (the "Effective Date") and continue
 unless and until terminated in accordance with this Agreement.

---

| | |
|:---|:---|
| **ARTICLE 3** | **Provision of Consulting Services** |

---

3.01 The
 Contractor shall be engaged by the Company in a consulting capacity to provide the services
 set forth in Appendix "A" (the "Services"). The Contractor shall
 perform services on a part time basis (50%).

3.02 The
 Company reserves the right to modify the description of the Services to be provided by the
 Contractor from time to time, in the Company's exclusive and unfettered discretion,
 and that any such modification shall not constitute a termination or material breach of this
 Agreement.

3.03 The
 Contractor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) faithfully,
 honestly and diligently perform the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 the Contractor's best efforts to promote the success of the Company and the Company's
 business reputation and act at all times in good faith and in the best interests of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) observe
 all lawful orders given to the Contractor from time to time pertaining to the business and
 affiliates by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) comply
 with all applicable legislation and regulations respecting the provision of the Services
 under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) prepare
 and submit to the Company such periodic reports of the Contractor's activities or services
 as the Company may require from time to time.

3.04 The
 Services will be requested by the Company on an as-needed basis. There are no minimum hours
 or guaranteed volume of Services associated with this Agreement. No Services should be performed
 by the Contractor for the Company without express and specific instructions from an authorized
 representative of the Company.

3.05 It
 is generally expected that the Services will be performed by the Contractor between Monday
 and Friday, during regular business hours. The Contractor will endeavour to align the Contractor's
 working hours with the business hours of the Company, but the Contractor will retain the
 discretion to set the Contractor's working hours, provided that such exercise of discretion
 does not interfere with the quality or timeliness of the Services being provided by the Contractor,
 or with the Company's operations.

---

| | |
|:---|:---|
| **ARTICLE 4** | **Compensation for Services** |

---

4.01 **Service Fee** – In exchange for the performance of services under this Agreement, the Company
 shall pay to the Contractor a fixed service fee in the amount of C$12,000.00, plus applicable
 taxes, per month, payable in arrears for services rendered (the "Fee"). This
 service fee is based on the Contractor working part time (50%).

4.02 **Provision of Invoices** – As a precondition to payment for services, the Contractor will submit
 invoices in respect of services performed pursuant to this Agreement on a monthly basis.
 Subject to verification by the Company of the validity of the applicable charges, any invoice
 submitted as in this paragraph shall be payable within fourteen (14) days from the date of
 its receipt by the Company.

4.03 **Bonus -** The Contractor is designated as a participant in the Corporation's short-term
 incentive plan of the Corporation from time to time ("STIP"), pursuant to which
 the Contractor shall be entitled to receive an annual Target STIP bonus payout in an amount
 up to 50% of the annual pre-tax Service Fee (the "Target STIP Amount"). The performance
 criteria for the STIP will be established by the Corporation, based on the Corporation meeting
 the annual budgets of the Corporation and the achievement of corporate objectives, and communicated
 to the Contractor at or near the beginning of each applicable fiscal year. Bonus payments
 are discretionary. They are based on performance and the financial health of the company
 and approved by the Board.

4.04 **Stock Options** – The Company may, from time to time, grant the Contractor stock options
 in accordance with the Company's stock option plan. Any such grant shall be consistent
 with stock option grants provided to similar contractors engaged by the Company.

4.05 **No Liability** – The Contractor is engaged under this Agreement as an independent contractor
 and not as an employee of the Company. The Company shall have no liability or responsibility
 whatsoever for the withholding, collection, or payment of federal, provincial, state or municipal
 income taxes, Employment Insurance, Canada Pension Plan remittances, vacation pay, statutory
 holiday pay, workers' compensation premiums, or any statutory or other taxes or payments
 of any other nature on behalf, whether in Canada or the United States, or in respect of or
 for the benefit of the Contractor or any other person employed by the Contractor.

4.06 **Indemnity by Contractor** – The Contractor agrees to hold the Company harmless and indemnify
 the Company from and against any order, penalty, interest or tax that may be assessed or
 levied against the Company as a result of the failure or delay of the Contractor to make
 any such payments or to file any return or information required by any law, ordinance or
 regulation.

4.07 **Expenses** – The Company shall reimburse the Contractor for all reasonable expenses incurred by
 the Contractor, provided the Contractor obtains prior written approval for such expenses
 in accordance with the Company's regular policies. The Contractor can expense 50% of
 a new computer (50% is approximately $1,500) every three years and 50% of annual professional
 dues (50% is approximately $500) annually.

---

| | |
|:---|:---|
| **ARTICLE 5** | **Quantum and Timing of Services** |

---

5.01 The
 Contractor shall devote sufficient time to perform the services under this Agreement. The
 Contractor shall endeavour to align the Contractor's hour with the business hours of
 the Company, but shall retain the discretion to set the Contractor's working hours,
 provided that such exercise of discretion does not interfere with the quality or timeliness
 of the services being provided by the Contractor, or with the Company's operations.

---

| | |
|:---|:---|
| **ARTICLE 6** | **Deficiencies in Performance of Services** |

---

6.01 If
 the services performed by the Contractor are not, in the Company's opinion, completed
 to the Company's reasonable satisfaction, or have not been, or are not likely to be,
 completed within the required time-frame(s), then the Company is entitled at its sole discretion
 to require the Contractor to immediately remedy the deficiency, withholding any payment due
 to the Contractor until the Company considers that the deficiency is satisfactorily remedied,
 or if it cannot be remedied deduct a proportion from any payment due to the Contractor to
 reflect the deficiency.

---

| | |
|:---|:---|
| **ARTICLE 7** | **Non-Solicitation** |

---

7.01 During
 the time the Contractor is providing the Services and for a period of twelve (12) months
 following the End Date, the Contractor shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contact
 or communicate with any entity that was a customer, client or supplier of the Company with
 whom the Contractor had contact in the provision of the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hire
 any of the Company's employees or solicit or encourage any of the Company's employees
 to terminate their employment with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) attempt
 to do either of section 7.01(a) or (b); or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assist
 any other person or entity in attempting or carrying out the conduct in section 7.01(a) or
 (b).

---

| | |
|:---|:---|
| **ARTICLE 8** | **Confidential Information** |

---

8.01 In
 this Agreement, "Confidential Information" means information disclosed to, used
 by, developed by, or made known to the Contractor in the course of the Contractor's
 performance of the Services which is not generally known by persons outside the Company including,
 but not limited to, information (printed, electronic or otherwise) pertaining to the Company's
 past, present, future and contemplated explorations, matters of a technical nature regarding
 the properties in which the Company has an interest (including, without limitation, geophysical,
 geological and other technical reports, surveys, electromagnetic seismic data, and other
 information), contracts, assets, operations, personnel, finances, programs, plans or research,
 costs, profits, pricing policies, markets, sales, suppliers, customers, proposed customers,
 product plans, geographical areas for which proposals have been made or are contemplated
 and marketing plans or strategies.

8.02 The
 Contractor acknowledges that they will have access to and be entrusted with Confidential
 Information, and that the Company's business would be irreparably harmed if such Confidential
 Information were disclosed to, or used by, any person outside the Company. The Contractor
 acknowledges and agrees that the right to maintain the absolute secrecy of the Confidential
 Information is a proprietary right the Company is entitled to protect. The Contractor covenants
 and agrees that it will not, except as required by law, either during the term of this Agreement
 or at any time thereafter, directly or indirectly, by any means whatsoever, divulge, furnish,
 provide access to, or use for any purpose other than the purposes of the Company, any Confidential
 Information.

8.03 The
 Contractor agrees to return to the Company promptly upon request any and all property of
 the Company, including but not limited to the Confidential Information and copies thereof,
 in the Contractor's possession or control.

8.04 If,
 either during the term of this Agreement or at any time thereafter, the Contractor loses
 or misplaces Confidential Information, or discloses Confidential Information to any person
 or entity outside of the Company, directly or indirectly, by any means whatsoever, for any
 purpose other than the purposes of the Company, the Contractor will immediately report such
 loss, misplacement or disclosure to the Company.

---

| | |
|:---|:---|
| **ARTICLE 9** | **Intellectual Property:** |

---

9.01 In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Intellectual
 Property Rights" means all intangible, intellectual, proprietary and industrial property
 rights, whether or not registered or registrable, and all tangible embodiments and derivative
 works thereof, howsoever created and wherever located, including without limitation all trade
 secrets, Confidential Information, and all applications and registrations (including without
 limitation renewals, extensions, continuations, divisions, reissues, and restorations) relating
 to any such rights now in force and effect throughout all or any part of the world, including
 without limitation any rights in any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Technologies
 and Works" means all inventions or works of authorship and creations, now existing or
 developed, whether or not registered or registrable, patentable or non-patentable, or confidential
 or non-confidential, and all associated documentation and information therein or relating
 thereto, and all improvements, enhancements, or modifications thereto, and all Intellectual
 Property Rights therein or related thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Work
 Product" means all Technologies and Works made, developed, prepared, conceived, suggested,
 or reduced to practice by the Contractor, either alone or jointly with other persons or entities,
 and during the Contractor's provision of the Services to the Company that: (i) arise
 from or relate to the Contractor's provision of the Services, or any of them, to the Company,
 tasks assigned to the Contractor by the Company, or services performed by the Contractor
 for the Company or its Affiliates; (ii) arise from or relate to use of premises, property
 or Confidential Information owned, licensed, leased, or contracted for, by or on behalf of
 the Company or any of its affiliates or provided or made available to the Contractor by or
 on behalf of the Company or any of its affiliates; or (iii) are an improvement, enhancement,
 innovation, modification, correction, update, upgrade, derivative, revision, modification,
 translation, abridgement, condensation, expansion, transformation, adaptation, or other development
 of, to, from or based upon the Company Technologies and Works. All accounting data, reports
 and correspondence that relates to the Company, shall be stored on the Company server and
 database, in addition to the Contractor's personal computer.

9.02 The
 Contractor recognizes proprietary rights of the Company in the tangible and intangible property
 of the Company and acknowledges that the Contractor has not obtained or acquired and will
 not obtain or acquire any right, title or interest, in any of the Work Product or property
 of the Company or its Affiliates. The Contractor agrees that during the provision of the
 Services and at any time afterwards all such property and Work Product will be the sole and
 exclusive property of the Company. All Work Product which the Contractor may develop in the
 course the provision of the Services to the Company, or using any employees, equipment or
 facilities of any nature belonging to the Company, whether alone or jointly with others,
 shall be the exclusive property of and is hereby assigned to the Company, and the Contractor
 shall have no rights in any Intellectual Property Rights arising therefrom.

9.03 The
 Contractor irrevocably waives to the greatest extent permitted by law, for the benefit of
 and in favour of the Company, all the Contractor's moral rights whatsoever in such Work Product,
 including any right to the integrity of such Work Product, any right to be associated with
 such Work Product and any right to restrict or prevent the modification or use of such Work
 Product in any way whatsoever. The Contractor irrevocably transfers to the Company all rights
 to restrict any violations of moral rights in any of such Work Product, including any distortion,
 mutilation or other modification.

9.04 If
 the Contractor has acquired or does acquire, any right, title or interest in any property
 used in the business of the Company or in any Intellectual Property Rights relating to such
 property, the Contractor irrevocably assigns all such right, title and interest throughout
 the world exclusively to the Company, including any renewals, extensions or reversions relating
 thereto and any right to bring an action or to collect compensation for past infringements.

---

| | |
|:---|:---|
| **ARTICLE 10** | **Termination** |

---

10.01 **Termination by Contractor** – Unless otherwise required by law, this Agreement may be terminated
 by the Contractor at any time upon sixty (60) days' written notice to the Company.
 The Company may, in its sole discretion, relieve the Contractor from the performance of some
 or all of the Contractor's obligations during this period, but shall continue to pay
 any Fee accruing to the Contractor up to the end of the applicable period of notice.

10.02 **Termination by Company –** Unless otherwise required by law or section 11 of this Agreement,
 the Company may terminate this Agreement at any time by providing the Contractor with a lump
 sum payment equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 1.0
 times the annual pre-tax Service Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1.0
 times the Bonus earned in the previous fiscal year,

plus applicable taxes (the "Payment").

10.03 **Termination for Material Breach** – This Agreement may be terminated by the Company at any time
 without notice in the event of a material breach of the provisions of this Agreement, and
 including if the Contractor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engages
 in conduct which, in the Company's reasonable opinion, is or may be likely to materially
 injure the reputation or interests of the Company or potentially bring the Company into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) admits
 to, or is convicted of, a criminal offence which the Company considers detrimental to its
 relationship with the Contractor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) engages
 in theft (including time theft), fraud, violence, or health and safety violation(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) commits
 any other material breach of the Agreement.

10.04 **Obligations on Termination** – Except as otherwise expressly contemplated herein, upon the termination
 of this Agreement, for any reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company will not be obliged to pay the Contractor other than for Services already provided,
 or make any other payment as a result of the termination of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Contractor will not be obliged to provide further Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Contractor shall forthwith return any and all Company information and property in the control
 of the Contractor.

10.05 The
 termination of this Agreement is without prejudice to any other rights of either party under
 this Agreement.

10.06 Upon
 receipt of the Contractor's entitlements under this Agreement, including any minimum
 statutory entitlements required by law, if any, no further amounts shall be owing to the
 Contractor, whether at common law or otherwise.

---

| | |
|:---|:---|
| **ARTICLE 11** | **Change of Control** |

---

11.01 If,
 within twelve (12) months following a Change of Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Contractor terminates this Agreement under Article 10.01; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company terminates this Agreement under Article 10.02;

in lieu of any notice or payment required under Article 10, the Contractor shall be entitled to a lump sum payment equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one (1) times the annual
pre-tax Service Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one (1) times the "Target
STIP Amount" (50% of the annual pre-tax Service Fee), plus applicable taxes.

11.02 For
 all purposes of this Agreement, "Change of Control" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Change in Control**" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 individual, entity or group of individuals or entities acting jointly or in concert (other
 than the Corporation, its subsidiaries or an employee benefit plan or trust maintained by
 the Corporation or its subsidiaries, or any company owned, directly or indirectly, by the
 shareholders of the Corporation in substantially the same proportions as their ownership
 of Shares of the Corporation) acquiring beneficial ownership, directly or indirectly, of
 more than 50% of the combined voting power of the Corporation's then outstanding securities
 (excluding any "person" who becomes such a beneficial owner in connection with
 a transaction described in paragraph (ii) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 consummation of an arrangement, amalgamation, merger, consolidation or other similar business
 combination transaction of the Corporation or any direct or indirect subsidiary of the Corporation
 with any other corporation, other than an arrangement, amalgamation, merger, consolidation
 or other similar business combination transaction which would result in the voting securities
 of the Corporation outstanding immediately prior to such transaction continuing to represent
 (either by remaining outstanding or being converted into voting securities of the surviving
 entity or any parent thereof) more than 50% of the combined voting power or the total fair
 market value of the securities of the Corporation or such surviving entity or any parent
 thereof outstanding immediately after such transaction; provided, however, that an arrangement,
 amalgamation, merger, consolidation or other similar business combination transaction effected
 to implement a recapitalization of the Corporation (or similar transaction) in which no person
 (other than those covered by the exceptions in paragraph (i) of this definition) acquires
 more than 50% of the combined voting power of the Corporation's then outstanding securities
 shall not constitute a Change in Control of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 complete liquidation or dissolution of the Corporation or the consummation of any sale, lease,
 exchange or other transfer (in one transaction or a series of transactions) of all or substantially
 all of the assets of the Corporation; other than such liquidation, sale or disposition to
 a person or persons who beneficially own, directly or indirectly, more than 50% of the combined
 voting power of the outstanding voting securities of the Corporation at the time of the sale.

---

| | |
|:---|:---|
| **ARTICLE 12** | **Dispute Resolution** |

---

12.01 If
 there is any dispute between the parties arising out of this Agreement, and that dispute
 cannot be resolved by discussion within ten (10) business days of the issue being raised
 on written notice by either party, the parties will attempt to resolve the dispute in good
 faith using mediation or some other form of alternative dispute resolution.

12.02 If
 the parties do not reach consensus within a further ten (10) business days (or such
 further period as they may agree in writing) as to the dispute resolution procedure or timetable,
 then either party may, on at least ten (10) business days' written notice, submit
 the matter to arbitration, under the British Columbia *Arbitration Act*, and the provisions
 of that Act, except to the extent that a contrary intention is expressed herein, shall apply
 to any arbitration hereunder. The written notice shall state with reasonable particularity
 the subject matter of the dispute and shall include copies of all documentation which that
 party considers to be of central importance to resolving the dispute.

12.03 Within
 five (5) business days after receipt of such notice, the parties shall appoint a single
 arbitrator, with the appropriate experience to determine such dispute. The arbitrator shall
 set the timetable and the parties will abide by any decision of the arbitrator in this regard.
 The arbitrator's determination shall be final and binding upon the parties, but only
 insofar as it relates to this Agreement.

12.04 Each
 party will pay its own costs for resolving any dispute under this Article, provided that
 the costs of any arbitrator shall be shared equally between the parties, or as otherwise
 determined by the arbitrator.

12.05 This
 article does not preclude either party from bringing any claim, complaint or other action
 relating to a statutory right or benefit, and having such claim, complaint or action dealt
 with pursuant to the terms of the statute.

---

| | |
|:---|:---|
| **ARTICLE 13** | **Notices** |

---

13.01 Wherever
 in this Agreement it shall be required or permitted that notice be given or served by any
 party to or on any other party, the notice shall be in writing and shall be delivered personally
 to the party to whom it is given or sent (a) by prepaid, registered mail or by courier,
 and (b) with a copy by email, addressed to the premises as follows:

---

| | |
|:---|:---|
| To the Company: | Western Alaska Minerals Corp. |
|  | #405 - 375 Water Street |
|  | Vancouver, BC V6B 5C6 |
| To the Consultant: | Darren Morgans |
|  | 1139 Dalhousie Street |
|  | Halifax, NS, Canada B3H 3W5 |

---

13.02 Each
 such notice shall be deemed given on the date of delivery in the case of delivery, two (2) days
 after mailing in the case of mail, and one (1) day after the time of transmission in
 the case of email.

13.03 The
 parties may change their designated address by written notice as provided under this Article.

---

| | |
|:---|:---|
| **ARTICLE 14** | **Indemnification By Company** |

---

14.01 Subject
 to the provisions of the *Business Corporations Act* (British Columbia) and the Company's
 Articles, the Company will defend, indemnify and save harmless the Contractor from and against
 all actions, proceedings, demands, claims, liabilities, losses, damages, judgments, costs
 and expenses, including, without limiting the generality of the foregoing, legal fees and
 disbursements on a solicitor and own client basis (together with all applicable taxes) which
 the Contractor may be liable to pay or may incur by reason of acting honestly and in good
 faith in performance of the Contractor's Services under this Agreement.

---

| | |
|:---|:---|
| **ARTICLE 15** | **Survival** |

---

15.01 All
 covenants, restrictions and provisions contained in this Agreement shall survive the termination
 of this Agreement.

---

| | |
|:---|:---|
| **ARTICLE 16** | **No Binding Authority** |

---

16.01 Notwithstanding
 any other term or condition expressed or implied in this Agreement, the Contractor shall
 not have the authority to enter into any contracts or agreements on behalf of the Company
 without first obtaining the prior written consent of the Company.

---

| | |
|:---|:---|
| **ARTICLE 17** | **Entire Agreement** |

---

17.01 This
 Agreement (including appendices) constitutes the entire agreement between the Contractor
 and the Company pertaining to the subject matter of this Agreement and supersedes all prior
 agreements, undertakings, negotiations, and discussions, whether oral or written, of the
 parties to it.

17.02 No
 supplement, modification or waiver of this Agreement shall be binding unless executed in
 writing by the parties hereto.

17.03 No
 waiver of any other provisions of this Agreement shall be deemed or shall constitute a waiver
 of any other provisions, whether or not similar, nor shall the waiver constitute a continuing
 waiver unless otherwise expressly provided.

17.04 This
 Agreement shall not be assignable by the Contractor. The Company may assign this Agreement
 to any subsidiary or affiliate of the Company. In the event of such assignment, the assignee
 shall fulfill all of the Company's obligations hereunder and this Agreement shall be
 read and construed so that any reference to the "Company" shall refer to such
 assignee.

---

| | |
|:---|:---|
| **ARTICLE 18** | **General** |

---

18.01 **Independent Legal Advice** – The Contractor acknowledges and agrees that the Contractor was provided
 with a reasonable opportunity to obtain independent legal advice before signing this Agreement
 and has either obtained such independent legal advice to the satisfaction of the Contractor,
 or is knowingly and voluntarily waiving any right to same.

18.02 **Voluntariness** – Both parties have reviewed and understand this Agreement in its entirety, and
 are signing this Agreement voluntarily, with full appreciation of its terms, including but
 not limited to the terms with respect to termination, non-competition, non-solicitation and
 confidentiality.

18.03 **Privacy –** The Contractor acknowledges and agrees that the Company may collect, use or disclose
 personal information about the Contractor as required for those purposes necessary for the
 conduct of this Agreement.

18.04 **Governing Law** – This Agreement shall be exclusively governed by and construed in accordance
 with the laws of the Province of British Columbia and the laws of Canada in force therein.

18.05 **Severability** – The invalidity or unenforceability of any provision of this Agreement or any
 other covenant in it shall not affect the validity or enforceability of any other provision
 or covenant in it and the invalid provision or covenant shall be deemed to be severable and
 distinct. Any term or part thereof determined to be illegal or unenforceable shall be severed
 from this Agreement, but only to the extent of such illegality or unenforceability, without
 affecting the remaining terms of this Agreement.

18.06 **Counterparts** – This Agreement may be executed by the parties in one or more counterparts, each
 of which when so executed and delivered shall be deemed to be an original and such counterparts
 shall together constitute one and the same instrument.

**SIGNED AND EXECUTED** by the parties hereto or their duly authorized representatives

---

| | | | |
|:---|:---|:---|:---|
| **DATED** this 15th day of May, 2024 | **DATED** this 15th day of May, 2024 | **DATED** this 14 day of May, 2024 | **DATED** this 14 day of May, 2024 |
| **For the Contractor:** | **For the Contractor:** | **For the Company:** | **For the Company:** |
| Signed: | */s/ Darren Morgans* | Signed: | */s/ Kit Marrs* |
|  | "I have the authority to bind the Contractor" |  | "I have the authority to bind the Company" |

---

![](tm2515003d8_ex10-9img001.jpg)

**Appendix "A"**

**DESCRIPTION OF CONSULTING SERVICES**

**Position**

Chief Financial Officer ("CFO") – Part Time (50%)

**Summary**

The Chief Financial Officer is responsible for providing strategic finance leadership to ensure the delivery of core financial functions for Western Alaska Minerals, reporting to the Chief Executive Officer and Board.

**Key Responsibilities**

Strategic Leadership

&nbsp;&nbsp;&nbsp;&nbsp;· As
 a member of the Executive team, steer the Company's strategic vision to maximize shareholder
 value and to create an enterprise focused on the sustainable development of mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;· As
 a member of the Executive team, lead the Company through its transition from an exploration
 to development stage company.

&nbsp;&nbsp;&nbsp;&nbsp;· Work
 closely with the Executive team to develop business plans, assisting with business decisions,
 risk assessment and ensure all targets are met.

&nbsp;&nbsp;&nbsp;&nbsp;· As
 a member of the Executive team, develop a strategy for future financings.

&nbsp;&nbsp;&nbsp;&nbsp;· Participate
 in investor relations activities for the Company.

Financial Leadership

&nbsp;&nbsp;&nbsp;&nbsp;· Lead
 the Corporation's strategic financing efforts and coordinate with Company's securities
 counsel, transfer agent, financial advisor, and broker/dealers.

&nbsp;&nbsp;&nbsp;&nbsp;· Provide
 leadership, develop, and manage financial reporting, tax and financial planning, internal
 control framework, information technology and budget management functions so that the Company
 is accountable.

&nbsp;&nbsp;&nbsp;&nbsp;· Ensure
 the Company's accounting policies and procedures conform to applicable generally accepted
 accounting principles in the USA and Canada and that the Company's public filings conform
 with the rules and regulations of the Canadian and US regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;· Lead
 the Company's risk assessment process.

&nbsp;&nbsp;&nbsp;&nbsp;· Lead
 the Company's annual budgeting process, including development of the annual budget
 together with the CEO and Executive team, and manage the Company's expenditures and
 cash flows to ensure budget objectives are achieved.

&nbsp;&nbsp;&nbsp;&nbsp;· Monitor
 and analyze monthly operating results to facilitate key strategic decisions along with the
 Executive team and resolve budget variances.

&nbsp;&nbsp;&nbsp;&nbsp;· Closely
 monitor costs during the exploration and drilling season.

&nbsp;&nbsp;&nbsp;&nbsp;· Participate
 in weekly management team meetings and report on significant expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 meaningful monthly financial operating statement combining US and Canada results for the
 Executive team to facilitate tracking of budget variances, cash expenditures and accruals.

&nbsp;&nbsp;&nbsp;&nbsp;· Oversee
 the implementation and maintenance of financial accounting and reporting information technology
 systems.

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 the annual and interim financial statements, MD&A and AIF with the assistance of US and
 Canada bookkeeping staff, submit to company auditors and work with the auditors to resolve
 any issues.

&nbsp;&nbsp;&nbsp;&nbsp;· Monitor
 and keep current the base shelf prospectus requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· Oversee
 the Company's risks and implement and manage appropriate insurance plans.

&nbsp;&nbsp;&nbsp;&nbsp;· Monitor
 the Company's Foreign Private Issuer (FPI) status on a quarterly basis and report to
 the CEO and board.

&nbsp;&nbsp;&nbsp;&nbsp;· Coordinate
 the design and maintenance of an environment of effective internal controls over financial
 reporting to minimize the risk of material misstatement to Company's financial statements
 and to ensure substantiating documentation is approved and available such that they may pass
 independent and government audits.

&nbsp;&nbsp;&nbsp;&nbsp;· Establish
 and implement short- and long-range departmental goals, objectives, policies, and operating
 procedures.

&nbsp;&nbsp;&nbsp;&nbsp;· Track
 VAT and other taxes and manage refunds to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;· Manage
 the Company's treasury, ensuring bank accounts are with high rated banks, excess funds
 are appropriately invested and appropriate signatory controls are in place on all accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· Other
 duties as assigned.

Governance Leadership

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 Board Materials and Presentations.

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 minutes of the meetings and obtain approvals.

&nbsp;&nbsp;&nbsp;&nbsp;· Coordinate
 written board resolutions with the Board and the Company's legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;· Ensure
 compliance with Board and Committee Mandates and appropriate Corporate Governance Policies.

**Education & Experience**

&nbsp;&nbsp;&nbsp;&nbsp;· University
 degree in Finance or equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;· Post
 Graduate degree is an asset.

&nbsp;&nbsp;&nbsp;&nbsp;· Professional
 accounting accreditation is required.

**Other Skills & Abilities**

&nbsp;&nbsp;&nbsp;&nbsp;· Strategic
 and Innovative thinker.

&nbsp;&nbsp;&nbsp;&nbsp;· Dynamic
 and effective leader.

&nbsp;&nbsp;&nbsp;&nbsp;· Excellent
 organisational and planning skills.

&nbsp;&nbsp;&nbsp;&nbsp;· Comfortable
 engaging directly with other senior executives, the Board of Directors, and presentation
 audiences.

&nbsp;&nbsp;&nbsp;&nbsp;· Strong
 knowledge of the mining industry and Capital Markets.

&nbsp;&nbsp;&nbsp;&nbsp;· Problem
 solving skills, ability to manage multiple and complex situations.

&nbsp;&nbsp;&nbsp;&nbsp;· Strong
 business acumen and an advanced understanding of the mining sector.

&nbsp;&nbsp;&nbsp;&nbsp;· Exceptional
 negotiation skills and the ability to identify and achieve favourable business outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;· Superior
 verbal and written communication skills and the ability to condense and articulate complex
 legal issues.

&nbsp;&nbsp;&nbsp;&nbsp;· Ability
 to operate with tact, discretion and diplomacy.

&nbsp;&nbsp;&nbsp;&nbsp;· Proven
 leadership skills and the ability to influence at all levels across the Company.

&nbsp;&nbsp;&nbsp;&nbsp;· Ability
 to work effectively under pressure.

&nbsp;&nbsp;&nbsp;&nbsp;· Ability
 to work collaboratively in diverse teams with diverse interests.

&nbsp;&nbsp;&nbsp;&nbsp;· Strong
 communication and interpersonal skills grounded in appreciation and respect for all cultures
 and abilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Demonstrated
 ability to effectively lead through influencing others and clear communication of corporate
 vision.

## Exhibit 10.10

**Exhibit 10.10**

S. Mitchell & Associates LLC

2 Horatio Street, Suite 16L, New York, NY 10014 USA

Tel: (212) 784-9063 ■ Fax: (646) 839-2885

October 26, 2023

Western Alaska Minerals

3573 East Sunrise Drive, Suite 233

Tucson, AZ 85718

USA

<u>Attention</u>: Christopher Marrs, Co-Founder, CEO, Director

Dear Kit,

**<u>RE: Corporate Finance Advice – Strategy and Marketing - Letter Agreement</u>**

This Letter Agreement ("Agreement") confirms your request that S. Mitchell & Associates LLC ("SMA") provides a contract for advisory services to introduce Western Alaska Minerals ("WAM") to the American investing marketplace. SMA is excited to offer its corporate finance skills and knowledge of North American-based exchanges and investors and other financing sources to develop the most effective plan for WAM. SMA and WAM is each a "Party" and together comprise the "Parties".

WAM retains SMA to support achievement of its financial goals in connection with expanding its presence in the American investment market by creating market awareness through developing corporate financing strategies agreed with WAM, implementing cross-border financial structures and conducting shareholder introductions. NOTE: Any securities offerings that fall under United States regulations must be enacted through Weild & Co.. Throughout this mandate, Susan J. Mitchell will be the primary member of SMA's associates working with WAM's CEO and other designated executives ("Management"). She will work to achieve WAM's objectives by working in close communication with WAM Management. Meanwhile, members of Management and its professional advisors are obliged to make requisite information and themselves available in a timely manner in order to achieve WAM's goals under this Agreement. SMA will distribute only information provided or approved by WAM.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Scope of Work** 

The Scope of Work will include but not be limited to the following. SMA shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. prior
 to reaching out to the investor market, collect and review WAM's corporate structure
 and materials that SMA deems relevant to successful completion of this mandate and suggest
 to Management revisions to WAM's own documents such as the Corporate Presentation for
 optimal communication to relevant audiences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. research
 and fine tune a list of investors (small funds, high net worth, retail) whose demonstrated
 appetite might include a strong Alaskan junior mining company with several properties including
 critical and precious metals

![](tm2515003d8_ex10-10img003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. conduct
 one-on-one conversations with this list of investors as to their potential interest in investing
 in WAM should it trade on the OTCQX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. make
 collaborative recommendations to WAM with the intention of achieving most cost-effective
 results, including with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. report
 regularly to WAM Management as to feedback received from potential investors and any possible
 revised strategy for further conversations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** other
 duties as mutually agreed between the Parties..

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation** 

WAM will pay SMA a retainer of US$3000.00 (Three thousand US dollars) per month, commencing November 1, 2023 with the first payment due on Execution of this Agreement and further monthly payments made on the first of subsequent months.

At the Client's discretion, Management will reward performance or work deemed by the Client to be beyond the terms of this agreement with a bonus payment to SMA from time to time. This bonus may be in the form of cash and/or options of WAM. Further Options will be granted to SMA at Management's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Expenses**

The Client shall reimburse SMA for reasonable out-of-pocket expenses incurred in connection with this engagement except that any single amount in excess of US$250 shall require the prior approval of the Client. A request by the Client for SMA's staff to travel shall be considered prior approval and travel shall be by scheduled airline in coach or economy class if within North America, or in business class if outside North America. As well, other incremental activities with third parties (see 1iv above) and previously agreed with Management will be for the direct account of WAM.

**4 Other Terms**

&nbsp;&nbsp;&nbsp;&nbsp;4.1 The
 term of this Agreement between the Parties will be 12 months; starting November 1, 2023
 and ending October 31, 2024 ("Initial Term"). It will automatically renew
 for a further 12 months on November 1, 2024 unless cancelled in writing by both Parties
 prior to October 1, 2024. Thereafter it will continue on a month-by-month basis until
 a written agreement between the Parties with 30 days notice agrees to cancel it. Should this
 Agreement be terminated, the Client will continue to retain SMA on a basis agreed between
 the Parties until the expiry of any Options granted herein.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Payments
 will be made by wire transfer to SMA's bank account at Chase Bank (details to be provided
 on Invoices).

![](tm2515003d8_ex10-10img003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;4.3 The
 Client shall provide an indemnification of SMA along the lines of the terms attached as Exhibit A
 which is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;4.4 If
 the foregoing correctly sets forth our agreement, please sign this Agreement in the space
 provided below and return it to us by email or fax to (646) 839- 2885.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **S. MITCHELL & ASSOCIATES, LLC** | **S. MITCHELL & ASSOCIATES, LLC** |
| By: | */s/ Susan J. Mitchell* |
| Name: | Susan J. Mitchell |

---

**ACCEPTED AND AGREED**

**Western Alaska Minerals**

---

| | | | |
|:---|:---|:---|:---|
| **A AND AGREEDWESTERN SILVER CORPORATION** | **A AND AGREEDWESTERN SILVER CORPORATION** | | |
| By: | */s/ Christopher Marrs* | Date: | October 26, 2023 |
| Name: | Christopher Marrs |  |  |
| Title: | CEO |  |  |

---

![](tm2515003d8_ex10-10img003.jpg)

*<u>EXHIBIT A -- INDEMNIFICATION AND OTHER TERMS</u>*

*1.* *The Client shall:* 

&nbsp;&nbsp;&nbsp;&nbsp;*a.* *Indemnify SMA for and hold it harmless against any losses (including loss of profit, claims, damages or liabilities) to which SMA may become subject (A) arising in any manner out of or in connection with (i) actions taken or omitted to be taken (including any untrue statements made or statements omitted to be made) by the Client or (ii) actions taken or omitted to be taken by SMA in conformity with either (x) instructions of the Client or (y) actions taken or omitted to be taken by the Client, or (B) otherwise arising in any manner out of or in connection with SMA's rendering of services hereunder unless it is finally judicially determined that such losses, claims, damages or liabilities arose out of the negligence or wilful misconduct of SMA; and* 

&nbsp;&nbsp;&nbsp;&nbsp;*b.* *Promptly reimburse SMA for any legal or other expenses reasonably incurred by it in connection with investigating, preparing to defend or defending any lawsuits, claims or other proceedings or with respect to any claim whatsoever or other cause of action arising from any matter out of or in connection with SMA's rendering of services hereunder, unless it is finally judicially determined that SMA has been negligent or engaged in misconduct with respect to the rendering of such service.* 

*The Client agrees that the indemnification and reimbursement commitment set forth in this paragraph shall apply whether or not SMA is a formal party to any such lawsuits, claims or other proceedings, that SMA is entitled to retain separate counsel of its choice in connection with any of the matters to which commitments relate and that such commitments shall extend upon the terms set forth in this paragraph to any controlling person, affiliate, director, office or employee of SMA (each, with SMA, an "Indemnified Person").*

*2.* *The Client and SMA agree that if any indemnification or reimbursement sought pursuant to the preceding paragraph 1 is finally judicially determined to be unavailable, then (whether or not SMA is the Indemnified Person) the Client and SMA shall contribute to the losses, claims, damages and expenses for which such indemnification or reimbursement is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Client, on the one hand, and SMA, on the other, in connection with the transactions contemplated herein, subject to the limitation that in any event, SMA's aggregate contribution to any losses, claims, liabilities, damages and expenses shall not exceed the amount of the fees actually received by SMA hereunder (excluding amounts paid to reimburse SMA for its out-of-pocket expenses). It is hereby agreed that the relative benefits to the Client, on the one hand, and SMA on the other hand, with respect to any transaction or proposed transaction contemplated herein shall be deemed to be in the same proportion as (i) the amount received by the Client in connection with the transactions contemplated herein bears to (ii) the fee paid to SMA in respect to such transactions.* 

*3.* *The foregoing agreement shall apply to any modification of this engagement. Further, they shall be in addition to any rights that SMA may have at common law or otherwise.* 

*4.* *This Agreement may not be amended, modified or terminated except in writing signed by all parties hereto.* 

*5.* *This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable therein. The parties hereto irrevocably submit to the jurisdiction and venue of any court of the applicable jurisdiction and waive any and all objections to jurisdiction and venue that it or he/she may have.* 

*6.* *In connection with SMA's services hereunder, the Client agrees to furnish SMA with information and data concerning the business, operations, properties, financial condition, prospects and other aspects of the Client as may be reasonable and appropriate under the circumstance. It is understood that in performing under this engagement, SMA may rely upon the information supplied to it by the Client without independent verification. SMA will, however (unless otherwise required by law), keep such information confidential and will only use such information to assist the Client as outlined in the Agreement.* 

*7.* *Any advice provided by SMA under this Agreement shall not be disclosed to any third parties without SMA's prior written approval.* 

*8.* *The Client agrees that SMA has the right to describe its services hereunder in materials that it provides to clients and prospective clients and in advertisements in financial and other newspapers and journals at its own expense, provided that SMA will submit a copy of such materials or advertisements to the Client so that it can approve the form and substance of the materials or advertisements, which approval shall not be unreasonably withheld or delayed* 

*9.* *The Agreement embodies the entire agreement and understanding of the parties hereto in respect of the subject contained herein and supersedes all prior agreements and understandings between the parties with respect to such subject matter. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, but this Agreement shall not be assigned by any of the parties hereto without the prior written consent of the other party. In the event any provisions hereof shall be modified or held ineffective by any Court in any respect, such adjudication shall not invalidate or render ineffective the balance of the provisions hereof and the provisions hereof shall be enforced to the maximum extent allowed by law.*![](tm2515003d8_ex10-10img003.jpg)

*10.* *All reimbursable expenses shall be billed by SMA and paid monthly.* 

*11.* *All appropriately invoiced amounts outstanding for more than 15 days shall incur interest at the lesser of 1.5% per month or the maximum allowable under applicable laws* 

*12.* *All notices provided hereunder shall be given in writing by overnight courier service or sent by certified mail, return receipt requested, if to S. Mitchell & Associates LLC, to: 2 Horatio Street, Suite 16L, New York, NY 10014, USA Attention: Susan J. Mitchell or fax 1-646-839-2885; and if to the Client, to: Western Alaska Minerals.,3573 East Sunrise Drive, Suite 233*, Tucson AZ 85718 USA *. Attention: Christopher Marrs, CEO or email: kit@westernalaskaminerals.com.*

## Exhibit 10.11

**Exhibit 10.11**

------

**ALASKA SILVER CORP.**

**LONG-TERM INCENTIVE PLAN**

------

**November 5, 2021**

As amended May 27, 2022 and May 20, 2025

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| Article 1 - DEFINITIONS | Article 1 - DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 1 |
| Article 2 - PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS | Article 2 - PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.1 | Purpose of the Plan | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.2 | Implementation and Administration of the Plan | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.3 | Delegation to Committee | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.4 | Eligible Participants | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.5 | Shares Subject to the Plan | 7 |
| &nbsp;&nbsp;&nbsp;Section 2.6 | Participation Limits | 8 |
| &nbsp;&nbsp;&nbsp;Section 2.7 | Additional TSXV Limits | 8 |
| Article 3 - OPTIONS | Article 3 - OPTIONS | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.1 | Nature of Options | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | Option Awards | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | Exercise Price | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | Expiry Date; Blackout Period | 9 |
| &nbsp;&nbsp;&nbsp;Section 3.5 | Exercise of Options | 10 |
| &nbsp;&nbsp;&nbsp;Section 3.6 | Method of Exercise and Payment of Purchase Price | 10 |
| &nbsp;&nbsp;&nbsp;Section 3.7 | Special Rules for Participants Who Are United States Taxpayers | 11 |
| Article 4 - SHARE UNITS | Article 4 - SHARE UNITS | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.1 | Nature of Share Units | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | Share Unit Awards | 14 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | Restriction Period Applicable to Share Units | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | Performance Criteria and Performance Period Applicable to PSU Awards | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | Share Unit Vesting Determination Date | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.6 | Settlement of Share Unit Awards | 15 |
| &nbsp;&nbsp;&nbsp;Section 4.7 | Determination of Amounts | 16 |
| Article 5 - GENERAL CONDITIONS | Article 5 - GENERAL CONDITIONS | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.1 | General Conditions applicable to Awards | 17 |
| &nbsp;&nbsp;&nbsp;Section 5.2 | Dividend Share Units | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.3 | Termination of Employment | 18 |
| &nbsp;&nbsp;&nbsp;Section 5.4 | Unfunded Plan | 19 |
| Article 6 - ADJUSTMENTS AND AMENDMENTS | Article 6 - ADJUSTMENTS AND AMENDMENTS | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.1 | Adjustment to Shares Subject to Outstanding Awards | 19 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | Amendment or Discontinuance of the Plan | 21 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Section 6.3 | Change of Control | 22.0 |
| Article 7 - MISCELLANEOUS | Article 7 - MISCELLANEOUS | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 7.1 | Currency | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 7.2 | Compliance and Award Restrictions | 23.0 |
| &nbsp;&nbsp;&nbsp;Section 7.3 | Use of an Administrative Agent and Trustee | 24.0 |
| &nbsp;&nbsp;&nbsp;Section 7.4 | Tax Withholding | 24.0 |
| &nbsp;&nbsp;&nbsp;Section 7.5 | Code Section 409A | 25.0 |
| &nbsp;&nbsp;&nbsp;Section 7.6 | U.S. Securities Act Compliance | 26.0 |
| &nbsp;&nbsp;&nbsp;Section 7.7 | Reorganization of the Corporation | 27.0 |
| &nbsp;&nbsp;&nbsp;Section 7.8 | Governing Laws | 28.0 |
| &nbsp;&nbsp;&nbsp;Section 7.9 | Severability | 28.0 |
| &nbsp;&nbsp;&nbsp;Section 7.10 | Effective Date of the Plan | 28.0 |

---

(ii) **ALASKA SILVER CORP.<br> LONG-TERM INCENTIVE PLAN**

Alaska Silver Corp. (the "**Corporation**") hereby establishes a Long-Term Incentive Plan for certain qualified directors, officers, employees, consultants and management company employees providing ongoing services to the Corporation and its Affiliates (as defined herein).

**Article 1** **- DEFINITIONS**

---

| | |
|:---|:---|
| **Section 1.1** | **Definitions.** |

---

Where used herein or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms shall have the following meanings, respectively, unless the context otherwise requires:

(a) "**Affiliates**" has the meaning given to this term in the *Securities Act* (British
Columbia), as such legislation may be amended, supplemented or replaced from time to time;

(b) "**applicable law**" means the applicable laws and regulations and the requirements or
policies of any governmental or regulatory authority, securities commission or stock exchange having authority over the Corporation or
the Plan;

(c) "**Awards**" means Options, RSUs and PSUs granted to a Participant pursuant to the terms
of the Plan;

(d) "**Award Agreement**" means an Option Agreement, RSU Agreement or a PSU Agreement, as the
context requires;

(e) "**Black-Out Period**" means the period of time required by applicable law when, pursuant
to any policies or determinations of the Corporation, securities of the Corporation may not be traded by Insiders or other specified persons;

(f) "**Board**" means the board of directors of the Corporation as constituted from time to
time;

(g) "**Broker**" has the meaning ascribed thereto in Section 7.4(b) hereof;

(h) "**Business Day**" means a day other than a Saturday, Sunday or statutory holiday, when
banks are generally open for business in Vancouver, British Columbia, Canada for the transaction of banking business;

(i) "**Cancellation**" has the meaning ascribed thereto in Section 2.5(a) hereof;

(j) "**Cash Equivalent**" means in the case of Share Units, the amount of money equal to the
Market Value multiplied by the number of vested Share Units in the Participant's Account, net of any applicable taxes in accordance
with Section 7.4, on the Share Unit Settlement Date;

(k) "**Change of Control**" means unless the Board determines otherwise, the happening, in
a single transaction or in a series of related transactions, of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transaction (other than a transaction described in clause (ii) below) pursuant to which
any person or group of persons acting jointly or in concert acquires the direct or indirect beneficial ownership of securities of the
Corporation representing 50% or more of the aggregate voting power of all of the Corporation's then issued and outstanding securities
entitled to vote in the election of directors of the Corporation, other than any such acquisition that occurs (A) upon the exercise
or settlement of options or other securities granted by the Corporation under any of the Corporation's equity incentive plans; or
(B) as a result of the conversion of the multiple voting shares in the capital of the Corporation into Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is consummated an arrangement, amalgamation, merger, consolidation or similar transaction involving
(directly or indirectly) the Corporation and, immediately after the consummation of such arrangement, amalgamation, merger, consolidation
or similar transaction, the shareholders of the Corporation immediately prior thereto do not beneficially own, directly or indirectly,
either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving or
resulting entity in such amalgamation, merger, consolidation or similar transaction, or (B) more than 50% of the combined outstanding
voting power of the parent of the surviving or resulting entity in such arrangement, amalgamation merger, consolidation or similar transaction,
in each case in substantially the same proportions as their beneficial ownership of the outstanding voting securities of the Corporation
immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the sale, lease, exchange, license or other disposition of all or substantially all of the Corporation's
assets to a person other than a person that was an Affiliate of the Corporation at the time of such sale, lease, exchange, license or
other disposition, other than a sale, lease, exchange, license or other disposition to an entity, more than fifty percent (50%) of the
combined voting power of the voting securities of which are beneficially owned by shareholders of the Corporation in substantially the
same proportions as their beneficial ownership of the outstanding voting securities of the Corporation immediately prior to such sale,
lease, exchange, license or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the passing of a resolution by the Board or shareholders of the Corporation to substantially liquidate
the assets of the Corporation or wind up the Corporation's business or significantly rearrange its affairs in one or more transactions
or series of transactions or the commencement of proceedings for such a liquidation, winding-up or re-arrangement (except where such re-arrangement
is part of a bona fide reorganization of the Corporation in circumstances where the business of the Corporation is continued and the shareholdings
remain substantially the same following the re-arrangement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) individuals who, on the effective date, are members of the Board (the "**Incumbent Board** ")
cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election
(or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board
then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board;

(l) "**Corporation**" means Alaska Silver Corp., formerly known as 1246779 B.C. Ltd., a corporation
existing under the *Business Corporations Act* (British Columbia), as amended from time to time;

(m) "**Discounted Market Price**" has the meaning given to such term in TSXV Policy 1.1, as
amended, supplemented or replaced from time to time;

(n) "**Dividend Share Units**" has the meaning ascribed thereto in Section 5.2 hereof;

(o) "**Eligible Participants**" has the meaning ascribed thereto in Section 2.4(a) hereof;

(p) "**Exercise Notice**" means a notice in writing signed by a Participant and stating the
Participant's intention to exercise a particular Award, if applicable;

(q) "**Exercise Price**" has the meaning ascribed thereto in Section 3.3 hereof;

(r) "**Expiry Date**" has the meaning ascribed thereto in Section 3.4 hereof;

(s) "**Insider**" has the meaning attributed thereto in the TSXV Policy 1.1, as amended, supplemented
or replaced from time to time;

(t) "**Investor Relations Activities**" has the meaning given to such term in TSXV Policy 1.1,
as amended, supplemented or replaced from time to time;

(u) "**Market Value**" means at any date when the market value of Shares of the Corporation
is to be determined, the five-day volume weighted average trading price of the Shares on the Trading Day prior to the date of grant on
the principal stock exchange on which the Shares are listed, or if the Shares of the Corporation are not listed on any stock exchange,
the value as is determined solely by the Board, acting reasonably and in good faith;

(v) "**Option**" means an option granted to the Corporation to a Participant entitling such
Participant to acquire a designated number of Shares from treasury at the Exercise Price, but subject to the provisions hereof;

(w) "**Option Agreement**" means a written notice from the Corporation to a Participant evidencing
the grant of Options and the terms and conditions thereof, substantially in the form set out in Appendix "A", or such
other form as the Board may approve from time to time;

(x) "**Participants**" means Eligible Participants that are granted Awards under the Plan;

(y) "**Participant's Account**" means an account maintained to reflect each Participant's
participation in RSUs and/or PSUs under the Plan;

(z) "**Performance Criteria**" means criteria established by the Board which, without limitation,
may include criteria based on the Participant's personal performance and/or the financial performance of the Corporation and/or
of its Affiliates, and that may be used to determine the vesting of the Awards, when applicable;

(aa) "**Performance Period**" means the period determined by the Board pursuant to Section 4.4
hereof;

(bb) "**Person**" means an individual, corporation, company, cooperative, partnership, trust,
unincorporated association, entity with juridical personality or governmental authority or body, and pronouns which refer to a Person
shall have a similarly extended meaning;

(cc) "**Plan**" means this Long-Term Incentive Plan, as amended and restated from time to time;

(dd) "**PSU**" means a right awarded to a Participant to receive a payment in the form of Shares
as provided in Article 4 hereof and subject to the terms and conditions of this Plan;

(ee) "**PSU Agreement**" means a written notice from the Corporation to a Participant evidencing
the grant of PSUs and the terms and conditions thereof, substantially in the form of Appendix "C", or such other form
as the Board may approve from time to time;

(ff) "**Regulation S**" means Regulation S as promulgated by the Securities and Exchange Commission
under the U.S. Securities Act;

(gg) "**Restriction Period**" means the period determined by the Board pursuant to Section 4.3
hereof;

(hh) "**RSU**" means a right awarded to a Participant to receive a payment in the form of Shares
as provided in Article 4 hereof and subject to the terms and conditions of this Plan;

(ii) "**RSU Agreement**" means a written notice from the Corporation to a Participant evidencing
the grant of RSUs and the terms and conditions thereof, substantially in the form of Appendix "B", or such other form as the
Board may approve from time to time;

(jj) **"Rule 144"** means Rule 144 as promulgated under the U.S. Securities Act;

(kk) **"Rule 701"** means Rule 701 as promulgated under the U.S. Securities Act;

(ll) "**Share Compensation Arrangement**" means a stock option, stock option plan, employee
stock purchase plan, long-term incentive plan or any other compensation or incentive mechanism involving the issuance or potential issuance
of Shares to one or more employees, directors, officers or insiders of the Corporation or a Subsidiary;

(mm) "**Shares**" means the subordinate voting shares in the capital of the Corporation;

(nn) "**Share Unit**" means a RSU or PSU, as the context requires;

(oo) "**Share Unit Settlement Date**" has the meaning determined in Section 4.6(a)(i);

(pp) "**Share Unit Settlement Notice**" means a notice by a Participant to the Corporation electing
the desired form of settlement of vested RSUs or PSUs;

(qq) "**Share Unit Vesting Determination Date**" has the meaning described thereto in Section 4.5
hereof;

(rr) "**Stock Exchange**" means the TSXV or the TSX, as applicable from time to time;

(ss) "**Subsidiary**" means a corporation, company, partnership or other body corporate that
is controlled, directly or indirectly, by the Corporation;

(tt) "**Successor Corporation**" has the meaning ascribed thereto in Section 6.1(c) hereof;

(uu) "**Surrender**" has the meaning ascribed thereto in Section 3.6(c);

(vv) "**Surrender Notice**" has the meaning ascribed thereto in Section 3.6(c);

(ww) "**Tax Act**" means the *Income Tax Act* (Canada) and its regulations thereunder,
as amended from time to time;

(xx) "**Termination Date**" means the date on which a Participant ceases to be an Eligible Participant;

(yy) "**Trading Day**" means any day on which the Stock Exchange is opened for trading;

(zz) "**TSX**" means the Toronto Stock Exchange;

(aaa) "**TSXV**" means the TSX Venture Exchange;

(bbb) "**TSXV Market Price**" means the closing price of the Shares on the TSXV on the last Trading
Day preceding the date on which the grant of Options is approved by the Board, or if the Shares of the Corporation are not listed on any
stock exchange, the value as is determined solely by the Board, acting reasonably and in good faith;

(ccc) "**TSXV Policy**" means the TSXV Corporate Finance Policies;

(ddd) **"U.S. Securities Act"** means the United States Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

**Article 2** **- PURPOSE AND ADMINISTRATION OF THE PLAN; GRANTING OF AWARDS**

---

| | |
|:---|:---|
| **Section 2.1** | **Purpose of the Plan.** |

---

The purpose of this Plan is to advance the interests of the Corporation by: (i) providing Eligible Participants with additional incentives; (ii) encouraging stock ownership by such Eligible Participants; (iii) increasing the proprietary interest of Eligible Participants in the success of the Corporation; (iv) promoting growth and profitability of the Corporation; (v) encouraging Eligible Participants to take into account long-term corporate performance; (vi) rewarding Eligible Participants for sustained contributions to the Corporation and/or significant performance achievements of the Corporation; and (vii) enhancing the Corporation's ability to attract, retain and motivate Eligible Participants.

---

| | |
|:---|:---|
| **Section 2.2** | **Implementation and Administration of the Plan.** |

---

(a) Subject to Section 2.3, this Plan will be administered by the Board.

(b) Subject to the terms and conditions set forth in this Plan, the Board is authorized to provide for the
granting, exercise and method of exercise of Awards, all at such times and on such terms (which may vary between Awards granted from time
to time) as it determines. In addition, the Board has the authority to (i) construe and interpret this Plan and all certificates,
agreements or other documents provided or entered into under this Plan; (ii) prescribe, amend and rescind rules and regulations
relating to this Plan; and (iii) make all other determinations necessary or advisable for the administration of this Plan. All determinations
and interpretations made by the Board will be binding on all Participants and on their legal, personal representatives and beneficiaries.

(c) No member of the Board will be liable for any action or determination taken or made in good faith in the
administration, interpretation, construction or application of this Plan, any Award Agreement or other document or any Awards granted
pursuant to this Plan.

(d) The day-to-day administration of the Plan may be delegated to such committee of the Board and/or such
officers and employees of the Corporation as the Board determines from time to time.

(e) Subject to the provisions of this Plan, the Board has the authority to determine the limitations, restrictions
and conditions, if any, applicable to the exercise of an Award.

---

| | |
|:---|:---|
| **Section 2.3** | **Delegation to Committee.** |

---

Despite Section 2.2 or any other provision contained in this Plan, the Board has the right to delegate the administration and operation of this Plan, in whole or in part, to a committee of the Board and/or to any member of the Board. In such circumstances, all references to the Board in this Plan include reference to such committee and/or member of the Board, as applicable.

---

| | |
|:---|:---|
| **Section 2.4** | **Eligible Participants.** |

---

(a) The Persons who shall be eligible to receive Awards ()"**Eligible Participants**") shall
be the bona fide directors, officers, senior executives, consultants, management company employees and other employees of the Corporation
or a Subsidiary, providing ongoing services to the Corporation and its Affiliates; notwithstanding the foregoing, providers of Investor
Relations Activities shall not be included as Eligible Participants entitled to receive Share Units related to RSU Agreements or PSU Agreements.

(b) Participation in the Plan shall be entirely voluntary and any decision not to participate shall not affect
an Eligible Participant's relationship, employment or appointment with the Corporation.

(c) Notwithstanding any express or implied term of this Plan to the contrary, the granting of an Award pursuant
to the Plan shall in no way be construed as a guarantee of employment or appointment by the Corporation.

(d) None of the Awards or Shares issuable under any Award granted to a Participant have been or will be registered
under the U.S. Securities Act or any state securities laws. Unless made pursuant to an effective registration statement under the U.S.
Securities Act, any Awards or Shares issuable under any Award granted to a Participant must be exempt from the registration requirements
of the U.S. Securities Act pursuant to Rule 701 thereunder and applicable state securities laws. Any Award granted pursuant to the
exemption available under Rule 701 shall be subject to the limitations set forth therein.

---

| | |
|:---|:---|
| **Section 2.5** | **Shares Subject to the Plan.** |

---

(a) Subject to adjustment pursuant to provisions of Article 6 hereof, the total number of Shares reserved
and available for grant and issuance pursuant to Awards under the Plan shall not exceed ten percent (10%) of the total issued and outstanding
Shares from time to time or such other number as may be approved by the Stock Exchange and the shareholders of the Corporation from time
to time, provided that at all times when the Corporation is listed on the TSXV, the shareholder approval referred to herein must be obtained
on a "disinterested" basis in compliance with the applicable policies of the TSXV. For the purposes of this Section 2.5(a),
in the event that the Corporation cancels or purchases to cancel any of its issued and outstanding Shares ()"**Cancellation** ")
and as a result of such Cancellation the Corporation exceeds the limit set out in this Section 2.5(a), no approval of the Corporation's
shareholders will be required for the issuance of Shares on the exercise of any Options which were granted prior to such Cancellation.

(b) Shares in respect of which an Award is granted under the Plan, but not exercised prior to the termination
of such Award or not vested or settled prior to the termination of such Award due to the expiration, termination, cancellation or lapse
of such Award, shall be available for Awards to be granted thereafter pursuant to the provisions of the Plan. All Shares issued pursuant
to the exercise or the vesting of the Awards granted under the Plan shall be so issued as fully paid and non-assessable Shares.

---

| | |
|:---|:---|
| **Section 2.6** | **Participation Limits.** |

---

Subject to adjustment pursuant to provisions of Article 6 hereof, the aggregate number of Shares (i) issued to Insiders under the Plan or any other proposed or established Share Compensation Arrangement within any one-year period and (ii) issuable to Insiders at any time under the Plan or any other proposed or established Share Compensation Arrangement, shall in each case not exceed ten percent (10%) of the total issued and outstanding Shares from time to time.

---

| | |
|:---|:---|
| **Section 2.7** | **Additional TSXV Limits.** |

---

(a) In addition to the requirements in Section 2.5 and Section 2.6, subject to Section 4.2(f),
and notwithstanding any other provision of this Plan, at all times when the Corporation is listed on the TSXV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the total number of Shares which may be reserved for issuance to any one Eligible Participant under the
Plan together with all of the Corporation's other previously established or proposed Share Compensation Arrangements shall not exceed
5% of the issued and outstanding Shares on the grant date or within any 12-month period (in each case on a non-diluted basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate number of Awards to any one Eligible Participant that is a consultant of the Corporation
in any 12 month period must not exceed 2% of the issued Shares calculated at the first such grant date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate number of Options to all persons retained to provide Investor Relations Activities must
not exceed 2% of the issued Shares in any 12-month period calculated at the first such grant date (and including any Eligible Participant
that performs Investor Relations Activities and/or whose role or duties primarily consist of Investor Relations Activities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Options granted to any person retained to provide Investor Relations Activities must vest in a period
of not less than 12 months from the date of grant of the Award and with no more the 25% of the Options vesting in any three (3) month
period notwithstanding any other provision of this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate number of Share Units to any one Eligible Participant must not exceed (i) 1% of the
issued Shares at the each such grant date and (ii) 2% of the total issued and outstanding Shares within the last 12-month period
calculated at the each such grant date.

(b) At all times when the Corporation is listed on the TSXV, the Corporation shall seek annual TSXV and shareholder
approval for this rolling Plan in conformity with TSXV Policy 4.4.

**Article 3** **- OPTIONS**

---

| | |
|:---|:---|
| **Section 3.1** | **Nature of Options.** |

---

An Option is an option granted by the Corporation to a Participant entitling such Participant to acquire a designated number of Shares from treasury at the Exercise Price, subject to the provisions hereof.

---

| | |
|:---|:---|
| **Section 3.2** | **Option Awards.** |

---

(a) The Board shall, from time to time, in its sole discretion, (i) designate the Eligible Participants
who may receive Options under the Plan, (ii) determine the number of Options, if any, to be granted to each Eligible Participant
and the date or dates on which such Options shall be granted, (iii) determine the price per Share to be payable upon the exercise
of each such Option (the "**Exercise Price** "), (iv) determine the relevant vesting provisions (including Performance
Criteria, if applicable) and (v) determine the Expiry Date, the whole subject to the terms and conditions prescribed in this Plan,
in any Option Agreement and any applicable rules of the Stock Exchange.

(b) Subject to the terms of any other agreement between the Participant and the Corporation, or the Board
expressly providing to the contrary, and except as otherwise provided in a Option Agreement, each Option shall vest as to 1/3 on the date
of grant, 1/3 on the first anniversary of the date of grant and 1/3 on the second anniversary of the date of grant.

(c) Notwithstanding any other provision of this Plan, at all times when the Corporation is listed on the TSXV,
the Corporation shall maintain timely disclosure and file appropriate documentation in connection with Option grants made under this Plan
in accordance with TSXV Policy 4.4.

---

| | |
|:---|:---|
| **Section 3.3** | **Exercise Price.** |

---

The Exercise Price for Shares that are the subject of any Option shall be fixed by the Board when such Option is granted, but shall not be less than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Market Value of such Shares at the time of the grant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the Shares are listed on the TSXV, the TSXV Market Price,

and in any event shall not be less than the Discounted Market Price. For special rules related to U.S. Participants, see Section 3.7.

---

| | |
|:---|:---|
| **Section 3.4** | **Expiry Date; Blackout Period.** |

---

Subject to Section 6.2, each Option must be exercised no later than ten (10) years after the date the Option is granted or such shorter period as set out in the Participant's Option Agreement, at which time such Option will expire (the "**Expiry Date**"). Notwithstanding any other provision of this Plan, each Option that would expire during or within ten (10) Business Days immediately following a Black-Out Period shall expire on the date that is ten (10) Business Days immediately following the expiration of the Black-Out Period. Where an Option will expire on a date that falls immediately after a Black-Out Period, and for greater certainty, not later than ten (10) Business Days after the Black- Out Period, then the date such Option will expire will be automatically extended by such number of days equal to ten (10) Business Days less the number of Business Days after the Black-Out Period that the Option expires. For special rules related to U.S. Participants, see Section 3.7.

---

| | |
|:---|:---|
| **Section 3.5** | **Exercise of Options.** |

---

(a) Subject to the provisions of this Plan, a Participant shall be entitled to exercise an Option granted
to such Participant, subject to vesting limitations which may be imposed by the Board at the time such Option is granted.

(b) Prior to its expiration or earlier termination in accordance with the Plan, each Option shall be exercisable
as to all or such part or parts of the optioned Shares and at such time or times and/or pursuant to the achievement of such Performance
Criteria and/or other vesting conditions as the Board may determine in its sole discretion.

(c) No fractional Shares will be issued upon the exercise of Options granted under this Plan and, accordingly,
if a Participant would become entitled to a fractional Share upon the exercise of an Option, or from an adjustment pursuant to Section 6.1,
such Participant will only have the right to acquire the next lowest whole number of Shares, and no payment or other adjustment will be
made with respect to the fractional interest so disregarded.

---

| | |
|:---|:---|
| **Section 3.6** | **Method of Exercise and Payment of Purchase Price.** |

---

(a) Subject to the provisions of the Plan and the alternative exercise procedures set out herein, an Option
granted under the Plan may be exercisable (from time to time as provided in Section 3.5 hereof) by the Participant (or by the liquidator,
executor or administrator, as the case may be, of the estate of the Participant) by delivering an Exercise Notice to the Corporation in
the form and manner determined by the Board from time to time, together with cash, a bank draft or certified cheque in an amount equal
to the aggregate Exercise Price of the Shares to be purchased pursuant to the exercise of the Options and any applicable tax withholdings.

(b) Subject to Section 3.6(e), pursuant to the Exercise Notice and subject to the approval of the Board,
a Participant may choose to undertake a "cashless exercise" with the assistance of a broker in order to facilitate the exercise
of such Participant's Options. The "cashless exercise" procedure may include a sale of such number of Shares as is necessary
to raise an amount equal to the aggregate Exercise Price for all Options being exercised by that Participant under an Exercise Notice
and any applicable tax withholdings. Pursuant to the Exercise Notice, the Participant may authorize the broker to sell Shares on the open
market by means of a short sale and forward the proceeds of such short sale to the Corporation to satisfy the Exercise Price and any applicable
tax withholdings, promptly following which the Corporation shall issue the Shares underlying the number of Options as provided for in
the Exercise Notice.

(c) Subject to Section 3.6(e), in addition, in lieu of exercising any vested Option in the manner described
in this Section 3.6(a) or Section 3.6(b), and pursuant to the terms of this Article 3, a Participant may, by surrendering
an Option ()"**Surrender**") with a properly endorsed notice of Surrender to the Corporate Secretary of the Corporation,
substantially in the form of Schedule "B" to the Option Agreement (a "**Surrender Notice** "), elect to
receive that number of Shares calculated using the following formula:

X = (Y \* (A-B)) / A

**Where:**

X = the number of Shares to be issued to the Participant upon exercising such Options; provided that if the foregoing calculation results in a negative number, then no Shares shall be issued

Y = the number of Shares underlying the Options to be Surrendered

A = the Market Value of the Shares as at the date of the Surrender

B = the Exercise Price of such Options

(d) Subject to Section 3.6(e), upon the exercise of an Option pursuant to Section 3.6(a) or
Section 3.6(c), the Corporation shall, as soon as practicable after such exercise but no later than ten (10) Business Days following
such exercise, forthwith cause the transfer agent and registrar of the Shares to deliver to the Participant such number of Shares as the
Participant shall have then paid for and as are specified in such Exercise Notice.

(e) Notwithstanding any other provision of this Plan, the "cashless exercise" provisions contained
in each of Section 3.6(b), Section 3.6(c) and Section 3.6(d) shall not apply at all times when the Corporation
is listed on the TSXV, and such provisions shall be of no force and effect during such period.

---

| | |
|:---|:---|
| **Section 3.7** | **Special Rules for Participants Who Are United States Taxpayers.** |

---

(a) <u>Grants to U.S. Participants</u>. For purposes of this Section 3.7(a), a Participant who is a United
States taxpayer (a "**U.S. Participant**") shall mean an Eligible Participant who is a U.S. citizen or a U.S. resident
for U.S. federal tax purposes, in each case as defined in the U.S. Internal Revenue Code of 1986, as amended (the "**Code** ").
In addition to the other provisions of this Plan (and notwithstanding any other provision of this Plan to the contrary), the following
limitations and requirements will apply to any Option granted to a U.S. Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Option Exercise Price payable per Option Share upon exercise of an Option will not be less than 100%
of the fair market value of the Option Shares as of the date of grant. For purposes of this Section 3.7(a)(i), fair market value
shall be calculated in accordance with applicable regulations under section 409A of the Code, and in the absence of a methodology specified
by the Board, fair market value shall be calculated using the closing price of the shares (on the Stock Exchange, or another stock exchange
where the majority of the trading volume and value of the Shares occurs) on the trading day prior to the grant date. In all events, fair
market value shall be determined without utilizing trailing averages and any discount permitted by the Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to payments made pursuant to Section 3.6(c) of this Plan, the fair market value
of one Share as of a particular date shall be the fair market value, as determined under this Section 3.7 of this Plan, replacing
 "date of grant" with "date of exercise" and shall be calculated without regard to any discount permitted by the
Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Board may use its reasonable efforts to ensure that any adjustment with respect to the Option Exercise
Price for and number of Option Shares subject to an Option (including, but not limited to, the adjustments contemplated under Article 6
of this Plan) granted to a U.S. Participant pursuant to this Plan will be made so as to comply with, and not create any adverse consequences
under, sections 424 and 409A of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Options granted to U.S. Participants that are intended to qualify as "incentive stock options"
within the meaning of section 422 of the Code ("Incentive Stock Options") shall, notwithstanding any other provision of this
Plan to the contrary, be subject to the following limitations and requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The maximum number of Option Shares reserved for issuance in respect of grants of Incentive Stock Options
under this Plan shall not exceed 6,467,002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) An Incentive Stock Option may be granted only to employees (including a director or officer who is also
an employee) of the Corporation (or of any parent or subsidiary of the Corporation). For purposes of this Section 3.7(a), the term
Participant, as applied to a U.S. Participant, shall mean a person who is an employee for purposes of the Code and the terms "parent"
and "subsidiary" shall have the meanings set forth in sections 424(e) and 424(f) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) To the extent that the aggregate fair market value (determined at the time of grant) of the Option Shares
with respect to which Incentive Stock Options are exercisable for the first time by any U.S. Participant during any calendar year (under
all plans of the Corporation and any affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not
comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the
order in which they were granted) or otherwise do not comply with such rules will be treated non-qualified Options, notwithstanding
any contrary provision of the applicable award agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Option Exercise Price payable per Option Share upon exercise of an Incentive Stock Option will not
be less than 100% of the fair market value of an Option Share on the date of grant; provided, however, that, in the case of the grant
of an Incentive Stock Option to a U.S. Participant who, at the time such Incentive Stock Option is granted, is a 10% shareholder, the
Option Exercise Price payable per Option Share upon exercise of such Incentive Stock Option will be not less than 110% of the fair market
value of a Share on the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) An Incentive Stock Option will terminate and no longer be exercisable no later than ten years after the
date of grant; provided, however, that in the case of a grant of an Incentive Stock Option to a U.S. Participant who, at the time such
Incentive Stock Option is granted, is a 10% shareholder, such Incentive Stock Option will terminate and no longer be exercisable no later
than five years after the date of grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) If a U.S. Participant who has been granted Incentive Stock Options ceases to be employed by the Corporation
(or by any parent or subsidiary of the Corporation) for any reason, whether voluntary or involuntary, other than death, permanent disability
or cause, such Incentive Stock Option shall cease to qualify as an Incentive Stock Option as of the earlier of (i) the date that
is three months after the date of cessation of employment or (ii) the expiration of the term of such Incentive Stock Option. If a
U.S. Participant who has been granted Incentive Stock Options ceases to be employed by the Corporation (or by any parent or subsidiary
of the Corporation) because of the death or permanent disability of such U.S. Participant, such U.S. Participant, then such Incentive
Stock Option shall cease to qualify as an Incentive Stock Option as of the earlier of (i) the date that is one year after the date
of death or permanent disability, as the case may be, or (ii) the expiration of the term of such Incentive Stock Option. Nothing
herein is intended to require the Option to remain outstanding any longer than as required under Section 3.4, Section 5.3, and
Section 6.3 of this Plan. For purposes of this Section 3.7(a), the term "permanent disability" has the meaning assigned
to that term in section 422(e)(3) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) An Incentive Stock Option granted to a U.S. Participant may be exercised during such U.S. Participant's
lifetime only by such U.S. Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) An Incentive Stock Option granted to a U.S. Participant may not be transferred, assigned or pledged by
such U.S. Participant, except by will or by the laws of descent and distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) No Incentive Stock Option will be granted more than ten years after the earlier of the date this Plan
is adopted by the Board or the date this Plan is approved by the shareholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding Section 3.4 of this Plan pertaining to Blackout Periods, no Option granted to a U.S.
Participant may be extended beyond its Option Expiry Date.

**Article 4** **- SHARE UNITS**

---

| | |
|:---|:---|
| **Section 4.1** | **Nature of Share Units.** |

---

A Share Unit is an Award entitling the recipient to acquire Shares, at such purchase price (which may be zero) as determined by the Board, subject to such restrictions and conditions as the Board may determine at the time of grant. Conditions may be based on continuing employment (or other service relationship) and/or achievement of pre-established performance goals and objectives.

---

| | |
|:---|:---|
| **Section 4.2** | **Share Unit Awards.** |

---

(a) Subject to the provisions herein set forth and any shareholder or regulatory approval which may be required,
the Board shall, from time to time, in its sole discretion, (i) designate the Eligible Participants who may receive RSUs and/or PSUs
under the Plan, (ii) fix the number of RSUs and/or PSUs, if any, to be granted to each Eligible Participant and the date or dates
on which such RSUs and/or PSUs shall be granted, and (iii) determine the relevant conditions and vesting provisions (including, in
the case of PSUs, the applicable Performance Period and Performance Criteria, if any) and Restriction Period of such RSUs and/or PSUs,
the whole subject to the terms and conditions prescribed in this Plan and in any RSU Agreement.

(b) The RSUs and PSUs are structured so as to be considered to be a plan described in Section 7 of the
Tax Act or any successor to such provision.

(c) Subject to the vesting and other conditions and provisions set forth herein and in the RSU Agreement and/or
PSU Agreement, the Board shall determine whether each RSU and/or PSU awarded to a Participant shall entitle the Participant: (i) to
receive one Share issued from treasury; (ii) to receive the Cash Equivalent of one Share; or (iii) to elect to receive either
one Share from treasury, the Cash Equivalent of one Share or a combination of cash and Shares.

(d) Share Units shall be settled by the Participant at any time beginning on the first Business Day following
their Share Unit Vesting Determination Date but no later than the Share Unit Settlement Date. With respect to U.S. Participants, Share
Units shall be settled as provided in Section 5.3(a)(v) (or in the event of any deferred settlement, in accordance with Section 7.5).

(e) Unless otherwise specified in the RSU Agreements, one-third of RSUs awarded pursuant to a RSU Agreement
shall vest on each of the first three anniversaries of the date of grant. None of the RSUs may vest earlier than the first anniversary
of the date of grant.

(f) Notwithstanding any other provision of this Plan, at all times when the Corporation is listed on the TSXV,
no person retained to provide Investor Relations Activities shall receive any grant of Share Units in compliance with TSXV Policy 3.4.

---

| | |
|:---|:---|
| **Section 4.3** | **Restriction Period Applicable to Share Units.** |

---

The applicable restriction period in respect of a particular Share Unit shall be determined by the Board but in all cases shall end no later than December 31 of the calendar year which is three (3) years after the calendar year in which the Award is granted ("**Restriction Period**"). For example, the Restriction Period for a grant made in June 2019 shall end no later than December 31, 2022. Subject to the Board's determination, any vested Share Units with respect to a Restriction Period will be paid to Participants in accordance with Article 4, no later than the end of the Restriction Period. Unless otherwise determined by the Board, all unvested Share Units shall be cancelled on the Share Unit Vesting Determination Date (as such term is defined in Section 4.5) and, in any event, no later than the last day of the Restriction Period.

---

| | |
|:---|:---|
| **Section 4.4** | **Performance Criteria and Performance Period Applicable to PSU Awards.** |

---

(a) For each award of PSUs, the Board shall establish the period in which any Performance Criteria and other
vesting conditions must be met in order for a Participant to be entitled to receive Shares in exchange for all or a portion of the PSUs
held by such Participant (the "**Performance Period** "), provided that such Performance Period may not expire after the
end of the Restriction Period, being no longer than three (3) years after the calendar year in which the Award was granted. For example,
a Performance Period determined by the Board to be for a period of three (3) financial years will start on the first day of the financial
year in which the award is granted and will end on the last day of the second financial year after the year in which the grant was made.
In such a case, for a grant made on January 4, 2019, the Performance Period will start on January 1, 2019 and will end on December 31,
2021. (b) For each award of PSUs, the Board shall establish any Performance Criteria and other vesting conditions
in order for a Participant to be entitled to receive Shares in exchange for his or her PSUs.

---

| | |
|:---|:---|
| **Section 4.5** | **Share Unit Vesting Determination Date.** |

---

The vesting determination date means the date on which the Board determines if the Performance Criteria and/or other vesting conditions with respect to a RSU and/or PSU have been met (the "**Share Unit Vesting Determination Date**"), and as a result, establishes the number of RSUs and/or PSUs that become vested, if any. For greater certainty, the Share Unit Vesting Determination Date in respect of Share Units must fall after the end of the Performance Period, if applicable, but no later than the last day of the Restriction Period.

---

| | |
|:---|:---|
| **Section 4.6** | **Settlement of Share Unit Awards.** |

---

(a) Subject to the terms of any other agreement between the Participant and the Corporation, or the Board
expressly providing to the contrary, and except as otherwise provided in a RSU Agreement and/or PSU Agreement, in the event that the vesting
conditions, the Performance Criteria and Performance Period, if applicable, of a Share Unit are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all of the vested Share Units covered by a particular grant may, subject to Section 4.6(d), be settled
at any time beginning on the first Business Day following their Share Unit Vesting Determination Date but no later than the date that
is five (5) years from their Share Unit Vesting Determination Date (the "**Share Unit Settlement Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Participant is entitled to deliver to the Corporation, on or before the Share Unit Settlement Date,
a Share Unit Settlement Notice in respect of any or all vested Share Units held by such Participant.

(b) Subject to Section 4.6(d), settlement of Share Units shall take place promptly following the Share
Unit Settlement Date and take the form set out in the Share Unit Settlement Notice through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of settlement of Share Units for their Cash Equivalent, delivery of a bank draft, certified
cheque or other acceptable form of payment to the Participant representing the Cash Equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of settlement of Share Units for Shares, delivery of Shares to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of settlement of the Share Units for a combination of Shares and the Cash Equivalent, a combination
of (i) and (ii) above.

(c) If a Share Unit Settlement Notice is not received by the Corporation on or before the Share Unit Settlement
Date, settlement shall take the form of Shares issued from treasury as set out in Section 4.7(b).

(d) Notwithstanding any other provision of this Plan, in the event that a Share Unit Settlement Date falls
during a Black-Out Period and the Participant has not delivered a Share Unit Settlement Notice, then such Share Unit Settlement Date shall
be automatically extended to the tenth (10th) Business Day following the date that such Black-Out Period is terminated. Where a Share
Unit Settlement Date falls immediately after a Black-Out Period, and for greater certainty, not later than ten (10) Business Days
after the Black-Out Period, then the Share Unit Settlement Date will be automatically extended by such number of days equal to ten (10) Business
Days less the number of Business Days that a Share Unit Settlement Date is after the Black-Out Period.

---

| | |
|:---|:---|
| **Section 4.7** | **Determination of Amounts.** |

---

(a) For purposes of determining the Cash Equivalent of Share Units to be made pursuant to Section 4.6,
such calculation will be made on the Share Unit Settlement Date and shall equal the Market Value on the Share Unit Settlement Date multiplied
by the number of vested Share Units in the Participant's Account which the Participant desires to settle in cash pursuant to the
Share Unit Settlement Notice.

(b) For the purposes of determining the number of Shares from treasury to be issued and delivered to a Participant
upon settlement of Share Units pursuant to Section 4.6, such calculation will be made on the Share Unit Settlement Date and be the
whole number of Shares equal to the whole number of vested Share Units then recorded in the Participant's Account which the Participant
desires to settle pursuant to the Share Unit Settlement Notice. Shares issued from treasury will be issued in consideration for the past
services of the Participant to the Corporation and the entitlement of the Participant under this Plan in respect of such Share Units settled
for Shares shall be satisfied in full by such issuance of Shares.

**Article 5** **- GENERAL CONDITIONS**

---

| | |
|:---|:---|
| **Section 5.1** | **General Conditions applicable to Awards.** |

---

Each Award, as applicable, shall be subject to the following conditions:

(a) **Employment** - The granting of an Award to a Participant shall not impose upon the Corporation or
a Subsidiary any obligation to retain the Participant in its employ in any capacity. For greater certainty, the granting of Awards to
a Participant shall not impose any obligation on the Corporation to grant any awards in the future nor shall it entitle the Participant
to receive future grants.

(b) **Rights as a Shareholder** - Neither the Participant nor such Participant's personal representatives
or legatees shall have any rights whatsoever as shareholder in respect of any Shares covered by such Participant's Awards until
the date of issuance of a share certificate to such Participant (or to the liquidator, executor or administrator, as the case may be,
of the estate of the Participant) or the entry of such person's name on the share register for the Shares. Without in any way limiting
the generality of the foregoing, no adjustment shall be made for dividends or other rights for which the record date is prior to the date
such share certificate is issued or entry of such person's name on the share register for the Shares.

(c) **Conformity to Plan** – In the event that an Award is granted or an Award Agreement is executed
which does not conform in all particulars with the provisions of the Plan, or purports to grant Awards on terms different from those set
out in the Plan, the Award or the grant of such Award shall not be in any way void or invalidated, but the Award so granted will be adjusted
to become, in all respects, in conformity with the Plan.

(d) **Non-Transferability** – Except as set forth herein, Awards are not transferable. Awards may
be exercised only upon the Participant's death, by the legal representative of the Participant's estate, provided that any
such legal representative shall first deliver evidence satisfactory to the Corporation of entitlement to exercise any Award. A person
exercising an Award may subscribe for Shares only in the person's own name or in the person's capacity as a legal representative.

(e) **Hold Period** – In the event that the Shares are listed on the TSXV, the granting of an Award
(i) to Insiders, or (ii) where the exercise price is at a discount to the TSXV Market Price shall be subject to a four-month
hold period in compliance with the applicable policies of the TSXV. In addition, any Shares issued are deemed to be "*restricted securities*" as defined in Rule 144 and are subject to the restrictions set forth in Section 7.6, below.

---

| | |
|:---|:---|
| **Section 5.2** | **Dividend Share Units.** |

---

When dividends (other than stock dividends) are paid on Shares, Participants shall receive additional RSUs and/or PSUs, as applicable ("**Dividend Share Units**") as of the dividend payment date. The number of Dividend Share Units to be granted to the Participant shall be determined by multiplying the aggregate number of RSUs and/or PSUs, as applicable, held by the Participant on the relevant record date by the amount of the dividend paid by the Corporation on each Share, and dividing the result by the Market Value on the dividend payment date, which Dividend Share Units shall be in the form of RSUs and/or PSUs, as applicable. Dividend Share Units granted to a Participant in accordance with this Section 5.2 shall be subject to the same vesting conditions applicable to the related RSUs and/or PSUs.

---

| | |
|:---|:---|
| **Section 5.3** | **Termination of Employment.** |

---

(a) Unless otherwise determined by the Board, each Share Unit and Option shall be subject to the following
conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Termination for Cause.** Upon a Participant ceasing to be an Eligible Participant for "cause",
all unexercised vested or unvested Share Units and Options granted to such Participant shall terminate on the effective date of the termination
as specified in the notice of termination. For the purposes of the Plan, the determination by the Corporation that the Participant was
discharged for cause shall be binding on the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Termination or Cessation.** In the case of a Participant ceasing to be an Eligible Participant for
any reason (other than for "cause" or death), subject to any later expiration dates determined by the Board, all Share Units
and Options shall expire on the earlier of one hundred and twenty (120) days after the effective date of such termination or cessation,
or the expiry date of such Share Unit or Option, to the extent such Share Unit or Option was vested and exercisable by the Participant
on the effective date of such termination or cessation and all unexercised unvested Share Units and/or Options granted to such Participant
shall terminate on the effective date of such termination or cessation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Death.** If a Participant dies while in his or her capacity as an Eligible Participant, all unvested
Share Units and Options will immediately vest and all Share Units and Options will expire one (1) year after the death of such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Change of Control.** Subject to any written employment or contracting agreement between the Corporation
and a Participant, if a participant is terminated without "cause" or resigns for good reason during the 12 month period following
a Change of Control, or after the Corporation has signed a written agreement to effect a change of control but before the change of control
is completed, then any unvested Share Units and/or Options will immediately vest and may be exercised prior to the earlier of thirty (30) days
of such date or the expiry date of such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **U.S. Participants.** Notwithstanding anything to the contrary in this Plan, with respect to U.S.
Participants, Share Units shall not be exercisable at the Participant's discretion. Rather, Share Units shall be settled and paid
out by the Corporation as soon as administratively practicable after the Share Units vest and are no longer to a substantial risk of forfeiture
within the meaning of section 409A of the Code ("Vesting"), but in all events no later than March 15 following the calendar
year in which Vesting occurs (and such U.S. Participant shall not have the ability to choose the taxable year of payment). For added clarity,
if Share Units vest on February 1, 2021, the Share Units shall be settled and paid out as soon as administratively practicable but
no later than March 15, 2022. The Board may award Share Units with delayed settlement terms, but in all events such Share Units must
comply with the requirements of section 409A of the Code, including the provisions described in Section 7.5.

(b) For the purposes of this Plan, a Participant's employment with the Corporation or an Affiliate is
considered to have terminated effective on the last day of the Participant's actual and active employment with the Corporation or
Affiliate, whether such day is selected by agreement with the individual, unilaterally by the Corporation or Affiliate and whether with
or without advance notice to the Participant. For the avoidance of doubt, no period of notice, if any, or payment instead of notice that
is given or that ought to have been given under applicable law, whether by statute, imposed by a court or otherwise, in respect of such
termination of employment that follows or is in respect of a period after the Participant's last day of actual and active employment
will be considered as extending the Participant's period of employment for the purposes of determining his entitlement under this
Plan.

(c) The Participant shall have no entitlement to damages or other compensation arising from or related to
not receiving any awards which would have settled or vested or accrued to the Participant after the date of cessation of employment or
if working notice of termination had been given.

---

| | |
|:---|:---|
| **Section 5.4** | **Unfunded Plan.** |

---

Unless otherwise determined by the Board, this Plan shall be unfunded. To the extent any Participant or his or her estate holds any rights by virtue of a grant of Awards under this Plan, such rights (unless otherwise determined by the Board) shall be no greater than the rights of an unsecured creditor of the Corporation. Notwithstanding the foregoing, any determinations made shall be such that the Plan continuously meets the requirements of paragraph 6801(d) of the Income Tax Regulations, adopted under the Tax Act or any successor provision thereto.

**Article 6** **- ADJUSTMENTS AND AMENDMENTS**

---

| | |
|:---|:---|
| **Section 6.1** | **Adjustment to Shares Subject to Outstanding Awards.** |

---

(a) In the event of any subdivision of the Shares into a greater number of Shares at any time after the grant
of an Award to a Participant and prior to the expiration of the term of such Award, the Corporation shall deliver to such Participant,
at the time of any subsequent exercise or vesting of such Award in accordance with the terms hereof, in lieu of the number of Shares to
which such Participant was theretofore entitled upon such exercise or vesting of such Award, but for the same aggregate consideration
payable therefor, such number of Shares as such Participant would have held as a result of such subdivision if on the record date thereof
the Participant had been the registered holder of the number of Shares to which such Participant was theretofore entitled upon such exercise
or vesting of such Award.

(b) In the event of any consolidation of Shares into a lesser number of Shares at any time after the grant
of an Award to any Participant and prior to the expiration of the term of such Award, the Corporation shall deliver to such Participant
at the time of any subsequent exercise or vesting of such Award in accordance with the terms hereof in lieu of the number of Shares to
which such Participant was theretofore entitled upon such exercise or vesting of such Award, but for the same aggregate consideration
payable therefor, such number of Shares as such Participant would have held as a result of such consideration if on the record date thereof
the Participant had been the registered holder of the number of Shares to which such Participant was theretofore entitled upon such exercise
or vesting of such Award.

(c) If at any time after the grant of an Award to any Participant and prior to the expiration of the term
of such Award, the Shares shall be reclassified, reorganized or otherwise changed, otherwise than as specified in Section 6.1(a) or
Section 6.1(b) hereof or, subject to the provisions of Section 6.2(c) hereof, the Corporation shall consolidate, merge
or amalgamate with or into another corporation (the corporation resulting or continuing from such consolidation, merger or amalgamation
being herein called the "Successor Corporation"), the Participant shall be entitled to receive upon the subsequent exercise
or vesting of Award, in accordance with the terms hereof and shall accept in lieu of the number of Shares then subscribed for but for
the same aggregate consideration payable therefor, the aggregate number of shares of the appropriate class or other securities of the
Corporation or the Successor Corporation (as the case may be) or other consideration from the Corporation or the Successor Corporation
(as the case may be) that such Participant would have been entitled to receive as a result of such reclassification, reorganization or
other change of shares or, subject to the provisions of Section 6.2(c) hereof, as a result of such consolidation, merger or
amalgamation, if on the record date of such reclassification, reorganization or other change of shares or the effective date of such consolidation,
merger or amalgamation, as the case may be, such Participant had been the registered holder of the number of Shares to which such Participant
was immediately theretofore entitled upon such exercise or vesting of such Award.

(d) If, at any time after the grant of an Award to any Participant and prior to the expiration of the term
of such Award, the Corporation shall make a distribution to all holders of Shares or other securities in the capital of the Corporation,
or cash, evidences of indebtedness or other assets of the Corporation (excluding an ordinary course dividend in cash or shares, but including
for greater certainty shares or equity interests in a subsidiary or business unit of the Corporation or one of its subsidiaries or cash
proceeds of the disposition of such a subsidiary or business unit), or should the Corporation effect any transaction or change having
a similar effect, then the price or the number of Shares to which the Participant is entitled upon exercise or vesting of Award shall
be adjusted to take into account such distribution, transaction or change. The Board shall determine the appropriate adjustments to be
made in such circumstances in order to maintain the Participants' economic rights in respect of their Awards in connection with
such distribution, transaction or change. If any adjustment required by this section shall result in any limits set forth in this Plan
or as set out in TSXV Policy being exceeded then the Corporation may settle any outstanding amount in cash.

---

| | |
|:---|:---|
| **Section 6.2** | **Amendment or Discontinuance of the Plan.** |

---

(a) The Board may amend the Plan or any Award at any time without the consent of the Participants provided
that such amendment shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not adversely alter or impair any Award previously granted except as permitted by the provisions of Article 6
hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be in compliance with applicable law and subject to any regulatory approvals including, where required,
the approval of the Stock Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be subject to shareholder approval, where required by law, the requirements of the Stock Exchange or the
provisions of the Plan, provided that shareholder approval shall not be required for the following amendments and the Board may make any
such amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) amendments of a general "housekeeping" or clerical nature that, among others, clarify, correct
or rectify any ambiguity, defective provision, error or omission in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) changes that alter, extend or accelerate the terms of vesting or settlement applicable to any Award (other
than in respect of any Options held by persons retained to provide Investor Relations Activities for which prior approval of the TSXV
shall be required at all times when the Corporation is listed on the TSXV);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a change to the assignability provisions under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any amendment regarding the effect of termination of a Participant's employment or engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any amendment to add or amend provisions relating to the granting of cash- settled awards, provision of
financial assistance or clawbacks and any amendment to a cash-settled award, financial assistance or clawbacks provisions which are adopted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any amendment regarding the administration of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) any amendment necessary to comply with applicable law or the requirements of the Stock Exchange or any
other regulatory body having authority over the Corporation, this Plan or the shareholders of the Corporation (provided, however, that
any Stock Exchange shall have the overriding right in such circumstances to require shareholder of any such amendments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any other amendment that does not require the shareholder approval under Section 6.2(b).

(b) Notwithstanding Section 6.2(a)(iii), the Board shall be required to obtain shareholder approval to
make the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any change to the maximum number of Shares issuable from treasury under the Plan, except such increase
by operation of Section 2.5 and in the event of an adjustment pursuant to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any amendment which reduces the exercise price of any Award, except in the case of an adjustment pursuant
to Article 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any amendment which extends the term of any Award held by an Insider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any amendment to remove or to exceed the insider participation limit set out in Section 2.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any amendment to the amendment provisions of the Plan.

At all times when the Corporation is listed on the TSXV, the shareholder approval referred to in Section 6.2(b)(ii) (if any such Award is held by an Insider), Section 6.2(b)(iii) and Section 6.2(b)(iv) above must be obtained on a "disinterested" basis in compliance with the applicable policies of the TSXV.

(c) The Board may, subject to applicable regulatory approvals, decide that any of the provisions hereof concerning
the effect of termination of the Participant's employment shall not apply for any reason acceptable to the Board.

(d) Notwithstanding any other provision of this Plan, at all times when the Corporation is listed on the TSXV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation shall be required to obtain prior TSXV acceptance of any amendment to this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation shall be required to obtain disinterested shareholder approval in compliance with the
applicable policies of the TSXV for this Plan if, together with all of the Corporation's previously established and outstanding
equity compensation plans or grants, could permit at any time: (1) the aggregate number of Shares reserved for issuance under Awards
granted to Insiders (as a group) at any point in time exceeding 10% of the issued Shares; and (2) the grant to Insiders (as a group),
within a 12 month period, of an aggregate number of Awards exceeding 10% of the issued Shares, calculated at the date an Award is granted
to any Insider.

---

| | |
|:---|:---|
| **Section 6.3** | **Change of Control.** |

---

(a) Notwithstanding any other provision of this Plan, in the event of a Change of Control, the surviving,
successor or acquiring entity shall assume any Awards or shall substitute similar options or share units for the outstanding Awards, as
applicable. If the surviving, successor or acquiring entity does not assume the outstanding Awards or substitute similar options or share
units for the outstanding Awards, as applicable, or if the Board otherwise determines in its discretion, the Corporation shall give written
notice to all Participants advising that the Plan shall be terminated effective immediately prior to the Change of Control and all Options,
RSUs (and related Dividend Share Units) and a specified number of PSUs (and related Dividend Share Units) shall be deemed to be vested
and, unless otherwise exercised, settled, forfeited or cancelled prior to the termination of the Plan, shall expire or, with respect to
RSUs and PSUs be settled, immediately prior to the termination of the Plan. The number of PSUs which are deemed to be vested shall be
determined by the Board, in its sole discretion, having regard to the level of achievement of the Performance Criteria prior to the Change
of Control.

(b) In the event of a Change of Control, the Board has the power to: (i) make such other changes to the
terms of the Awards as it considers fair and appropriate in the circumstances, provided such changes are not adverse to the Participants;
(ii) otherwise modify the terms of the Awards to assist the Participants to tender into a takeover bid or other arrangement leading
to a Change of Control, and thereafter; and (iii) terminate, conditionally or otherwise, the Awards not exercised or settled, as
applicable, following successful completion of such Change of Control. If the Change of Control is not completed within the time specified
therein (as the same may be extended), the Awards which vest pursuant to this Section 6.3 shall be returned by the Corporation to
the Participant and, if exercised or settled, as applicable, the Shares issued on such exercise or settlement shall be reinstated as authorized
but unissued Shares and the original terms applicable to such Awards shall be reinstated.

**Article 7** **- MISCELLANEOUS**

---

| | |
|:---|:---|
| **Section 7.1** | **Currency.** |

---

Unless otherwise specifically provided, all references to dollars in this Plan are references to Canadian dollars.

---

| | |
|:---|:---|
| **Section 7.2** | **Compliance and Award Restrictions.** |

---

(a) The Corporation's obligation to issue and deliver Shares under any Award is subject to: (i) the
completion of such registration or other qualification of such Shares or obtaining approval of such regulatory authority as the Corporation
shall determine to be necessary or advisable in connection with the authorization, issuance or sale thereof; (ii) the admission of
such Shares to listing on any stock exchange on which such Shares may then be listed; and (iii) the receipt from the Participant
of such representations, agreements and undertakings as to future dealings in such Shares as the Corporation determines to be necessary
or advisable in order to safeguard against the violation of the securities laws of any jurisdiction. The Corporation shall take all reasonable
steps to obtain such approvals, registrations and qualifications as may be necessary for the issuance of such Shares in compliance with
applicable securities laws and for the listing of such Shares on any stock exchange on which such Shares are then listed.

(b) The Participant agrees to fully cooperate with the Corporation in doing all such things, including executing
and delivering all such agreements, undertakings or other documents or furnishing all such information as is reasonably necessary to facilitate
compliance by the Corporation with such laws, rule and requirements, including all tax withholding and remittance obligations.

(c) No Awards will be granted where such grant is restricted pursuant to the terms of any trading policies
or other restrictions imposed by the Corporation.

(d) The Corporation is not obliged by any provision of this Plan or the grant of any Award under this Plan
to issue or sell Shares if, in the opinion of the Board, such action would constitute a violation by the Corporation or a Participant
of any laws, rules and regulations or any condition of such approvals.

(e) If Shares cannot be issued to a Participant upon the exercise or settlement of an Award due to legal or
regulatory restrictions, the obligation of the Corporation to issue such Shares will terminate and, if applicable, any funds paid to the
Corporation in connection with the exercise of any Options will be returned to the applicable Participant as soon as practicable.

---

| | |
|:---|:---|
| **Section 7.3** | **Use of an Administrative Agent and Trustee.** |

---

The Board may in its sole discretion appoint from time to time one or more entities to act as administrative agent to administer the Awards granted under the Plan and to act as trustee to hold and administer the assets that may be held in respect of Awards granted under the Plan, the whole in accordance with the terms and conditions determined by the Board in its sole discretion. The Corporation and the administrative agent will maintain records showing the number of Awards granted to each Participant under the Plan.

---

| | |
|:---|:---|
| **Section 7.4** | **Tax Withholding.** |

---

(a) Notwithstanding any other provision of this Plan, all distributions, delivery of Shares or payments to
a Participant (or to the liquidator, executor or administrator, as the case may be, of the estate of the Participant) under the Plan shall
be made net of applicable source deductions. If the event giving rise to the withholding obligation involves an issuance or delivery of
Shares, then, the withholding obligation may be satisfied by (a) having the Participant elect to have the appropriate number of such
Shares sold by the Corporation, the Corporation's transfer agent and registrar or any trustee appointed by the Corporation pursuant
to Section 7.1 hereof, on behalf of and as agent for the Participant as soon as permissible and practicable, with the proceeds of
such sale being delivered to the Corporation, which will in turn remit such amounts to the appropriate governmental authorities, or (b) any
other mechanism as may be required or appropriate to conform with local tax and other rules.

(b) The sale of Shares by the Corporation, or by a broker engaged by the Corporation (the "**Broker** "),
under Section 7.4(a) or under any other provision of the Plan will be made on the Stock Exchange. The Participant consents to
such sale and grants to the Corporation an irrevocable power of attorney to effect the sale of such Shares on his behalf and acknowledges
and agrees that (i) the number of Shares sold will be, at a minimum, sufficient to fund the withholding obligations net of all selling
costs, which costs are the responsibility of the Participant and which the Participant hereby authorizes to be deducted from the proceeds
of such sale; (ii) in effecting the sale of any such Shares, the Corporation or the Broker will exercise its sole judgment as to
the timing and the manner of sale and will not be obligated to seek or obtain a minimum price; and (iii) neither the Corporation
nor the Broker will be liable for any loss arising out of such sale of the Shares including any loss relating to the pricing, manner or
timing of the sales or any delay in transferring any Shares to a Participant or otherwise.

(c) The Participant further acknowledges that the sale price of the Shares will fluctuate with the market
price of the Shares and no assurance can be given that any particular price will be received upon any sale.

(d) Notwithstanding the first paragraph of this Section 7.4, the applicable tax withholdings may be waived
where the Participant directs in writing that a payment be made directly to the Participant's registered retirement savings plan
in circumstances to which regulation 100(3) of the regulations of the Tax Act apply.

---

| | |
|:---|:---|
| **Section 7.5** | **Code Section 409A.** |

---

(a) It is intended that awards issued to U.S. Participants be exempt from or in compliance with the terms
and conditions of Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively, "**Code Section 409A** "), to the extent applicable, and all provisions of this Plan shall be construed in a manner consistent with
the requirements for avoiding taxes or penalties under Section 409A. Notwithstanding the foregoing, in no event shall the Corporation
or any Affiliate have any liability to any U.S. Participant for taxes, penalties, or interest that may be due as a result of the application
of Code Section 409A to any Share Unit Award granted hereunder.

(b) If under this Plan, an amount is to be paid in two or more installments, for purposes of Code Section 409A,
each installment shall be treated as a separate payment.

(c) With regard to any payment that is considered "non-qualified deferred compensation" under
Code Section 409A, termination of employment for a U.S. Participant shall not be deemed to have occurred for purposes of any provision
of this Plan providing for the payment of amounts or benefits to a U.S. Participant on account of a termination of employment unless such
termination is also a "**separation from service**" within the meaning of Code Section 409A and, for purposes of any
such provision of this Plan, references to a "**termination**," "**termination of employment**" or like
terms shall mean "**separation from service**."

(d) Notwithstanding any other provision of the Plan to the contrary, if a U.S. Participant and deemed to be
a "**specified employee**" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any
payment that is considered "**non-qualified deferred compensation**" under Code Section 409A payable on account of
a "**separation from service**," such payment shall be made on the date which is the earlier of (i) the expiration
of the six month period measured from the date of such "**separation from service**" of the U.S. Participant, and (ii) the
date of the U.S. Participant's death and (iii) the U.S. Participant's Share Unit Vesting Determination Date (the "**Delay Period**") to the extent required under Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant
to this Section 7.4(d)(d) shall be paid to the U.S. Participant in a lump sum.

(e) With regard to any payment that is considered "non-qualified deferred compensation" under
Code Section 409A, a Change of Control payment event, as used in Section 6.3 of this Plan, shall not be deemed to have occurred
unless such Change of Control would constitute a "**change in control event**" within the meaning of Code Section 409A.

---

| | |
|:---|:---|
| **Section 7.6** | **U.S. Securities Act Compliance.** |

---

This Plan is subject to the requirements of the U.S. Securities Act and applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Awards nor any Shares issuable under any Award have been or are expected to be registered
under the U.S. Securities Act or any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless made pursuant to an effective registration statement under the U.S. Securities Act, any Awards
or Shares issuable under any Award granted to a Participant must be exempt from the registration requirements of the U.S. Securities Act
pursuant to Rule 701 thereunder and applicable state securities laws. Any Award granted pursuant to the exemption available under
Rule 701 shall be subject to the limitations set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Award and/or any Shares issuable under the Award have been registered under the U.S. Securities
Act, any Awards or Shares issuable under any Award will be deemed "*restricted securities*" as defined in Rule 144
and will bear a U.S. restricted legend in substantially the form as follows:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii) 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (E) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(i) OR (D) ABOVE, A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

*provided that,* if any of the Shares are being sold in accordance with Rule 904 of Regulation S, and such securities were acquired when the Corporation qualified as a "foreign issuer" (as defined in Rule 902(e) of Regulation S), the legend may be removed by (i) providing to the Corporation's registrar and transfer agent a declaration in the form as the Corporation may prescribe from time to time, and (ii) if required by the Corporation's registrar and transfer agent an opinion of counsel, of recognized standing in form and substance reasonably satisfactory to the Corporation, or other evidence reasonably satisfactory to the Corporation, that the proposed transfer may be effected without registration under the U.S. Securities Act; and *provided, further, that,* if any such securities are being sold under Rule 144 under the U.S. Securities Act, if available, the legend may be removed by delivering to the Corporation and the Corporation's registrar and transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation, that the legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

---

| | |
|:---|:---|
| **Section 7.7** | **Reorganization of the Corporation.** |

---

The existence of any Awards shall not affect in any way the right or power of the Corporation or its shareholders to make or authorize any adjustment, recapitalization, reorganization or other change in the Corporation's capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Corporation or to create or issue any bonds, debentures, shares or other securities of the Corporation or the rights and conditions attaching thereto or to affect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar nature or otherwise.

---

| | |
|:---|:---|
| **Section 7.8** | **Governing Laws.** |

---

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

---

| | |
|:---|:---|
| **Section 7.9** | **Severability.** |

---

The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision and any invalid or unenforceable provision shall be severed from the Plan.

---

| | |
|:---|:---|
| **Section 7.10** | **Effective Date of the Plan.** |

---

The Plan was approved by the Board and shall take effect as of November 5, 2021 and was amended by the Board on May 27, 2022 and May 20, 2025.

The Plan was most recently approved by the shareholders on June 28, 2024.

**<u>APPENDIX "A"</u>**

**FORM OF OPTION AGREEMENT**

**Alaska Silver Corp.**

**OPTION AGREEMENT**

This Stock Option Agreement (the "**Option Agreement**") is granted by Alaska Silver Corp. (the "**Corporation**"), in favour of the optionee named below (the "**Optionee**") pursuant to and on the terms and subject to the conditions of the Corporation's Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this Option Agreement shall have the meanings set forth in the Plan.

The terms of the option (the "**Option**"), in addition to those terms set forth in the Plan, are as follows:

1.  **<u>Optionee</u>** . The Optionee is [ · ] and the address of the Optionee is currently [ · ].

2.  **<u>Number of Shares</u>** . The Optionee may purchase up to [ · ] Shares of the Corporation (the
 "**Option Shares**") pursuant to this Option, as and to the extent that the Option vests and becomes exercisable as set
forth in Section 6 of this Option Agreement.

3.  **<u>Exercise Price</u>** . The exercise price is Cdn $[ · ] per Option Share (the "**Exercise Price** ").

4.  **<u>Date Option Granted</u>** . The Option was granted on [ · ].

5.  **<u>Expiry Date</u>** . The Option terminates on [ · ]. (the "**Expiry Date** ").

6.  **<u>Vesting</u>** . The Option to purchase Option Shares shall vest and become exercisable as follows:

[·]

7.  **<u>Exercise of Options</u>** . In order to exercise the Option, the Optionee shall notify the Corporation
in the form annexed hereto as Schedule "A", whereupon the Corporation shall use reasonable efforts to cause the Optionee
to receive a certificate representing the relevant number of fully paid and non-assessable Shares in the Corporation.

8.  **<u>Transfer of Option</u>** . The Option is not-transferable or assignable except in accordance with
the Plan.

9.  **<u>Grants to U.S. Participants</u>** . Type of Option: _____ ISO _____ NSO (check one). If designated
as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an Incentive Stock Option as defined in Section 422
of the U.S. Internal Revenue Code (the "Code"). Nevertheless, to the extent that it exceeds the $100,000 rule of Section 422(d),
this Option shall be treated as a Non-statutory Stock Option ("NSO"). Further, this Option shall cease to qualify as an ISO
if it fails to satisfy the requirements of Section 3.7(a)(iv) of the Plan or is exercised after the maximum applicable periods
specified in Section 3.7(a)(iv) of the Plan. If for any reason this Option (or portion thereof) shall not qualify as an ISO,
then, to the extent of such non-qualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. However,
nothing herein or in Section 3.7(a) of the Plan shall be construed to require the Option to remain outstanding beyond the time
of expiry specified above in Section 5. For avoidance of doubt, the accelerated expiry provisions in Section 5.3 and Section 6.3
of the Plan shall apply to this Option, whether it qualifies as an ISO or NSO. If the Option is designated as an ISO, and if the Participant
sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two years after
the Grant Date, or (ii) the date one year after the date of exercise, the Participant shall immediately notify the Corporation in
writing of such disposition in order to enable the Corporation to satisfy informational reporting requirements to the Internal Revenue
Service.

10.  **<u>U.S. Securities Law Compliance</u>** . Neither the Awards nor any Shares issuable under any Award
have been or are expected to be registered under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act** ")
or any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless made pursuant to an effective registration statement under the U.S. Securities Act, any Awards
or Shares issuable under any Award granted to a Participant must be exempt from the registration requirements of the U.S. Securities Act
pursuant to Rule 701 thereunder and applicable state securities laws. Any Award granted pursuant to the exemption available under
Rule 701 shall be subject to the limitations set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Awards or Shares issuable under any Award granted to a Participant will be deemed "*restricted securities*" as defined in Rule 144 and will bear the following U.S. restricted legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 OR (ii) 144A UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN EACH CASE IN COMPLIANCE WITH APPLICABLE U.S. STATE SECURITIES LAWS, (D) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR (E) UNDER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT; PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (C)(i) OR (D) ABOVE, A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE CORPORATION MUST FIRST BE PROVIDED TO THE CORPORATION TO THE EFFECT THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.

*provided that,* if any of the Shares are being sold in accordance with Rule 904 of Regulation S, and such Shares were acquired when the Corporation qualified as a "foreign issuer" (as defined in Rule 902(e) of Regulation S), the legend may be removed by (i) providing to the Corporation's registrar and transfer agent a declaration in the form attached hereto as <u>Appendix I</u> or as the Corporation may prescribe from time to time, and (ii) if required by the Corporation's registrar and transfer agent an opinion of counsel, of recognized standing in form and substance reasonably satisfactory to the Corporation, or other evidence reasonably satisfactory to the Corporation, that the proposed transfer may be effected without registration under the U.S. Securities Act; and *provided, further, that,* if any such securities are being sold under Rule 144 under the U.S. Securities Act, if available, the legend may be removed by delivering to the Corporation and the Corporation's registrar and transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation, that the legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws

11.  **<u>Inconsistency</u>** . This Option Agreement is subject to the terms and conditions of the Plan
and, in the event of any inconsistency or contradiction between the terms of this Option Agreement and the Plan, the terms of the Plan
shall govern.

12.  **<u>Severability</u>** . Wherever possible, each provision of this Option Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Option Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Option Agreement shall be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

13.  **<u>Entire Agreement</u>** . This Option Agreement and the Plan embody the entire agreement and understanding
among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or
oral, which may have related to the subject matter hereof in any way.

14.  **<u>Successors and Assigns</u>** . This Option Agreement shall bind and enure to the benefit of the
Optionee and the Corporation and their respective successors and permitted assigns.

15.  **<u>Time of the Essence</u>** . Time shall be of the essence of this Agreement and of every part hereof.

16.  **<u>Governing Law</u>** . This Agreement and the Option shall be governed by and interpreted and enforced
in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

17.  **<u>Counterparts.</u>** This Option Agreement may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and the same agreement.

By signing this Agreement, the Optionee acknowledges that the Optionee has been provided a copy of and has read and understands the Plan and agrees to the terms and conditions of the Plan and this Option Agreement.

IN WITNESS WHEREOF the parties hereof have executed this Option Agreement as of the ______ day of ________________, 20__.

---

| | |
|:---|:---|
| **Alaska Silver Corp.** | **Alaska Silver Corp.** |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Witness | **[Insert Participant's Name]** |

---

**Schedule "A"<br> ELECTION TO EXERCISE STOCK OPTIONS**

---

| | |
|:---|:---|
| **TO:** | **Alaska Silver Corp. (the "Corporation")** |

---

The undersigned Optionee hereby elects to exercise Options granted by the Corporation to the undersigned pursuant to an Award Agreement dated________________________, 20__ under the Corporation's Long-Term Incentive Plan (the "**Plan**"), for the number Shares set forth below. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Number of Shares to be Acquired: | |
| &nbsp;&nbsp;&nbsp;Exercise Price (per Share): | Cdn.$|
| &nbsp;&nbsp;&nbsp;Aggregate Purchase Price: | Cdn.$|
| &nbsp;&nbsp;&nbsp;Amount enclosed that is payable on account of any source deductions relating to this Option exercise (contact the Corporation for details of such amount): | Cdn.$|

---

◻ Or check here if alternative arrangements have been made with the Corporation;

and hereby tenders a certified cheque, bank draft or other form of payment confirmed as acceptable by the Corporation for such aggregate purchase price, and, if applicable, all source deductions, and directs such Shares to be registered in the name of ____________________________________ __________________________________________

In the event that a registration statement under the U.S. Securities Act of 1933, as amended (the "Securities Act"), covering the exercise of the Options is not effective on the date hereof, the undersigned Optionee hereby makes the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Optionee understands and acknowledges that the Shares issuable upon exercise of the Options have not
been and will not be registered under the Securities Act or the securities laws of any state of the United States, and that the offer
and sale of the Shares to the Optionee is being and will be made in reliance upon a private placement exemption provided by Rule 701
under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Optionee is a natural person and is acquiring the Shares for its own account as principal, for investment
purposes only, and not with a view to any resale, distribution or other disposition of the Shares in violation of United States federal
or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Optionee understands and acknowledges that the Shares will be "restricted securities"
within the meaning of Rule 144 under the Securities Act ("Rule 144"), and the Optionee understands and agrees that
the Shares may be offered, sold or otherwise transferred by the Optionee only in transactions exempt from, or not subject to, the registration
requirements of the Securities Act and applicable state securities laws, and that prior to any transfer of Securities, the Corporation
may require the delivery of an opinion of counsel of recognized standing, or other evidence, reasonably satisfactory to the Corporation,
to the effect that the proposed transfer may be effected without registration under the Securities Act or applicable state securities
laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Optionee understands and acknowledges that certificates or direct registration statements representing
any Securities, and all certificates or direct registration statements issued in exchange for or in substitution of such certificates
or direct registration statements, will bear, upon the original issuance of the Shares and until the legend is no longer required under
applicable requirements of the Securities Act or applicable state securities laws, a legend with respect to the transfer restrictions
described in the foregoing paragraph;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Optionee consents to the Corporation making a notation on its records or giving instructions to the
transfer agent for the Shares in order to implement the transfer restrictions described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Optionee understands and acknowledges that the Corporation is not obligated to file and has no present
intention of filing with the United States Securities and Exchange Commission or with any state securities administrator any registration
statement in respect of resales of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the Optionee understands and acknowledges that there may be United States tax consequences related to
acquisition and disposition of the Shares, and that the Optionee is solely responsible for determining such tax consequences. In
particular, the Optionee understands and acknowledges that if the Corporation were to be deemed to be a "passive foreign investment
company" within the meaning of the United States Internal Revenue Code in respect of any year in which the Optionee owns Shares,
the Optionee may face adverse tax consequences, and it is solely the Optionee's responsibility to determine such tax consequences. 
No determination by the Corporation has been made as to whether or not it is, or expects to be in respect of any fiscal year, a passive
foreign investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. the Optionee understands and acknowledges that if the Corporation were ever deemed to be, or to have at
any time previously been, a company with (i) no or nominal operations and (ii) no or nominal assets other than cash and cash
equivalents, Rule 144 under the Securities Act may be unavailable for resales of the Shares, and that the Corporation is under no
obligation to take, and has no present intention of taking, any action to make Rule 144 under the Securities Act (or any other exemption
from the registration requirements of the Securities Act) available for resales of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. the Optionee acknowledges that the representations and warranties and agreements contained herein are
made by the Optionee with the intent that they may be relied upon by the Corporation in determining the Optionee's eligibility to
acquire the Shares. The Optionee further agrees that by accepting the Shares, the Optionee shall be representing and warranting
that the foregoing representations and warranties are true as at the delivery time with the same force and effect as if they had been
made by the Optionee at the delivery time and that they shall survive the acquisition by the Optionee of the Shares and shall continue
in full force and effect notwithstanding any subsequent disposition by the Optionee of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. the Corporation is irrevocably authorized to produce this agreement or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

I hereby agree to file or cause the Corporation to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities laws. I understand that this request to exercise my Options is irrevocable.

DATED this _____ day of _____________, _______.

---

| |
|:---|
| *Signature of Participant* |
| *Name of Participant (Please Print)* |

---

**Schedule "B"<br> SURRENDER NOTICE**

---

| | |
|:---|:---|
| **TO:** | Alaska Silver Corp. **(the "Corporation")** |

---

The undersigned Optionee hereby elects to surrender ____________Options granted by the Corporation to the undersigned pursuant to an Award Agreement dated _________________, 20 ___under the Corporation's Long-Term Incentive Plan (the "**Plan**") in exchange for Shares as calculated in accordance with Section 3.6(c) of the Plan. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Plan.

Please issue a certificate or certificates representing the Shares in the name of ____________________________________________________

I hereby agree to file or cause the Corporation to file on my behalf, on a timely basis, all insider reports and other reports that I may be required to file under applicable securities laws. I understand that this request to exercise my Options is irrevocable.

DATED this ______ day of _________________, _____.

---

| |
|:---|
| *Signature of Participant* |
| *Name of Participant (Please Print)* |

---

**<u>APPENDIX "B"</u>**

**FORM OF RSU AGREEMENT**

**ALASKA SILVER CORP.**

**RESTRICTED SHARE UNIT AGREEMENT**

This restricted share unit agreement ("**RSU Agreement**") is granted by Alaska Silver Corp. (the "**Corporation**") in favour of the Participant named below (the "**Recipient**") of the restricted share units ("**RSUs**") pursuant to the Corporation's Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this RSU Agreement shall have the meanings set forth in the Plan.

The terms of the RSUs, in addition to those terms set forth in the Plan, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Recipient**. The Recipient is [ · ] and the address of the Recipient is currently [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Grant of RSUs**. The Recipient is hereby granted [ · ] RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Restriction Period**. In accordance with Section 4.3 of the Plan, the restriction period in
respect of the RSUs granted hereunder, as determined by the Board, shall commence on [ · ] and terminate on [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Performance Criteria**. [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Performance Period**. [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Vesting**. The RSUs will vest as follows:

[·].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Transfer of RSUs**. The RSUs granted hereunder are non-transferable or assignable except in accordance
with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Inconsistency**. This RSU Agreement is subject to the terms and conditions of the Plan and, in the
event of any inconsistency or contradiction between the terms of this RSU Agreement and the Plan, the terms of the Plan shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Severability**. Wherever possible, each provision of this RSU Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this RSU Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this RSU Agreement shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Entire Agreement**. This RSU Agreement and the Plan embody the entire agreement and understanding
among the parties and supersede and pre-empt any prior understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Successors and Assigns**. This RSU Agreement shall bind and enure to the benefit of the Recipient
and the Corporation and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Time of the Essence**. Time shall be of the essence of this Agreement and of every part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Governing Law**. This RSU Agreement and the RSUs shall be governed by and interpreted and enforced
in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **Counterparts**. This RSU Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together constitute one and the same agreement.

By signing this RSU Agreement, the Participant acknowledges that he or she has been provided with, has read and understands the Plan and this RSU Agreement.

IN WITNESS WHEREOF the parties hereof have executed this RSU Agreement as of the ______ day of _______________________________, 20____.

---

| | |
|:---|:---|
| Alaska Silver Corp. | Alaska Silver Corp. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Witness | **[Insert Participant's Name]** |

---

**<u>APPENDIX "C"</u>**

**FORM OF PSU AGREEMENT**

**ALASKA SILVER CORP.**

**PERFORMANCE SHARE UNIT AGREEMENT**

This performance share unit agreement ("**PSU Agreement**") is granted by Alaska Silver Corp. (the "**Corporation**") in favour of the Participant named below (the "**Recipient**") of the performance share units ("**PSUs**") pursuant to the Corporation's Long-Term Incentive Plan (the "**Plan**"). Capitalized terms used and not otherwise defined in this PSU Agreement shall have the meanings set forth in the Plan.

The terms of the PSUs, in addition to those terms set forth in the Plan, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Recipient**. The Recipient is [ · ] and the address of the Recipient is currently [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Grant of PSUs**. The Recipient is hereby granted [ · ] PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Restriction Period**. In accordance with Section 4.3 of the Plan, the restriction period in
respect of the PSUs granted hereunder, as determined by the Board, shall commence on [ · ] and terminate on [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Performance Criteria**. [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Performance Period**. [ · ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Vesting**. The PSUs will vest as follows:

[·].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Transfer of PSUs**. The PSUs granted hereunder are not-transferable or assignable except in accordance
with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Inconsistency**. This PSU Agreement is subject to the terms and conditions of the Plan and, in the
event of any inconsistency or contradiction between the terms of this PSU Agreement and the Plan, the terms of the Plan shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Severability**. Wherever possible, each provision of this PSU Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this PSU Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this PSU Agreement shall be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Entire Agreement**. This PSU Agreement and the Plan embody the entire agreement and understanding
among the parties and supersede and pre-empt any prior understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Successors and Assigns**. This PSU Agreement shall bind and enure to the benefit of the Recipient
and the Corporation and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Time of the Essence**. Time shall be of the essence of this Agreement and of every part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Governing Law**. This PSU Agreement and the PSUs shall be governed by and interpreted and enforced
in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Counterparts**. This PSU Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together constitute one and the same agreement.

By signing this PSU Agreement, the Participant acknowledges that he or she has been provided with, has read and understands the Plan and this PSU Agreement.

IN WITNESS WHEREOF the parties hereof have executed this PSU Agreement as of the _____ day of ______________________, 20____.

---

| | |
|:---|:---|
| Alaska Silver Corp. | Alaska Silver Corp. |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| Witness | **[Insert Participant's Name]** |

---

## Exhibit 10.12

**Exhibit 10.12**

![](tm2515003d8_ex10-12img001.jpg)

February 10, 2023

Kit Marrs

*Sent Via Email*

Dear Kit,

I am very pleased to offer you the position of President & Chief Executive Officer with Western Alaska Minerals (the "Company"), January 1, 2023, reporting to the Board of Directors.

You will find attached our Employment Agreement, outlining key terms of employment, including:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Total Rewards** | &nbsp;&nbsp;**Total Rewards** |
| &nbsp;&nbsp;Base Salary | &nbsp;&nbsp;$262500 |
| &nbsp;&nbsp;Short-Term Incentive Plan ("STIP") Target | &nbsp;&nbsp;70% of Base Salary |
| &nbsp;&nbsp;Long-Term Incentive Plan ("LTIP") | &nbsp;&nbsp;Eligible |
| &nbsp;&nbsp;Annual Vacation | &nbsp;&nbsp;20 days |
| &nbsp;&nbsp;Group Health Benefits | &nbsp;&nbsp;10% in lieu of benefits |

---

I trust that you find this offer acceptable and look forward to having you continue with our team. Please feel free to contact me if you have any questions about either the offer's terms or your position.

If you are in agreement with the terms of this offer and the attached Employment Agreement, please sign a copy of the attached Employment Agreement and return it to <u>sachailey@hotmail.com</u> by February 17, 2023.

Sincerely,

Kevin Nishi

Board of Director

**<u>EXECUTIVE EMPLOYMENT AGREEMENT</u>**

This **EXECUTIVE EMPLOYMENT AGREEMENT ("Agreement")** is made and entered into by and between **WESTERN ALASKA MINERALS** (**"the Corporation"**) and **KIT MARRS** (**"the Executive"**) as of this January 1, 2023 ("**Date")**. The Corporation and the Executive are collectively referred to herein as the **"Parties,"** and each a **"Party"**.

**WHEREAS,** the Corporation agrees to continue to employ the Executive, and the Executive agrees to continue to be employed by the Corporation, on and subject to the terms, conditions and covenants set forth in this Agreement; and

**WHEREAS,** this Agreement supersedes and replaces all prior employment agreements or understandings, written or oral, between the Executive and the Corporation, including, without limitation, the Original Employment Agreement;

**NOW THEREFORE,** as a condition to and in consideration of the employment of the Executive by the Corporation, the mutual covenants and promises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Corporation and the Executive, the Parties hereby covenant and agree as follows:

**- DEFINITIONS AND INTERPRETATION**

1.1 <u>Definitions</u>.
 For the purposes of this Agreement, the following words and phrases shall have the following
 meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate"** means any person or entity that directly or indirectly controls, is controlled by, or is
 under common control with the person or entity in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Agreement** "
 means this Agreement, including any schedules or attachments hereto, as amended, supplemented,
 or modified in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Award Agreement**" means each agreement between the Executive and the Corporation evidencing
 awards granted under any LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Base Salary**" has the meaning set out in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Benefits** "
 means those benefits, perquisites, allowances and entitlements as described in Section 4.2,
 but only to the extent that the Executive is participating in them as at the Termination
 Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Board** "
 means the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Cause** "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Executive's failure to perform the Executive's duties (other than any such failure
 resulting from incapacity due to physical or mental illness);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Executive's engagement in dishonesty, illegal conduct or gross misconduct, which, in
 each case, the Board has determined is materially injurious to the Corporation or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Executive's embezzlement, misappropriation or fraud, whether or not related to the
 Executive's employment with the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Executive's conviction of or plea of guilty or *nolo contendere* to a crime that
 constitutes a felony or a crime that constitutes a misdemeanor involving moral turpitude
 or that involves the business of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Executive's violation of a material policy of the Corporation, including but not limited
 to its discrimination and harassment policies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Executive's abuse of controlled substances and/or prescription drugs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Change in Control**" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 individual, entity or group of individuals or entities acting jointly or in concert (other
 than the Corporation, its subsidiaries or an employee benefit plan or trust maintained by
 the Corporation or its subsidiaries, or any company owned, directly or indirectly, by the
 shareholders of the Corporation in substantially the same proportions as their ownership
 of Shares of the Corporation) acquiring beneficial ownership, directly or indirectly, of
 more than 50% of the combined voting power of the Corporation's then outstanding securities
 (excluding any "person" who becomes such a beneficial owner in connection with
 a transaction described in paragraph (ii) below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 consummation of an arrangement, amalgamation, merger, consolidation or other similar business
 combination transaction of the Corporation or any direct or indirect subsidiary of the Corporation
 with any other corporation, other than an arrangement, amalgamation, merger, consolidation
 or other similar business combination transaction which would result in the voting securities
 of the Corporation outstanding immediately prior to such transaction continuing to represent
 (either by remaining outstanding or being converted into voting securities of the surviving
 entity or any parent thereof) more than 50% of the combined voting power or the total fair
 market value of the securities of the Corporation or such surviving entity or any parent
 thereof outstanding immediately after such transaction; provided, however, that an arrangement,
 amalgamation, merger, consolidation or other similar business combination transaction effected
 to implement a recapitalization of the Corporation (or similar transaction) in which no person
 (other than those covered by the exceptions in paragraph (i) of this definition) acquires
 more than 50% of the combined voting power of the Corporation's then outstanding securities
 shall not constitute a Change in Control of the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 complete liquidation or dissolution of the Corporation or the consummation of any sale, lease,
 exchange or other transfer (in one transaction or a series of transactions) of all or substantially
 all of the assets of the Corporation; other than such liquidation, sale or disposition to
 a person or persons who beneficially own, directly or indirectly, more than 50% of the combined
 voting power of the outstanding voting securities of the Corporation at the time of the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Committee** "
 means the Compensation Committee of the Board or such other Committee as may be designated
 by the Board and, if the Board does not designate a Committee, references herein to the "Committee"
 shall refer to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Confidential Information**" means all non-public information received by the Executive from or
 through the Corporation as a result of the Executive's employment with the Corporation,
 in whatever form (oral, written, machine readable or otherwise), including, without limitation,
 information concerning areas of exploration or planned exploration, marketing plans, discussion
 with potential or current joint venture partners, business strategies, programs, budgets
 and revenues, confidential employee and supplier data, intellectual property, business plans
 or dealings, technical data, employees or officers, financial data and plans, supplier data,
 pricing data, products lines, any documents marked "Confidential," "Proprietary,"
 or "Secret," or any information which the Executive has been made aware is confidential
 or which any reasonable person in the Executive's position expects the Corporation to regard
 as confidential; provided, however, that the phrase "Confidential Information"
 shall not include information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 or becomes generally available to the public, other than as a result of the direct or indirect
 improper disclosure by the Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was
 within the possession of the Executive at the time of disclosure of the Confidential Information
 except as a result of a prior confidential disclosure to the Executive by or on behalf of
 the Corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is
 or becomes available on a non-confidential basis to the Executive from a person other than
 the Corporation;

provided that, in the cases of subsections (ii) and (iii) above, the source of such information was not known by the Executive (acting reasonably) to be prohibited from disclosing the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Disability** "
 means any incapacity or inability by the Executive, including any physical or mental incapacity,
 disease or affliction of the Executive as determined by a legally qualified medical practitioner
 or by a court, which has prevented the Executive from performing the duties of the Executive's
 position (taking into account reasonable accommodation by the Corporation) for a continuous
 period of 90 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Good Reason**" means the occurrence of any of the following conditions, without the Executive's
 prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Corporation's requiring: (i) a change in the principal location at which Executive
 provides services to the Corporation in violation of this Agreement; or (ii) travel
 outside of such location for unreasonable amounts of time or with unreasonable frequency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 material reduction in, or failure to timely pay, the Executive's Base Salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 material and adverse change in the Executive's title, authority, duties or responsibilities
 (other than temporarily while the Executive is physically or mentally incapacitated), taking
 into account the Corporation's status as a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 discontinuation or amendment of any LTIP, employee benefit plan or other material fringe
 benefit or perquisite, if such discontinuation or amendment results in less favorable treatment
 of the Executive in any material respect, taking into consideration any related amendment
 or replacement plan, benefit or perquisite, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Corporation's failure to obtain an agreement from any successor to the Corporation to assume
 and agree to perform this Agreement in the same manner and to the same extent that the Corporation
 would be required to perform if no succession had taken place, except where such assumption
 occurs by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any
 material breach by the Corporation of this Agreement or any other written agreement between
 the Executive and the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**LTIP** "
 has the meaning set out in Section 4.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**LTIP Awards**" has the meaning set out in Section 4.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Original Employment Agreement**" has the meaning set out in the recitals hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Resignation Notice Period**" has the meaning set out in Section 5.1(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Retirement** "
 means the Executive's resignation without Good Reason on or after the Executive attains age
 65 or such earlier age as may be approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**STIP** "
 has the meaning set out in Section 4.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Target STIP Amount**" has the meaning set out in Section 4.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Termination Date**" means the date of cessation of the Executive's employment, regardless of
 the reason.

**- TERM**

2.1 <u>Term</u>.
 This Agreement shall commence on and shall be deemed to be effective as of the above Date,
 and the Executive's employment with the Corporation and this Agreement shall continue for
 an indefinite term thereafter unless terminated in accordance with the terms of this Agreement.
 Notwithstanding the foregoing, the Corporation acknowledges and agrees that, for all purposes,
 the Executive's length of service shall be calculated on the basis of the Executive's commencement
 as a Consultant of the Corporation on November 1, 2021.

**- EMPLOYMENT: POSITION AND DUTIES**

3.1 <u>Position</u>.
 Subject to the terms and conditions set out in this Agreement, the Corporation hereby agrees
 to continue to employ the Executive, and the Executive hereby agrees to continue to serve
 the Corporation, in the position of President & Chief Executive Officer of the Corporation.

3.2 <u>Full-Time</u>.
 The Executive's position with Corporation is intended to be full-time and exclusive. Therefore,
 throughout the duration of the Executive's employment with the Corporation, the Executive
 shall devote the Executive's full working time and attention to the business and affairs
 of the Corporation, acting in the best interests of the Corporation at all times. The Executive
 shall neither accept nor hold any position as an officer, director, employee, consultant,
 or any like position for or on behalf of any entity other than the Corporation without the
 prior written approval of the Corporation. The preceding paragraph is not intended to prohibit
 the Executive from engaging in charitable or nonprofessional activities such as personal
 investments or conducting private business affairs, as long as they do not conflict with
 the Executive's duties to the Corporation.

3.3 <u>Duties</u>.
 Reporting to and subject to the general direction of the Board of Directors of the Corporation,
 the Executive shall have duties, authorities, and responsibilities consistent with the position
 of President & Chief Executive Officer of the Corporation and such additional duties,
 authorities, and responsibilities as the Corporation shall assign to the Executive from time
 to time.

3.4 <u>Place of Employment</u>. The Corporation acknowledges and agrees that the Executive's principal
 work location shall be Tucson, Arizona, or such other location as the Corporation and the
 Executive may mutually agree from time to time. The Executive acknowledges and agrees that
 the Executive may be required to travel frequently in the performance of the Executive's
 duties and agrees to travel at such times as may be reasonably required (it being understood
 that the reasonable expenses actually incurred by the Executive relating to such travel shall
 be reimbursed by the Corporation in accordance with Section 4.5).

3.5 <u>Executive's Covenant</u>. The Executive represents and warrants to the Corporation that the Executive
 is free to enter this Agreement and that the Executive is not subject to any obligation or
 restriction (statutory, contractual, or at common law) which would prevent or interfere with
 the performance of all of the Executive's obligations hereunder.

**- COMPENSATION AND BENEFITS**

4.1 <u>Base Salary</u>. The Corporation shall pay the Executive a base salary of $262,500 annually, paid
 in semi-monthly instalments in accordance with the Corporation's usual payroll practices
 (the "**Base Salary** "). The Executive's Base Salary will be reviewed
 as promptly as reasonably practicable following January 1 of each year during the term
 of this Agreement by the Committee, in its discretion for consideration of an increase, if
 any, which increase, if any, shall be retroactive to January 1 of such year.

4.2 <u>Benefits</u>.
 The Executive shall receive 10% of the Base Salary (less applicable withholding taxes) in
 lieu of benefits.

4.3 <u>Bonuses and Incentive Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Executive is designated as a participant in the Corporation's short-term incentive
 plan offered to employees of the Corporation from time to time ()"**STIP** "),
 pursuant to which the Executive shall be entitled to receive an annual Target STIP bonus
 payout in an amount equal to 70% of the Base Salary (the "**Target STIP Amount** ").
 The performance criteria for the STIP bonus will be established by the Committee in consultation
 with the Executive, based on meeting the annual budgets of the Corporation and the achievement
 of corporate objectives, and communicated to the Executive at or near the beginning of each
 applicable fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Executive shall be entitled to participate in the Western Alaska Minerals Corp.'s long-term
 incentive plans (including any stock option plan) offered to employees of the Corporation
 from time to time (such plans, collectively, the "**LTIP** "), which shall
 entitle the Executive to receive stock options to acquire common shares of the Corporation
 (such securities, collectively, "**LTIP Awards**") in accordance with the
 terms thereof.

4.4 <u>Vacation</u>.
 The Executive shall accrue vacation of 20 days paid vacation per calendar year. All employees
 are encouraged to use their vacation in the year in which it is earned, however employees
 are entitled to carry over vacation days to March 31st of the following year. The Executive
 and the Corporation agree to schedule any vacation taken by the Executive at times mutually
 convenient for the Executive and the Corporation.

4.5 <u>Reimbursement of Expenses</u>. Upon presentation of proper receipts or other proof of expenditure, the
 Corporation shall reimburse the Executive for all reasonable expenses actually incurred by
 the Executive in connection with the business affairs of the Corporation and the performance
 of the Executive's duties hereunder and for the use of the Executive's private
 vehicle for business purposes. In addition, the Corporation shall provide a parking spot
 for the use of the Executive at the location of the Executive's office.

4.6 <u>Insurance.</u> The Executive acknowledges that, to the extent that the Executive serves as a director or
 officer of the Corporation or as a director or officer of any of its Affiliates or their
 respective subsidiaries, the Executive shall do so without any additional remuneration pursuant
 to the terms of this Agreement, but shall be entitled to receive a suitable indemnity from
 the Corporation and any such Affiliate or subsidiary thereof, which indemnity or indemnities
 shall be unaffected and shall remain in full force and effect notwithstanding any subsequent
 termination of the employment of the Executive pursuant to Article V. The Corporation
 agrees to carry and pay for customary directors and officers insurance and associated premiums
 with respect to the Executive's performance of the Executive's duties as an officer
 or director of the Corporation or any Affiliate.

**- TERMINATION OF EMPLOYMENT**

5.1 <u>Termination</u>.
 Notwithstanding any other provision in this Agreement, the Executive's employment is
 subject to termination at any time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death</u>.
 This Agreement and the Executive's employment shall automatically terminate upon the
 death of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disability</u>.
 The Corporation may terminate this Agreement and the Executive's employment at any time as
 a result of the Executive's Disability upon providing thirty days' written Notice
 (as set forth in Section 9.6 below) to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cause</u>.
 The Corporation may terminate this Agreement and the Executive's employment at any
 time for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Without Cause</u>. The Corporation may terminate this Agreement and the Executive's employment
 at any time without Cause by providing written Notice to the Executive specifying the effective
 Termination Date. In such event, the Corporation shall provide and the Executive shall be
 entitled to receive the payments, benefits and entitlements set out in Section 5.5 or
 Section 5.6, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Resignation without Good Reason</u>. The Executive may terminate this Agreement and the Executive's
 employment at any time by providing written Notice to the Corporation specifying the effective
 termination date, such date being not less than 30 days (the "**Resignation Notice Period** "). The Corporation may elect to deem any date prior to the date specified
 in the Notice as the Termination Date, provided that the Corporation shall pay the Executive
 the remainder of any Base Salary, payments, Benefits and other entitlements, if any, that
 the Executive would have received had the Executive continued to work until the end of the
 Resignation Notice Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Retirement</u>.
 The Executive may terminate this Agreement and the Executive's employment at any time by
 providing 30 days' written Notice to Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Resignation for Good Reason</u>. The Executive may terminate this Agreement for Good Reason by providing
 written Notice to the Corporation specifying the effective Termination Date, provided that:
 (a) the Executive shall have delivered written Notice to the Corporation within 45 days
 of the initial existence of the occurrence giving rise to the Good Reason for such termination
 that specifies such occurrence and states the Executive's intention to end the Executive's
 relationship with the Corporation because of such occurrence; (b) the Corporation shall
 not have, within 30 days of receipt of such Notice, remedied such occurrence; and (c) the
 Executive shall have resigned within 30 days of the expiration of such cure period. In such
 event, the Corporation shall provide and the Executive shall be entitled to receive the payments,
 benefits and entitlements set out in Section 5.5.

5.2 <u>Termination by Reason of Death.</u> If this Agreement and the Executive's employment is terminated
 pursuant to Section 5.1(a) above, then the Corporation shall pay to the Executive's
 legal representative or estate, as the case may be, an amount equal to the Base Salary and
 vacation pay earned by and payable to the Executive up to the Termination Date and the Executive
 shall have no entitlement to any further notice of termination, payment in lieu of notice
 of termination, severance, or any damages. The Executive's legal representative's
 or estate's entitlement to and participation in the Benefits and in all other benefits,
 perquisites, allowances or other entitlements whatsoever terminate automatically and immediately
 upon the Termination Date (except for any insurance benefits to which the Executive or the
 Executive's assigns may be entitled as a result of the Executive's death, which
 insurance benefits shall be in accordance with the then applicable policies and plans). Participation
 in the STIP terminates immediately upon the Termination Date. The Corporation shall pay to
 the Executive's legal representative or the Executive's estate, as the case may
 be, the Executive's STIP bonus (if any) intended to have been earned during the fiscal
 year in which the Termination Date occurs, calculated *pro rata* based on active employment
 by the Executive during the fiscal year in which the Termination Date occurs, for the period
 up to the Termination Date, such payment(s) to be made in the year following the year
 in which the STIP bonus is earned, but no later than March 15. Any entitlements with
 respect to unvested LTIP Awards immediately vest and will be paid out to the Executive's
 legal representative or estate, in accordance with the terms and conditions of the LTIP and
 any related Award Agreements.

5.3 <u>Termination by Reason of Disability or Retirement</u>. If this Agreement and the Executive's employment
 is terminated pursuant to Section 5.1(b) or Section 5.1(f) above, then
 the Corporation shall pay to the Executive an amount equal to the Base Salary and vacation
 pay earned by and payable to the Executive up to the Termination Date and the Executive shall
 have no entitlement to any further notice of termination, payment in lieu of notice of termination,
 severance, or any damages. The Executive's entitlement to and participation in the
 Benefits and in all other benefits, perquisites, allowances or other entitlements whatsoever
 terminate automatically and immediately upon the Termination Date (except for any insurance
 benefits to which the Executive or the Executive's assigns may be entitled as a result
 of the Executive's disability, which insurance benefits shall be in accordance with
 the then applicable policies and plans). Participation in the STIP terminates immediately
 upon the Termination Date. The Corporation shall pay to the Executive the STIP bonus (if
 any) intended to have been earned by the Executive during the fiscal year in which the Termination
 Date occurs, calculated *pro rata* based on active employment by the Executive during
 the fiscal year in which the Termination Date occurs, for the period up to the Termination
 Date, such payment(s) to be made in the year following the year in which the STIP bonus
 is earned, but no later than March 15. Any entitlements with respect to unvested LTIP
 Awards shall continue to vest per the original vesting schedule, in accordance with the terms
 and conditions of the LTIP and any related Award Agreements.

5.4 <u>Termination for Cause or Resignation without Good Reason</u>. If this Agreement and the Executive's
 employment is terminated pursuant to Sections 5.1(c) or 5.1(e) above, then
 the Corporation shall pay to the Executive an amount equal to the Base Salary and vacation
 pay earned by and payable to the Executive up to the Termination Date and the Executive shall
 have no entitlement to any further notice of termination, payment in lieu of notice of termination,
 severance, or any damages whatsoever. The Executive's entitlement to and participation
 in the Benefits and in all other benefits, perquisites, allowances or other entitlements
 whatsoever terminate automatically and immediately upon the Termination Date. Participation
 in the STIP terminates immediately upon the Termination Date. Any entitlements in respect
 of unvested LTIP Awards shall terminate automatically in accordance with the terms and conditions
 of the LTIP and any related Award Agreements.

5.5 <u>Termination Without Cause or Resignation for Good Reason</u>. Subject to Section 5.6, if this Agreement
 and the Executive's employment is terminated by the Corporation without Cause pursuant
 to Section 5.1(d) or if the Executive resigns for Good Reason pursuant to Section 5.1(g),
 then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation shall pay to the Executive an amount equal to: (i) any Base Salary and vacation
 pay earned by the Executive and payable to the Executive prorated up to the Termination Date;
 and (ii) any declared but unpaid STIP bonus for any fiscal year which has ended prior
 to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 unvested LTIP Awards that the Executive has been granted under the LTIP shall immediately
 vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation shall pay to the Executive a lump sum severance payment that is equivalent to
 the sum of: (i) 2 times the Base Salary; and (ii) the sum of 2 times the Target
 STIP Amount.

Any amounts payable to the Executive pursuant to this Section 5.5 shall be paid by the Corporation to the Executive or to the order of the Executive by certified check, direct deposit, wire, or such other means as the Executive may direct in writing as promptly as practicable (and, in any event, within five business days) following the Termination Date.

5.6 <u>Termination Without Cause and Resignation for Good Reason in connection with a Change in Control</u>.
 Notwithstanding Section 5.1(g) and Section 5.5, if this Agreement and the
 Executive's employment is terminated by the Corporation without Cause pursuant to Section 5.1(d) or
 if the Executive resigns for Good Reason by providing written Notice to the Corporation to
 such effect specifying the effective Termination Date, within the 30-day period prior to
 a Change in Control, provided that any resignation or termination shall not be effective
 until the date of the Change in Control, or on or during the 12-month period following a
 Change in Control, then the following provisions shall apply (in place of, and not in addition
 to, the provisions of Section 5.5):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Corporation shall pay to the Executive an amount equal to: (i) any Base Salary and vacation
 pay earned by the Executive and payable to the Executive prorated up to the Termination Date;
 and (ii) any declared but unpaid STIP bonus for any fiscal year which has ended prior
 to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 unvested LTIP Awards that the Executive has been granted under the LTIP shall immediately
 vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Corporation shall pay to the Executive a lump sum severance payment that is equivalent to
 the sum of: (i) 2 times the Base Salary; and (ii) the sum of 2 times the Target
 STIP Amount.

Any amounts payable to the Executive pursuant to this Section 5.6 shall be paid by the Corporation to the Executive or to the order of the Executive by certified check, direct deposit, wire, or such other means as the Executive may direct in writing: (a) concurrently with the Change in Control, if the Termination Date is the same date as the date of the Change in Control; or (b) as promptly as practicable (and, in any event, within five business days) following the Termination Date, if the Termination Date is a date following the date of the Change in Control.

5.7 <u>Reimbursement of Expenses; Rights to Vested and/or Accrued Rights</u>. In the event of termination of the
 Executive by the Corporation or resignation by the Executive in any circumstance described
 herein, the Corporation shall reimburse the Executive for any incurred, but unreimbursed
 expenses required to be reimbursed in accordance with this Agreement, and the Executive (or
 the Executive's estate, if applicable) shall remain entitled to any vested or accrued
 rights under any applicable plan, policy or other agreement of any member of the Corporation.

5.8 <u>Release Required</u>. The Parties agree that the provisions of this Article V are fair and reasonable
 and that the payments, benefits and entitlements referred to in Section 5.5 and Section 5.6
 are reasonable estimates of the damages which would be suffered by the Executive in the event
 of the termination of this Agreement and of the Executive's employment with the Corporation
 and shall not be construed as a penalty. The Executive acknowledges and agrees that the payments
 pursuant to this Article V shall be in full satisfaction of all terms of termination
 of the Executive's employment. Except as otherwise provided in this Article V,
 the Executive shall not be entitled to any further notice of termination, payment in lieu
 of notice of termination, severance, damages, or any additional compensation whatsoever.
 As a condition precedent to any payment pursuant to Section 5.5 or Section 5.6
 (but provided that the Corporation has complied with its obligations under this Agreement),
 the Executive and the Corporation shall execute a general release of claims and other standard
 severance terms no later than 30 days following the Termination Date. Notwithstanding any
 other language herein, no payments shall be due to Executive under Section 5.5 or Section 5.6
 unless and until Executive has signed and not revoked an agreement containing a general release
 of claims and other standard severance terms.

5.9 <u>Resignation as Director and Officer</u>. The Executive covenants and agrees that, upon any termination
 of this Agreement and of the Executive's employment, howsoever caused, the Executive
 shall forthwith tender the Executive's resignation from all offices, directorships
 and trusteeships then held by the Executive at the Corporation or any of its Affiliates,
 such resignation to be effective upon the Termination Date. If the Executive fails to resign
 as set out above, the Executive will be deemed to have resigned from all such offices, directorships
 and trusteeships and the Corporation is hereby authorized by the Executive to appoint any
 person in the Executive's name and on the Executive's behalf to sign any documents
 or do anything necessary or required to give effect to such resignation.

5.10 <u>Return of Property</u>. All equipment, keys, pass cards, credit cards, software, laptops, material,
 written correspondence, memoranda, communication, reports, Confidential Information, electronic
 or hard files, hard, thumb, jump, zip and removable drives, or other documents, including
 all electronic documents or documents in cloud storage, or property pertaining to the business
 of the Corporation used or produced by the Executive in connection with the Executive's
 employment, or in the Executive's possession or under the Executive's control,
 whether located in the office or at home, shall at all times remain the property of the Corporation
 ("Property"). The Executive shall return all Property of the Corporation in the
 Executive's possession or under the Executive's control forthwith upon any request
 by the Corporation or upon the termination of this Agreement or of the Executive's
 employment (regardless of the reason for such termination); provided, however, that the Executive
 shall be entitled to retain the Executive's personal papers and contact lists and any
 information related to the Executive's compensation or reimbursement of expenses. In the
 event that the Executive discovers or becomes aware of Property that is in the Executive's
 possession, custody or control after termination of employment, the Executive agrees to immediately
 return such property and any copies to the Corporation without retaining any copies.

**- CONFIDENTIALITY**

6.1 <u>Protection of Confidential Information</u>. While employed by the Corporation and following the termination
 of this Agreement and the Executive's employment (regardless of the reason for any
 termination), the Executive shall not, directly or indirectly, in any way use or disclose
 to any person any Confidential Information, except as provided for herein. The Executive
 agrees and acknowledges that the Confidential Information is the exclusive property of the
 Corporation to be used exclusively by the Executive to perform the Executive's duties
 and fulfil the Executive's obligations to the Corporation and not for any other reason
 or purpose. Therefore, the Executive agrees to hold all such Confidential Information in
 trust for the Corporation and the Executive further confirms and acknowledges to use the
 Executive's best efforts to protect the Confidential Information, not to misuse such
 information, and to protect such Confidential Information from any misuse, misappropriation,
 harm or interference by others in any manner whatsoever. The Executive agrees to protect
 the Confidential Information regardless of whether the information was disclosed in verbal,
 written, electronic, digital, visual or other form, and the Executive hereby agrees to give
 notice immediately to the Corporation of any unauthorized use or disclosure of Confidential
 Information of which the Executive becomes aware. The Executive further agrees to assist
 the Corporation in remedying any such unauthorized use or disclosure of Confidential Information.
 In the event that the Executive is requested or required to disclose to third parties any
 Confidential Information or any memoranda, opinions, judgments or recommendations developed
 from the Confidential Information, the Executive will, prior to disclosing such Confidential
 Information, provide the Corporation with prompt Notice of such request(s) or requirement(s) so
 that the Corporation may seek appropriate legal protection or waive compliance with the provisions
 of this Agreement, such waiver not to be unreasonably withheld. The Executive will not oppose
 action by, and will cooperate with the Corporation to obtain legal protection or other reliable
 assurance that confidential treatment will be accorded the Confidential Information.

6.2 <u>Non-Disparagement</u>.
 The Executive agrees that the Executive will not at any time during or after the cessation
 of the Executive's employment with the Corporation (howsoever caused), make any statements
 or comments publicly (including to any current or former employee or business relation of
 the Corporation or any of its Affiliates or to or likely to come to the attention of any
 media), which statements or comments which are of a negative nature or that could reasonably
 be considered to have an adverse impact on the business or reputation of the Corporation
 or any of Affiliates, their boards of directors, or any of their officers or employees. The
 foregoing limitation shall not apply to compliance with legal or administrative process or
 subpoena, statements in response to enquiry from a court or regulatory body, statements in
 direct rebuttal of media stories about the Executive or statements by the Executive in response
 to an inquiry from the Board.

6.3 <u>Corporate Opportunities.</u> Any business opportunities related in any way to the business and affairs
 of the Corporation or any of its Affiliates which become known to the Executive during the
 Executive's employment hereunder shall be fully disclosed and made available to the
 Corporation and shall not be appropriated by Executive under any circumstance without the
 prior written consent of the Corporation.

**– CERTAIN ADDITIONAL Covenants**

7.1 <u>Fiduciary Duty</u>. The covenants set out in Article VI and Article VII shall not affect
 nor diminish the Executive's fiduciary obligations to the Corporation.

7.2 <u>Passive Investments</u>. Nothing in this Agreement shall prohibit or restrict the Executive from
 holding or becoming beneficially interested in up to 5% of any class of securities in any
 corporation provided that such class of securities are publicly listed on a stock exchange.

**- DISPUTE RESOLUTION & remedies**

8.1 <u>Mediation</u>.
 Any and all disputes arising under, pertaining to, or related to this Agreement, or the statutory
 rights or obligations of either Party hereto, shall first be the subject of a prompt effort
 to resolve the dispute via informal discussions or negotiations. If not promptly settled
 by such discussion and/or negotiation, any dispute shall be subject to non-binding mediation
 before an independent mediator selected pursuant to <u>Section 8.</u> 4 below. Notwithstanding
 the foregoing, both Executive and the Corporation may seek preliminary judicial relief in
 a court of competent jurisdiction if such action is necessary to avoid irreparable damage
 during the pendency of the proceedings described in this <u>Section 8</u>. Any demand
 for mediation must be made in writing and served upon the other Party to the dispute, by
 personal delivery or by Federal Express. The demand must set forth with reasonable specificity
 the basis of the dispute and the relief sought. The mediation will occur at a time and place
 convenient to the Parties at a location to be agreed-to by the parties and, failing agreement,
 at the Corporation's headquarters, within 30 business days of the date of selection
 or appointment of the mediator. The Parties shall bear equally in the costs of the mediator.
 The Parties may mutually agree to waive this mediation requirement, but only if both Parties
 agree in writing to do so.

8.2 <u>Arbitration</u>.
 If the dispute is not settled through mediation, the Parties shall then proceed to binding
 arbitration before an independent arbitrator selected pursuant to <u>Section 8.4</u>.
 The mediator shall not serve as the arbitrator. Except as provided in <u>Section 8.1</u>,
 all disputes between Executive and the Corporation, including, but not limited to, any disputes
 related to or arising from this Agreement, shall be resolved pursuant to this <u>Section 8.2</u>,
 and there shall be no recourse to court with or without a jury trial,  **<u>a right specifically waived by all Parties in signing this Agreement</u>** . The arbitration hearing will occur
 at a time and place convenient to the Parties at a location to be agreed-to by the parties
 and, failing agreement, at the Corporation's headquarters, within 120 business days
 of selection or appointment of the arbitrator, unless otherwise agreed in writing by the
 parties. The arbitration shall be governed by the American Arbitration Association's
 Employment Arbitration Rules and Mediation Procedures (" <u>AAA Rules</u> ")
 in effect on the date of the first notice of demand for arbitration.

8.3 <u>Damages</u>.
 In cases of breach of contract, damages shall be limited to contract damages, and, if applicable,
 to attorneys' fees and costs to the prevailing Party. In all other cases, the arbitrator
 may award relief consistent with the applicable law. In cases of a tort, the arbitrator may
 award punitive damages if proved by clear and convincing evidence. Issues of procedure, arbitrability,
 or confirmation of award will be governed by the Federal Arbitration Act, 9 U.S.C. §§
 1-16 and the AAA Rules.

8.4 <u>Selection of Mediator/Arbitrator</u>. The Parties shall exercise their best efforts to mutually agree
 upon the selection of both the mediator and, if necessary, the arbitrator. If the Parties
 are unable to agree upon the selection of a mediator or an arbitrator within 10 business
 days of receipt of a demand for mediation or arbitration, then the mediator or arbitrator
 will be selected pursuant to the AAA Rules then in effect.

8.5 <u>Costs</u>.
 The costs for filing fees and expenses of the arbitrator shall be borne by the Corporation.
 However, the Corporation and Executive shall be responsible for paying their own legal and
 other expenses and costs for the arbitration, unless otherwise awarded by the arbitrator.

8.6 <u>Remedy</u>.
 The Executive acknowledges and agrees that the Executive is employed in an executive capacity,
 with obligations of trust and loyalty owed by the Executive to the Corporation. Accordingly,
 the Executive agrees that the restrictions in Article VI and Article VII are reasonable
 in the circumstances of the Executive's employment and that the business and affairs
 of the Corporation cannot be properly protected from the adverse consequences of the actions
 of the Executive other than by the restrictions set forth in this Agreement.

8.7 <u>Injunctions, Etc.</u> The Executive acknowledges and agrees that in the event of a breach of the covenants,
 provisions and restrictions in Article VI or Article VII by the Executive, the
 Corporation's remedy in the form of monetary damages will be inadequate. Therefore, the Corporation
 shall be and is hereby authorized and entitled, in addition to all other rights and remedies
 available to it, to apply to a court of competent jurisdiction for interim and permanent
 injunctive relief and an accounting of all profits and benefits arising out of such breach.

8.8 <u>Survival</u>.
 Each and every provision of Article I, Article VI, Article VII, Article VIII,
 and Article IX shall survive the termination of this Agreement and of the Executive's
 employment regardless of the reason for such termination.

**- General contract TERMS**

9.1 <u>Currency</u>.
 All amounts payable pursuant to this Agreement are expressed in and shall be paid in United
 States currency.

9.2 <u>Withholding</u>.
 All amounts paid or payable and all Benefits, perquisites, allowances or entitlements provided
 to the Executive under this Agreement are subject to applicable taxes and withholdings. Accordingly,
 the Corporation shall be entitled to deduct and withhold from any amount payable to the Executive
 hereunder such sums that the Corporation is required to withhold pursuant to any federal,
 provincial, state, local or foreign withholding or other applicable taxes or levies. Notwithstanding
 the foregoing, except as otherwise provided in this Agreement or in the case of any liability
 arising from the Corporation or any member of the Corporation's breach of this Agreement,
 the Executive acknowledges and agrees that the Executive is solely responsible for all tax
 liability arising from the Executive's receipt of any payments, benefits, perquisites, allowances
 or entitlements as set out in this Agreement.

9.3 <u>Rights and Waivers</u>. All rights and remedies of the Parties are separate and cumulative, and
 none of them, whether exercised or not, shall be deemed to be to the exclusion of any other
 rights or remedies or shall be deemed to limit or prejudice any other legal or equitable
 rights or remedies which either of the Parties may have.

9.4 <u>Waiver</u>.
 Any purported waiver of any default, breach or non-compliance under this Agreement is not
 effective unless in writing and signed by the Party to be bound by the waiver. No waiver
 shall be inferred from or implied by any failure to act or delay in acting by a Party in
 respect of any default, breach or non-observance or by anything done or omitted to be done
 by the other Party. The waiver by a Party of any default, breach or non-compliance under
 this Agreement shall not operate as a waiver of that Party's rights under this Agreement
 in respect of any continuing or subsequent default, breach or non-observance (whether of
 the same or any other nature).

9.5 <u>Severability</u>.
 Any provision of this Agreement that is determined by a court of competent jurisdiction to
 be prohibited or unenforceable shall be ineffective to the extent of the prohibition or unenforceability
 and shall be severed from the balance of this Agreement, all without affecting the remaining
 provisions of this Agreement or affecting the validity or enforceability of such provision.

9.6 <u>Notices</u>.
 Any notice required or permitted to be given under this Agreement shall be in writing and
 shall be properly given if personally delivered or mailed by prepaid registered mail addressed
 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the Board of Directors of the Corporation at:

3573 East Sunrise Drive, Suite 233

Tucson, AZ 85718

Attention: Kevin Nishi

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the Executive at:

PO Box 881

Talkeetna, AK 99676

Attention: Kit Marrs

or the last address in the Corporation's records,

or to such other address as the Parties may from time to time specify by notice given in accordance herewith ("Notice"). Any Notice so given shall be conclusively deemed to have been given or made on the day of delivery, if personally delivered, or if mailed as aforesaid, upon the date shown on the postal return receipt as the date upon which the envelope containing such notice was actually received by the addressee.

9.7 <u>Time of Essence</u>. Time shall be of the essence as to this Agreement in all respects.

9.8 <u>Successors and Assigns</u>. This Agreement shall inure to the benefit of, and be binding on, the parties
 and their respective heirs, administrators, executors, successors and permitted assigns.
 The Corporation shall have the right to assign this Agreement to any successor (whether direct
 or indirect, by purchase, amalgamation, arrangement, merger, consolidation or otherwise)
 to all or substantially all of the business and/or assets of the Corporation; the Executive
 shall not be entitled to any payment or other consideration or to any advance notice of any
 such assignment. The Executive, by the Executive's signature hereto, expressly consents
 to such assignment and, provided that such successor agrees to assume and be bound by the
 terms and conditions of this Agreement, all references to the "Corporation" hereunder
 shall include its successor. The Executive shall not assign or transfer, whether absolutely,
 by way of security or otherwise, all or any part of the Executive's rights or obligations
 under this Agreement without the prior written consent of the Corporation; provided if the
 Executive should die while any payment or entitlement is due to the Executive hereunder,
 such payment or entitlement shall be paid or provided to the Executive's spouse (or if the
 Executive's spouse is not alive, to the Executive's estate). For greater certainty, an assignment
 under this Section 9.8 which constitutes a Change in Control remains subject to any
 and all provisions of this Agreement which apply upon a Change in Control.

9.9 <u>Amendment</u>.
 No amendment of this Agreement will be effective unless made in writing and signed by both
 Parties.

9.10 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the Parties pertaining
 to the subject matter of this Agreement and supersedes all prior agreements, understandings,
 negotiations and discussions, whether oral or written. There are no conditions, warranties,
 representations or other agreements between the Parties in connection with the subject matter
 of this Agreement (whether oral or written, express or implied, statutory or otherwise),
 except as specifically set out in this Agreement.

9.11 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of
 the State of Alaska and the federal laws of the United States applicable therein.

9.12 <u>Headings</u>.
 The division of this Agreement into Sections and the insertion of headings are for convenience
 or reference only and shall not affect the construction or interpretation of this Agreement.

9.13 <u>Independent Legal Advice; Construction</u>. The Parties acknowledge that, prior to executing this Agreement,
 they have each had the opportunity to obtain independent legal advice and that they fully
 understand the nature of this Agreement and that they are entering into this Agreement voluntarily.
 Accordingly, this Agreement shall not be construed for or against the Executive or the Corporation,
 regardless of which Party drafted the provision at issue. The language in all parts of this
 Agreement shall in all cases be construed as a whole according to its fair meaning and not
 strictly for or against either Party.

9.14 <u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14.1 <u>General</u>. This Agreement shall comply with Section 409A of the Internal Revenue Code or an exception thereto and each provision of the Agreement shall be interpreted, to the extent possible, to comply with Section 409A or an exception thereto. Nevertheless, the Corporation does not and cannot guarantee any particular tax effect or treatment of the amounts due under this Agreement. Except for the Corporation's responsibility to withhold applicable income and employment taxes from compensation paid or provided to the Executive, the Corporation will not be responsible for the payment of any applicable taxes on compensation paid or provided pursuant to this Agreement. Notwithstanding any other provision of this Agreement to the contrary, neither the time nor schedule of any payment under this Agreement may be accelerated or subject to further deferral except as permitted by Section 409A and the applicable regulations. The Executive does not have any right to make any election regarding the time or form of any payment due under this Agreement. Notwithstanding anything in this Agreement to the contrary, if the Corporation concludes, in the exercise of its discretion, that the severance benefits described in <u>Section 7</u> are subject to Section 409A of the Code no severance payment will be paid prior to the Executive's "separation from service" as defined in Treasury Regulation Section 1.409A-1(h) (applying the default rules of Treasury Regulation Section 1.409A-1(h)). Installment payments shall be treated as separate payments for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14.2 <u>Specified Employee</u>. If the severance benefits described in <u>Section 7</u> are subject to Section 409A of the Code, and if the Executive is a "specified employee" as defined in Treasury Regulation Section 1.409A-1(i)(1) on the date of the Executive's termination of employment, such payments shall not begin until the first day of the seventh month following Employee's "separation from service" as defined in Treasury Regulation Section 1.409A-1(h) (applying the default rules of Treasury Regulation Section 1.409A-1(h)).

9.15 <u>Counterparts; Copies</u>. This Agreement may be executed in multiple counterparts, each of which, when
 so executed and delivered, shall be an original, and all of which together shall constitute
 one and the same instrument and agreement. A hard or electronic copy of this Agreement shall
 be deemed as binding and valid as an original.

**[Signature page follows.]**

**IN WITNESS WHEREOF** this Agreement has been signed as of the above Date by the Parties hereto.

---

| | |
|:---|:---|
| **WESTERN ALASKA MINERALS** | **WESTERN ALASKA MINERALS** |
|  | "Kevin Nishi" |
| Per: | */s/ Kevin Nishi* |
|  | Kevin Nishi |
|  | Board of Director |

---

---

| | |
|:---|:---|
| */s/ Sacha Iley* | */s/ Kit Marrs* |
| Witness | Kit Marrs |

---

## Exhibit 10.13

**Exhibit 10.13**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2515003d8_ex10-13img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSUL TING SERVICE AGREEMENT This AGREEMENT dated for reference and effective the l " day of July 2024. BETWEEN: Piek Exploration LLC, a Colorado limited liability company, 7853 Red Fox Drive, Evergreen, CO 80439 USA (hereinafter called the "Consultant"). AND: Western Alaska Minerals Corp, 3573 East Sunrise Drive, Suite 233, Tucson, AZ 85718, an BC, Canada corporation (hereinafter referred to as the 'CLIENT'), WHEREAS: The CLIENT requires the services for corporate strategy and financing, and the CONSULT ANT represents that the CONSULTANT is qualified and desires to perform the services required by the CLIENT as an independent consultant to and not as an employee of the CLIENT. l . COMPENSATION AND EXPENSES 1.1 For the services rendered as described in this AGREEMENT, the CLIENT shall pay the CONSULTANT as follows: 2. 1 .1 US$3,000.00/month minimum. Additional compensation to be mutually agreed upon. 2.1.2 The Company has a Long-Term Incentive Plan. All Stock Options are at the discretion of the Board are based on Individual and Company performance. 2.1.3 In addition and if applicable, travel expenses at cost, including lodging, meals, personal vehicle mileage, airfare, and other miscellaneous travel expenses related to the CLIENT's business. 1.2 The CONSULT ANT shall submit an account of all charges and costs for services and work completed as set forth in this AGREEMENT on or about the first (1st) day of each month. Upon CLIENT approval, the CLIENT shall pay such accounts within thirty (30) days of approval thereof. 2. TERM AND TERMINATION 2.1 The terms of this AGREEMENT shall commence this 1st day of July 2024 and shall continue I Page 1 of 3 Pages  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2515003d8_ex10-13img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thereafter unless terminated by either party without cause by giving the other party 10 days notice. 2.2 It is agreed by the parties hereto that if termination should occur without cause and while CONSULT ANT is in the field pursuant to this agreement, the CLIENT shall be responsible to provide the CONSULT ANT reimbursement for all reasonable expenses to return him to Evergreen, Colorado. 3. NATURE OF IBE RELATIONSIDP 3.1 The CONSULTANT is not ultimately responsible to carry out or see through any change or take any action other than described in this AGREEMENT. 3.2 The CONSULTANT shall perform the services as per the AGREEMENT in a professional and workmanlike manner, in alignment with industry tradecraft. 3.3 The CLIENT shall not have any day-to-day direction or control over the services of CONSULT ANT or the work to be performed, except as specifically set forth in this . AGREEMENT. 3.4 The CONSULTANT shall have full responsibility for making any and all necessary USA based income tax, sales tax, social security, unemployment and other related tax payments and for filing all USA tax returns and forms required in connection therewith. 3.5 So long as the CONSULTANT performs the services described above at the time and in the manner required by this AGREEMENT, the CONSULTANT shall retain full rights to perform services and work for third parties (other clients) unrelated to this AGREEMENT. 3.6 The CONSULTANT shall furnish all his own software, tools, material'\, and other equipment necessary to perform the services described above. 3.7 The rights and obligations of the CONSULTANT under this AGREEMENT may not be assigned without first receiving the prior written consent of the CLIENT which consent shall not be unreasonably withheld. 4. CONFJDENTALITY 4.1 Information generated for the CLIENT by the CONSULT ANT or transmitted to the CONSULTANT by the CLIENT will be treated as strictly confidential and will be considered proprietary by the CLIENT. 4.2 The CONSULT ANT shall refrain from transmitting or in any way disclosing any such information to third parties without the express prior written consent of the CLIENT. - z..-. Page j of 3 Pages  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2515003d8_ex10-13img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 If a dispute should arise between the parties hereto, and the information generated for the CLIENT by the CONSULTANT or transmitted to the CONSULTANT by the CLIENT is necessary to resolve said dispute, the CLIENT may not withhold their consent to disclose any such in formation. 5. INDEMNITY AND L~SURANCE 5.1 The CONSULTANT shall assume full responsibility for all injuries occurring to himseu· and for protecting himself by means of industrial, private, medical, and/or worker compensation insurance or otherwise as required by law. The CLIENT shall provide immediate medical care for any injuries that the CONSULT ANT sustains while performing duties at any of the CLIENT's exploration camps, or any other international location while on business pertaining to the CLIENT. 5.2 The CONSULTANT shall indemnify and save the CLIENT harmless from and against any anrt a.ll claims, dcmaods, action~, causei:i of actions, losses, damages, cost, liabilities and expenses (including reasonable legal fees and costs) of whatever kind or character (hereinafter collecl-ivcly defined as the "damages") on account of any actual or alleged loss, injwy or dawage to any person (including death) which,.result ilircctly frum CONSULTANT's \*gross negligence in performing the services pursuant to the agreement. 5.3 The CUENT sha!I : orthe: foregoing AGRJ-:EMENT are ac.::~pte.d and approvCli by tbc CONSULTAN"l' and the CLIENT. ,/./U _ __ _ .. ~ r------ ~ C:-[ lL'f,' .... , .. .. ! > ,,, • \ 1"i I Jae flickcnb1w·k, i'v'i:magt'r Piek Exploration I .LC J ~o-;; ~; j Ci 1-" .1 P,),J HS Cl.lENT K Western it Marrs, A.iaska CFO ~ Minerals Corp  |

---

## Exhibit 10.14

**Exhibit 10.14**

**<u>CONSULTING SERVICE AGREEMENT</u>**

This AGREEMENT dated for reference and effective the 7<sup>th</sup> day of August, 2025.

**BETWEEN:**

Piek Exploration LLC, a Colorado limited liability company, 7853 Red Fox Drive, Evergreen, CO 80439 USA (hereinafter called the "Consultant").

**AND:**

Western Alaska Minerals Corp, 3573 East Sunrise Drive, Suite 233, Tucson, AZ 85718, an BC, Canada corporation (hereinafter referred to as the 'Client'),

**WHEREAS:**

A. The Consultant has served as an officer of the Client since January 6, 2019, in the position of Chief Exploration Officer and has, since July 1, 2024, provided services as an independent contractor to the Client.

B. The Client requires continuing services for corporate strategy and financing, and the Consultant represents that the Consultant is qualified and desires to continue to perform the services required by the Client as an independent consultant and not as an employee of the Client.

**1. COMPENSATION AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 For the services rendered as described in this AGREEMENT, the Client shall pay the Consultant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 US$3,000.00/month minimum. Additional compensation to be mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 The Company has a Long-Term Incentive Plan. All Stock Options are at the discretion of the Board are based
on Individual and Company performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 In addition and if applicable, travel expenses at cost, including lodging, meals, personal vehicle mileage,
airfare, and other miscellaneous travel expenses related to the Client's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Consultant shall submit an account of all charges and costs for services and work completed as set
forth in this AGREEMENT on or about the first (1st) day of each month. Upon Client approval, the Client shall pay such accounts within
thirty (30) days of approval thereof.

Page 1 of 4 Pages

**2**. **TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The terms of this AGREEMENT shall commence this 7<sup>th</sup> day of August, 2025 and shall continue
thereafter unless terminated by either party without cause by giving the other party 10 days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 It is agreed by the parties hereto that if termination should occur without cause and while Consultant
is in the field pursuant to this agreement, the Client shall be responsible to provide the Consultant reimbursement for all reasonable
expenses to return him to Evergreen, Colorado.

**3. NATURE OF THE RELATIONSHIP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Consultant is not ultimately responsible to carry out or see through any change or take any action
other than described in this AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Consultant shall perform the services as per the AGREEMENT in a professional and workmanlike manner,
in alignment with industry tradecraft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Client shall not have any day-to-day direction or control over the services of Consultant or the work
to be performed, except as specifically set forth in this AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Consultant shall have full responsibility for making any and all necessary USA based income tax, sales
tax, social security, unemployment and other related tax payments and for filing all USA tax returns and forms required in connection
therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 So long as the Consultant performs the services described above at the time and in the manner required
by this AGREEMENT, the Consultant shall retain full rights to perform services and work for third parties (other clients) unrelated to
this AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 The Consultant shall furnish all his own software, tools, materials, and other equipment necessary to
perform the services described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 The rights and obligations of the Consultant under this AGREEMENT may not be assigned without first receiving
the prior written consent of the Client which consent shall not be unreasonably withheld.

**4. CONFIDENTALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Information generated for the Client by the Consultant or transmitted to the Consultant by the Client
will be treated as strictly confidential and will be considered proprietary by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Consultant shall refrain from transmitting or in any way disclosing any such information to third
parties without the express prior written consent of the Client.

Page 2 of 4 Pages

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 If a dispute should arise between the parties hereto, and the information generated for the Client by
the Consultant transmitted to the Consultant by the Client is necessary to resolve said dispute, the Client may not withhold their consent
to disclose any such information.

**5. INDEMNITY AND INSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Consultant shall assume full responsibility for all injuries occurring to himself and for protecting
himself by means of industrial, private, medical, and/or worker compensation insurance or otherwise as required by law. The Client shall
provide immediate medical care for any injuries that the Consultant sustains while performing duties at any of the Client's exploration
camps, or any other international location while on business pertaining to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Consultant shall indemnify and save the Client harmless from and against any and all claims, demands,
actions, causes of actions, losses, damages, cost, liabilities and expenses (including reasonable legal fees and costs) of whatever kind
or character (hereinafter collectively defined as the "damages") on account of any actual or alleged loss, injury or damage
to any person (including death) which result directly from the Consultant's \* <u>gross</u> negligence in performing the services
pursuant to the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Client shall defend, indemnify, and save the Consultant harmless from and against damages on account
of any actual or alleged loss, injury, or damage to any person or to property which result directly out of or in connection with the services
performed by the Consultant pursuant to the Agreement or which result directly from the negligence of the Client, save and except damages
which result directly from the \* <u>gross</u> negligence of the Consultant.

*\*<u>Gross</u> negligence, as used herein is want of even slight care, which would raise belief that the act or omission complained of was the result of a conscious indifference to the rights and welfare of persons affected by it.*

Page 3 of 4 Pages

This AGREEMENT, consisting of this and the preceding three (3) pages, is the entire AGREEMENT of the parties hereto and may not be modified in its terms unless agreed to, in writing, and signed by the parties.

The terms and conditions of the foregoing AGREEMENT are accepted and approved by the Consultant and the Client.

---

| | |
|:---|:---|
| /s/ Joe Piekenbrock | /s/ Kit Marrs |
| Concultant | Client |
| Joe Piekenbrock, Manager | Kit Marrs, CEO |
| Piek Exploration LLC | Western Alaska Minerals Corp |

---

Page 4 of 4 Pages

## Exhibit 10.15

**Exhibit 10.15**

**GRANT OF PARTICIPATION RIGHT**

---

| | |
|:---|:---|
| **TO:** | **CRESCAT PORTFOLIO MANAGEMENT LLC** |

---

---

| | |
|:---|:---|
| **FROM:** | **1246779 B.C. LTD. (the "ISSUER") (To be renamed Western Alaska Minerals Corp.)** |

---

In consideration for the contemporaneous subscription for securities of the Issuer by Crescat Portfolio Management LLC (for itself and/or for accounts managed by Crescat Portfolio Management LLC (collectively, "**Crescat**")), the sufficiency of which consideration is hereby acknowledged, the Issuer hereby grants Crescat the right to purchase additional securities of the Issuer (the "**Participation Right**") on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each time the Issuer proposes to proceed with an additional issue, by private placement
or public offering, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any common shares in the capital of the Issuer ()"**Common Shares** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any option, warrant or other right to subscribe for, purchase or otherwise acquire
any Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any debt securities convertible into Common Shares,

other than Excluded Issues (as defined below) (the securities being offered herein referred to as the "**Offered Securities**"), the Issuer shall offer to Crescat, subject to applicable securities laws and the policies of the stock exchange on which the Common Shares are listed, the right to subscribe for Offered Securities on the same terms and conditions at which the Offered Securities are to be offered to other third parties. More specifically, Crescat shall be offered that percentage (the "**Proportional Percentage**") of the Offered Securities calculated by dividing the aggregate number of Common Shares of the Issuer owned by Crescat on the date of an Offer (as defined below) by the number of Common Shares of the Issuer which are issued and outstanding on the date of the Offer.

"**Excluded Issues**" shall mean the following issues of securities of the Issuer: (i) the grant or exercise of equity incentives and other similar issuances in the nature of compensation pursuant to an approved equity incentive plan of the Issuer; (ii) the exercise of options, warrants or other rights to subscribe for, purchase or otherwise acquire any Common Shares, which options, warrants or other rights are outstanding as at the date hereof; (iii) the fulfillment of contractual obligations of the Issuer existing as at the date hereof; or (iv) the issuance of securities in connection with arm's length acquisitions of non-cash assets, including as property option payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each offer pursuant to section 1 above (an "**Offer**") shall be
made in writing by the Issuer and shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed terms and conditions relating to the Offered Securities, including but
not limited to the price thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proposed aggregate number of the Offered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed date on which the issuance of the Offered Securities is to be completed
(the "**Closing Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the number of then outstanding Common Shares.

For greater certainty, the Issuer's delivery to Crescat of a form of subscription agreement for the Offered Securities shall constitute an Offer for the purposes of this section 2. Promptly on receipt of an Offer, Crescat shall confirm receipt of the Offer and advise the Issuer of the number of Common Shares that Crescat owns as of the date of the Offer.

Subject to section 5 below, the Issuer will deliver an Offer to Crescat not less than 5 business days before the proposed Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If Crescat wishes to subscribe for up to its Proportional Percentage of the Offered
Securities it may do so by (i) giving notice in writing of the exercise of the Participation Right to the Issuer (and thereafter returning
any other signed documentation provided by the Issuer relating to the Offer) or (ii) executing and delivering a completed subscription
agreement substantially in the form provided by the Issuer and, in either case, specifying the number of Offered Securities it desires
to purchase up to its Proportional Percentage of the Offered Securities. If Crescat desires to purchase a number of Offered Securities
in excess of its Proportionate Percentage, the sale to Crescat of such additional Offered Securities will be at the Issuer's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If an Offer is not accepted by Crescat in writing on or before the close of business
on the date which is the third business day immediately after delivery to Crescat of the Offer, Crescat will be deemed to have declined
to exercise the Participation Right in respect of the Offered Securities set out in such Offer, and the Issuer may offer such Offered
Securities to any person provided that the terms of purchase for the Offered Securities, including but not limited to price, will not
be more favourable to that person than that contained in the Offer delivered to Crescat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Crescat acknowledges that, between the time it receives an Offer and the time
the Issuer settles the terms of the offering of the Offered Securities, the terms of the offering of Offered Securities may change from
those described in the Offer. The Issuer agrees to maintain communications with Crescat during this period for the purposes of keeping
it informed with respect to changes to the details set forth in the Offer. The Participation Right is intended to allow Crescat the opportunity
to participate in an offering of Offered Securities on the terms on which others participate only. As long as the Issuer keeps Crescat
informed of changes to the details set forth in the Offer on a timely basis and allows Crescat not less than five business days (or such
lesser number of days as Crescat may agree) to consider participating on the ultimate terms of an Offering, the Issuer shall not be required
to start a new ten business day period for delivery of a new Offer each time terms of the offering change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Participation Right terminates on the date on which Crescat's ownership
of Common Shares falls below 3% of the then outstanding Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Nothing in this Participation Right shall obligate the Issuer to undertake any
offering of Offered Securities. The Participation Right shall be temporarily suspended to the extent that such right materially interferes
or conflicts with a take-over bid, a statutory plan of arrangement or an amalgamation, as may in good faith be determined by the Issuer's
board of directors consistent with the directors' fiduciary duty to act in the best interests of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Participation Right is transferable by Crescat to an "affiliate,"
and shall be solely governed by and interpreted and enforced in accordance with the laws of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If and when applicable, the Issuer covenants and agrees that it will deliver to
Crescat, before the end of February of each year, an annual passive foreign investment company ()"**PFIC**") information
statement for the Issuer's most recently completed fiscal year, containing such information and statements as may be reasonably
requested by Crescat in order to make a Qualified Electing Fund election. The Issuer will promptly inform Crescat in writing when the
Issuer is no longer a PFIC within the meaning of the United States *Internal Revenue Code*. The provisions of this section will survive
the termination of the Participation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Participation Right and all terms, covenants and conditions contained herein
shall inure to the benefit of and shall be binding upon the Issuer and its successors and assigns.

DATED at Denver, Colorado this October 14, 2021

---

| |
|:---|
| **1246779 B.C. LTD.** |
| /s/ James Ward |
| Name: James Ward |
| Title: Officer |
| I have the authority to bind the Issuer |
| Accepted as of the date written above: |
| **CRESCAT PORTFOLIO MANAGEMENT LLC** |
| /s/ Kevin C. Smith |
| Name: Kevin C. Smith |
| Title: Chief Investment Officer |

---

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiary of Registrant**

---

| | |
|:---|:---|
| **Subsidiary Name** | **State of Incorporation** |
| Western Alaska Copper and Gold Company | Alaska |

---

**Subsidiary of Western Alaska Copper and Gold Company**

---

| | |
|:---|:---|
| **Subsidiary Name** | **State of Incorporation** |
| Piek Incorporated | Alaska |

---

## Exhibit 23.1

**Exhibit 23.1**

![](tm2515003d8_ex23-1img001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the use in this Registration Statement on Form S-1 of our report dated September 4, 2025, relating to the consolidated financial statements of Alaska Silver Corp., which is part of this Registration Statement.

We also consent to the reference to us under the caption "Experts" in the Prospectus.

---

| |
|:---|
| **/s/ DAVIDSON & COMPANY LLP** |
| Chartered Professional |

---

Vancouver, Canada

Accountants September 11, 2025

![](tm2515003d8_ex23-1img002.jpg)

## Exhibit 23.4

**Exhibit 23.4**

August 11, 2025

**Consent of Qualified Person**

Core Geoscience LLC (Core Geoscience), in connection with Western Alaska Mineral Corp.'s registration statement on Form S-1 and the proxy statement/prospectus included therein and any amendments or supplements and/or exhibits thereto (collectively, the "Registration Statement"), consents to:

&nbsp;&nbsp;&nbsp;&nbsp;· The filing and use of the technical report titled "S-K 1300 Technical
Report Summary, Illinois Creek Project, Western Alaska, USA" (the "Technical Report Summary"), with an effective
date of January 31, 2025, and dated April 30, 2025, that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated
by the U.S. Securities and Exchange Commission (S-K 1300), as an exhibit to and referenced in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;· The use of and references to our name, including our status as an expert
or "qualified person" (as defined in S-K 1300), in connection with the Registration Statement and the Technical Report Summary;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Any extracts from or a summary of the Technical Report Summary included in
or incorporated by reference in the Registration Statement and the use of any information derived, summarized, quoted, or referenced from
the Technical Report Summary, or portions thereof, that was prepared by us, that I supervised the preparation of, and/or that was reviewed
and approved by us, that is included or incorporated by reference in the Registration Statements.

Core Geoscience is responsible for authoring, and this consent pertains to, the following sections of the Technical Report Summary: 3.5, 3.6, 7.3 and related disclosure in 1, 22, 23, and 24. Core Geoscience certifies that it has read the Registration Statement and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

---

| |
|:---|
| /s/ Jack DiMarchi |
| **Jack DiMarchi, C.P.G.** <br> Principal |

---

## Exhibit 23.5

**Exhibit 23.5**

August 11, 2025

**Consent of Qualified Person**

Bruce Davis Consulting (BDC), in connection with Western Alaska Mineral Corp.'s registration statement on Form S-1 and the proxy statement/prospectus included therein and any amendments or supplements and/or exhibits thereto (collectively, the "Registration Statement"), consents to:

&nbsp;&nbsp;&nbsp;&nbsp;· The filing and use of the technical report titled "S-K 1300 Technical
Report Summary, Illinois Creek Project, Western Alaska, USA" (the "Technical Report Summary"), with an effective
date of January 31, 2025, and dated April 30, 2025, that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated
by the U.S. Securities and Exchange Commission (S-K 1300), as an exhibit to and referenced in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;· The use of and references to our name, including our status as an expert
or "qualified person" (as defined in S-K 1300), in connection with the Registration Statement and the Technical Report Summary;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Any extracts from or a summary of the Technical Report Summary included in
or incorporated by reference in the Registration Statement and the use of any information derived, summarized, quoted, or referenced from
the Technical Report Summary, or portions thereof, that was prepared by us, that I supervised the preparation of, and/or that was reviewed
and approved by us, that is included or incorporated by reference in the Registration Statements.

BDC is responsible for authoring, and this consent pertains to, the overall preparation the Technical Report Summary, excluding sections 3.5, 3.6, 7.3, 10 and related disclosure in 1, 22, 23, and 24. BDC certifies that it has read the Registration Statement and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

---

| |
|:---|
| /s/ Bruce Davis |
| **Bruce Davis, Ph.D, FAusIMM** <br> Principal  |

---

## Exhibit 23.6

**Exhibit 23.6**

August 11, 2025

**Consent of Qualified Person**

DM Consulting, in connection with Western Alaska Mineral Corp.'s registration statement on Form S-1 and the proxy statement/prospectus included therein and any amendments or supplements and/or exhibits thereto (collectively, the "Registration Statement"), consents to:

&nbsp;&nbsp;&nbsp;&nbsp;· The filing and use of the technical report titled "S-K 1300 Technical
Report Summary, Illinois Creek Project, Western Alaska, USA" (the "Technical Report Summary"), with an effective
date of January 31, 2025, and dated April 30, 2025, that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated
by the U.S. Securities and Exchange Commission (S-K 1300), as an exhibit to and referenced in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;· The use of and references to our name, including our status as an expert
or "qualified person" (as defined in S-K 1300), in connection with the Registration Statement and the Technical Report Summary;
and

&nbsp;&nbsp;&nbsp;&nbsp;· Any extracts from or a summary of the Technical Report Summary included in
or incorporated by reference in the Registration Statement and the use of any information derived, summarized, quoted, or referenced from
the Technical Report Summary, or portions thereof, that was prepared by us, that I supervised the preparation of, and/or that was reviewed
and approved by us, that is included or incorporated by reference in the Registration Statements.

DM Consulting is responsible for authoring, and this consent pertains to, the Section 10 and related disclosure in sections 1, 22, 23, and 24 of the Technical Report Summary. DM Consulting certifies that it has read the Registration Statement and that it fairly and accurately represents the information in the Technical Report Summary for which it is responsible.

---

| |
|:---|
| /s/ Deepak Malhotra |
| **Deepak Malhotra, PhD, SME(RM)** <br> Principal  |

---

## Exhibit 96.1

**Exhibit 96.1**

![](tm2515003d2_ex96-1img02.jpg)

**S-K 1300 Technical Report Summary**

**Illinois Creek Project, Western Alaska, USA**

![](tm2515003d2_ex96-1img01.jpg)

**Western Alaska Minerals Corp.**

3573 E. Sunrise Drive, Suite 233, Tucson, AZ 85718

**Prepared by:**

Bruce Davis, Ph.D., FAusIMM, BD Resource Consulting, Inc.

Jack DiMarchi, C.P.G., Core Geoscience LLC

Deepak Malhotra, PhD, SME(RM), DM Consulting

**Effective Date:** January 31, 2025

**Signature Date:** April 30, 2025

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **i** |
| **1.0** | **Executive Summary** | **1-1** |
| 1.1 | Summary | 1-1 |
| 1.2 | Property Description and Ownership | 1-1 |
| 1.3 | Geological Setting, Mineralization, and Deposit | 1-2 |
| 1.4 | Status of Exploration | 1-3 |
| 1.5 | Metallurgy | 1-5 |
| 1.6 | Mineral Resource Estimates | 1-5 |
| 1.7 | Conclusions | 1-10 |
| 1.8 | Recommendations and Proposed Budget | 1-11 |
| **2.0** | **Introduction** | **2-1** |
| 2.1 | Qualified Persons | 2-1 |
| 2.2 | Site Visits | 2-1 |
| 2.3 | Sources of Information | 2-2 |
| 2.4 | Units of Measurement | 2-2 |
| 2.5 | Abbreviations and Acronyms | 2-3 |
| **3.0** | **Property Description** | **3-1** |
| 3.1 | Location | 3-1 |
| 3.2 | Land Tenure | 3-2 |
| 3.3 | Royalties, Agreements, and Encumbrances | 3-5 |
| 3.4 | Environmental Liabilities | 3-6 |
| 3.5 | Environmental Studies | 3-6 |
| 3.6 | Permitting | 3-9 |
| 3.7 | Other Significant Factors and Risks | 3-10 |
| **4.0** | **Accessibility, Climate, Local Resources, Infrastructure and Physiography** | **4-1** |
| 4.1 | Accessibility | 4-1 |
| 4.2 | Climate | 4-1 |
| 4.3 | Local Resources | 4-2 |
| 4.4 | Infrastructure | 4-2 |
| 4.5 | Physiography | 4-3 |
| **5.0** | **History** | **5-1** |
| 5.1 | Historical Exploration | 5-1 |
| 5.2 | Past Production | 5-15 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | i |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**6.0** **Geological Setting, Mineralization, and Deposit** **6-1** 

6.1 Regional
 Geology 6-1

6.2 Property
 Geology 6-8

6.3 Mineral
 Deposits 6-17

6.4 Other
 WAM Properties 6-35

6.5 Deposit
 Types 6-36

**7.0** **Exploration** **7-1** 

7.1 Exploration 7-1

7.2 Drilling 7-15

7.3 Hydrogeology
 Data 7-30

7.4 Geotechnical
 Data 7-30

**8.0** **Sample Preparation, Analyses, and Security** **8-1** 

8.1 Sample
 Preparation 8-1

8.2 Security 8-6

8.3 Assaying
 and Analytical Procedures 8-7

8.4 Quality
 Assurance/Quality Control 8-8

8.5 QP's
 Opinion 8-12

**9.0** **Data Verification** **9-1** 

9.1 Historical
 Data Verification 9-1

9.2 WAC&G
 Data Verification 9-1

9.3 QP
 Data Verification 9-1

9.4 QP's
 Opinion 9-2

**10.0** **Mineral Processing and Metallurgical Testing** **10-1** 

10.1 Historical
 Metallurgical Test Work 10-1

10.2 Conceptual
 Process Flowsheet 10-5

10.3 QP's
 Opinion 10-5

**11.0** **Mineral Resource Estimates** **11-1** 

11.1 Summary 11-1

11.2 Illinois
 Creek 11-5

11.3 Waterpump
 Creek 11-44

11.4 QP's
 Mineral Resources Opinion 11-67

11.5 Mineral
 Resource Reporting 11-69

**12.0** **Mineral Reserve Estimates** **12-1** 

**13.0** **Mining Methods** **13-1** 

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | ii |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**14.0** **Processing and Recovery Methods** **14-1** 

**15.0** **Infrastructure** **15-1** 

**16.0** **Market Studies** **16-1** 

**17.0** **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** **17-1** 

**18.0** **Capital and Operating Costs** **18-1** 

**19.0** **Economic Analysis** **19-1** 

**20.0** **Adjacent Properties** **20-1** 

**21.0** **Other Relevant Data and Information** **21-1** 

**22.0** **Interpretation and Conclusions** **22-1** 

**23.0** **Recommendations** **23-1** 

**24.0** **References** **24-1** 

**25.0** **Reliance on Information Provided by the Registrant** **25-1** 

**26.0** **Date and Signature Page** **26-1** 

**Tables**

---

| | | |
|:---|:---|:---|
| Table 1-1: | Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources – July 21, 2021 | 1-6 |
| Table 1-2: | Mineral Resource Estimate for Leach Pad Mineral Resources – July 21, 2021 | 1-6 |
| Table 1-3: | Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources – July 21, 2021 | 1-7 |
| Table 1-4: | Waterpump Creek Sulfide Mineral Resource Estimate - February 20, 2024 | 1-8 |
| Table 1-5: | Waterpump Creek Oxide Mineral Resource Estimate – February 1, 2024 | 1-9 |
| Table 1-6: | Recommendations for the Illinois Creek Project with Proposed Budgets | 1-12 |
| Table 3-1: | Summary of WAM Lands | 3-2 |
| Table 3-2: | Mine Permits | 3-9 |
| Table 5-1: | Anaconda Soil Surveys 1980-1984 | 5-5 |
| Table 5-2: | Echo Bay and USMX Soil Surveys 1993-1995 | 5-6 |
| Table 5-3: | NovaGold and Piek Exploration Soil Surveys 2006-2015 | 5-7 |
| Table 5-4: | Airborne and Ground Magnetic Surveys at Illinois Creek | 5-9 |
| Table 5-5: | Various Electrical Geophysical Surveys at Illinois Creek | 5-10 |
| Table 5-6: | Gravity Surveys at Illinois Creek | 5-12 |
| Table 5-7: | Drill Campaigns 1980-2006 at Illinois Creek | 5-13 |
| Table 6-1: | Age Determinations - Illinois Creek District | 6-7 |
| Table 6-2: | Current Lithology Codes for the Illinois Creek District | 6-14 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | iii |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | |
|:---|:---|:---|
| Table 6-3: | Historical Lithology Codes at the Illinois Creek Deposit | 6-17 |
| Table 6-4: | 2021, 2022, and 2023 Sulfide Intervals from Waterpump Creek | 6-22 |
| Table 6-5: | Sulfide Zone Minerals at the Waterpump Creek Deposit | 6-27 |
| Table 6-6: | Oxide Zone Minerals at the Waterpump Creek Deposit | 6-29 |
| Table 6-7: | Mineralogy of the Illinois Creek Oxide Deposit | 6-33 |
| Table 7-1: | Major Exploration Targets - Illinois Creek Property | 7-15 |
| Table 7-2: | Drill Campaigns 1981 through 2024 | 7-16 |
| Table 7-3: | Summary of Illinois Creek Drilling Campaigns by Drill Contractor | 7-18 |
| Table 8-1: | Sample Preparation Procedures - Drill Campaigns 1981 through 2023 | 8-1 |
| Table 8-2: | Summary of On-site Specific Gravity Measurements | 8-4 |
| Table 8-3: | Specific Gravity - USMX 1996 Feasibility Study | 8-5 |
| Table 8-4: | Analytical Laboratories and Protocols - Drill Campaigns 1981 through 2024 | 8-7 |
| Table 8-5: | Certified Reference Materials Utilized by WAC&G from 2021 through 2024 | 8-9 |
| Table 8-6: | Core and Quality Control Materials - 2021, 2022, 2023, and 2024 | 8-10 |
| Table 8-7: | Certified Reference Materials Utilized by WAC&G during the 2021/22 Season | 8-11 |
| Table 8-8: | Acme Check Assays - Bondar-Clegg | 8-11 |
| Table 8-9: | Chemex Check Assays - 1991 | 8-12 |
| Table 8-10: | USMX Bondar-Clegg vs Chemex Check Assays - 1996 | 8-12 |
| Table 10-1: | Feed Analyses of Three Bulk Samples | 10-3 |
| Table 10-2: | Column Leach Test Results for Three Bulk Samples | 10-3 |
| Table 11-1: | Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources – July 21, 2021 | 11-2 |
| Table 11-2: | Waterpump Creek Mixed Oxide/Sulfide and Sulfide Mineral Resource Estimate – February 20, 2024 | 11-3 |
| Table 11-3: | Waterpump Creek North Oxide Mineral Resource Estimate – February 1, 2024 | 11-4 |
| Table 11-4: | Summary of Basic Statistics of Data Proximal to the Mineral Resource Model | 11-11 |
| Table 11-5: | Treatment of Outlier Sample Data | 11-16 |
| Table 11-6: | Variogram Parameters | 11-17 |
| Table 11-7: | Block Model Limits | 11-17 |
| Table 11-8: | Interpolation Parameters for In Situ Mineral Resources | 11-18 |
| Table 11-9: | Summary of Basic Statistics of Leach Pad Sample Data | 11-29 |
| Table 11-10: | Treatment of Outlier Samples in Leach Pad Data | 11-30 |
| Table 11-11: | Variogram Parameters of Leach Pad Sample Data | 11-31 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | iv |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | |
|:---|:---|:---|
| Table 11-12: | Interpolation Parameters for Leach Pad Area Mineral Resources | 11-32 |
| Table 11-13: | Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources – July 21, 2021 | 11-38 |
| Table 11-14: | Mineral Resource Estimate for Leach Pad Mineral Resources – July 21, 2021 | 11-38 |
| Table 11-15: | Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources – July 21, 2021 | 11-39 |
| Table 11-16: | Sensitivity of In Situ Mineral Resources to Gold Price | 11-42 |
| Table 11-17: | Averaged Bulk Density Results by Domain | 11-50 |
| Table 11-18: | Summary of Basic Statistics of Assay Data by Mineralized Domains | 11-51 |
| Table 11-19: | Lithology and Mineralized Domains with Corresponding Codes | 11-53 |
| Table 11-20: | Summary of Basic Statistics of 1.5 m Composites by Mineralized Domains | 11-54 |
| Table 11-21: | Outlier Limitation Grade Thresholds and Range by Domain | 11-56 |
| Table 11-22: | Variogram Parameters | 11-57 |
| Table 11-23: | Block Model Limits | 11-57 |
| Table 11-24: | Interpolation Parameters for In Situ Mineral Resources – Waterpump Creek | 11-58 |
| Table 11-25: | In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Declared using 200 g/t AgEqR Cut-off for the Mixed Oxide/Sulfide (600) and Sulfide (665) Domains – Effective February 20, 2024 | 11-64 |
| Table 11-26: | In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEqR Cut-offs | 11-65 |
| Table 11-27: | In Situ Open Pit Mineral Resource Estimate at Waterpump Creek Deposit Declared using 40 g/t Ag Cut-off for the North Oxide Domain (620) – February 1, 2024 | 11-66 |
| Table 11-28: | In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEq Cut-offs | 11-67 |
| Table 11-29: | In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported for Underground and Open Pit Extraction Methods | 11-68 |
| Table 23-1: | Recommendations for the Illinois Creek Project with Proposed Budgets | 23-2 |

---

**Figures**

---

| | | |
|:---|:---|:---|
| Figure 3-1: | Property Location Map | 3-1 |
| Figure 3-2: | Land Holdings of WAM in the Illinois Creek Mining District | 3-3 |
| Figure 3-3: | Illinois Creek Claims with Uplands Lease Area | 3-4 |
| Figure 5-1: | Simplified Plan Map Showing Mineralized Zones, Drill Collars, Simplified Map Units, and Major Mineralization-controlling Structures | 5-2 |
| Figure 5-2: | Total Field Magnetics - Kaiyuh Hills | 5-8 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | v |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | |
|:---|:---|:---|
| Figure 5-3: | Total Field Magnetics and Regional Gravity Survey | 5-9 |
| Figure 5-4: | Regional Gravity Survey (Edcon, 1983) | 5-11 |
| Figure 5-5: | 2004 NovaGold/Edcon Gravity Survey | 5-12 |
| Figure 6-1: | Generalized Geologic Map of the Southern Kaiyuh Mountains | 6-2 |
| Figure 6-2: | Existing Tectonic Models for the Ruby Terrane | 6-3 |
| Figure 6-3: | West-Central Alaska Deformation 145-113 Ma | 6-4 |
| Figure 6-4: | West-Central Alaska Deformation 113-86 Ma | 6-5 |
| Figure 6-5: | West-Central Alaska Deformation 86-66 Ma | 6-6 |
| Figure 6-6: | Simplified Geologic Map of the Illinois Creek Property with Primary Mineralization-Controlling Structures and Simplified Geologic Domains | 6-9 |
| Figure 6-7: | Stratigraphic Column | 6-11 |
| Figure 6-8: | Plan Map of the Waterpump Creek Drill Collars | 6-19 |
| Figure 6-9: | Longitudinal Section Down Axis of Waterpump Creek Manto | 6-20 |
| Figure 6-10: | 3D Plan Map Projection of the Waterpump Creek Sulfide Body | 6-21 |
| Figure 6-11: | Argentiferous Galena with Pyrite, Fe-rich Sphalerite, and Dolomite: WPC22-20 | 6-24 |
| Figure 6-12: | Partial Replacement Textures Showing Primary Bedding | 6-25 |
| Figure 6-13: | Complete Massive Replacement Textures | 6-26 |
| Figure 6-14: | Complex Brecciated Chimney Mineralization | 6-26 |
| Figure 6-15: | WPC Oxide Zone Drill Core: WP-83-006: 14.1 m at 25.3 oz/st (866.4 g/t) Ag, 44% Pb, and 2.3% Zn | 6-28 |
| Figure 6-16: | WPC Oxide Zone Trench CC Samples | 6-28 |
| Figure 6-17: | Core Sample Photograph of FG and FMG | 6-29 |
| Figure 6-18: | 3D Perspective View of Illinois Creek Deposit Showing FG and FQ Units (Red) and Calcareous and Dolomitic Quartzites (Yellow) | 6-30 |
| Figure 6-19: | 3D Perspective View of the Illinois Creek Deposit Showing Gold Grades | 6-30 |
| Figure 6-20: | 3D Perspective View of Illinois Creek Deposit Showing Silver Grades | 6-31 |
| Figure 6-21: | Reflected Light Photomicrographs of Rare Primary Minerals at Illinois Creek | 6-32 |
| Figure 6-22: | Fugitive Calcite Veins Under Natural Light and SWUV Light WPC22-21 at 167.5 m | 6-34 |
| Figure 6-23: | Schematic Cross-Section Showing the Alteration Zonation of WPC | 6-34 |
| Figure 6-24: | Strong Sanding in the Illinois Creek Central Pit | 6-35 |
| Figure 6-25: | Comparison of Illinois Creek CRD System with Major Worldwide CRD Systems | 6-37 |
| Figure 7-1: | Lead Soil Geochemistry - Illinois Creek Property | 7-2 |
| Figure 7-2: | Zinc Soil Geochemistry - Illinois Creek Property | 7-2 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | vi |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | |
|:---|:---|:---|
| Figure 7-3: | Arsenic Soil Geochemistry - Illinois Creek Property | 7-3 |
| Figure 7-4: | Gold Soil Geochemistry - Illinois Creek Property | 7-3 |
| Figure 7-5: | Copper Soil Geochemistry - Illinois Creek Property | 7-4 |
| Figure 7-6: | Gold Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-5 |
| Figure 7-7: | Silver Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-6 |
| Figure 7-8: | Arsenic Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-6 |
| Figure 7-9: | Copper Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-7 |
| Figure 7-10: | Lead Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-7 |
| Figure 7-11: | Zinc Soil Geochemistry and Exploration Targets Near the Illinois Creek Deposit | 7-8 |
| Figure 7-12: | 2022 CSAMT Survey | 7-9 |
| Figure 7-13: | Resistivity Profile Through the Waterpump Creek Sulfide Body | 7-10 |
| Figure 7-14: | East-Looking View of the Waterpump Creek/Last Hurrah Resistivity Anomaly | 7-11 |
| Figure 7-15: | South-Looking View of the <30-ohm IP Resistivity Anomaly Looking from Waterpump Creek Through the Last Hurrah Target Area | 7-11 |
| Figure 7-16: | Two Oblique Views of the 5 ohm-m and 25 ohm-m Modelled Domains | 7-13 |
| Figure 7-17: | Plan Map Showing Drill Campaigns in the Waterpump Creek/Last Hurrah Trend | 7-19 |
| Figure 7-18: | Plan Map Showing Drill Campaigns in the Illinois Creek Deposit Area | 7-20 |
| Figure 7-19: | Plan Map Showing RC and Core Drill Holes in the Illinois Creek Deposit Area | 7-20 |
| Figure 8-1: | Plot Showing ALS and Zonge SG vs. Field-measured SG | 8-3 |
| Figure 11-1: | Plan View of Gold Grades in Drilling | 11-7 |
| Figure 11-2: | Isometric View of Available Gold Data in Drilling | 11-7 |
| Figure 11-3: | Isometric View of Available Silver Data in Drilling | 11-8 |
| Figure 11-4: | Isometric View of Available Copper Data in Drilling | 11-8 |
| Figure 11-5: | Isometric View of Gold Data in Drilling following Treatment of Unsampled Intervals | 11-9 |
| Figure 11-6: | Isometric View of Silver Data in Drilling following Treatment of Unsampled Intervals | 11-10 |
| Figure 11-7: | Isometric View of Gold Probability Grade Shell Domain | 11-12 |
| Figure 11-8: | Isometric View of Silver Probability Grade Shell Domain | 11-13 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | vii |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | |
|:---|:---|:---|
| Figure 11-9: | Boxplots of Gold and Silver Data Inside vs Outside of the Probability Grade Shell Domains | 11-14 |
| Figure 11-10: | Contact Profiles of Gold and Silver Grades Across Grade Shell Domains Boundaries | 11-15 |
| Figure 11-11: | Gold Grades in Drilling and Block Model | 11-19 |
| Figure 11-12: | Silver Grades in Drilling and Block Model | 11-19 |
| Figure 11-13: | Gold Equivalent Grades in Block Model | 11-19 |
| Figure 11-14: | Herco Grade/Tonnage Plot for Gold and Silver Models | 11-20 |
| Figure 11-15: | Grade/Tonnage Comparison of Gold and Silver Models | 11-21 |
| Figure 11-16: | Swath Plot of Gold and Silver OK and NN Models by Easting | 11-22 |
| Figure 11-17: | Plan View Showing Drilling on the Illinois Creek Deposit and in the Leach Pad Area | 11-24 |
| Figure 11-18: | Plan View of Drilling on the Leach Pad Area | 11-25 |
| Figure 11-19: | Isometric View of Available Gold Data in Leach Pad Drilling | 11-26 |
| Figure 11-20: | Isometric View of Available Silver Data in Leach Pad Drilling | 11-26 |
| Figure 11-21: | Isometric View of Available Copper Data in Leach Pad Drilling | 11-27 |
| Figure 11-22: | Isometric View of Available Lead Data in Leach Pad Drilling | 11-27 |
| Figure 11-23: | Isometric View of Available Zinc Data in Leach Pad Drilling | 11-28 |
| Figure 11-24: | Isometric View of AuCN/AuTotal Ratios in Leach Pad Drilling | 11-28 |
| Figure 11-25: | Gold Grades in Drilling and Block Model in the Leach Pad Area | 11-33 |
| Figure 11-26: | Silver Grades in Drilling and Block Model in the Leach Pad Area | 11-33 |
| Figure 11-27: | Herco Grade/Tonnage Plot for Gold and Silver Models in the Leach Pad Area | 11-34 |
| Figure 11-28: | Swath Plot of Gold and Silver OK and NN Models by Easting in the Leach Pad Area | 11-35 |
| Figure 11-29: | Isometric View of Base Case Mineral Resources (North) | 11-40 |
| Figure 11-30: | Isometric View of Base Case Mineral Resources (South) | 11-40 |
| Figure 11-31: | Plan View of Silver Grades in Drilling, Ag g/t | 11-45 |
| Figure 11-32: | Long Section View of Silver Grades in Drilling, Ag g/t | 11-46 |
| Figure 11-33: | Plan View of Lead Grades in Drilling, Pb % | 11-47 |
| Figure 11-34: | Longitudinal Section View of Lead Grades in Drilling, Pb % | 11-48 |
| Figure 11-35: | Plan View of Zinc Grades in Drilling, Zn % | 11-49 |
| Figure 11-36: | Long Section View of Zinc Grades in Drilling, Zn % | 11-50 |
| Figure 11-37: | Plan View of Mineralized Domains at Waterpump Creek Deposit | 11-52 |
| Figure 11-38: | Long Section View of Mineralized Domains at Waterpump Creek Deposit | 11-53 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | viii |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | |
|:---|:---|:---|
| Figure 11-39: | Histogram/Probability Plots of 1.5 m Composites for Ag g/t, Pb%, and Zn% in Domain 665 | 11-55 |
| Figure 11-40: | Grades in Drilling and Block Model, Section 558240E, Domains 600 and 665 | 11-59 |
| Figure 11-41: | Grades in Drilling and Block Model, Section 558255E, Domains 600 and 665 | 11-60 |
| Figure 11-42: | Grades in Drilling and Block Model, Section 558270E, Domains 600 and 665 | 11-61 |
| Figure 11-43: | Swath Plot of Gold and Silver OK and NN Models by Easting for All Domains | 11-62 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | ix |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**1.0** **Executive Summary** 

**1.1** **Summary** 

Bruce Davis Consulting (BDC), Core Geoscience LLC (Core Geoscience), and DM Consulting were retained by Western Alaska Minerals Corp. (WAM) to prepare a Technical Report Summary (TRS) on its Illinois Creek Property (the Property or the Project), located in western Alaska, USA. This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The purpose of this TRS is to disclose the Mineral Resource estimates at the Property in support of a planned initial public offering (IPO) on a US securities exchange. The QPs for this TRS are Bruce Davis, Jack DiMarchi, and Deepak Malhotra.

The Illinois Creek Property is one of the five properties controlled by WAM in the Illinois Creek mining district. WAM is a public company trading on the TSX-V exchange under the symbol WAM, which through its wholly owned subsidiary Western Alaska Copper and Gold Inc. (WAC&G) owns a 100% interest in the five properties. Since 2010, WAM and its precursor companies have been exploring and advancing its interests in the Illinois Creek mining district located in western Alaska near the Yukon River.

Mineral Resources at the Property are located in two areas, Illinois Creek and Waterpump Creek. Illinois Creek Mineral Resources consist of Illinois Creek oxide gold-silver mineralization and leach heap pad material from the historical Illinois Creek mine. Mineral Resources at Waterpump Creek consist of near surface oxide lead-zinc-silver and deeper sulfide silver mineralization.

The effective date of this report is January 31, 2025. The effective date of the Illinois Creek Mineral Resource estimate is July 21, 2021; no work has been completed at Illinois Creek since this date. The effective date of the Waterpump Creek sulfide Mineral Resource estimate is February 20, 2024, and the effective date of the Waterpump Creek oxide Mineral Resource estimate is February 1, 2024. Drilling on the Property in 2024 was on two new exploration targets, Warm Springs and LH, which are located between the Illinois Creek and Waterpump Creek deposits. The QP has confirmed that there were no changes in the Mineral Resource estimates between the effective date and December 31, 2024.

**1.2** **Property Description and Ownership** 

The Property is located in the southern Kaiyuh Mountains just east of the Yukon River in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the community of Galena. The Property is geographically isolated with no current road access or nearby power infrastructure.

On October 17, 2018, Piek Inc. (Piek) and WAC&G entered into a joint venture agreement to actively explore and develop the Illinois Creek Property owned 100% by Piek, an Alaska-based corporation.

Under the terms of the agreement and amendments to the agreement, a JV Company was established whereby WAC&G could acquire a 100% ownership in the Illinois Creek Property through a series of milestones.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

On March 31, 2021, in anticipation of listing WAC&G on the TSX-V exchange, WAC&G completed the purchase of the Property from Joe Piekenbrock (Piekenbrock), the underlying 100% owner of Piek. Under terms of the purchase agreement, WAC&G exercised its option to purchase the remaining 50% interest in the Property for US$3.698 million via promissory note and 120 shares in WAC&G.

In October 2021, as a precursor to going public, the Illinois Creek JV was completed and terminated and WAC&G was vested with 100% interest in the Property by purchasing Piek. WAC&G then went public in November 2022 by completing a reverse takeover of WAC&G using a shell company 1246779 B.C. Ltd which subsequently was renamed Western Alaska Minerals Corp., which holds title to both the WAC&G claims and Piek Inc. claims within WAC&G.

Subsequent claim staking in 2021, 2022, and 2024 consolidated WAM's land holdings (through Piek and WAC&G) in the district. In July 2024, WAC&G converted 70 of the Illinois Creek Property mining claims to an Upland Mining Lease (ADL#422236). The total land package consists of 390 State of Alaska mining claims and one Upland Mining Lease totaling 114.86 square miles (73,535 acres or approximately 29,759 ha). This total includes the Illinois Creek Property (241 claims) and the Round Top (88 claims), Honker (24 claims), Khotol Ridge (19 claims), and the Pawprint (18 claims) properties.

**1.3** **Geological Setting, Mineralization, and Deposit** 

The Illinois Creek mining district is characterized by intrusion related hydrothermal systems including porphyry copper/molybdenum/silver deposits (PCDs) and surrounding poly-metallic silver/zinc/lead/copper/gold carbonate replacement deposits (CRDs) along with distal low- sulfidation precious-metal veins related to the porphyries. The porphyries in the district are of mid- and late-Cretaceous ages. A Jurassic through mid-Cretaceous fold/thrust event obducts rocks of the Triassic/Jurassic Angayucham terrain over a thick, poorly documented lower Paleozoic sedimentary stratigraphy which is also foreshortened with deep water stratigraphic units to the east overthrust and stacked on progressively more continental margin rocks to the west.

At the Illinois Creek Property, mineralization is characterized by the extensive development of Ag/Zn/Pb/Cu/Au carbonate replacement bodies deposited in the over-thickened continental margin carbonate assemblages. The Property is divided into two distinct structural blocks herein dubbed the East Block and the West block, which are reinterpreted as thrust sheets. Both blocks show distinctive stratigraphic sequences, but both are overprinted by the same 110-114 Ma Illinois Creek mineralization event. That event is metallogenetically related to the relaxation at the end of the compressional event which resulted in the emplacement of the Khotol Mountain suite of intrusions.

Both primary sulfide mineralization and secondary gossan-hosted oxide mineralization are present on the Property, and both are viable exploration targets. Current oxide and sulfide resources are reported in this TRS, including the initial Mineral Resource for the Waterpump Creek zone.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**1.4** **Status of Exploration** 

Exploration on the Property began in the early 1980s and an open pit mine was built in the late 1990s with limited production through the early 2000s, when mining was halted due to falling metal prices and corporate financial difficulties for the operators at that time.

Historically, the Property has been explored and exploited for oxide Au and Ag mineralization in gossans developed from the deep weathering of the sulfide carbonate replacement bodies developed in the dolomites and dolomitic quartzites of both the East and West blocks.

With the consolidation of the district holdings of both Piek Inc and WAC&G in 2019, WAC&G began evaluation of the historical Illinois Creek oxide mineralization and conducted extensive drilling of the leach pad with the corporate strategy to redevelop the oxide mine. The Illinois Creek gossan is a deeply weathered, massive sulfide body oxidized to as much as 400 m below the existing surface which contains exploitable Au/Ag/Cu mineralization.

In 2021, WAC&G began to explore not just for extensions to the oxide gossan mineralization but made its initial test of sulfide mineralization at Waterpump Creek that had been discovered by Anaconda Minerals Company (Anaconda) in 1983. Drilling in 2021 first targeted oxide gossan mineralization and then drilled downdip of a number of historical Anaconda drill holes that had encountered high-grade sulfide mineralization. Results from WPC21-09 returned 11.5 m of 522 g/t Ag, 22.5% Zn, and 14.8% Pb. The impact of this high-grade hole caused the company to pivot its exploration strategy to focus on the sulfide potential of the Property.

Since 2021, a major reinterpretation of the Property geology has been ongoing using 1) a better understanding of CRD morphologies; 2) a multi-element inductively coupled plasma (ICP) soil database, which was substantially expanded in 2021 and 2022; 3) reinterpretation and inversions of historical geophysical surveys; 4) a 2022 controlled source audio- magnetotellurics (CSAMT) and a 2023 three-dimensional (3D) resistivity and induced polarization (3DIP) geophysical surveys, undertaken to domain resistivity and chargeability at depth; and 5) ongoing drilling and mapping.

Drilling in 2022 and 2023 at Waterpump Creek has outlined a CRD containing massive to semi-massive sulfide mineralization dominated by coarse-grained sphalerite, argentiferous galena, and pyrite in recrystallized ferroan dolomite. Drilling to date has outlined a sulfide body approximately 495 m in strike length by 25 m to 75 m in width, and with thicknesses varying from 5 m to over 100 m.

Mineralization is controlled by the north-northeast (NNE)-trending Waterpump Creek fault that down drops and folds the pre-existing schist/dolomite thrust surface into the fault. Mineralization occurs as massive sulfide replacement of the footwall dolomite both at the contact and within upper portions of the dolomite as it rolls into the fault. Mineralization remains open both to the north and south along the structure and at depth along the Waterpump Creek fault. Significant thickening of the mineralized dolostone to >100 m around drill hole WPC22-18 suggests a chimney like expansion of the mineralized body.

In conjunction with the 2022 drill program, WAM commissioned a property wide CSAMT (controlled-source audio-magnetotellurics) survey with Zonge International to better understand the overall structural architecture of the system. CSAMT is a deep-sounding resistivity technique that effectively defines areas of similar resistivity and highlights structures bounding those discrete resistivity domains. Profiles from the CSAMT have improved the understanding of the structural framework and stratigraphic sections permissive for CRD mineralization in both the East and West structural blocks.

A high resolution 3DIP survey was acquired by DIAS Geophysical (DIAS) covering the Waterpump Creek and Last Hurrah target areas during the 2023 summer field season. Over three million dipole combinations were generated using the DIAS common voltage reference technique to provide an extremely data rich survey for resolving both shallow and deep subsurface electrical properties over an area of approximately 11 km<sup>2</sup>. Inversion modeling with UBC DCIP3D and Loke Res3DInv reveals distinct structural, stratigraphic controls to CRD mineralization as well as outline the increasing alteration halo to the south from Waterpump Creek, through Last Hurrah and into the Illinois Creek area.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

In the East Block, the mineralization-controlling NNE-trending Waterpump Creek fault is apparent over the entire 6 km strike length of the survey. With the success of 2022 drilling at Waterpump Creek in the East Block and the potential to greatly expand the mineralization footprint, WAM also commissioned a reinversion of the historical 2005 NovaGold Resources Inc. (NovaGold) pole-dipole IP survey using an updated 3D inversion algorithm. This survey covers 2 km of the Waterpump Creek fault south from the WPC21-09 discovery hole including the currently outlined extent of the mineralized body. The new 3D inversion shows a direct correlation between both resistivity and chargeability with the Waterpump Creek sulfide body. The data also shows the conductive anomaly extending over 1.4 km south of the current Waterpump drilling into the Last Hurrah target area. Extensions to the Waterpump Creek sulfide mineralization and the conductive anomaly was a focus of 2023 drilling.

In the West Block, the new CSAMT profiles have led to the recognition of a slightly oblique fault south of the Illinois Creek fault called the Warm Springs fault. Between the two faults, deep oxidation up to 400 m has formed the Illinois Creek gossan. The oxide resources described in this TRS occur in the gossan. The low-grade East Illinois Creek manto extends east and south of the Illinois Creek gossan. The East Illinois Creek manto appears to lie at or near the contact between the dolomitic quartzites and dolomites.

South of the Warm Springs fault, an extensive greenstone thrust plate caps the permissive stratigraphy and looks to provide an aquitard similar to that seen with the Waterpump Creek (WPC)-LH trend where the Kaiyuh pelitic schists cap the dolomites. Two exploration holes were drilled late in the 2022 season south of the Warm Springs fault along the eastern margin of the West Block. Though both holes were lost after cutting the uppermost 50 m of the dolomitic quartzites, the holes encountered major alteration as multiphase silicification and pyrite with anomalous Pb, Zn and Ag. This permissive stratigraphy occurs in a CRD target area of 4 km x 2 km defined by the CSAMT survey. The target lies to east and south of the Illinois Creek oxide resource pit. In addition to the geophysical support for the Warm Springs target, expanded soil sampling coverage shows a major coincident Cu, Au, Pb, and As anomaly covering a 1.5 km x 1.5 km area south of the Illinois Creek pit. The soil samples suggest that a porphyry target may be developing in this direction.

The Warm Springs along with the LH (previously called the Last Hurrah) CRD targets were drill tested by the 2024 drill program. Seven of nine drill holes targeting Warms Spring target intersected multiple pulses of mineralization including massive to semi-massive pyrite associated with gold, copper, and local silver mineralization, recrystalized ankerite associated with sphalerite (zinc) and galena (lead) mineralization, and extensive gossan (oxide). The mineralization is hosted within an intense silicification and brecciation zone that is an order of magnitude greater in size of Waterpump Creek, thus defining a large CRD hydrothermal system. The LH drilling (four holes totaling 1,347 m) intersected a few gossanous breccia intervals, but no significant sulfide manto mineralization. This drilling, along with extensive trench mapping, shows that the LH mineralization is more likely vertically oriented and higher in the CRD system than Waterpump Creek and the high grade manto target is deeper than originally anticipated.

Potential analogs to the Illinois Creek style of mineralization include: Hermosa and Magma in Arizona, USA; Tintic and Bingham Canyon in Utah, USA; the Leadville and Gilman districts in Colorado, USA; and a series of deposits including Santa Eulalia, Cinco de Mayo, and Naica in Mexico.

Notably, the Hermosa discovery in Arizona and subsequent acquisition by S32, a major Australian mining company, for $1.3B in 2018, has led to a resurgence in CRD exploration.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**1.5** **Metallurgy** 

Initial metallurgical analysis of the Waterpump Creek sulfide is currently ongoing at ALS in Kamloops, British Columbia, with results expected in the second quarter of 2025. Historical metallurgical work undertaken for the development of the Illinois Creek oxide Au/Ag deposit indicates that the highly oxidized rocks are amenable to a relatively low-cost leaching extraction of gold and silver using cyanide solutions. Additional work is now being undertaken by DM Consulting and Pro Solv LLC in Lakewood, Colorado, to ascertain the amenability of the oxide resources to Merrill-Crowe and sulfidization, acidification, recycling and thickening (SART) processing to optimize Ag and Cu recoveries, respectively.

**1.6** **Mineral Resource Estimates** 

**1.6.1** **Illinois Creek** 

Mineral Resources were estimated for the Illinois Creek oxide deposit and historical heap leach pad. The estimates were generated using drill hole sample assay results and the interpretation of geologic models that relate to the spatial distribution of gold and silver. Grade estimates are made using ordinary kriging into 3D model blocks measuring 10 m × 10 m × 5 m (L × W × H) and the effects of anomalous high-grade samples were controlled by a combination of top cutting and outlier limitations, which restrict the distance of influence of high-grade samples during estimation. The results of the modeling process were validated using a combination of visual and statistical methods to ensure the model grades are reasonable representations of the underlying sample data.

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions). Mineral Resources delineated by drilling on a maximum nominal spacing of 30 m are included in the Indicated category. In situ Mineral Resources within a maximum distance of 100 m from a drill hole are included in the Inferred category. Inferred Resources on the leach pad are within a maximum distance of 60 m from a drill hole. To ensure the Mineral Resources exhibit reasonable prospects for economic extraction, the in situ resources are constrained within a pit shell generated using projected technical and economic parameters and tabulated at a base case cut-off grade of 0.35 g/t recoverable gold equivalent (AuEqR). The leach pad Mineral Resources are tabulated at a zero-cut-off grade.

Estimates of the in situ, leach pad, and combined Illinois Creek Indicated and Inferred Mineral Resources are shown in Table 1-1, Table 1-2, and Table 1-3, respectively.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 1-1:** | **Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources – July 21, 2021** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Au<br> (%)** | **Ag<br> (%)** |
| Indicated | 7.4 | 1.39 | 0.98 | 32.7 | 111.1 | 331 | 234 | 7.8 | 26.5 | 92 | 65 |
| Inferred | 3.1 | 1.47 | 1.02 | 35.9 | 117.5 | 148 | 102 | 3.6 | 11.8 | 92 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. |

---

---

| | |
|:---|:---|
| **Table 1-2:** | **Mineral Resource Estimate for Leach Pad Mineral Resources – July 21, 2021** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Au<br> (%)** | **Ag<br> (%)** |
| Indicated | 1.30 | 1.00 | 0.44 | 44.3 | 79.5 | 41.8 | 18.6 | 1.9 | 3.4 | 92 | 65 |
| Inferred | 0.15 | 0.90 | 0.37 | 42.6 | 72.2 | 4.4 | 1.8 | 0.2 | 0.3 | 92 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 1-3:** | **Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources – July 21, 2021** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Au<br> (%)** | **Ag<br> (%)** |
| Indicated | 8.7 | 1.33 | 0.90 | 34.4 | 106.4 | 373 | 253 | 9.6 | 29.8 | 92 | 65 |
| Inferred | 3.3 | 1.44 | 0.99 | 36.2 | 115.4 | 152 | 104 | 3.8 | 12.1 | 92 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014), were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. |

---

The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction at Illinois Creek can be resolved with further work.

**1.6.2** **Waterpump Creek** 

The 2021 through 2023 drilling at Waterpump Creek, along with historical Anaconda and NovaGold drilling, is of sufficient density and continuity to prepare an Inferred Mineral Resource estimate for the near surface oxide and the deeper sulfide deposit.

The Mineral Resource estimates were generated using drill hole sample assay results and the interpretation of geologic models that relate to the spatial distribution of silver, lead, and zinc. Grade estimates are made using ordinary kriging into 3D model blocks measuring 15 m × 15 m × 3 m (L × W × H) and the effects of anomalous high-grade samples were controlled by outlier limitations, which restrict the distance of influence of high-grade samples during estimation. The results of the modeling process were validated using a combination of visual and statistical methods to ensure the model grades are reasonable representations of the underlying sample data.

In situ Mineral Resources within a maximum distance of 100 m from a drill hole are included in the Inferred category for both the oxide and sulfide zone. No resource is included in the Indicated category. To ensure the Mineral Resources exhibit reasonable prospects for economic extraction, the in situ sulfide resources were examined and show reasonable continuity for extraction by underground mining methods using projected technical and economic parameters and at a base cut-off grade of 200 g/t silver equivalent (AgEq). The in situ oxide resources are constrained within a pit shell generated using projected technical and economic parameters and tabulated at a base case cut-off grade of 40 g/t Ag.

Estimates of the sulfide and oxide Inferred Mineral Resources are shown in Table 1-4 and Table 1-5, respectively. The effective date of the Waterpump Creek sulfide Mineral Resource estimate is February 20, 2024, and the effective date of the Waterpump Creek oxide Mineral Resource estimate is February 1, 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 1-4:** | **Waterpump Creek Sulfide Mineral Resource Estimate - February 20, 2024** |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Domain** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** |
| **Class** | **Domain** | **Tonnes<br> (Mt)** | **AgEq<br> (g/t)** | **Ag<br> (g/t)** | **Zn<br> (%)** | **Pb<br> (%)** | **ZnEq<br> (%)** | **AgEq<br> (Moz)** | **Ag<br> (Moz)** | **Zn<br> (Mlb)** | **Pb<br> (Mlb)** | **ZnEq<br> (Mlb)** | **Ag<br> (%)** | **Zn<br> (%)** | **Pb<br> (%)** |
| Inferred | Oxide/Sulfide | 0.04 | 302 | 302 | - | - | - | 0.3 | 0.3 |  |  |  | 75 | - | - |
| Inferred | Sulfide | 2.38 | 980 | 279 | 11.28 | 9.87 | 26.4 | 74.9 | 21.4 | 591.2 | 517.3 | 1383 | 75 | 84 | 70 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 1-5:** | **Waterpump Creek Oxide Mineral Resource Estimate – February 1, 2024** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AgEq<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (Moz)** | **Ag<br> (Moz)** | **Ag<br> (%)** |
| Inferred | 0.72 | 150 | 150 | 3.5 | 3.5 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. |

---

The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction at Waterpump Creek can be resolved with further work.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**1.7** **Conclusions** 

Based on the evaluation of the data available from the Illinois Creek Project, the QPs of this TRS conclude the following:

&nbsp;&nbsp;&nbsp;&nbsp;· At the effective date of this TRS, the Illinois Creek Property consists of
241 contiguous State of Alaska mining claims and one Uplands Mining Lease, which are part of a larger mineral tenure package totaling
390 mining claims covering 29,759 ha.

&nbsp;&nbsp;&nbsp;&nbsp;· WAM, through its 100% owned WAC&G and Piek subsidiaries, holds a 100%
interest in the Property. WAC&G also maintains a 100% ownership of four additional properties in the Illinois Creek mining district
including the Round Top, Honker, Khotol Ridge, and Pawprint claims.

&nbsp;&nbsp;&nbsp;&nbsp;· The Illinois Creek Au/Ag/Cu oxide deposit is characterized as a CRD, with
zones of predominantly massive sulfides pervasively oxidized to depths approaching 400 m below surface. The remaining iron-oxide gossans
contain appreciable amounts of gold, silver, and copper plus minor amounts of lead and zinc.

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration on the Property began in the early 1980s. In the late 1990s and
early 2000s, there was limited production, and exploration was halted due to falling metal prices and corporate financial difficulties
for the operators at that time.

&nbsp;&nbsp;&nbsp;&nbsp;· The Illinois Creek deposit is estimated to contain 7.4 million tonnes (Mt)
of in situ Mineral Resources in the Indicated category at a grade of 0.98 g/t Au and 32.7 g/t Ag plus 3.1 Mt of Inferred in situ
Mineral Resources at an average grade of 1.02 g/t Au and 35.9 g/t Ag. These Mineral Resources are constrained within a pit shell generated
using a gold price of US$1,600/oz and a silver price of US$20/oz and summarized using a base case cut-off grade of 0.35 g/t AuEqR.

&nbsp;&nbsp;&nbsp;&nbsp;· A leach pad area on the Property contains a volume of mineralized material
that was stacked during previous mining activities and leached intermittently from 1997 through mine closure. During the summer of 2020,
WAC&G drilled and sampled the leach pile. It is estimated to contain 1.3 Mt of Indicated Mineral Resources at a grade of 0.44 g/t
Au and 44.3 g/t Ag and 0.15 Mt of Inferred Mineral Resources at a grade of 0.37 g/t Au and 42.6 g/t Ag.

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration from 2021 through 2023 has largely focused on advancing the Waterpump
sulfide mineralization first discovered by Anaconda in 1983. Drilling in 2021, 2022, and 2023 by WAM has encountered high-grade massive
and semi-massive sulfide mineralization with economically important Ag, Pb, Zn grades. Initial metallurgical investigation of the sulfide
mineralization has begun with a series of composites delivered to ALS in Kamloops, British Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;· Drilling in 2024 focused on exploring for extensions of the two resource
areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Warms Springs drilling tested 1.5 km east of the Illinois Creek oxide Mineral Resource and intersected scattered sulfide and oxide
Au-Ag-Pb-Zn mineralization within a large (~750 m) alteration halo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Drilling at the LH prospect, which lies 2.2 km south-southeast of the Waterpump Creek Mineral Resource, intersected local gossan zones
with minor Ag-Pb-Zn enrichment.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-10 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Drilling at Waterpump Creek through 2023 has outlined primary sulfide CRD
mineralization along 495 m of strike length with possible widths varying from 25 m to 75 m, and with thicknesses varying from 5 m
to over 100 m.

&nbsp;&nbsp;&nbsp;&nbsp;· The Waterpump Creek deposit is estimated to contain 2.38 Mt of sulfide Mineral
Resource in the Inferred category at a grade of 279 g/t Ag, 9.87% Pb, and 11.28% Zn and 0.04 Mt of mixed (oxide/sulfide) Mineral Resource
material in the Inferred category at a grade of 302 g/t Ag, all of which is amenable to underground extraction, and 0.72 Mt of oxide Mineral
Resource amenable to open pit extraction in the Inferred category at a grade of 150 g/t Ag.

&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary metallurgical work indicates that the highly oxidized rocks are
amenable to relatively low-cost leaching extraction of gold and silver using cyanide solutions. No test work has been completed for Pb
and Zn recoveries for the oxidized rocks at Waterpump Creek.

&nbsp;&nbsp;&nbsp;&nbsp;· There are no known factors related to metallurgical, environmental, permitting,
legal, title, taxation, socio-economic, marketing, or political issues which could materially affect the Mineral Resource estimates.

**1.8** **Recommendations and Proposed Budget** 

Based on the evaluation of the data available from the Project, the QPs recommend the following two-phase program as detailed in Table 1-6 below.

The total estimated direct program costs are approximately US$11.0 million for Phase 1 and US$15.5 million for Phase 2, which includes site costs such as camp support, overhead and other indirect costs, excluding corporate general and administration (G&A) costs.

Phase 2 is contingent on positive drill results at either Waterpump Creek, Warm Springs, or elsewhere. A sufficient mineral inventory will need to be established before proceeding to in-fill drilling and an Initial Assessment.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-11 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 1-6:** | **Recommendations for the Illinois Creek Project with Proposed Budgets** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Metrics** | &nbsp;&nbsp;**Estimated Cost** |
| &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 1** |
| &nbsp;&nbsp;Exploration Drilling - WPC/LH | &nbsp;&nbsp;Continued exploration and extension drilling of the WPC mineralization to expand the Mineral Resource to both the south and to the north along the Waterpump Creek structure. | &nbsp;&nbsp;Minimum of 7,500 m of core drilling and 15 holes | &nbsp;&nbsp;$6.0 M |
| &nbsp;&nbsp;Exploration Drilling - Warm Springs and other | &nbsp;&nbsp;Follow-up drilling of the Warm Springs target and initial drilling of the numerous targets recognized in the 2024 geophysical program. | &nbsp;&nbsp;Minimum of 6,000 m of core drilling and 12 holes | &nbsp;&nbsp;$4.8 M |
| &nbsp;&nbsp;Environmental Base Line Studies | &nbsp;&nbsp;Continued environmental baseline monitoring studies to support environmental and permitting activities. |  | &nbsp;&nbsp;$0.2 M |
| &nbsp;&nbsp;**Total Phase 1 Cost** | &nbsp;&nbsp;**Total Phase 1 Cost** | &nbsp;&nbsp;**Total Phase 1 Cost** | &nbsp;&nbsp;**$11.0 M** |
| &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Phase 2** |
| &nbsp;&nbsp;In-Fill Drilling - WPC | &nbsp;&nbsp;In-fill drilling to convert the majority of current resource and portion of any exploration success in Phase 1 to Indicated Resource to support an Initial Assessment. | &nbsp;&nbsp;Minimum of 12,000 m of drilling and 35 holes | &nbsp;&nbsp;$9.6 M |
| &nbsp;&nbsp;Geotech Investigation - WPC | &nbsp;&nbsp;Complete oriented Geotechnical drilling. | &nbsp;&nbsp;Minimum of 2,500 m of drilling and 8 holes plus physical property test work | &nbsp;&nbsp;$2.7 M |
| &nbsp;&nbsp;Metallurgical Test Work - WPC | &nbsp;&nbsp;Complete PQ drilling to attain bulk samples and complete variability and Lock cycle flotation metallurgical test work to de-risk program. | &nbsp;&nbsp;4 PQ drill holes (1,500 m) and test work | &nbsp;&nbsp;$2.2 M |
| &nbsp;&nbsp;Continued and Additional Environmental base line studies | &nbsp;&nbsp;Continue the Phase 1 studies and commence additional studies (ARD, water quality) to support an Initial Assessment. |  | &nbsp;&nbsp;$0.5 M |
| &nbsp;&nbsp;Initial Assessment | &nbsp;&nbsp;Initial assessment on an updated Mineral Resource estimate. |  | &nbsp;&nbsp;$0.5 M |
| &nbsp;&nbsp;**Total Phase 2 Cost** | &nbsp;&nbsp;**Total Phase 2 Cost** | &nbsp;&nbsp;**Total Phase 2 Cost** | &nbsp;&nbsp;**$15.5 M** |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 1-12 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**2.0** **Introduction** 

Bruce Davis Consulting (BDC), Core Geoscience LLC. (Core Geoscience), and DM Consulting were retained by Western Alaska Minerals Corp. (WAM) to prepare a Technical Report Summary (TRS) on its Illinois Creek Property (the Property or the Project), located in western Alaska. This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The purpose of this TRS is to disclose the Mineral Resource estimate at the Property in support of a planned initial public offering (IPO) on a US securities exchange.

WAM is a public exploration company trading on the TSX Venture exchange under the trading symbol WAM. It controls the Illinois Creek Property through its wholly owned WAC&G and Piek subsidiaries. Since 2010, WAC&G has been exploring and advancing its interests in several properties in the Illinois Creek mining district located in western Alaska.

The Property is located in the southern Kaiyuh Mountains east of the Yukon River, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the community of Galena. Mineral Resources at the Property are located in two areas, Illinois Creek and Waterpump Creek. Illinois Creek Mineral Resources consist of Illinois Creek oxide gold-silver mineralization and leach heap pad material from the historical Illinois Creek mine. Mineral Resources at Waterpump Creek consist of near surface oxide lead-zinc-silver and deeper sulfide lead-zinc-silver mineralization. Waterpump Creek and Illinois Creek leach pad Mineral Resources are reported for the first time.

**2.1** **Qualified Persons** 

Bruce Davis, Deepak Malhotra, and Jack DiMarchi are independent qualified persons (QPs) as defined in S-K 1300, and are employed by BDC, Core Geoscience, and DM Consulting, respectively. The QPs and their respective employers have no beneficial interest in WAM, WAC&G, or the Property. The QPs and their respective employers are not insiders, associates, employees or affiliates of WAM, WAC&G or any other entity that has an ownership, royalty or other interest in the Property.

Bruce Davis is responsible for the overall preparation of this TRS, excluding Sections 3.5, 3.6, 7.3, and 10. Jack DiMarchi is responsible for Sections 3.5, 3.6, and 7.3, and related disclosure in Sections 1, 22, 23, and 24. Deepak Malhotra is responsible for Section 10 and related disclosure in Sections 1, 22, 23, and 24.

**2.2** **Site Visits** 

Bruce Davis conducted site visits to the Illinois Creek Project on June 12-14, 2018, July 15-18, 2021, and September 7-8, 2023. The QP reviewed the drilling procedures, site facilities, historical and recent drill core where available, logging procedures, data capture, and sample handling.

Jack DiMarchi conducted a site visit on August 14-15, 2024. The QP inspected the current infrastructure, active and reclaimed work sites, and reviewed the adherence to current permit requirements. Jack DiMarchi reviewed all reports related to environmental and permitting information to disclose data in Sections 3.5 and 3.6 prior to a site visit.

Deepak Malhotra has not visited the Property. Deepak Malhotra reviewed all historical reports and metallurgical test work from his office. No recent metallurgical test work has been completed at site.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**2.3** **Sources of Information** 

In preparing this TRS, the authors reviewed geological reports, maps, and miscellaneous technical papers listed in Section 24.0 References of this TRS. Additional information was provided by WAM personnel.

This TRS is based on information known to the authors as of January 31, 2025.

During the preparation of this TRS, discussions were held with personnel from Western Alaska Minerals:

&nbsp;&nbsp;&nbsp;&nbsp;· Andrew W West, P.Geo., Former Vice President of Exploration, Western Alaska
Minerals

&nbsp;&nbsp;&nbsp;&nbsp;· Sage Langston-Stewart, Senior Project Geologist, Western Alaska Minerals

**2.4** **Units of Measurement** 

The coordinate system used in this TRS is Universal Transverse Mercator (UTM) Zone 4N, and the datum used is the North American Datum 1983 (NAD 83).

All units of measurement in this report are metric, unless otherwise stated. Imperial units are used in Section 6 (History).

All currency is expressed in 2025 U.S. dollars, unless otherwise stated.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**2.5** **Abbreviations and Acronyms** 

The following abbreviations, acronyms, and symbols were used in this TRS.

---

| | | | |
|:---|:---|:---|:---|
| **Abbreviation** | **Definition** | **Abbreviation** | **Definition** |
| °C | degree Celsius | M | mega (million); molar |
| °F | degree Fahrenheit | Ma | million years |
| ft | foot | masl | meters above sea level |
| g | gram | mgal | milligal |
| g/cc | grams per cubic centimeter | mm | millimeter |
| g/t | gram per tonne | nT | nanotesla |
| ha | hectare | ohm-m | Ohm-meter |
| in. | inch | oz | Troy ounce (31.1035g) |
| kg | kilogram | oz/st | ounces per short ton |
| km | kilometer | P100 | 100% passing |
| km<sup>2</sup> | Square kilometer | P80 | 80% passing |
| koz | thousand ounces | P95 | 95% passing |
| kt | thousand tonnes | ppb | part per billion |
| kW | kilowatt | ppm | part per million |
| L | liter | st | short ton |
| lb | pound | t | metric tonne |
| m | meter | US$ | United States dollar |
| m<sup>3</sup> | cubic meter | W | watt |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| AA | atomic absorption |
| AAS | atomic absorption spectrometry |
| ABA | Acid-Base Accounting |
| ABR | Alaska Biological Research, Inc |
| ADEC | Alaska Department of Environmental Conservation |
| ADF&G | Alaska Department of Fish and Game |
| ADGGS | Alaska Division of Geologic and Geophysical Surveys |
| ADL | Alaska Division of Lands |
| ADNR | Alaska Department of Natural Resources |
| AES | atomic emission spectrometer |
| AHEA | Annual Hardrock Exploration Activity |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| AIDEA | Alaska Industrial Development and Export Authority |
| AK | Alaska |
| Anaconda | Anaconda Minerals Company |
| ANCSA | Alaskan Native Claims Settlement Act |
| APDES | Water Discharge Permit |
| APMA | Miscellaneous Land Use Permit #9831 |
| ARCO | Atlantic Richfield Company |
| ARG | American Reclamation Group |
| ARLIS | Alaska Resources Library and Information Services |
| ASCII | American Standard Code for Information Interchange |
| ATI | Angayucham/Tozitna/Innoko |
| BC | British Columbia |
| BD | Bulk density |
| BGS | Bolin Geophysical Services LLC |
| BMD | Bruce Davis |
| BS | Bachelor of Science |
| CG | Core Geosciences LLC |
| CIM | Canadian Institute of Mining, Metallurgy, and Petroleum |
| CIRI | Cook Inlet Region, Inc. |
| CN | cyanide |
| COC | chain of custody |
| CPG | Certified Professional Geologist |
| CRD | carbonate replacement deposit |
| CRM | Certified reference material |
| CSAMT | Controlled source audio-magnetotellurics |
| CV | Coefficient of Variation |
| CWA | Clean Water Act |
| Dakota | Dakota Mining Corporation |
| DD | diamond drill |
| DDH | diamond drill hole |
| DIAS | DIAS Geophysical |
| DMBW | Derry, Michener, Booth, and Wall |
| DPG | deep penetrating geochemistry |
| dxf | drawing exchange format |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| EA | Environmental Assessment |
| Echo Bay | Echo Bay Mines |
| EDA | exploratory data analysis |
| Edcon | Exploration Data Consultants |
| EIS | Environmental Impact Statement |
| EM | electromagnetic |
| ENE | East-northeast |
| EPA | Environmental Protection Agency |
| Ertec | Ertec Western Inc. |
| ESE | East-southeast |
| FA | fire assay |
| FAusIMM | Fellow Australasian Institute of Mining and Metallurgy |
| FDA | Food and Drug Administration |
| G&A | general and administrative |
| GE | Geochemical Exploration |
| GNSS | global navigation satellite system |
| GO | Assay |
| GPS | global positioning system |
| HQ | hydrothermal quartz |
| IC | Illinois Creek deposit |
| ICP | inductively coupled plasma |
| ID | identification |
| ID2 | inverse distance weighted |
| IP | induced polarization |
| JV | joint venture |
| LGGC | Lions Gate Geologic Consultants |
| LH | Last Hurrah |
| LL | low lead |
| ME | Multi-element |
| MLA | McClintock Land Associates |
| MRDI | Mineral Resource Development, Inc. |
| MRMR | Mineral Resources and Mineral Reserves |
| MS | Master of Science |
| MSGP | Alaska Multi-Sector General Permit |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| NAD | North American Datum |
| NE | Northeast |
| NEPA | National Environmental Policy Act |
| NI 43-101 | National Instrument 43-101 |
| NLUR | Northern Land Use Research |
| NN | nearest neighbour |
| NNE | North-northeast |
| NOAA | National Oceanic and Atmospheric Administration |
| NovaGold | NovaGold Resources Inc. |
| NPMC | North Pacific Mining Company |
| NR | No Recovery |
| NSR | net smelter return |
| NV | Nevada |
| NW | northwest |
| OB | Overburden |
| OK | ordinary kriging |
| OP | open pit |
| P.Geo. | Professional Geoscientist |
| PCD | porphyry copper deposit |
| PEA | preliminary economic assessment |
| PhD | Doctor of Philosophy |
| Piek Exploration | Piek Exploration LLC |
| Plan B | Plan B Minerals |
| PPP | public-private partnership |
| Project | Illinois Creek Project |
| Property | Illinois Creek Property |
| ProSolv | Pro Solv LLC |
| QA/QC | quality assurance/quality control |
| QC | Quality control |
| QP | qualified person |
| RC | reverse-circulation |
| ROM | run-of-mine |
| RTK | real-time kinetics |
| RTR | RTR Inc. |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| Salisbury & Associates | Salisbury & Associates Inc. |
| SART | sulfidize, acidify, recycle, and thicken |
| SDS | Slotted Drive Shaft |
| SE | southeast |
| SEM | scanning electron microscope |
| SG | specific gravity |
| SGI | SIM Geological Inc. |
| Silver Predator | Silver Predator Inc. |
| SME-RM | Society of Metallurgical Engineers - Registered Member |
| SMU | selective mining unit |
| SPCC | Spill Prevention, Control, and Countermeasure |
| SRK | SRK Consulting |
| SWUV | short wave ultraviolet |
| TG | Tims Gossan North |
| TGN | Tims Gossan North |
| TRC | TRC Environmental Corporation |
| TSX-V | Toronto Stock Exchange-Venture |
| UBC | University of British Columbia |
| UG | underground |
| US | United States |
| USA | United States of America |
| USACE | U.S. Army Corps of Engineers |
| USGS | United States Geologic Survey |
| USMX | United States Mining Corporation |
| UTM | Universal Transverse Mercator |
| UV | ultraviolet |
| V | Void |
| Viceroy | Viceroy Resource Corporation |
| VLF | very low frequency |
| WA | Washington |
| WAC&G | Western Alaska Copper & Gold Inc. |
| WAM | Western Alaska Minerals Inc. |
| WPC | Waterpump Creek deposit |
| xls | Microsoft Excel spreadsheet |
| XRF | X-ray fluorescence |
| YKPS | Yukuskokon Professional Services |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Symbol or Formula** | **Description** |
| Ag | silver |
| AgEq | silver equivalent |
| AgEqR | recoverable silver equivalent |
| Ar | argon |
| Ar-Ar | argon-argon |
| As | arsenic |
| Au | gold |
| AuCN | cyanide-soluble gold |
| AuEq | gold equivalent |
| AuEqR | recoverable gold equivalent |
| Bi | bismuth |
| Cl | chlorine |
| CMCbGS | chlorite-muscovite-carbonate-graphite schist |
| CS | chlorite schist |
| Cu | copper |
| DOL | dolomite |
| DOLF | fossiliferous dolomite |
| DQ | Dolomitic quartzite |
| Fe | iron |
| FG | ferruginous gossan |
| FI | felsic intrusive |
| FMG | ferruginous manganiferous gossan |
| FMQ | ferruginous manganiferous quartzite |
| FQ | ferruginous quartzite |
| G | Gossan |
| GRN | Greenstone |
| GS | graphite schist |
| Hbx | Hydrothermal breccia |
| HCl | hydrochloric acid |
| Hg | mercury |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Symbol or Formula** | **Description** |
| HNO3 | nitric acid |
| K | potassium |
| K-Ar | potassium-argon |
| LST | Limestone |
| M | Marble |
| MAG | magnetite schist |
| MCGS | muscovite-chlorite-graphite schist |
| MFG | manganiferous ferruginous gossan |
| Mg | magnesium |
| Mn | manganese |
| Mo | molybdenum |
| Os | osmium |
| P | Phyllite |
| Pb | lead |
| Q | Quartzite |
| Qa | altered quartzite |
| QCMS | quartz-chlorite-muscovite schist |
| QCS | quartz-chlorite schist |
| QGS | quartz-graphite schist |
| QMCCbGS | quartz-muscovite-chlorite-carbonate-graphite schist |
| QMCGS | quartz-muscovite-chlorite-graphite schist |
| QMCS | quartz-muscovite-chlorite schist |
| QMGS | quartz-muscovite-graphite schist |
| QMS | quartz-muscovite schist |
| Qs | sanded quartzite |
| Re-Os | rhenium-osmium |
| Sb | antimony |
| SK | skarn |
| Sn | tin |
| SULF | massive sulfides |
| Zn | zinc |
| ZnEq | zinc equivalent |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 2-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**3.0** **Property Description** 

**3.1** **Location** 

The Illinois Creek Project is located in the State of Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the regional supply center of Galena (Figure 3-1). Geographic coordinates of the Property are N64°2' 7.31" latitude and W157° 54' 55.92" longitude [Universal Transverse Mercator (UTM) North American Datum (NAD) 83, Zone 4W coordinates 553000E, 7101400N].

The Property is located in the southern Kaiyuh Mountains of west-central Alaska just east of the Yukon River. The Property is in the Nulato A-4 and A-5 quadrangles, Kateel River Meridian T16S, R4E, sections 13, 14, 23-25, and 36; T16S, R5E, sections 10-36; T16S, R6E, sections 7, 18,19, 30 and 31; T17S, R4E, sections 1, 11-14, 23-26, 35 and 36; and T17S, R5E, sections 1-13, 15-24, and 26-35.

---

| | |
|:---|:---|
| **Figure 3-1:** | **Property Location Map** |

---

![](tm2515003d2_ex96-1img03.jpg)

Source: WAC&G 2025.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**3.2** **Land Tenure** 

The WAM-controlled lands in the Illinois Creek mining district include five distinct properties: Illinois Creek, Round Top, Honker, Khotol Ridge, and Pawprint. The total land tenure package consists of 390 State of Alaska mining claims and one Upland Mining Lease, comprising the following claim groups: Illinois Creek (241 claims and one Uplands Mining Lease), Round Top (88 claims), Honker (24 claims), Khotol Ridge (19 claims), and Pawprint (18 claims). The claim holdings cover 114.86 square miles (73,535 acres or approximately 29,759 ha). WAM controls a 100% interest in the claims through their subsidiaries WAC&G and Piek Inc. All claims are on State of Alaska lands and include both mineral and surface rights administered by the State of Alaska Department of Natural Resources (ADNR).

All permits related to the claims and required by ADNR are valid through December 31, 2028. They are to be renewed by WAM before November 30, 2028.

The State of Alaska claims provide sufficient surface rights to conduct mining operations once all required permits are issued (see Table 3-2).

In January 2024 WAM submitted an application to ADNR to convert 70 of the Illinois Creek claims (ICP01 to ICP70) staked and held under Piek Inc. (Piek) to a single Upland Mining Lease to be held by Piek, as outlined in Figure 3-3. The Upland Mining Lease was signed on July 1, 2024, is valid for 20 years and can be renewed, and provides insulation from any challenges to the Property on a claim-by-claim basis. The annual fees for the lease are $22,938.10 and the annual work requirement is $27,900. Expenditures in excess of this amount can be carried forward for four additional years. Because of the substantial amount spent in 2024, the lease currently has satisfied the labor requirements for 2025, 2026, 2027 and 2028.

The requirements for both claims and the lease are similar and require annual work or labor. The annual rental payment is calculated by ADNR each year and varies as some claims are older with higher payments per claim. The total 2024 payment by WAC&G for the mining claims not included in the lease was $131,175.00, and the payment for claims owned by Piek Inc not included in the mining lease was $13,200. All claims and the lease are currently in good standing.

A summary of the WAM land holdings is shown in Table 3-1.

---

| | |
|:---|:---|
| **Table 3-1:** | **Summary of WAM Lands** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Owner** | **Property** | **Number** | **Type** | **Acres** | **Hectares** |
| WAC&G | Illinois Creek | 201 | State Claims | 32160 | 13015 |
| WAC&G | Round Top | 88 | State Claims | 14080 | 5698 |
| WAC&G | Honker | 24 | State Claims | 3840 | 1554 |
| WAC&G | Khotol Ridge | 19 | State Claims | 3040 | 1230 |
| WAC&G | Pawprint | 18 | State Claims | 2880 | 1165 |
| Piek Inc. | Illinois Creek | 40 | State Claims | 6400 | 2590 |
| Piek Inc. | Upland Lease | 1 | Upland Lease | 11135 | 4506 |

---

Figure 3-2 shows WAM land holdings within the Illinois Creek mining district, and Figure 3-3 shows the Illinois Creek Property and claims.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 3-2:** | **Land Holdings of WAM in the Illinois Creek Mining District** |

---

![](tm2515003d2_ex96-1img04.jpg)

Source: WAC&G 2025.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 3-3:** | **Illinois Creek Claims with Uplands Lease Area** |

---

![](tm2515003d2_ex96-1img05.jpg)

Source: WAC&G (2024)

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**3.3** **Royalties, Agreements, and Encumbrances** 

**3.3.1** **State of Alaska Claims** 

All claims controlled by WAM as well as proposed development infrastructure lie on lands owned by the State of Alaska and are subject to State of Alaska mining claim regulations. As such, the State of Alaska maintains a 3% net income production royalty on all production from state claims, as outlined in Alaska Statute Sec. 38.05.212 Production Royalty.

**3.3.2** **Illinois Creek Joint Venture Agreement** 

On October 17, 2018, Piek and WAC&G entered into a joint venture agreement to actively explore and develop the Illinois Creek Property owned 100% by Piek, an Alaska-based corporation. Under the terms of the agreement and amendments to the agreement, a JV Company was established whereby WAC&G could acquire a 100% ownership in the Illinois Creek Property through a series of milestones.

**3.3.3** **Purchase of Piek Inc** 

On March 31, 2021, in anticipation of listing WAC&G on the TSX-V exchange, WAC&G completed the purchase of the Illinois Creek Property (ICP Claims 1-110) from Joe Piekenbrock (Piekenbrock), the underlying owner of Piek Inc.

Under terms of the purchase agreement, WAC&G exercised its option to purchase Piek Inc. in order to acquire the Property that consisted of ICP Claims 1-110 for US$3.698 million via promissory note and 120 shares in WAC&G, valued at US$540,000. The purchase of Piek Inc. by WAC&G closed on March 31, 2021. On September 30, 2023, the remaining balance of the promissory note was US$2,785,333 with US$85,333 accrued interest and the terms were amended to the following:

&nbsp;&nbsp;&nbsp;&nbsp;· a monthly principal payment of US$25,000 shall commence at the later of March 31,
2024, or at the closing of the next round of financing by Western Alaska Minerals;

&nbsp;&nbsp;&nbsp;&nbsp;· a principal payment of 6% of financing amount shall be due and payable upon
the closing of each round of financing in the event Western Alaska Minerals closes financing rounds in 2024 and subsequent years;

&nbsp;&nbsp;&nbsp;&nbsp;· a principal payment of US$750,000 due on May 1, 2025, and remaining
principal balance and all accrued interest are due on December 1, 2025.

On December 31, 2024, the remaining balance of the promissory note was US$2,356,065 with US$239,148 being accrued interest and the terms were further amended to the following:

&nbsp;&nbsp;&nbsp;&nbsp;· a monthly principal payment of US$10,000 shall commence until the closing
of the next financing by Western Alaska Minerals, at which time the monthly principal payments will increase to US$25,000;

&nbsp;&nbsp;&nbsp;&nbsp;· a principal payment of 6% of financing amount shall be due and payable upon
the closing of each round of financing in the event Western Alaska Minerals closes financing rounds in 2025 and subsequent years;

&nbsp;&nbsp;&nbsp;&nbsp;· a principal payment of US$750,000 due on June 1, 2026, and remaining
principal balance and all accrued interest are due on December 1, 2026.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**3.3.4** **TSX-V Listing** 

On November 10, 2021, Western Alaska Minerals Corp. (formerly 1246779 B.C. Ltd.) announced the completion of its business combination transaction whereby WACG Acquisition Co., a wholly owned subsidiary of the Resulting Issuer (WAM), and Western Alaska Copper & Gold Company completed a plan of merger under Alaskan law that resulted in the reverse takeover of the Resulting Issuer by WAC&G.

On November 15, 2021, Western Alaska Minerals Corp. began trading on the TSX Venture exchange under the symbol WAM.

**3.4** **Environmental Liabilities** 

After closure of the historical Illinois Creek mine, the State of Alaska remediated the site through its agreement with American Reclamation Group (ARG). Though there are no current environmental liabilities related to the mine, the State of Alaska continues to monitor water quality at the site. WAC&G purchased a portion of the historical Illinois Creek workforce camp which is used for ongoing exploration. WAC&G maintains responsibility for cleanup and closure of the workforce camp.

**3.5** **Environmental Studies** 

This section summarizes the existing environmental information for the Illinois Creek Project area.

There was a concerted effort to collect baseline data for a number of environmental resource categories in the Project area in the early to mid-1990s as part of the mine development efforts of United States Mining Corporation (USMX). The mine was eventually closed, and in 2005 it was fully reclaimed by American Reclamation Group (ARG). In 2019, WAC&G initiated surface water-quality sampling, and in 2020, WAC&G updated the wetlands mapping and initiated aquatic biomonitoring in the area. The environmental baseline work is briefly discussed in Sections 3.5.1 to 3.5.7 and includes surface water and groundwater quality, wetlands mapping, aquatic biomonitoring, groundwater hydrogeology, cultural resources, waste rock characterization, and meteorology.

**3.5.1** **Surface Water and Groundwater Quality** 

During historical mining operations in the 1990s, USMX monitored surface water and groundwater quality at nine stream sites, four springs, and six monitoring wells in the general mine area. Limited data from that effort are available.

In 2006, ADNR assumed responsibility for monitoring surface water and groundwater quality at the site and conducted various sampling campaigns from 2006 through 2019.

Beginning in 2019, WAC&G initiated a renewed surface water quality sampling campaign at two additional surface sites. No water quality sampling was performed in 2020.

WAC&G initiated a broader program in 2021 and 2022 at a total of 20 sites.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**3.5.2** **Wetlands Mapping** 

In 2020, WAC&G engaged Alaska Biological Research, Inc. (ABR) to prepare a desktop wetland delineation map for the Project to assess the current existence of wetlands in the Illinois Creek mine area. This was primarily an exercise to update the wetland delineation map that ABR generated in 1995 under contract with USMX.

In 2022, ABR was again engaged to perform desktop wetlands mapping of the area within the Waterpump Creek drainage immediately east of the wetlands area mapped in 2020.

ABR completed a ground-based wetland delineation survey in August of 2024 covering a 2.4-acre area surrounding a potential bridge site over Illinois Creek.

If additional Project plans indicate unavoidable impacts to wetlands or waters, then a site- specific wetland map, supported by field wetland determinations, will be required to support the permitting process required under Section 404 of the Clean Water Act (CWA).

**3.5.3** **Aquatic Biomonitoring** 

Beginning in 1995, the Alaska Department of Fish and Game, Habitat Division (ADF&G) was engaged by the mine to conduct fish studies. Work was completed in 1995, 1996, and 1997 with an emphasis on juvenile Coho (silver) salmon. In summary, these earlier fish studies suggest that annual summer populations of Coho and Chum salmon vary significantly but that Illinois Creek provides a healthy habitat for salmon spawning and rearing.

In 2020, WAC&G engaged ADF&G to initiate biomonitoring in streams potentially impacted by a reopening of the Illinois Creek mine or development of the nearby Honker and Round Top prospects. These efforts were repeated in 2021, 2022, 2023, and 2024 and will continue in 2025.

Biomonitoring efforts included surveys of periphyton (measured by chlorophyll-a) and aquatic macroinvertebrates in Illinois Creek. Juvenile fish were captured in minnow traps in Illinois Creek, as well as streams in the nearby Dome, Minnesota, Colorado, California, and Eddy Creek drainages. One unnamed tributary of the Little Mud River was also trapped. Juvenile Coho salmon from Illinois Creek were analyzed for whole-body concentrations of several metals, and their length frequencies were described. Juvenile Coho population characteristics and metal concentrations in 2020 were compared to historical data. The 2024 biomonitoring program was expanded to add a control steam outside the Project area and sample for periphyton and macroinvertebrates at other stream besides Illinois Creek.

Baseline periphyton standing crop and aquatic macroinvertebrate population characteristics were described and can be used as an indicator of future environmental changes. Metal concentrations found in juvenile Coho salmon captured in Illinois Creek were generally comparable to those found in the 1990s. The exception was mercury, which was notably elevated compared to the previous collection, though they are still below FDA action levels. Other metal concentrations differed only slightly from those found in the 1990 samples. Catches and length-frequency distributions of juvenile Coho salmon in Illinois Creek were comparable to the historical data.

Fish communities vary depending on stream characteristics, consisting primarily of resident Dolly Varden and slimy sculpin in high-gradient headwater streams, and mixed communities of Alaska blackfish, slimy sculpin, Arctic grayling, and juvenile salmon in the lower reaches. Abundant large beaver dam complexes in these drainages alter fish distribution on a decades- long timescale.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**3.5.4** **Cultural Resource Surveys** 

Owen Mason and Howard Maxwell conducted cultural resource surveys for North Pacific Mining Company (NPMC) in 1991 and 1992, respectively, for a proposed laydown area on the Yukon River, the proposed transportation corridor, and the Illinois Creek mine area. In 1994, Northern Land Use Research (NLUR) conducted work in the Illinois Creek mine area at six specific sites that Maxwell had previously identified as having high archaeological potential. In addition, NLUR conducted work at the Macho Grande prospect and along the route of the then-proposed new road connecting the mine site with the airstrip; all at the request of USMX. The survey combined a pedestrian survey, intensive and extensive surface examinations, and subsurface testing where appropriate (NLUR, 1995).

In 1994, NLUR identified one archaeological site on Quartzite Knob (NUL-076). NLUR evaluated this site through intensive surface survey, subsurface testing and monitoring of sediments removed in preparation of this locality for drilling. The site overlooks the Little Mud River and a broad open section of the Innoko River flood plain. No artifacts were recovered that were sufficient to confidently assess temporal or cultural affiliation nor can the artifacts be directly attributed to a possible historical Native group (either Holikachuk or Koyukon Athabaskan). Based on other interior Alaskan archaeological chronologies, the microblade technology could date anywhere between 8,000 and 12,000 years ago or as late as 1,500 years ago. NLUR determined the site was not eligible for the National Register of Historic Places (NLUR, 1995). At the time, NLUR recommended that mine development work be allowed to proceed, but any additional areas within the Illinois Creek mining lease boundary be considered to have potential for the discovery of archaeological or historical resources and should be field examined at a reconnaissance level prior to any work in those areas.

WAC&G will likely be required to conduct additional cultural resource surveys depending on the footprint of any new mine and access road proposed for the Project. In 2023, WAC&G engaged NLUR Alaska to perform a desktop Cultural Resource study of a broad corridor along the potential access road from the Yukon River and pedestrian surveys of the proposed barge lands, Khotol River crossing, and several potential material sites along the road corridor.

**3.5.5** **Waste Rock Characterization** 

In 1995, SRK conducted waste rock characterization studies and assessed the potential for acid generation from these rocks. To characterize waste rock, SRK used both static and kinetic testing, including saturated paste, Acid-Base Accounting (ABA), and humidity cell tests. SRK (1995) concluded that the testing completed to date indicated that any waste rock produced at Illinois Creek (USMX mine plan) would have a very low potential for acid generation.

WAC&G may need to complete additional waste rock characterization studies depending on any new mine plan proposed for the site.

**3.5.6** **Meteorology** 

In the early 1990s, USMX maintained an on-site meteorological monitoring station. Between August 19, 1992, and August 18, 1993, data were collected and used by consultant TRC Environmental Corporation for modeling to obtain the air quality control permits required for the historical mine.

WAC&G will likely need to collect additional meteorological data to support air permitting for any future mine development at Illinois Creek. New air dispersion modeling will be required to obtain new air permits for construction and operations that incorporate the meteorological data with WAC&G's updated mine plans and an inventory of all expected emission sources at the new mine.

**3.5.7** **Additional Baseline Data Requirements** 

As mentioned in each of the environmental resource categories shown here, WAC&G will likely need to continue and expand baseline environmental monitoring to support permitting for a new mine at Illinois Creek. WAC&G has initiated formal engagement with the regulatory agencies and other Project staff to identify any additional data requirements as the Project design advances.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**3.6** **Permitting** 

This section describes the major permits during the exploration phase and those potentially required to develop the Project into a mine.

**3.6.1** **Exploration Permits** 

WAC&G is presently exploring the Illinois Creek property under authority of Approved Plan of Operations Authorization #9831, which has an issue date of April 26, 2024, and expires on December 31, 2028. The Approved Plan of Operations authorizes work on both the Illinois Creek mining claims and Upland Mining Lease ADL# 422236. The Approved Plan of Operations has reclamation stipulations and includes requirements for filing an annual work plan and an Annual Reclamation Report with ADNR, describing reclamation activities. WAC&G submits annual Reclamation Reports to ADNR and a Notice of Intent to fulfill any carryover reclamation obligations into the next year. Certain aspects of camp operations, including management of solid wastes, are authorized under permit SWGPCAMP-28.

**3.6.2** **Major Mine Permits** 

The following discussion identifies the major permits and approvals that will likely be required for the development of a new mine at Illinois Creek. "Major" mine permits are somewhat subjectively defined here, but these permits specifically authorize mining activities, including construction of facilities, mine operations, and mine closure. A significant number of other permits are also required for items such as river barge operations, camp operations, and explosives handling that are not discussed here. A list of likely required major mine permits is shown in Table 3-2; the timeline for the listed permits is unknown at this time.

---

| | |
|:---|:---|
| **Table 3-2:** | **Mine Permits** |

---

---

| | |
|:---|:---|
| **Agency** | **Authorization** |
| **State of Alaska** | **State of Alaska** |
| ADNR | Plan of Operations Approval (including Reclamation Plan and Financial Assurance) |
| ADNR | Upland Mining Lease |
| ADNR | Mill Site Lease |
| ADNR | Reclamation Financial Assurance |
| ADNR | Certificate of Approval to Construct a Dam |
| ADNR | Certificate of Approval to Operate a Dam |
| ADNR | Water Use Authorization to Appropriate Water |
| ADF&G | Title 16 Permits for Fish Passage (authorize stream crossings, if required) |
| ADEC | APDES Water Discharge Permit (if required) |
|  | Alaska Multi-Sector General Permit (MSGP) for Stormwater |
|  | Stormwater Discharge Pollution Prevention Plan (requirement of MSGP) |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Agency** | **Authorization** |
|  | Section 401 Water Quality Certification of the CWA Section 404 Permit (for CWA Section 404 permit) |
|  | Integrated Waste Management Permit |
|  | Air Quality Control – Construction Permit |
|  | Air Quality Control – Title V Operating Permit |
|  | Reclamation Financial Assurance (shared with ADNR) |
| **Federal Government** | **Federal Government** |
| EPA | Spill Prevention, Control, and Countermeasure (SPCC) Plan (fuel transport and storage) |
| USACE | CWA Section 404 Dredge and Fill Permit (if required) |

---

**3.7** **Other Significant Factors and Risks** 

The QP is not aware of any environmental liabilities on the Property. WAM has all required permits to conduct the proposed work on the Property. The QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the Property.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 3-10 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**4.0** **Accessibility, Climate, Local Resources, Infrastructure and Physiography** 

**4.1** **Accessibility** 

The Illinois Creek Property is located in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the regional supply center of Galena.

**4.1.1** **Air** 

Primary access to the Property is by air using either fixed-wing aircraft or helicopters.

There is a 1,340 m (4,400 ft), well-maintained gravel airstrip located on the Property that can accommodate charter fixed-wing aircraft, up to and including C-130 and DC-6 aircraft. There is daily commercial air service from Fairbanks to the nearby village of Galena (largest local community) and from Galena to Kaltag (closest community to the Property).

**4.1.2** **Water** 

There are no direct water routes that provide access to the Property. Following the discovery of the Illinois Creek deposit in 1980 by Anaconda, a winter ice-road was built from the Yukon River to the Project to transport heavy machinery into the Project area to help construct the Illinois Creek airstrip. This access corridor was again used during construction and decommissioning of the Illinois Creek mine in 1996 and 2003, respectively.

During operation of the mine, the Alaska Industrial Development and Export Authority (AIDEA) commissioned an engineering study of the Yukon River access route. The study proposed a 47.5 km (29.5 mile) access road that connected to a port located on the river with a greater than 40 ft draft and serviceable by deep-water barges for five months of the year from either upstream at Nenana or downstream at Saint Mary's/Emmonak deep-water port (NPMC, Hughes, R. and Smith, M., 1993).

AIDEA is a public-private partnership (PPP) whose mission is to promote, develop, and advance economic growth and diversification in Alaska by providing various means of financing and investment. AIDEA has the authority to own and operate facilities which advance this goal.

**4.2** **Climate** 

The climate in the region is typical of a subarctic environment. Exploration is generally conducted from late May until late September. Weather conditions on the Property can vary significantly from year to year and can change suddenly. During the summer exploration season, average maximum high temperatures reach up to 20°C (68°F), and average low temperatures in January reach -28°C (-18°F) (Western Regional Climate Center, 2019). By early October, unpredictable weather conditions can limit safe helicopter travel on the Property. Winter temperatures are routinely below -25 °C (-13 °F) and can occasionally exceed -50°C (-58°F). Precipitation in the region averages 335 mm (13.2 in.) per year with the most rainfall occurring from June through September, and the most snowfall occurring from November through January.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 4-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**4.3** **Local Resources** 

Galena (population 472; 2020 U.S. Census), Nulato (population 237; 2020 U.S. Census) and Kaltag (population 158; 2017 U.S. Census) are the nearest communities and, as was the case during operation of the Illinois Creek mine, they provided a significant portion of the workforce at the mine.

Galena is a potential source of limited mining-related supplies; it is the nearest center serviced by regularly scheduled, large commercial aircraft (via Fairbanks). Fairbanks Northstar Borough (population 97,149; 2020 U.S. Census) has a long mining history and can provide most mining- related supplies and support that cannot be sourced closer to the Property.

Drilling and mapping programs are seasonal and supported out of the Illinois Creek mine camp which WAC&G purchased in 2013 from NovaGold. The camp provides office space and accommodations for the geologists, drillers, pilots, and support staff.

In 2023, the Illinois Creek camp provided housing for approximately 35 people. Historical ATCO trailer facilities were used for cooking, dining, administration, housing, and hygiene. Additional housing and bathroom facilities were provided by Weatherport tents. Two 16 ft x 30 ft and one 24 ft x 40 ft Weatherport tents were utilized for core logging, cutting, and sampling. The core logging facilities were run by both 7 kW and 5 kW portable unleaded generators. Diesel generators (two 8 kW and one 50 kW) powered small electrical grids. The historical mine camp used a well to provide drinking water to camp. This well was put back into service in 2022 and currently provides all the Illinois Creek camp's water supply.

Upgrades during the 2023 field season included sleeper cabin construction and additional sleeper tents, raising the camp capacity to approximately 40 people.

**4.4** **Infrastructure** 

**4.4.1** **Road/Barge** 

In 1993, during operation of the Illinois Creek mine, AIDEA conducted an engineering study of the Yukon access route from a laydown area south of Kaltag to the mine titled the Illinois Creek Transportation Study. That study proposed a 47.5 km (29.5 mile) access road that connected to a port located on the river with a greater than 40 ft draft and serviceable by deep-water barges for five months of the year from either upstream at Nenana or downstream at Saint Mary's/Emmonak deep-water port (NPMC, Hughes, R. and Smith, M., 1993).

The 1993 AIDEA Transportation Study outlined costs to build the access route, including laydown area, two 100 ft bridges, and a ferry at $12.2 million.

AIDEA is a public corporation of the State of Alaska, created in 1967 by the Alaska Legislature, whose mission is to promote, develop, and advance economic growth and diversification in Alaska by providing various means of financing and investment. AIDEA has the authority to own and operate facilities which advance this goal.

WAM is currently updating the transportation corridor studies to a pre-feasibility level.

**4.4.2** **Power** 

During the mine operation, diesel fuel was transported by DC-6 or C-130 aircraft from Galena to the mine site (fuel was barged down the Yukon River from Nenana near Fairbanks and then staged in Galena). The 1993 AIDEA Transportation Study also looked at the impact of direct shipping to the Kaltag laydown site and outlined a >26% cost savings for fuel. Capital costs (1993) for proposed tankage at the laydown area were $650,000. Current exploration activities rely on the delivery of diesel and 100 LL fuel to the Illinois Creek airstrip by various aircraft. The DC-6 aircraft is the most cost-effective aircraft for fuel delivery.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 4-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**4.5** **Physiography** 

The Project is located adjacent to the confluence of the Illinois Creek and the Little Mud River at the southern edge of the Kaiyuh Mountains in west-central Alaska. Topography in the area is gentle with the maximum relief in the Kaiyuh Hills of approximately 800 masl (2,800 ft). The Illinois Creek mine camp lies at approximately 230 masl (750 ft), and the confluence of the Illinois Creek and the Little Mud River lies at approximately 45 masl (150 ft). Talus covers the upper portions of the Kaiyuh Mountains; glacial and fluvial sediments cover low-lying hills and occupy the valleys.

The Kaiyuh Mountains are located at the transition between boreal forest and Arctic tundra. Spruce, birch, and poplar are found in portions of the valley, with a ground cover of lichens (reindeer moss). Willow and alder thickets and isolated cottonwoods follow drainages, and alpine tundra is found at higher elevations. Tussock tundra and low, heath-type vegetation covers most of the valley floor.

Wildlife in the area is typical of arctic and subarctic fauna and includes larger animals such as moose, grizzly and black bears, wolves, lynx, and fox. Fish species include salmon and arctic grayling.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 4-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**5.0** **History** 

**5.1** **Historical Exploration** 

Regional exploration in the Kaiyuh Hills began with the Anaconda/Cook Inlet Region, Inc. (CIRI) joint venture. CIRI is one of the 13 regional native corporations defined in Alaskan Native Claims Settlement Act (ANCSA). The Anaconda/CIRI joint venture identified prospective mineral-endowed lands for CIRI to select under that federal legislation.

In July 1980, an Anaconda/CIRI reconnaissance team, headed by Gorol Dimo, made a series of gossan discoveries, initially at the Round Top porphyry prospect located 24 km to the northeast of the Illinois Creek deposit. Continued reconnaissance silt sampling led to the recognition of six anomalous areas, and follow-up of a 0.6 ppm Ag and 38 ppm Pb anomaly led to the discovery of the Illinois Creek gossan.

At that time, monthly reporting by Anaconda field geologists recorded "A very large, high-grade polymetallic massive sulfide gossan has been discovered near Illinois Creek. The gossan is exposed in a 3.2 km (2 mile) long linear zone of rubble float and outcrop. The width of the zone varies from 120 ft to at least 450 ft. Preliminary assays from 12 grab samples of the gossan are as follows: copper 1,000 ppm to 2%, lead 1,000 ppm to 1%, silver 6 to 100 ppm, zinc less than 650 ppm, and gold 50 ppb to 3,075 ppb" (Dimo 1980).

Figure 5-1 shows the distribution of the various mineralized occurrences and exploration drilling on the Illinois Creek property that has taken place between 1980 and 2024. The image is annotated with local terminology and place names to aid the reader.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 5-1:** | **Simplified Plan Map Showing Mineralized Zones, Drill Collars, Simplified Map Units, and Major Mineralization-controlling Structures** |

---

![](tm2515003d2_ex96-1sp02img01.jpg)

Source: WAC&G 2025.

In 1981, Anaconda completed extensive soil sampling and mapping at Illinois Creek and completed nine initial diamond drill holes (DDHs) totaling 1,427.60 m. Five of the drill holes encountered significant intervals of oxidized gossanous mineralization to depths approaching 350 m below surface. Soil sampling in 1981 outlined a 2,000 m by 50 m anomaly with very high values of lead, zinc, copper, silver, gold and arsenic with zinc zoned to the east and copper zoned to the west (Brewer 1982).

Anaconda also drilled 1,668.4 m at the nearby Round Top porphyry prospect in seven DDHs. Ongoing exploration led to the discovery of the nearby high-grade Honker gold vein with rock chip samples up to 31.5 g/t Au.

In the spring of 1982, heavy equipment was mobilized by Cat train to Illinois Creek, and a major expansion of the airstrip and camp was completed. Exploration in 1982 included four additional DDHs totaling 1,586 m, 18 reverse-circulation (RC) drill holes totaling 2,344 m, and 11 bulldozer and backhoe trenches.

Approximately 1,000 m of drilling at Honker was also completed in 10 short drill holes. Five holes intersected mineralization from 0.08 oz/st (2.7 g/t) to 0.21 oz/st (7.2 g/t) Au, varying in thickness from 0.5 m to 4.5 m. Reports from the drilling program state that overall sample recoveries were poor (Brewer and Millholland 1982).

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

In 1983, follow-up drilling of a 500 m by 150 m soil anomaly located northeast of the Illinois Creek gossan intersected a 28.9 m interval grading 16.2 oz/st (554.8 g/t) Ag and 28.3% Pb. Adjacent trench sampling returned a 70 m interval of 12.8% Zn. The prospect, named Waterpump Creek, quickly became the focus of ongoing exploration by Anaconda along with the continued evaluation of the gold potential of the gossan.

During 1983 and 1984, a total of 38 drill holes totaling 5,166.5 m were completed at the Waterpump Creek prospect. At Illinois Creek, seven additional trenches were cut and 10 drill holes, totaling 1,264 m, were completed. Six DDHs, totaling 254 m, were also completed at Macho Grande, a major gossan-showing located roughly 2 km to 3 km west-northwest of the Illinois Creek gossan. IP and resistivity surveys were also completed in selected areas (Gillerman and Brewer 1985).

In 1985, the Illinois Creek Project went into a hiatus following ARCO's decision to close and liquidate Anaconda.

After Anaconda closed, the Illinois Creek Property was taken over by CIRI, Anaconda's JV partner on the Project. In 1988, CIRI entered into a JV agreement to explore the Illinois Creek Property with the Goldmor Group, Ltd. (Goldmor), an Alaskan-based corporation.

During 1988, the Goldmor JV completed 49 short RC holes and one DDH for a total of 1,115 m of drilling targeting the central area of the Illinois Creek deposit to depths of about 30 m (100 ft) below surface.

In 1990, the Goldmor JV drilled an additional 38 RC holes totaling 1,815.8 m that also targeted the central area of the Illinois Creek deposit to depths of about 60 m (200 ft) below surface (Goldmor, 1990).

In 1991, North Pacific Mining Company (NPMC), a wholly owned subsidiary of CIRI, began the process of purchasing Goldmor's JV ownership in the Property and completed the transaction in June 1992 to again control 100% of the Property.

In 1991, NPMC drilled 21 DDHs totaling 1,560.5 m that primarily targeted the central area of the Illinois Creek deposit.

In 1992, an additional 21 DDHs, totaling 1,528.9 m, tested the western and eastern extensions of the Illinois Creek deposit (NPMC, 1991).

In January 1993, NPMC and Echo Bay Mines (Echo Bay) entered into a JV agreement whereby Echo Bay could earn a 70% interest in the Project subject to certain performance requirements until a production decision was reached.

In 1993, Echo Bay drilled 166 RC holes totaling 18,849.2 m. This program delineated most of the 3.5 km strike length of the Illinois Creek deposit to depths approaching 200 m below surface with holes spaced at approximately 30 m to 60 m (100 to 200 ft) intervals. In 1993 to 1994, after a series of major gold acquisitions, Echo Bay elected to withdraw from the Project (Kirkham and Apel 1993).

In July 1994, NPMC entered into a JV agreement to develop the Illinois Creek mine with United States Mining Corporation (USMX) with the option for NPMC to revert to a participating interest or net smelter return (NSR) royalty when a production decision was reached.

In 1994, USMX drilled 37 additional DDHs totaling 2,364.3 m on the Illinois Creek deposit and also initiated a feasibility study. A series of water-monitoring and geotechnical holes were also completed, and, although the collar locations of these holes are known, the majority of drill logs and assay results are missing (USMX 1994).

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

In 1995, an additional 84 drill holes (10 DDHs and 74 RC holes, totaling 5,961.3 m) were completed that further delineated the western and eastern parts of the Illinois Creek deposit. Additional geotechnical and monitoring wells were also completed.

In February 1996, USMX published a feasibility study on the Property. In the summer of 1996, construction began resulting in limited ore production that fall (USMX, 1996a; Fluor Daniel, 1996).

In early 1997, USMX merged with Dakota Mining Corporation (Dakota), and USMX became a wholly owned subsidiary of Dakota. Mining began in May 1997, and heap leaching was initiated. Mining ceased through the 1997 winter, but heap leaching of run-of-mine (ROM) ore continued year-round.

In 1998, hampered by early cost overruns, falling gold prices, and corporate financial difficulties, USMX and Dakota were forced to close the mine and declare bankruptcy. At that time, the State of Alaska took control of the Project.

In 1999, Viceroy Resource Corporation (Viceroy) entered into an agreement with the State of Alaska to lease and manage the Property pending a March 2000 decision-date to either develop a reclamation and mining plan to exploit the remainder of the deposit or return the Project to the State of Alaska.

As a result, Viceroy commissioned Mineral Resource Development, Inc. (MRDI) to complete the following:

&nbsp;&nbsp;&nbsp;&nbsp;· audit the drill-hole sample database supporting mineral resource estimates.

&nbsp;&nbsp;&nbsp;&nbsp;· evaluate geological interpretations of ore controls.

&nbsp;&nbsp;&nbsp;&nbsp;· review the current mineral resource model.

&nbsp;&nbsp;&nbsp;&nbsp;· assist in revising the mineral resource model to meet industry standards.

Based on the results of the MRDI audit and review, Viceroy declined to develop a reclamation and mining plan with the State of Alaska (MRDI and Viceroy, 2000).

In 2001, American Reclamation Group (ARG), under the direction of a former head of the ADNR, entered into an agreement with the State of Alaska to develop a reclamation and mining plan to exploit the remainder of the deposit. Though the agreement and production figures during this time were not made public, ARG continued mining and remediation efforts through early 2003 when, under the terms of the agreement, the mine was closed.

In 2002, Piek Exploration LLC (Piek Exploration) began to acquire the lands surrounding the Illinois Creek mining leases while the Property was in remediation and closure by ARG. Unfortunately, during this period, ARG destroyed all the Illinois Creek core and core storage facilities, except for a handful of core holes from one of the late USMX drill campaigns.

In 2003, as part of an agreement to purchase components of the Illinois Creek mine for its Rock Creek mine development outside of Nome, Alaska, NovaGold agreed to scan and provide to the state all of the data files stored in the Illinois Creek mine offices.

In 2004, Piek Exploration optioned its portion of the Property to NovaGold, who then actively explored the Waterpump Creek area. During that option period, NovaGold staked claims and re- staked the core claims as the ARG mining lease was terminated.

In 2006, NovaGold returned the Property, the scanned files, drill core, and results of its exploration to Piek Exploration.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

In June 2011, Piek Exploration optioned the Property to Silver Predator Inc. (Silver Predator) who expanded the claim block and completed limited compilation, largely rebuilding the dataset contained within the scanned data files captured by NovaGold.

In 2013, hampered by deteriorating market conditions, Silver Predator sub-optioned the Property to Plan B Minerals (Plan B) who began preparations for an updated preliminary economic assessment (PEA) based on the historical drilling. Plan B contracted with Yukuskokon Professional Services (YKPS) to complete an updated PEA who in turn completed a draft mineral resource estimation using CIM (2014) definitions and then contracted Lyntek Inc., the process plant design team for the original mine, to cost out a rebuild of the original plant. Although work by Plan B was never published in any technical reports, it made some of its draft studies available to Piek Exploration and WAC&G.

In 2014, as market conditions continued to worsen, Plan B returned the Property to Silver Predator who in turn returned it to Piek Exploration.

In 2018, Piek Exploration dropped the claims, and they were re-staked by Piek Inc. to rectify some potential technical discrepancies in filings from a decade earlier.

In October 2018, Piek Inc. and WAC&G entered into a JV agreement to explore and develop the Illinois Creek Property.

**5.1.1** **Geochemistry** 

Due to the relatively flat topography and abundance of wind-blown loess, surface mapping has had only limited impact in exploration targeting beyond the few discovery outcrops that were originally found by Anaconda. Most importantly, deep-soil sampling through the wind-blown loess layer and up slope from alluvial-filled creek bottoms has been the preferred exploration targeting tool.

In 2001, ARG compiled a database of all the known soil programs conducted on the Property between 1980 and the development of the mine in 1997.

Between 1980 and 1984, Anaconda completed more than 14 individual surveys totaling 2,624 soil samples. These surveys are summarized in Table 5-1.

---

| | |
|:---|:---|
| **Table 5-1:** | **Anaconda Soil Surveys 1980-1984** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Survey** | **#** | **Year** | **Sample Density** | **Analyzed Elements** |
| IC Recon | 44 | 1980 | 400 ft by 50 ft | Cu Pb Zn Au Ag |
| IC Detail | 1011 | 1981 | 100 m by 50 m to | Cu Pb Zn Au Ag As |
|  |  |  | 50 m by 10 m |  |
| IC Regional | 727 | 1981 | 200 m by 100 m | Cu Pb Zn Au Ag As Sb Mn |
| Last Hurrah Recon | -- | 1981 | Recon lines | Cu Pb Zn Au Ag As Sb |
| Waterpump Creek Recon | 61 | 1981 | 50 m by 25 m | Pb Zn Ag |
| Airstrip 'Sinter' Recon | 38 | 1982 | Recon lines | Cu Pb Zn Au Ag As |
| IC Detailed Bulk Soils | 138 | 1982 | 10 m by 10 m | Cu Pb Zn Au Ag As Sb Mn |
| Last Hurrah Recon | -- | 1982 | Recon lines | Unknown |
| Waterpump Creek Hand | 42 | 1982 | 50 m by 25 m | Pb Zn Ag As |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Survey** | **#** | **Year** | **Sample Density** | **Analyzed Elements** |
| Waterpump Creek Power | 40 | 1982 | 50 m by 25 m | Pb Zn Ag |
| Waterpump Creek Detail | 173 | 1983 | Miscellaneous | Cu Pb Zn Au Ag As Sb |
| 5 o'clock Detail | 44 | 1984 | 100 m by 50 m | Cu Pb Zn Au Ag As Sb Mn |
| 5 o'clock Recon | 12 | 1984 | Recon lines | Cu Pb Zn Au Ag As Sb Mn |
| Last Hurrah | 97 | 1984 | 200 m by 100 m to | Cu Pb Zn Au Ag As Sb Mn |
|  |  |  | 50 m by 50 m |  |
| Macho Grande Detail | 17 | 1984 | 100 m by 100 m | Cu Pb Zn Au Ag As Sb Mn |
| Macho Grande Recon | -- | 1984 | Recon lines | Cu Pb Zn Au Ag As Sb Mn |
| Waterpump Creek Detail | 180 | 1984 | Miscellaneous | Cu Pb Zn Au Ag As Sb Mn |

---

In 1993, Echo Bay completed 41 soil test pits. In 1995, USMX completed six soil surveys totaling at least 340 samples. These surveys are summarized in Table 5-2.

---

| | |
|:---|:---|
| **Table 5-2:** | **Echo Bay and USMX Soil Surveys 1993-1995** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Survey** | **#** | **Year** | **Sample Density** | **Analyzed Elements** |
| Echo Bay | East and West Test Pits | 41 | 1993 | Miscellaneous | Cu Pb Zn Au Ag Mo Hg |
| USMX | 5 o'clock | 294 | 1995 | 200 by 50 ft | Au Ag As some Cu |
| USMX | West Recon | 29 | 1995 | 50 ft spacing | Au Ag As |
| USMX | West BL Lines | ? | 1995 | 25 ft spacing | Au Ag |
| USMX | 4,200 M Line | ? | 1995 | 50 ft spacing | Au Ag |
| USMX | West Extension | ? | 1995 | 25 and 50 ft spacing | enzyme leach package |
| USMX | Test Pits | 17 | 1995 | Miscellaneous | Au Ag and some Cu As Sb |

---

In 2006, NovaGold completed a detailed survey along the Waterpump Creek to Last Hurrah CRD trend. For the first time, a multi-element ICP analyses was used.

In 2015, Piek Exploration conducted a single line of deep penetrating geochemistry (DPG) using two separate low-detection leach techniques to determine if there was a geochemical response over the West Illinois porphyry target under valley colluvial and alluvial cover, west of the Illinois Creek mine. DPG is an ultra-trace ion leach technique designed to detect oxidizing sulfide ore bodies below deep cover.

Also, in 2015, Piek Exploration captured an additional 44 ICP sample analyses along four short lines over projections of the fault offset west extension of the Illinois Creek deposit. Results are discussed in Section 7.1 (Exploration).

The NovaGold and Piek Exploration surveys are summarized in Table 5-3.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 5-3:** | **NovaGold and Piek Exploration Soil Surveys 2006-2015** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Survey** | **#** | **Year** | **Sample Density** | **Analyzed Elements** |
| NovaGold | Waterpump Creek/Last Hurrah | 500 | 2006 | 100 m x 50 m | ICP multi-element |
| Piek Exploration | West Illinois Creek Mag | 26 | 2015 | 50 m | DPG leach miscellaneous |
| Piek Exploration | West Extension | 44 | 2015 | 4 lines roughly 10 m spacing | ICP multi-element |

---

**5.1.2** **Geophysics** 

Since Anaconda's initial discovery, a series of magnetic, electric, and gravitational techniques have been used to explore the Property, all with varying levels of success.

The following subsections outline most of the programs implemented over time. WAM has limited documentation on many of the programs conducted prior to 2000. In many instances, where data are available in these earlier surveys, the lack of details in data acquisition, coordinate systems, and data reduction procedures limit their usefulness.

**5.1.2.1** **Ground and Aeromagnetic Surveys** 

In September 1981, Anaconda, under the direction of John Wilson, engaged Ertec Western Inc. (Ertec) to complete an aeromagnetic survey of the Kaiyuh Hills. Line spacing was approximately 500 m with an optimal altitude of 150 m (Kilty and McDermott, 1981). The survey effectively recognized the magnetic anomalies related to the Round Top porphyry intrusion and the strong magnetic signatures related to magnetite schists at or near the contact between the Illinois Creek formation carbonate and the overlying Kaiyuh schists. The relatively coarse scale of the survey did not allow any direct detection of targets, but it provided a rough spatial location of the significant lithologic domains in the district. The original data were lost, but a scanned plot of the data is shown in Figure 5-2.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 5-2:** | **Total Field Magnetics - Kaiyuh Hills** |

---

![](tm2515003d2_ex96-1sp02img02.jpg)

Source: Ertec 1982.

In 1984, a subsequent, much more detailed survey combining aeromagnetic and electromagnetic (EM) surveys of the Illinois Creek area was completed by Aerodat Limited (Aerodat) for Anaconda. Lines were spaced every 200 m in three separate areas or blocks: each oriented roughly perpendicular to the underlying stratigraphy. The optimized flight height is unknown (Kilty and McDermott, 1981; Aerodat, 1984). Figure 5-3 shows the colored and shaded results of the 1984 Aerodat magnetic survey and contours of the 1983 Edcon gravity survey.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 5-3:** | **Total Field Magnetics and Regional Gravity Survey** |

---

![](tm2515003d2_ex96-1sp02img03.jpg)

Source: WAC&G 2025 compiled from Aerodat 1984 and Edcon 1983.

In 1984, a ground magnetic survey of the Waterpump Creek area was also completed. The survey used varying line spacing from 50 m to as much as 200 m with 100 m stations and covered an area of approximately 2 km by 2 km.

In 2015, Piek Exploration completed a short (4-line) ground magnetic survey to follow-up the West Illinois Creek magnetic target, first recognized in the Aerodat survey in 1984. This area was suspected as the possible porphyry center responsible for the Illinois Creek CRD system, but subsequent drilling in 2019 by WAC&G showed the anomaly to be the result of a Jurassic mafic intrusion.

Magnetic surveys are summarized in Table 5-4.

---

| | |
|:---|:---|
| **Table 5-4:** | **Airborne and Ground Magnetic Surveys at Illinois Creek** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Year** | **Survey** | **Type** | **Area** |
| Anaconda | 1981 | Ertec | Airborne | Kaiyuh Mountains |
| Anaconda | 1984 | Aerodat | Airborne | Illinois Creek |
| Anaconda | 1984 | In-house | Ground | Waterpump Creek |
| Piek Exploration | 2015 | In-house | Ground | West Illinois Creek Magnetic Anomaly |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**5.1.2.2** **IP and Other Electrical Technique Surveys** 

Numerous electrical geophysical techniques have been used at the Property and are summarized in Table 5-5 (McDermott 1981; McDermott 1984).

---

| | |
|:---|:---|
| **Table 5-5:** | **Various Electrical Geophysical Surveys at Illinois Creek** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Survey** | **km** | **Year** | **Line Spacing** | **Target** |
| Anaconda | MaxMin, VLF | -- | 1980 | Recon lines | Illinois Creek |
| Anaconda | IP/Resistivity | 9.2 | 1981 | Pole/Dipole Dipole/Dipole 50 m a-spacing | Illinois Creek |
| Anaconda | MaxMin | 3.6 | 1982 | -- | Waterpump Creek |
| Anaconda | IP/Resistivity | -- | 1983 | Test line Dipole/Dipole 25 m a-spacing | Waterpump Creek |
| Anaconda | MaxMin | -- | 1984 | Check | Waterpump Creek |
| Anaconda | IP/Resistivity | -- | 1984 | Check | Waterpump Creek |
| NovaGold | IP/Resistivity | 17.7 | 2005 | Pole/Dipole 100 m a-spacing | Waterpump Creek Last Hurrah |

---

In general, the techniques have been very effective at mapping various lithological units but have not been effective in directly targeting sulfides. This is likely due to the local depth of oxidation and the use of narrow a-spacings. The term a-spacing refers to the distance between electrodes used in IP surveys; it effectively controls the depth of information gathered. The narrow a-spacings used at Illinois Creek preclude significant depth penetration of the surveys (Aurora Geosciences, 2005).

The 2005 NovaGold IP survey, conducted by Aurora Geosciences, used 100 m a-spacing which very effectively mapped the CRD ore-hosting contact between the underlying dolomite and the overlying graphitic, chloritic and quartz chlorite muscovite schists (QCMS) of the Kaiyuh formation along the Waterpump Creek fault. Significant, highly conductive chargeable features occur at this contact over the 2 km extension of the survey. A 3D reinversion of these sections and their ongoing exploration implications is discussed in Section 7.1 (Exploration).

**5.1.2.3** **Gravity Surveys** 

A series of gravity surveys have been conducted on the Property.

In 1983, Anaconda contracted Exploration Data Consultants (Edcon) to complete a helicopter- supported gravity survey of the southern Kaiyuh Hills in and around the Illinois Creek and Round Top deposits. A portion of the survey results specifically from the Illinois Creek property are shown in Figure 5-4 as 1 mgal gravity contours.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-10 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 5-4:** | **Regional Gravity Survey (Edcon, 1983)** |

---

![](tm2515003d2_ex96-1sp02img04.jpg)

Source: WAC&G 2024.

In 1984, Anaconda conducted a detailed survey of Waterpump Creek deposit with 50 m line spacing and individual stations every 10 m.

In 2004, NovaGold, again using Edcon, completed a detailed gravity survey of an approximately 6 km by 3 km area from just north of the Waterpump Creek deposit to south of the Last Hurrah anomaly about 2-3 kms east of the end of the Illinois Creek oxide drilling. The survey used east- west lines spaced roughly 250 m with sample interval stations approximately every 150 m. In addition, a few reconnaissance lines with similar spacing were conducted in and around the West Illinois Creek magnetic anomaly. Figure 5-5 shows the results of the 2004 NovaGold/Edcon survey.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-11 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 5-5:** | **2004 NovaGold/Edcon Gravity Survey** |

---

![](tm2515003d2_ex96-1sp02img05.jpg)

Source: Edcon 2004 and WAC&G 2024

Gravity surveys undertaken at Illinois Creek are summarized in Table 5-6.

---

| | |
|:---|:---|
| **Table 5-6:** | **Gravity Surveys at Illinois Creek** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Year** | **Survey** | **Type** | **Area** |
| Anaconda | 1983 | Edcon | Recon density | Southern Kaiyuh Mountains |
| Anaconda | 1984 | Edcon | 50 m x 10 m | Waterpump Creek |
| NovaGold | 2004 | Edcon | 250 m x 150 m | Waterpump Creek/Last Hurrah |
| NovaGold | 2004 | Edcon | Recon lines | West Illinois Creek Magnetic Anomaly |

---

Implications of all the geophysical techniques used at Illinois Creek and how each impacted ongoing exploration targeting and vectoring on the Property are discussed in Section 7.1 (Exploration).

**5.1.2.4** **Drilling** 

Extensive historical drilling at the Illinois Creek Property has largely targeted the oxidized gossans at Illinois Creek and, to a far lesser extent, the Waterpump Creek and Last Hurrah CRD targets. Only minimal exploration has targeted the remainder of the Property, and the potential to find additional mineralized zones is considered by WAM to be very good.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-12 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Table 5-7 summarizes the mineral resource delineation and exploration drill campaigns on the Property between 1980 and 2006 conducted by the previous operators of the Property.

---

| | |
|:---|:---|
| **Table 5-7:** | **Drill Campaigns 1980-2006 at Illinois Creek** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Years** | **# Core Holes** | **# RC Holes** | **Core (m)** | **RC (m)** | **Total (m)** |
| Anaconda | 1980–1984 | 73 | 18 | 10132.7 | 2266.1 | 12398.8 |
| Goldmor | 1988–1990 | 1 | 87 | 16.8 | 2914.0 | 2930.8 |
| NPMC | 1991–1992 | 42 | 0 | 3089.4 | 0.0 | 3089.4 |
| Echo Bay | 1993 | 0 | 166 | 0.0 | 18739.5 | 18739.5 |
| USMX | 1994–1995 | 65 | 78 | 4657.9 | 5054.3 | 9712.2 |
| Viceroy | 1999 | 0 | 23 | 0.0 | 731.6 | 731.6 |
| ARG | 2002 | 5 | 0 | 215.3 | 0.0 | 215.3 |
| NovaGold | 2005–2006 | 20 | 0 | 2746.8 | 0.0 | 2746.8 |
| Total | Total | 206 | 372 | 20858.9 | 29705.5 | 50564.4 |

---

**5.1.3** **Other Studies** 

**5.1.3.1** **Petrology, Mineralogy and Research** 

Several studies have reviewed the geology and geochemistry of the Illinois Creek Property. Most notable are Anaconda's Tucson research lab's efforts throughout its tenure on the Property. Important contributions include a series of internal Anaconda memos in 1984 and 1985 by Hossein Salek. Most notable are two summaries: "Mineralogical and Alteration Study of Samples from the Waterpump Creek Prospect, AK, 1984" and "Mineralogy and Gold/Silver Occurrence Studies of Samples from the Illinois Creek Project, AK, 1984" (Salek 1984a; Salek 1984b).

In 1984, Anaconda also completed lead isotope studies using Teledyne Isotopes Inc. In addition to the geological and mineralogical studies at Illinois Creek, Anaconda also completed some age-dating of rocks in the district.

In 1994, Brian P. Flanigan completed an MS thesis at the University of Alaska Fairbanks titled "Genesis and Mineralization of Ore Deposits in the Illinois Creek Region, West-Central, Alaska". The thesis summarizes mineralogical zonation studies across the Illinois Creek deposit and clearly establishes the distinct zonation of copper, bismuth, arsenic and gold to the west and lead, zinc and manganese to the east. The thesis used reflected light microscopy and scanning electron microscope (SEM) analyses to complete a comprehensive compilation of the ore mineralogy at Illinois Creek and Waterpump Creek. The thesis also looked at oxygen isotopes and completed additional age dating. Flanigan concluded by suggesting timing and mineralization events for prospects and deposits across the district (Flanigan 1994).

**5.1.3.2** **Geotechnical and Hydrological** 

Between 1994 and 1996, in the run-up to construction of the Illinois Creek, USMX compiled earlier studies and completed a series of studies to support the feasibility study and required permits. In addition, during 1994 and 1995, USMX completed a series of geotechnical and water-monitoring holes.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-13 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Many though not all of the historical mine permitting studies were given to WAM by the ADNR. The following significant studies were completed for and by USMX:

&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated Permit Application, Volume I, Application, USMX, 1996b.

&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated Permit Application, Volume II, Hydrogeology Report: Pollution
Prevention Plan, USMX, 1996c.

&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated Permit Application, Volume III, Heap Leach Design Report, USMX,
1996d.

&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated Permit Application, Volume IV, Ore and Waste Rock Characterization
Report, Assessment of Acid Generating Potential Report, and Reclamation Plan, USMX, 1996e.

&nbsp;&nbsp;&nbsp;&nbsp;· Illinois Creek Gold Mine Project Archaeological Survey Kaiyuh Hills, Alaska,
NLUR, September 1995.

&nbsp;&nbsp;&nbsp;&nbsp;· Illinois Creek Gold Mine Project profile, RTR, February 1995.

&nbsp;&nbsp;&nbsp;&nbsp;· Illinois Creek Gold Mine Project Aquatic Resources Analysis, Morsell, 1991/1994.

&nbsp;&nbsp;&nbsp;&nbsp;· Illinois Creek Gold Mine Project Fisheries Study, ADF&G, November 1995.

&nbsp;&nbsp;&nbsp;&nbsp;· Illinois Creek Gold Mine Project Water Quality Reconnaissance, Montgomery
Watson, November 1994.

&nbsp;&nbsp;&nbsp;&nbsp;· Illinois Creek Gold Mine Project Wetlands and Wildlife report, ABR and Montgomery
Watson, October 1994.

&nbsp;&nbsp;&nbsp;&nbsp;· Wetlands Survey of the proposed Illinois Creek Mine and Barge Site, ABR,
1995. &nbsp;&nbsp;&nbsp;&nbsp;· Soil Survey of Proposed Illinois Creek Mine Site, ABR, November 1995.

&nbsp;&nbsp;&nbsp;&nbsp;· USMX Illinois Creek Project, Alaska Air Quality Permit Application, TRC,
October 1995.

&nbsp;&nbsp;&nbsp;&nbsp;· Illinois Creek Project Assessment of Acid Generating Potential, SRK, July 1995.

**5.1.3.3** **Metallurgical Studies** 

Anaconda initiated a series of early studies to determine the overall metallurgical characteristics of the Illinois Creek and Waterpump Creek mineralization types. Early studies looked at cyanidation, flotation, gravity, and magnetic separation characteristics of the ores.

The following Anaconda internal memos and reports summarize these studies:

&nbsp;&nbsp;&nbsp;&nbsp;· Summary of Illinois Creek Metallurgical Test Results, P.R. Engelhardt and
L.J. Garcia, Anaconda internal memo, March 7, 1984.

&nbsp;&nbsp;&nbsp;&nbsp;· Summary of the Flotation and Gravity Characteristics of the Waterpump Creek
Mineralization, P.R. Engelhardt, L.J. Garcia, and D.A. Norrigran, Anaconda internal memo, March 14, 1984.

&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical test work continued with NPMC after Anaconda left the project.
Between 1988 and 1991, Goldmor and then NPMC contracted McClelland Laboratories to complete a series of tests related to cyanidation of
the ores including the following reports and memos:

&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary Cyanidation Test Work – Illinois Creek Cuttings Composites,
McClelland Laboratories Inc., March 15, 1990.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-14 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Column Leach Test Work – Illinois Creek, McClelland Laboratories Inc.,
June 29, 1990.

&nbsp;&nbsp;&nbsp;&nbsp;· Report on Direct Cyanidation of Agglomerate Strength and Stability Test Illinois
Creek Bulk Ore Samples, McClelland Laboratories Inc., November 11, 1991.

&nbsp;&nbsp;&nbsp;&nbsp;· Metallurgical Environmental Test Work and Analyses Illinois Creek Core and
Bulk Composites, McClelland Laboratories Inc., July 10, 1995.

&nbsp;&nbsp;&nbsp;&nbsp;· Consolidated Permit Application, Volume IV, Ore and Waste Rock Characterization
Report, Assessment of Acid Generating Potential Report, and Reclamation Plan, USMX, 1996e.

**5.2** **Past Production** 

USMX reported mining 5,136,794 total tons between late 1996 to the end 1997, including 1,135,318 tons of ore (Bennett et al. 1998). The current leach pad Mineral Resource estimate states 1.452 Mt of material that is the result of mining. The original grade of the leach pad is unknown as well as the total gold and silver production.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 5-15 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**6.0** **Geological Setting, Mineralization, and Deposit** 

**6.1** **Regional Geology** 

The Illinois Creek Project is located within the Ruby Terrane, a sequence of mostly late Proterozoic to middle Paleozoic continental margin rocks that make up the Kaiyuh Mountains (see Figure 6-1). Lithologies within the belt include metapelites, quartzites, carbonates and greenstones. Thinly bedded, carbonate-rich dolomitic quartzite and dolomite host the Waterpump Creek sulfide silver-zinc-lead CRD deposit the Illinois Creek oxide gold-silver deposit, respectively.

The Cretaceous Khotol pluton, the Round Top porphyry, and the interpreted Illinois Creek porphyry intrude metasediments north, northeast, and west/southwest of Illinois Creek. Age-dating suggests that mineralization from the Illinois Creek hydrothermal system is temporally related to the emplacement of the 112 Ma Khotol granite pluton.

Regional structure is dominated by east-northeast-trending faults oriented subparallel to the Kaltag fault—a large, trans-current shear zone located 24 km (15 miles) north of the deposit. Post-Laramide movement on the Kaltag fault is characteristically right lateral taking up rotation along the Tintina trench into central Alaska as a consequence of north-northwest directed subduction under the Aleutians.

Structural and stratigraphic interpretations suggest that the pre-Laramide Cretaceous motion on the Kaltag fault was likely left-lateral with north-northeast-trending extensional faults forming pull-apart zones between left stepping offsets along the east-northeast trans-current shears. This local northeast-directed extension appears to have controlled elongation of the Khotol pluton and emplacement of the Round Top porphyry.

Broad east-northeast to east-southeast-directed folds appear to be a consequence of east- southeast-directed compression perpendicular to the north-northeast extension. These folds play a critical role in the erosional level of permissive carbonate stratigraphy which hosts the carbonate replacement mineralization developed adjacent to the porphyry intrusions within the district.

The Illinois Creek deposit (a deeply oxidized CRD) is located within an east-northeast-trending shear zone, the Illinois Creek fault, analogous to the Kaltag fault orientation. Mineralization occurs as both a filling within the fault structure and as a replacement within and along selective bedding planes and stratigraphic contacts particularly at or near the uppermost contact of the dolomitic quartzite stratigraphy with overlying metapelitic schists and greenstones.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-1:** | **Generalized Geologic Map of the Southern Kaiyuh Mountains** |

---

![](tm2515003d2_ex96-1sp02img06.jpg)

Source: Modified after Anaconda 1981, Geologic Map of the Nulato A-4 Quadrangle, WAM 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**6.1.1** **Tectonic History** 

The deformation and tectonic history of the Kaiyuh Mountains remains poorly understood. The Project area underwent regional deformation and metamorphism during the Middle Jurassic to Early Cretaceous Brooks Range orogeny. The collision of the Ruby Terrane and Koyukuk Arc Terrane from present-day south caused north-directed imbrication and partial subduction of the Arctic Alaska passive margin sedimentary sequence.

A recent review of the tectonic history is summarized by Moore et al. (Moore and Box, 2016) who present a series of tectonic reconstructions and deformational styles related to the Brooks Range orogeny. Figure 6-2 shows existing models for emplacement of the Ruby Terrain due to the opening of the Arctic Canada Basin and Figure 6-3 through Figure 6-5 show the evolution of the Ruby Terrane and the timing of the Illinois Creek and Round Top deposits. The reconstructions show the accretion of the ATI (Angayucham/Tozitna/Innoko) Terrane immediately to the east and overlapping the Ruby Terrane in latest Jurassic times. The deformation continues into the Cretaceous with northwest-directed thrusting until 113 Ma.

---

| | |
|:---|:---|
| **Figure 6-2:** | **Existing Tectonic Models for the Ruby Terrane** |

---

![](tm2515003d2_ex96-1sp02img07.jpg)

Source: Moore and Box 2016.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

This compressive foreshortening has resulted in a series of thrust plates juxtaposing deeper water ATI Terrane mafic volcanics over progressively shallowing continental slope deep-water pelitic rocks in turn thrust over platform carbonate and continental derived quartzites of the Ruby Terrain host for the Waterpump Creek CRD deposit and the Illinois Creek deposit.

North-northeast to northeast-directed extension then dominates the deformational history through the emplacement of both the Illinois Creek and Round Top porphyry systems in the mid to earliest Cretaceous times.

---

| | |
|:---|:---|
| **Figure 6-3:** | **West-Central Alaska Deformation 145-113 Ma** |

---

![](tm2515003d2_ex96-1sp02img08.jpg)

Source: Moore and Box 2016.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-4:** | **West-Central Alaska Deformation 113-86 Ma** |

---

![](tm2515003d2_ex96-1sp02img09.jpg)

Source: Moore and Box 2016.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-5:** | **West-Central Alaska Deformation 86-66 Ma** |

---

![](tm2515003d2_ex96-1sp02img010.jpg)

Source: Moore and Box 2016.

**6.1.2** **Regional Stratigraphy** 

The stratigraphy of the Kaiyuh Mountains is poorly documented and is only partially based on regional mapping by both the U.S. Geological Survey and Anaconda. The Illinois Creek district is largely covered with overburden, with only limited outcrops on ridge lines. This is even more evident on the Illinois Creek Property where stratigraphic interpretation is based largely on geophysics and limited deep drilling by Anaconda at both Illinois Creek and Waterpump Creek further discussed in section 6.2.2.

**6.1.3** **Magmatism** 

Igneous rocks within the Illinois Creek Property are limited in distribution. Most prominent are a series of greenstone or diabase sills. The units are typically fine- to coarse-grained and composed of chlorite, actinolite, plagioclase and quartz. These intrusive rocks are likely part of the Jurassic ophiolitic rocks of the Rampart group to the east and have been structurally emplaced into the Illinois Creek area stratigraphy.

Two felsic intrusives are found in the Waterpump Creek area. Felsic intrusive 1 exhibits enigmatic intrusive and metamorphic textures, is white to cream clay-altered, very coarse-grained, feldspar-quartz-sericite-pyrite rock, with high feldspar content. Although the interior portions of this felsic intrusive are unfoliated, it is highly sheared, with foliations most pronounced near the contacts with the wallrock, indicating that this unit is older than the last shearing episode. The second felsic intrusive is a felsic intrusive porphyry that is cream to tan aphanitic groundmass with 10-15% 1 mm feldspar phenocrysts, less than 1% quartz phenocrysts, and trace mafic minerals. This unit is moderately to strongly clay altered and has probable trachyte or latite composition. Unlike Felsic Intrusive 1, this felsic intrusive porphyry phase is unmetamorphosed and is post late-Jurassic (Teller and Wilson 1985). The felsic intrusive bodies most commonly occur within the Kaiyuh Schist package and are irregular and elongate bodies that commonly crosscut the schist foliation. They have not yet been found in the dolostone units.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The nearby 111 to 113 Ma Khotol pluton is characteristically equigranular to sub-porphyritic biotite granite to granodiorite containing up to 15% biotite and abundant quartz. Plagioclase dominates over potassium feldspar and makes up to 60% of the rock.

The Round Top stock and intrusive complex lies 19.3 km (12 miles) to the northeast and is characterized by a complex series of quartz monzonite intrusions and high-level breccia diatremes emplaced into the lower Paleozoic sequence. A high-level lithocap with sheeted copper-bearing veins and a well-developed enrichment blanket overlie porphyry copper/molybdenum/silver mineralization at depth.

**6.1.4** **Timing of Mineralization in the District** 

Two significant periods of porphyry and associated CRD development are evident in the Illinois Creek district:

K-Ar and Ar-Ar dating of sericites at both Waterpump Creek and Illinois Creek by Anaconda and Flanigan support a temporal tie between the Khotol pluton type magmatism (108 to 113 Ma) and the mineralization at Illinois Creek, although no direct age determination has been completed for mineralization at WPC or IC.

K-Ar, Ar-Ar and Re-Os dating by Anaconda, Flanigan and Antofagasta all suggest timing of emplacement of the Round Top porphyries and copper porphyry mineralization at 72 to 75 Ma.

All mineralization ages postdate the extensive 134 to 153 Ma metamorphic dates related to Brooks Range orogeny and obduction of the ATI Terrane.

K-Ar age dates in the district are summarized in Table 6-1.

---

| | |
|:---|:---|
| **Table 6-1:** | **Age Determinations - Illinois Creek District** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Location** | **Year** | **Type** | **Material** | **Date Ma** | **+/- Ma** |
| **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** |
| Anaconda | Waterpump Creek | 1984 | K-Ar | Muscovite (schist) | 157 | 6 |
| Anaconda | Waterpump Creek | 1984 | K-Ar | Muscovite (schist) | 153 | 6 |
| Anaconda | Waterpump Creek | 1984 | K-Ar | Muscovite (schist) | 149 | 5 |
| Flanigan | Waterpump Creek | 1995 | Ar-Ar | Whole Rock | 145.4 | 1.9 |
| Flanigan | Honker | 1995 | Ar-Ar | Whole Rock | 139.3 | 1.8 |
| Flanigan | Illinois Creek | 1995 | Ar-Ar | Muscovite | 137.9 | 1.3 |
| Patton et al. | Kaiyuh Mtns | 1979 | K-Ar | Muscovite | 136 | 4.1 |
| Patton et al. | Kaiyuh Mtns | 1979 | K-Ar | Muscovite | 134 | 4 |
| Flanigan | Illinois Creek | 1995 | Ar-Ar | Muscovite | 127.9 | 2.2 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Location** | **Year** | **Type** | **Material** | **Date Ma** | **+/- Ma** |
| **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** |
| Patton et al. | Khotol | 1979 | K-Ar | Biotite | 112 | 3.4 |
| Anaconda | Khotol | 1982 | K-Ar | Biotite | 111 | 4 |
| Anaconda | Khotol | 1982 | K-Ar | Biotite | 108 | 4 |
| Flanigan | Khotol | 1995 | Ar-Ar | Biotite | 107.3 | 1.4 |
| Anaconda | Round Top | 1984 | K-Ar | Feldspar | 74.8 | 2.8 |
| Anaconda | Round Top | 1984 | K-Ar | Feldspar | 72.9 | 2.8 |
| **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** |
| Flanigan | Illinois Creek | 1995 | Ar-Ar | Sericite | 113.1 | 0.4 |
| Anaconda | Waterpump Creek | 1982 | K-Ar | Sericite | 113 | 4 |
| Antofagasta | Round Top | 2018 | Re-Os | Molybdenite | 72.7 | 0.3 |

---

**6.2** **Property Geology** 

Since 2021, a major reinterpretation of the Illinois Creek property has been ongoing as a consequence of the discovery of significant sulfide mineralization at depths below previous levels of exploration. Utilizing 1) a better understanding of CRD (carbonate replacement deposit) morphologies; 2) a greatly expanded multi-element ICP soil database; 3) re- interpretation and inversions of historical geophysical surveys; 4) a 2022 CSAMT survey undertaken to outline resistivity domains at depth; 5) ongoing drilling and mapping; and 6) a better understanding of the stratigraphy and structure; and 7) a 2023 3-D IP survey a new and more coherent understanding of the Property is evolving.

The newly reinterpreted geologic map of the Property is presented in Figure 6-6. The map shows two structural/stratigraphic geologic domains herein dubbed the East and West blocks, the three dominant lithologic groups, and the primary structures. Rather than having two distinct structural/stratigraphic geologic domains as previously interpreted, the East and West blocks, the district has been reinterpreted as being a structurally complex stack of thrust plates. Illinois Creek mineralization is hosted in the lower plate (West Block) and Waterpump Creek mineralization is hosted in the upper plate (East Block).

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-6:** | **Simplified Geologic Map of the Illinois Creek Property with Primary Mineralization-Controlling Structures and Simplified Geologic Domains** |

---

![](tm2515003d2_ex96-1sp02img011.jpg)

Source: WAC&G 2025.

**6.2.1** **Temporal-Structural Considerations** 

The Illinois Creek property shows effects of the regional tectonic deformational history discussed previously in section 6.1. Jurassic to mid-Cretaceous compressional tectonics is manifest on the Property as a series of east-verging thrust faults juxtaposing progressively deeper water assemblages on top of continental margin assemblages to the west. ATI (Angayucham/Tozitna/Innoko) Terrane volcanics occur immediately east of the Project as an upper plate over the metasedimentary continental margin assemblages of the Ruby Terrane.

The Illinois Creek property shows a series of stacked thrust plates, dominated by four main units. The Ruby Terrane continental slope clastic schists are thrust on top of the WPC dolomitic platform carbonates (WPC formation). The WPC formation is thrust on top of the Jurassic diabase/greenstone unit (Greenstone), which is thrust on top of the IC formation consisting of clastic (quartz arenite) and carbonate platform facies.

Broad, ENE to ESE-trending folds in the Illinois Creek district, occur as a result of the compression most notably, the ENE-northeast-trending Illinois Creek antiform which cores the West block. The stress field causing deformation was likely rotated both regionally and locally, resulting in rotated structures and various trends of structures in the district.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Relaxation immediately post-compression resulted in granitic magmatism of the Khotol pluton intrusive suite, and its associated porphyry/CRD/intermediate sulfidation vein mineralization seen at Illinois Creek and the adjacent Honker prospect. This relaxation is manifest as steep NNE -trending tensional faults such as the Waterpump Creek fault and Wades fault that are syn-mineral in nature. These faults could be listric nature and verge east into pre-existing shallow angle thrusts. The NE-trending Illinois Creek and Warm Springs faults have complex movements and are yet only partially resolved. Syn-mineral movement on the Illinois Creek fault appears as normal down-drop to the south but with later post-mineral strike-slip movement. Warm Springs fault appears to reverse movement suggesting a rotation of the structural block between the Illinois Creek and Warm Springs faults.

**6.2.2** **Stratigraphy** 

CSAMT (controlled-source audio-magnetotellurics), a deep sounding resistivity geophysical technique undertaken in 2022 has recognized two structural/stratigraphic blocks on the Property herein dubbed the East and West blocks, which have been differentiated by the discrete break in the geophysics, dubbed Wades fault. Different stratigraphic sections occur in both blocks at the erosional levels seen, although these different stratigraphic sections are believed to represent different lateral facies changes in a sedimentary basin. Stratigraphic sections for both blocks are based on deep drill holes by Anaconda: WPC84-16 for the East Block and ICDH10 in the West Block. These stratigraphic sections are likely impacted by additional thrust fault overthickening but are good approximations of existing stratigraphic thicknesses in both blocks. The stratigraphic column for the Illinois Creek property, including East Block and West Block domains, is illustrated in Figure 6-7.

The Illinois Creek formation and the WPC formation are likely stratigraphically and temporally related by deposition in a classic sedimentary – carbonate basin. The Illinois Creek formation contains a clastic component (quartz arenite), which has been interpreted to be formed in a barrier bar/beach facies and includes textures and compositions of interdune/marsh facies, and platform carbonates. The WPC formation shows textures of sabkha, lagoonal, intertidal faces, patch reefs, and platform carbonates, which indicates a low energy depositional environment. Both formations show a shallowing upward trend, indicating the lateral changes in depositional environment. Stratigraphic sections for both blocks are based on deep drill holes by Anaconda: WPC84-16 for the East Block and ICDH10 in the West Block. These stratigraphic sections are likely impacted by additional thrust fault overthickening but are good approximations of existing stratigraphic thicknesses in both blocks.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-10 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-7:** | **Stratigraphic Column** |

---

![](tm2515003d2_ex96-1sp02img012.jpg)

Source: Western Alaska 2025.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-11 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**6.2.2.1** **Lithology Units – East Block** 

The overthrust Kaiyuh schist includes a thick QCMS schist package overlying a section of graphitic schists indeterminate in thickness. The QCMS unit contains a distinctive magnetite-rich chlorite schist at or near its base which has been interpreted as a re-crystalline Fe formation. This unit is easily discernible in the 1984 Aerodat aeromagnetic survey. Below the overlying Kaiyuh Schist sequence is the Waterpump Creek dolomite which appears to be in excess of 600 m in thickness. A few thin interleaved chlorite schist zones might represent additional thrust plates but are more likely thin interbedded clastic layers that are conformable, but do preferentially take up strain, resulting in folding and shearing of the unit. Under the Lower Schist is Fossiliferous Dolomite unit which contains various bioclasts and shows signs of increased permeability and porosity and is a key horizon for mineralization potential. The overthickened section provides a significant opportunity for additional manto-form CRD mineralization.

**6.2.2.2** **Lithology Units – WPC Resource** 

The oxide and sulfide mineralization at Waterpump Creek is hosted in the WPC formation, particularly in the Upper Waterpump Creek Dolomite and the Waterpump Creek Fossiliferous Dolomite. The Kaiyuh Schist acts as an aquitard for the fluids, which are pooled underneath in the Upper Waterpump Creek Dolomite. The Lower Schist is another aquitard within the Waterpump Creek Formation, which causes the fluids to pool in the Fossiliferous Dolomite below. The following descriptions are the lithology domains as logged for Waterpump Creek. Table 6-2 shows the current logging codes used for the Illinois Creek property.

&nbsp;&nbsp;&nbsp;&nbsp;· Quartz-Muscovite Schist (QMS): Banded gray, green, brown and white schist
with incredibly variable composition. Locally quartz, muscovite, graphite, or chlorite rich. Often has thin (1mm) to thick (1m) carbonate
layers. Can have lots of variation and QMS is the code used for undifferentiated schist units. The schist package was historically logged
as QMS, QCS (quartz-chlorite schist), QGS (quartz-graphite schist), QMCS (Quartz-muscovite-chlorite schist), QMGS (quartz-muscovite-graphite
schist), MCGS (muscovite-chlorite-graphite schist), QMCbS (quartz-chlorite-carbonate-graphite schist), QCCbGS (Quartz-chlorite-carbonate-graphite
schist), QMCCbS (Quartz-muscovite-chlorite-carbonate schist), QMCGS (Quartz-muscovite-chlorite-graphite schist), QMCbGS (quartz-muscovite-carbonate-graphite
schist), and QMCCbGS (Quartz-muscovite-chlorite-carbonate-graphite schist). The schist is thinly foliated with often 2 foliations present.
S1 is thought to be analogous with S0 (bedding). Quartz sometimes forms porphyroblasts with muscovite pressure shadows. Garnets porphyroblasts
are very rare, but do occur, commonly near the magnetite schist and skarn units. Where muscovite is the dominant mineral, crenulation
cleavage is common. The QMS is the Kaiyuh Schist meta-sediments.

&nbsp;&nbsp;&nbsp;&nbsp;· Magnetite Schist (MAG): Magnetic marker unit composed of quartz, chlorite,
and 10-20% magnetite. ~2-10m in thickness. Magnetite crystals are 2 to 4 mm crystals, euhedral to subhedral, often times with muscovite
pressure shadows.

&nbsp;&nbsp;&nbsp;&nbsp;· Skarn (SK): Garnet magnetite pyroxene calc-silicate is often spatially close
(within 10m) of the felsic intrusives. There is considerable variation in garnet (grossularite-andradite series) modal abundance percentages,
size, habit/form, and degree of retrograde alteration. Hedenbergite (pyroxene group) occurs as coarse, partly chlorite-altered, bladed,
dark green to almost black radiating, bladed crystal sheafs developed along the margins of quartz veins cutting the schist. Diopside (pyroxene
group) also occurs as stubby dark green prismatic crystals, 1 to 4mm long, which appear square in section, but are largely altered to
chlorite-actinolite. These occur in variably calcareous and quartzitic schist beds, commonly where the carbonate stratigraphy is cut by
structures, including fault zones and veinlets. Skarn intervals are variably foliated, but some intervals of calc-silicate alteration
show little evidence of foliation at all, with dodecahedral to equant red-brown garnets and magnetite grains floating in dark green chlorite-actinolite
groundmass.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-12 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Chlorite Schist (CS): Various shades of green, dominantly chlorite with quartz
and muscovite. Locally medium to coarse grained chlorite-altered amphiboles. Sub-unit of the Kaiyuh Schist.

&nbsp;&nbsp;&nbsp;&nbsp;· Graphite Schist (GS): Black, dominantly graphite with variable quartz, chlorite,
and muscovite. This unit is often the basal unit of the schist package and shows intense shearing and deformation as it takes up most
of the shear stresses due to rheological differences. Sub-unit of the Kaiyuh Schist.

&nbsp;&nbsp;&nbsp;&nbsp;· Hydrothermal Quartz (HQ): Large milky white quartz veins, typically in the
schist package, 30cm to 5m thick.

&nbsp;&nbsp;&nbsp;&nbsp;· Felsic Intrusive (FI): Massive to flow-foliated, chalky buff terra cotta,
aphanitic to porphyritic, trachyte/latite to syenogranite with up to 20-40% muscovite/sericite locally. Typically, 1m to 3m thick. Historically
discriminated as two units: 1) Felsic Intrusive and 2) Felsic Intrusive Porphyry. The felsic intrusive is clay altered white to cream,
very coarse-grained, feldspar-quartz-sericite-pyrite that is foliated primarily on the margins, indicating that it is older than the last
shearing episode. The Felsic Intrusive Porphyry is cream to tan aphanitic groundmass with 10-15% 1 mm feldspar phenocrysts, less than
1% quartz phenocrysts, and trace mafic minerals. It is moderately to strongly clay altered and probably trachyte or latite composition.
This unit differs from the other in that it is porphyritic and is unmetamorphosed, indicating that this phase is post late-Jurassic.

&nbsp;&nbsp;&nbsp;&nbsp;· Dolomite (DOL): Light to medium gray, weathering to cream, micritic mudstone
to rudstone with rare arenaceous interbeds. It is often recrystallized and shows various alterations such as tan, bleaching, sanding,
silicification, and fluorescence. Millimeter to centimeter scale laminations representing thin sedimentary layering or algal mats are
common, and 2 mm to 5 mm pisoliths are common. Mud chips (up to 1 cm) and birds-eye structures may be found, usually in the thin laminated
zones.

&nbsp;&nbsp;&nbsp;&nbsp;· Fossiliferous Dolomite (DOLF): Grey dolomite containing fossiliferous beds
including conodonts, ostracods, and bivalves. Megafossils are sparse, though layers of fossil hash consisting of bivalve fragments are
present. A series of core samples were submitted to Anita Harris (USGS) for conodont analysis in 1984. Dr. Harris found conodonts
or conodont fragments in 5 of the 8 samples. All 5 samples yielded Protopanderodus conodonts, a middle Early to early Middle Ordovician
species, or unidentifiable fragments. However, one sample yielded two elements of Pygodus, a late Llanvirn to early Llandeilo (early Middle
Ordovician) species. This is a "cosmopolitan species of North American faunal province and indicates deposition in normal marine
mid-shelf to basin facies" (Harris, 1984). The other conodont fragments appear to be of a shallower water type. The mid-shelf to
basin classification is based on water temperature, therefore, the Pygodus may represent a channel or inter-platform basin within the
platform sequence interpreted from the lithofacies and conodont fragments (Teller and Wilson, 1985)

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-13 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Gossan (G): Orange to red intensely oxidized rock. Primary gossan is typically
more competent with primary textures such as stockworks still preserved. Often contains well-developed secondary base metal minerals:
lead minerals such as cerussite and zinc minerals such as hydrozincite and hemimorphite. Secondary gossan is typically sanded and decomposed
and does not have any primary textures.

&nbsp;&nbsp;&nbsp;&nbsp;· Massive Sulfides (SULF): This is our primary ore zone. It contains fine to
course-grained recrystallized carbonates such as manganoan siderite, ankerite, and dolomite with argentiferous galena, sphalerite, pyrite,
and sometimes arsenopyrite and magnetite. Zebra texture is common which is banding of base metals and gangue minerals. It occasionally
contains small zones of silicification.

&nbsp;&nbsp;&nbsp;&nbsp;· Marble (M): White to off white, distinctly more crystalline than the dolomite,
can be sharp or gradational contact from dolomite. Crystal size is 1mm or greater. Can be dolomitic marble or calcic marble.

&nbsp;&nbsp;&nbsp;&nbsp;· Limestone (LST): Calcium carbonate- fizzes more vigorously than the dolomite,
only logged in 1983.

&nbsp;&nbsp;&nbsp;&nbsp;· Quartzite (Q): Medium gray to black, very fine- to fine-grained, subrounded,
very well sorted with local trace muscovite and rare dolomitic interbeds.

&nbsp;&nbsp;&nbsp;&nbsp;· Dolomitic Quartzite (DQ): Variably dolomitic quartzite. Matrix composed of
dolomite with well sorted quartz grains. Can contain distinct quartzite and/or dolomite beds.

&nbsp;&nbsp;&nbsp;&nbsp;· Greenstone (GRN): Fine- to coarse-grained, semi-schistose meta-intrusive
composed of chlorite, actinolite, plagioclase, and quartz.

&nbsp;&nbsp;&nbsp;&nbsp;· Phyllite (P): Altered to light grey to tan, thin to medium banded, variably
dolomitic to calcareous. Locally iron stained and/or cut by quartz veins and pods.

&nbsp;&nbsp;&nbsp;&nbsp;· Hydrothermal Breccia (HBx): Silicious matrix with clasts of silicified quartzite
and/or dolomitic quartzite. Can contain pyrite clasts (replacement of QTZ/DQ), pyrite can also occur as matrix.

---

| | |
|:---|:---|
| **Table 6-2:** | **Current Lithology Codes for the Illinois Creek District** |

---

---

| | | |
|:---|:---|:---|
| **Code** | **Unit** | **Area** |
| OB | Overburden | All |
| NR | No Recovery | All |
| V | Void | All |
| QMS | Quartz-Muscovite Schist | WPC, LH, IC |
| MAG | Magnetite Schist | WPC, LH, IC |
| SK | Skarn | WPC, LH, IC |
| CS | Chlorite Schist | WPC, LH, IC |
| GS | Graphite Schist | WPC, LH, IC |
| HQ | Hydrothermal Quartz | WPC, LH, IC |
| FI | Felsic Intrusive | WPC, LH, IC |
| DOL | Dolomite | WPC, LH, IC |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-14 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Code** | **Unit** | **Area** |
| DOLF | Fossiliferous Dolomite | WPC, LH |
| G | Gossan | WPC, LH, IC |
| SULF | Massive Sulfide | WPC, LH, IC |
| M | Marble | WPC, LH, IC |
| MC | Micrite | WPC, LH, IC |
| LST | Limestone | WPC, LH, IC |
| Q | Quartzite | WPC, LH, IC |
| DQ | Dolomitic Quartzite | WPC, LH, IC |
| GRN | Greenstone | IC |
| P | Phyllite | IC |
| HBx | Hydrothermal Breccia | IC |

---

**6.2.2.3** **Lithology Units – West Block** 

Although the Kaiyuh schist is apparent in the far north portion of the West Block, the section in the area of interest, is dominated by the thick capping Greenstone unit. Importantly, the greenstone appears to act as an aquitard with fluids trapped below it. Two exploration holes, IC22-01 and -02 tested that concept and exhibit intense alteration, multiphase massive pyrite mineralization with low grade base and precious metals underneath the IC upper graphitic schist, which sits just below the greenstone unit.

Below the capping Greenstone unit, a thin graphitic schist (Upper Graphitic Schist) is recognized overlying a very thick section of calcareous and dolomitic quartzite and dolomite. This roughly 400 m package is apparent in ICDH-10 and is the host for the Illinois Creek oxide mineralization as well as the East IC manto. This stratigraphy is also the principal mineralization target south the Warm Springs fault. Historical drilling other than Anaconda that targeted the oxide resources at Illinois Creek did not differentiate between the quartzites and dolomites making detailed understanding of the internal stratigraphy of the overall permissive carbonate- rich stratigraphy difficult. As such thicknesses are approximate.

Below the permissive carbonate stratigraphy, a thick section of graphitic schist (Lower Graphitic Schist) is apparent in turn underlain by a thick chlorite/graphitic schist package.

**6.2.2.4** **Lithology Units – Illinois Creek Mine and Oxide Resource** 

The main gossan body at the Illinois Creek oxide Au/Ag deposit is hosted in a sequence of calcareous quartzite, dolomitic quartzite and dolomite overlain by a thin graphitic schist and a property-wide diabase greenstone sill. Since much of the primary lithology is broadly homogenous without any easily observable distinctions, efforts to domain lithology have been largely ineffectual. NPMC and Echo Bay devised a domain logging scheme incorporating the relative abundance to three variables: quartz, iron and manganese as their "lithologies" (Tolbert 1992).

The following descriptions of the "lithology" domains are from Tolbert (1992) and are summarized in Table 6-3.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-15 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Quartzite (Q): white, light gray to tan, fine- to medium-grained. Several
textural varieties of the quartzite occur and have been logged. Quartzite ranges from relatively pure, blocky massive (Q) to limy
(Ql) and dolomitic (Qd) varieties. Carbonate-bearing quartzite is gradational between two fabrics, 1) mottled (Qlt and Qdt), and 2) carbonate/quartz
banded (Qlb and Qdb). Unaltered quartzite comprises the country rock in the vicinity of the gossan but seldom directly borders mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;· Altered Quartzite (Qa): cloudy, pale-yellow green with weak to strong carbonate
and clay alteration and possibly weak propylitic alteration. Qa is soft and chalky, occasionally sanded and generally highly calcareous.
Blue-gray quartz stock work veins are usually abundant. Qa directly borders gossan in the footwall and sometimes forms a narrow screen
between gossan and Qs in the hanging wall. Potentially mineralized variants included quartzite stained with secondary iron oxide (Qf)
or manganese oxide (Qm).

&nbsp;&nbsp;&nbsp;&nbsp;· Sanded Quartzite (Qs); quartzite decomposed to sand and ranging from very
fine powder to medium-sized grains. Locally highly calcareous, commonly stained with secondary iron oxide, manganese oxides and copper
carbonates.

&nbsp;&nbsp;&nbsp;&nbsp;· Ferruginous Quartzite (FQ): granular white quartz quartzite and hydrothermal
quartz) with <50% brown, yellow or red brown iron oxide, variably brecciated and or cut iron oxide +/- quartz stock work veins. Earthy
cellular and botryoidal iron oxide (goethite, limonite, and hematite) are present as breccia matrix and irregular masses. The unit is
massive to extremely vuggy in texture.

&nbsp;&nbsp;&nbsp;&nbsp;· Ferruginous Manganiferous Quartzite (FMQ): similar to FQ but contains significant
manganese oxide to impart a sooty black or dark gray color to all or portions of the rock (Mn generally >1%). Manganese oxide occurs
as purple-gray stain/flooding, earthy/sooty bands and clots, botryoidal psilomelane masses or rarely as acicular pyrolusite needles lining
cavities. FMQ is often distinctly banded with alternating <0.4 in. bands of granular quartz, iron oxide and manganese oxide.

&nbsp;&nbsp;&nbsp;&nbsp;· Ferruginous Gossan (FG): massive gossan with >50% iron oxide as earthy,
cellular, and botryoidal limonite, goethite and rare hematite. Locally abundant rhombohedral pseudomorphs suggest much of the gossan has
replaced massive coarse-grained carbonate (siderite, ankerite, dolomite and rhodochrosite) in some areas. Quartz comprises up to 50% of
the rock as milky veins, quartzite clasts or granular masses. Primary textures are highly obscured. FG occasionally contains copper oxides
and bindheimite veins.

&nbsp;&nbsp;&nbsp;&nbsp;· Ferruginous Manganiferous Gossan (FMG): similar to FG with prominent dark
gray to black manganese oxide coloration in addition to brown iron oxide. Both oxides usually occur as distinct alternating bands or as
wormy intergrowths. Coarse-grained rhombohedral pseudomorphs are locally present.

&nbsp;&nbsp;&nbsp;&nbsp;· Hydrothermal Quartz (HQ): Massive, vuggy, prismatic or granular hydrothermal
quartz as veins, pods, or masses. Sometimes contains pseudomorphs and iron oxide veins. HQ is rare accounting for <2% of the material
within the gossan.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-16 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 6-3:** | **Historical Lithology Codes at the Illinois Creek Deposit** |

---

---

| | |
|:---|:---|
| **Code** | **Unit** |
| Q | Quartzite |
| Qa | Altered Quartzite |
| Qs | Sanded Quartzite |
| FQ | Ferruginous Quartzite |
| FMQ | Ferruginous Manganiferous Quartzite |
| FG | Ferruginous Gossan |
| FMG | Ferruginous Manganiferous Gossan |
| HQ | Hydrothermal Quartz |

---

**6.2.2.5** **Detailed Structure - Illinois Creek Oxide Deposit** 

In 2000, MRDI, under the direction of Viceroy, audited the USMX database and model. At that time, MRDI concluded that although the "lithology" codes reflected host domains thought to control the distribution of gold/silver mineralization, the mineralization clearly crossed those lithologic domains. Sections constructed during the review suggest that the gold and silver zones meandered in and out of individual rock units, much as would be expected if mineralization were controlled by a shear zone that roughly followed the strike of bedding of the host rocks. The common thickening and bifurcation of gold zones that are seen in the hanging wall and strike extensions of the deposit are common to braided shear systems (MRDI and Viceroy 2000).

MRDI concluded that the primary control of mineralization was the presence of bedding plane shears, with local zones of dilation (and thickening of ore zones) occurring at favorable changes in the strike of individual shears. Shearing preferentially occurred within sandy dolomite, calcareous to dolomitic quartzite, and calcareous phyllite.

**6.2.2.6** **Detailed Structure – Waterpump Creek Sulfide Deposit** 

The primary structure controlling the WPC and Last Hurrah mineralization is the north-south Waterpump Creek fault. Mineralization at WPC appears to have both vertically oriented chimney-style mineralization and horizontally-oriented, manto-style mineralization. The manto-style mineralization is reliant on second-order controls such as permeability and porosity and subtle features such as the NW-SE fold of the Kaiyuh schist – WPC dolomite contact, which caused the change in strike direction discriminating the north upper oxide zone from the southern sulfide zone. The WPC fault is likely the primary fluid pathway, resulting in chimney-style, open-system mineralization, and was likely opened and closed multiple times.

**6.3** **Mineral Deposits** 

The IC property area contains an expansive, linked carbonate replacement deposit (CRD) system. Illinois Creek is interpreted to be proximal to the fluid source, as evidenced by the Au-Cu signature, and Waterpump Creek is interpreted to be the distal fingertip of the system, as evidenced by Ag-Pb-Zn signature and more selective nature of the deposit. The two deposits (IC and WPC) are linked by pre- and syn- mineral fault sets and geochemical zonation of the district. The mineralization stair-steps its way up through the stratigraphy as it moves more distal; at Illinois Creek, mineralization is hosted in the Illinois Creek formation, at the bottom of the stratigraphic column, and as the fluid moves along faults, it also moves up the stratigraphy into the Waterpump Creek formation, effectively showing a stair-stepping effect, as is common in CRD systems.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-17 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The known mineralization at Illinois Creek occurs as Au-Ag-Cu oxides and occurs in the Illinois Creek formation, following selective beds and stratigraphic contacts, likely following the thrust fault contact stemming from the Warm Springs fault as a primary mineralizing conduit. Approximately 7 km to the northeast, at Waterpump Creek, known mineralization occurs as Ag-Pb-Zn sulfide replacement in the Waterpump Creek formation, where the Waterpump Creek fault serves as the primary fluid conduit.

Known mineralization at Illinois Creek occurs both as a CRD Ag-Zn-Pb sulfide replacement mineralization and as Au-Ag-Cu oxide gossan mineralization formed as a consequence of deep surficial oxidation of the primary sulfide mineralization. Mineralization occurs as: 1) replacement mineralization within and along selective bedding planes and stratigraphic contacts in the Illinois Creek carbonate rocks including dolomite and dolomitic quartzite stratigraphy and 2) fillings within syn-mineral fault structure such as the Illinois Creek fault.

At Waterpump Creek, approximately 7 km to the NE from Illinois Creek, sulfide mineralization is particularly focused at or near the uppermost contact of the dolomite stratigraphy with overlying metapelitic Kaiyuh schists. The Kaiyuh schists are characterized by a complex section of graphitic, chloritic and quartz muscovite schists within which occurs a thin marker horizon of chlorite/magnetite schist possibly of banded iron formation genesis. This marker horizon is a strong aeromagnetic feature traceable through much of the district. The Kaiyuh schist/Waterpump Creek dolomite contact is an apparent pre-mineral thrust fault. Mineralization occurs along the Waterpump Creek fault, a NNE-trending fault showing down drop to the east resulting in a steepening of the thrust fault surface into the Waterpump Creek fault. The overlying Kaiyuh schists serve as an aquitard with fluid migrating up the Waterpump Creek fault and replacing dolomite at or within the footwall dolomite of the fault.

In the southern zone of WPC, the mineralization cuts below the Lower Schist unit, and replaces the Fossiliferous Dolomite unit. The Lower Schist is thought to be another aquitard that traps fluids underneath, causing a pooling of fluids under the lower schist, in the fossiliferous dolostone unit. Particularly drill hole WPC22-18, where the thickness of mineralization drastically increases to 101.1m of drill hole length, the mineralization occupies both the Upper WPC Dolomite unit and the Fossiliferous Dolomite unit, underneath the Lower Schist unit.

At Illinois Creek, very deep and poorly understood oxidation of the original CRD mineralization has resulted in the extensive development of gossan to depths up to 400 m below the surface between the Illinois Creek and the Warm Springs faults. Original primary mineralization is assumed to have been in part analogous to that seen at the Waterpump Creek deposit.

**6.3.1** **Sulfide Mineralization Distribution – Waterpump Creek** 

Current exploration at Waterpump Creek has expanded the footprint of the sulfide mineralization over a roughly 495 m strike length, with widths varying from 25 m to 75 m, and thicknesses varying from 5 m to over 100 m. Figure 6-8 is a plan map of all Waterpump drill holes through the end of the 2023 drill season. The image also shows structure contours of the Kaiyuh schist/Waterpump Creek dolomite thrust contact and the rollover into the Waterpump Creek fault, the feeder for the mineralizing fluids. The Waterpump Creek fault can be traced for over 6 km in the East block.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-18 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-8:** | **Plan Map of the Waterpump Creek Drill Collars** |

---

![](tm2515003d2_ex96-1sp02img013.jpg)

Source: WAM 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-19 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Figure 6-9 shows a longitudinal section down the axis of the Waterpump mineralization. The body is dominated by an upper high grade manto that dips to the south at approximately 15 degrees. In and around DH's WPC22-17 and 18, the manto thickness expands significantly, likely a result from an increase in the number of mantos, closer towards the fluid source, and the late-stage cross-cutting pyrite phase that runs north-south through the earlier high-grade mantos.

---

| | |
|:---|:---|
| **Figure 6-9:** | **Longitudinal Section Down Axis of Waterpump Creek Manto** |

---

![](tm2515003d2_ex96-1sp3img01.jpg)

Source: WAM 2023.

Figure 6-10 shows a plan 3D projection of the Waterpump Creek sulfide body with traces of the NNE Waterpump Creek fault and ENE projections of fault strands of the Illinois Creek fault. The blue shape is a modelled sulfide mineralization shape of massive and semi-massive sulfides. The body is roughly 1 million cubic meters in volume and remains open to expansion along projections of the Waterpump Creek fault.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-20 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-10:** | **3D Plan Map Projection of the Waterpump Creek Sulfide Body** |

---

![](tm2515003d2_ex96-1sp3img02.jpg)

Source: WAM 2024.

Table 6-4 reports all sulfide intervals encountered by WAM during drilling in 2021, 2022, and 2023. No recoveries are yet assumed. Ongoing initial metallurgical studies are in progress and will provide initial recovery data during the 2nd quarter of 2025.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-21 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 6-4:** | **2021, 2022, and 2023 Sulfide Intervals from Waterpump Creek** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole** | **From (m)** | **To (m)** | **Thickness<br> (m)** | **Ag (g/t)** | **Zn (%)** | **Pb (%)** |
| WPC21-09 | 109.4 | 120.9 | 11.5 | 522 | 22.5 | 14.4 |
| WPC22-07 | 136.4 | 142.5 | 6.1 | 459 | 12.1 | 14.8 |
| WPC22-07 | 150.1 | 164.4 | 14.3 | 54 | 10.3 | 1.9 |
| WPC22-08 | 114.6 | 125.5 | 10.9 | 157 | 9.9 | 6.4 |
| WPC22-11 | 139.1 | 150.6 | 11.5 | 337 | 16.7 | 10 |
| WPC22-11 | 152.7 | 156.3 | 3.6 | 151 | 22.3 | 5.1 |
| WPC22-13 | 150.1 | 152.9 | 2.8 | 1304 | 2.5 | 37.1 |
| WPC22-13 | 158.4 | 160.8 | 2.4 | 820 | 15 | 13 |
| WPC22-17 | 125.5 | 174.3 | 48.8 | 144 | 9 | 5.5 |
| including | 125.5 | 135.3 | 9.8 | 428 | 15.9 | 14.1 |
| including | 160.6 | 164.7 | 4.1 | 417 | 14.8 | 18.3 |
| WPC22-18 | 147.2 | 248.9 | 101.7 | 160 | 5.4 | 5.3 |
| including | 158.6 | 165.8 | 7.2 | 349 | 7.3 | 9.7 |
| including | 191.7 | 195 | 3.3 | 358 | 7.2 | 10.6 |
| including | 223.8 | 242.3 | 18.5 | 355 | 2.2 | 13.5 |
| WPC22-20 | 166.6 | 178 | 11.4 | 284 | 14.8 | 10.9 |
| including | 166.6 | 175 | 8.4 | 322 | 12.1 | 12.8 |
| including | 166.6 | 168.2 | 1.6 | 474 | 24.7 | 14.3 |
| including | 173.9 | 175 | 1.1 | 883 | 12.2 | 45.2 |
| WPC22-20 | 185.2 | 205.9 | 20.7 | 171 | 9.4 | 5.8 |
| including | 187.8 | 189.7 | 1.9 | 272 | 22.3 | 7.6 |
| including | 193.4 | 196.1 | 2.7 | 297 | 2.8 | 10.6 |
| WPC22-21 | 150 | 155.1 | 5.1 | 789 | 14.9 | 22 |
| WPC22-22 | 161.6 | 184.3 | 22.7 | 293 | 9 | 20.3 |
| including | 161.6 | 168.6 | 7 | 557 | 16.7 | 21.8 |
| WPC22-22 | 207 | 216.5 | 9.5 | 118 | 3.5 | 8.7 |
| WPC22-22 | 245.7 | 300.3 | 54.6 | 187 | 6.2 | 5.1 |
| including | 271.1 | 274.6 | 3.5 | 1223 | 32.5 | 8.1 |
| including | 292.6 | 300.3 | 7.7 | 311 | 10.1 | 1.8 |
| WPC23-0029 | 145.1 | 164.5 | 19.5 | 158 | 5.3 | 11.5 |
| Including | 145.1 | 148.1 | 3.0 | 253 | 9.7 | 15.9 |
| Including | 150.6 | 151.2 | 0.6 | 868 | 23.9 | 6.8 |
| Including | 163.1 | 163.7 | 0.6 | 429 | 15.6 | 5.8 |
| WPC23-0029 | 176.0 | 178.9 | 2.9 | 173 | 6.7 | 13.9 |
| WPC23-0030 | 216.6 | 238.6 | 22 | 146 | 3.3 | 9.8 |
| WPC23-0030 | 241.4 | 249.3 | 8 | 47 | 0.8 | 13.5 |
| Including | 264.7 | 270.1 | 5.3 | 729 | 24.1 | 3.1 |
| Including | 278.3 | 286.9 | 8.6 | 493 | 22.9 | 2.6 |
| WPC23-0030 | 334.6 | 336 | 1.4 | 44 | 3.6 | 6.5 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-22 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**6.3.2** **Sulfide Mineralization Characterization – Waterpump Creek** 

Mineralization at Waterpump Creek is characterized by massive and semi-massive sulfide replacement of the host Waterpump Creek dolomite by argentiferous galena, Fe-rich sphalerite and pyrite hosted in a matrix of recrystallized siderite and ankerite. Historical reflected light studies of the Waterpump Creek sulfide mineralization by Anaconda shows additional sulfide species including arsenopyrite, chalcopyrite, argentite and tetrahedrite. WAM is currently funding a Colorado School of Mines thesis to better understand the entire assemblage and paragenetic relationships within the sulfide mineralization.

The WPC sulfide mineralization shows a variety of textures including totally massive replacement, banding, pseudomorphs, and course-grained mineralization. Typically, the galena-rich zones are at the top of the mantos, and the more banded "zebra-rock" occurs near the bottom of the mantos. The mantos are thought to have formed in a long-lived, closed-system environment, with multiple pulses or generations of fluids. There is a pyrite-rich zone that occurs as a cross-cutting veins and large pyrite breccia zones, which is interpreted to have formed in an open-system environment and crosscuts the earlier closed-system mantos. This late pyrite-stage does still contain lead and zinc values, as well as silicification.

The argentiferous galena is full of small inclusions of various lead- and silver-bearing sulfosalts of the miargyrite-galena solid solution series. In-depth petrographic work of WPC is being conducted by Justin Glenn at Colorado School of Mines in the form of a master's Thesis and is expected to be completed by May of 2024. This research will give us further insights into the mineralogy and paragenesis of the ore as well as the alteration. Figure 6-11 shows argentiferous galena characterized by extreme deformation of the galena's crystal structure due to the substitution of silver within the galena lattice. The substitution results intense deformation of the galena's characteristic cubic cleavage resulting in a ribbon-like texture to the galena.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-23 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-11:** | **Argentiferous Galena with Pyrite, Fe-rich Sphalerite, and Dolomite: WPC22-20** |

---

![](tm2515003d2_ex96-1sp3img03.jpg)

Source: WAM 2023.

Figure 6-12 and Figure 6-13 show typical partial to complete replacement textures and grades encountered in the manto-form mineralized bodies. Figure 6-14 shows complex breccia textures indicative of the chimney mineralization encountered in DH's WPC22-17 and 18.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-24 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-12:** | **Partial Replacement Textures Showing Primary Bedding** |

---

![](tm2515003d2_ex96-1sp3img04.jpg)

Source: WAM 2023.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-25 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-13:** | **Complete Massive Replacement Textures** |

---

![](tm2515003d2_ex96-1sp3img05.jpg)

Source: WAM 2023.

---

| | |
|:---|:---|
| **Figure 6-14:** | **Complex Brecciated Chimney Mineralization** |

---

![](tm2515003d2_ex96-1sp3img06.jpg)

Source: WAM 2023.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-26 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Table 6-5 shows recognized sulfide zone minerals (including native elements) at the Waterpump Creek deposit (Teller and Wilson, 1985). Note that there is a current master's Thesis being conducted to further define the ore zone mineralogy at Waterpump Creek.

---

| | |
|:---|:---|
| **Table 6-5:** | **Sulfide Zone Minerals at the Waterpump Creek Deposit** |

---

---

| | | |
|:---|:---|:---|
| **Sulfide Zone Minerals (including native elements) from Teller and Wilson 1985** | **Sulfide Zone Minerals (including native elements) from Teller and Wilson 1985** | **Sulfide Zone Minerals (including native elements) from Teller and Wilson 1985** |
| argentite | carbon (amorphous) | silver (native) |
| bornite | chalcopyrite | pyrite |
| boulangerite | galena | sphalerite |

---

**6.3.3** **Oxide Mineralization Characterization – Waterpump Creek** 

Silver, lead, and zinc oxide mineralization occurs in a northwest trend, with a southeast plunge at about 30°, veering off of the primary WPC mineralizing structure. This turn in strike direction away from the main sulfide body is due to a subtle fold in the main schist-dolostone contact surface, resulting in a northwest trending fold-style trap. The oxide mineralization is generally soft and very friable, with numerous voids and loose breccia zones. Breccia clast sizes range from clay-sized through small cobbles while the mineral grains are rare up to medium sand sized. Small zones of well-developed boxworks are locally preserved in gossan zones. Rare pods of galena, cut by oxide veins, are also locally preserved within the oxide zone (Teller and Wilson 1985).

The mineralization is nearly entirely oxidized, except for small zones of remnant galena. Major lead minerals include cerussite, anglesite, plumbojarosite, massicot, and remnant galena. The remnant galena exists as 2 to 50 cm pods and also as veins and bands. The bands resemble zones of banded sulfides in the sulfide mineralization zone. Galena is generally rimmed by an insulating layer of lead oxide minerals including anglesite and/or cerussite (Teller and Wilson 1985).

Zinc oxide minerals are dominantly hemimorphite and hydrozincite with minor fraipontite and other minor oxides. No primary zinc minerals have been identified in the oxide zone. A major component in the zinc-rich oxide zone is limonite, which pseudomorphs after siderite. The silver content in oxide zones is closely associated with lead. In general, the silver: lead ratio is about 1:2 (oz/st: %) in oxide. The silver: lead ratio in remnant galena is a consistent 1:1 (Teller and Wilson 1985).

The overall lead and zinc distribution in the oxide zone is lead (and associated silver) in the upper portions of the zone, and zinc (with low lead and silver) in the basal portions of the oxide zone, which resembles the metal distribution in the sulfide zone. There is a downward leaching of zinc, resulting in a zinc halo below the oxide zone, but not above it (Teller and Wilson 1985).

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-27 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-15:** | **WPC Oxide Zone Drill Core: WP-83-006: 14.1 m at 25.3 oz/st (866.4 g/t) Ag, 44% Pb, and 2.3% Zn** |

---

![](tm2515003d2_ex96-1sp3img07.jpg)

Source: Nate Brewer 1984.

---

| | |
|:---|:---|
| **Figure 6-16:** | **WPC Oxide Zone Trench CC Samples** |

---

![](tm2515003d2_ex96-1sp3img08.jpg)

Source: Nate Brewer 1984.

Note. Left: Massicot cerussite Pb-rich gossan, and right is "brain-corral" gossan after annealed galena

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-28 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Table 6-6 shows recognized oxide zone minerals (including silicates) at the Waterpump Creek deposit (Teller and Wilson 1985).

---

| | |
|:---|:---|
| **Table 6-6:** | **Oxide Zone Minerals at the Waterpump Creek Deposit** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** |
| anglesite | diopside | hemimorphite | mimetite | rosenhahnite |
| argentojarosite | fluorite | hopeite | montmorillonite | schultenite |
| beudantite | fraipontite | illite | plattnerite | scorodite |
| carminite | goethite | jarosite | plumbojarosite | sericite |
| cerussite | gypsum | kaolinite | pyrolusite | siderite |
| chlorite | hematite | massicot | quartz | tremolite |

---

**6.3.4** **Oxide Mineralization Distribution – Illinois Creek** 

Gold and silver mineralization occur throughout the zone of gossanous material that strikes east-northeast and dips from 40 to 70 degrees south at the Illinois Creek mine. Drilling and trenching have defined mineralization and anomalous gold values over a total strike length of about 3,600 m, a true thickness of up to 100 m, and a vertical depth of 400 m. Individually recognized subunits mostly consist of massive hematite and limonite, strongly ferruginous quartzite, manganiferous-ferruginous quartzite and manganiferous iron oxides.

Figure 6-17 shows typical core intervals for both FG and FMG (Ferruginous and Ferruginous Manganiferous Gossan) from Illinois Creek deposit.

---

| | |
|:---|:---|
| **Figure 6-17:** | **Core Sample Photograph of FG and FMG** |

---

![](tm2515003d2_ex96-1sp3img09.jpg)

Source: WAC&G 2019.

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;A. Ferruginous Gossan (FG) - Sample IC95-025 188 m grading 0.3 ppm Au and 45.3 ppm Ag.

&nbsp;&nbsp;&nbsp;&nbsp;B. Ferruginous Manganiferous Gossan (FMG) - Sample IC95-040A 93 m grading 1.31 ppm Au and 6.2 ppm Ag

Figure 6-18 shows a 3D perspective view of the FG and FQ units within the surrounding calcareous and dolomitic quartzites at the Illinois Creek deposit looking south at 45 degrees. Figure 6-19 and Figure 6-20 show similar perspectives with gold and silver grades.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-29 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-18:** | **3D Perspective View of Illinois Creek Deposit Showing FG and FQ Units (Red) and Calcareous and Dolomitic Quartzites (Yellow)** |

---

![](tm2515003d2_ex96-1sp3img10.jpg)

Source: WAC&G 2019.

---

| | |
|:---|:---|
| **Figure 6-19:** | **3D Perspective View of the Illinois Creek Deposit Showing Gold Grades** |

---

![](tm2515003d2_ex96-1sp3img11.jpg)

Source: WAC&G 2019.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-30 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-20:** | **3D Perspective View of Illinois Creek Deposit Showing Silver Grades** |

---

![](tm2515003d2_ex96-1sp3img12.jpg)

Source: WAC&G 2019.

**6.3.5** **Oxide Mineralization Characterization – Illinois Creek** 

In the zone of oxidation, ore consists of hematite, goethite, limonite, jarosite, psilomelane (wad) and manganite. Iron oxides show a variety of textures ranging from in situ crystals derived from oxidation of sulfides and carbonates to botryoidal growths and acicular needles of transported iron. Earthy, hematitic gossan and quartzite contain the highest gold grades. According to Kirkham and Apel (1993), quartz veining and groundmass silicification is spatially related to better gold mineralization.

Analysis of polished sections and scanning electron microscope (SEM) measurements by Anaconda and NPMC suggest that the gold is present in its native state and as electrum in grains less than 20 microns in diameter. Gillerman et al. (1985), note that high gold grades are associated with visible copper oxides and brick red, hematitic limonites. SEM work by Hossein Salek (Gillerman and Brewer 1985) found micron-size native gold grains in iron oxides. MRDI's evaluation of theoretical grain sizes, based on duplicate assays of sample pulps, supports a relatively small grain size.

Silver is present as electrum, argentojarosite and native silver and is strongly associated with the occurrence of manganese oxides.

Deep holes drilled by Anaconda in 1982 provide some limited information regarding the nature of unoxidized mineralization located down-dip from the gossan ore zones. At a depth of >400 m below surface, unoxidized mineralization consists of iron and manganese-rich carbonate, with arsenopyrite, pyrite, quartz, base-metal sulfides and sulfosalts.

In addition to the information gleaned from the deep Anaconda holes at Illinois Creek, Anaconda drilling at Waterpump Creek encountered classic carbonate replacement mineralization with sulfides dominated by sphalerite, galena, argentite, chalcopyrite, boulangerite, pyrite, and arsenopyrite.

Flanigan (1998), as a part of his thesis, conducted detailed reflected-light and SEM analyses to further define the mineralogy of the Illinois Creek and Waterpump Creek deposits. Though the Illinois Creek deposit is almost entirely oxidized, a few intervals with trace primary sulfides remain and, even in the most highly oxidized samples, some microscopic sulfides are present.

At Illinois Creek, pyrite appears to be the most abundant primary sulfide, with most other primary sulfide minerals occurring as inclusions in pyrite or on pyrite-grain boundaries. These include sphalerite, chalcopyrite, arsenopyrite, tetrahedrite, and electrum. Additional minerals, too fine-grained to be recognized petrographically, were identified using the electron microprobe and include native bismuth, bismuthinite, stannite, tetrahedrite, stibnite, boulangerite, and galena.

Figure 6-21 shows photomicrographs of typical albeit rare, primary mineralization at the Illinois Creek deposit.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-31 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-21:** | **Reflected Light Photomicrographs of Rare Primary Minerals at Illinois Creek** |

---

![](tm2515003d2_ex96-1sp3img13.jpg)

Source: Teller and Wilson 1985.

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;A. Sample IC9103-195.5'showing tetrahedrite with associated chalcopyrite included in pyrite.

&nbsp;&nbsp;&nbsp;&nbsp;B. Sample IC9103-195.5' showing arsenopyrite with associated chalcopyrite and electrum included in pyrite.

&nbsp;&nbsp;&nbsp;&nbsp;C. Sample IC9103-195.5' showing euhedral arsenopyrite in pyrite.

&nbsp;&nbsp;&nbsp;&nbsp;D. Sample IC10-862m showing euhedral arsenopyrite in vein quartz.

&nbsp;&nbsp;&nbsp;&nbsp;E. Sample from trench 9109 showing remnant sulfides in a highly supergene oxidized matrix.

&nbsp;&nbsp;&nbsp;&nbsp;F. Sample from trench 9109 showing varying degrees of hydration in limonite with supergene related native copper and acanthite.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-32 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Additional results from mineralogical studies conducted by Hossein Salek from Anaconda's Tucson research lab are documented in a series of internal memos (1984 and 1985). Table 6-7 shows recognized oxide zone minerals at the Illinois Creek deposit (Salek 1984a; Salek 1984b).

---

| | |
|:---|:---|
| **Table 6-7:** | **Mineralogy of the Illinois Creek Oxide Deposit** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Oxide Zone Minerals** | **Oxide Zone Minerals** | **Oxide Zone Minerals** | **Oxide Zone Minerals** |
| Anglesite | Cerrusite | Hematite | Plattnerite |
| Argentojarosite | Cornwallite | Hemimorphite | Plumbojarosite |
| Arsenobrackenbushite | Delafossite | Hopeite | Psilomelane |
| Azurite | Electrum | Malachite | Pyrolusite |
| Beudantite | Fluorite | Massicot | Schultenite |
| Bindheimite | Fraipontite | Mimetite | Scorodite |
| Carminite | Goethite | Native Gold | Todorokite |

---

**6.3.6** **Alteration** 

Alteration at Illinois Creek varies considerably from proximal to more distal environments. Alteration at Illinois Creek consists dominantly of sanding, which is also present at LH, but is only present in very small amounts at WPC.

At WPC, alteration extends laterally from mineralization along the permissive host units and fugitive calcite veins extend both laterally and above the mineralization zone. Alteration types include sanding, bleaching, "tan" (ferroan ankerite and manganoan siderite), recrystallization of dolostone, and manganese dendrites. Laterally distal alteration is typically very structurally controlled, and only extends millimeters to centimeters from fractures or veins. More proximal to mineralization, the alteration becomes more and more pervasive, until it is completely altering the host dolostone. Bleaching typically occurs more distally but is overprinted by tan alteration more proximal to mineralization. This alteration pattern is shown in Figure 6-23.

Broadly bleached zones of dolomite occur immediately in contact with high grade massive and semi-massive sulfide mineralization. Slightly elevated Zn values to ~300 ppm form a halo varying from 50 m to 100 m around the mineralization.

A weak halo of manganiferous calcite veins is often present extending up to 50 m above and laterally from the mineralization. Dubbed fugitive calcite veins, these veins represent spent ore fluids still enriched in Mn. The veins fluoresce bright orange under in shortwave ultraviolet (UV) light. Figure 6-22 shows bright red fluorescing fugitive calcite veining next to the Waterpump Creek sulfide body. Orange fluorescence is characteristic of Mn-calcite, pink fluorescence is characteristic of Pb-calcite, and yellow fluorescence and phosphorescence is characteristic of various Pb and Zn carbonates. The UV fluorescence commonly occurs as stockwork calcite veins, but also occurs as replacement of bioclasts and breccia clasts, and as breccia cement.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-33 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-22:** | **Fugitive Calcite Veins Under Natural Light and SWUV Light WPC22-21 at 167.5 m** |

---

![](tm2515003d2_ex96-1sp3img14.jpg)

Source: WAM 2023.

---

| | |
|:---|:---|
| **Figure 6-23:** | **Schematic Cross-Section Showing the Alteration Zonation of WPC** |

---

![](tm2515003d2_ex96-1sp3img15.jpg)

Source: WAM 2023.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-34 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

At Last Hurrah and the more proximal Illinois Creek oxide deposit, alteration is considerably more widespread and intense than that seen at the distal Waterpump Creek deposit. Wide alteration haloes characterized by 10 m to >100 m of sanding are evident with widespread anomalous Zn and Pb geochemistry to >1,000 ppm. This disaggregation of the dolomite and dolomitic quartzites suggests increasingly acidic fluids as the core of the system is approached. Figure 6-24 shows strong sanding in the footwall of the Illinois Creek fault and gossan.

---

| | |
|:---|:---|
| **Figure 6-24:** | **Strong Sanding in the Illinois Creek Central Pit** |

---

![](tm2515003d2_ex96-1sp3img16.jpg)

Source: WAM 2023.

**6.4** **Other WAM Properties** 

No information from any other properties owned by WAM was used in the estimate of Mineral Resources at the Illinois Creek Property.

In addition to the Illinois Creek deposit, WAM is actively exploring its wholly owned Round Top and Honker properties located about 23 km northeast and 10 km north-northwest, respectively, of the Illinois Creek deposit.

**6.4.1** **Round Top Property** 

At Round Top, a high-level molybdenum- and silver-based porphyry copper deposit (PCD) has been identified with sheeted chalcopyrite/covellite and minor base metal veins with illite alteration in a high-level lithocap dominated by argillic alteration as kaolinite. Deep surficial oxidation has resulted in the development of an extensive chalcocite-enrichment blanket with several enriched horizons. An extremely complex diatreme brecciation event precedes primary mineralization. A total of 38 drill holes were completed at the Round Top porphyry copper deposit. Initial deeper drilling has recognized early higher temperature stockwork, molybdenum- enriched mineralization. Magnetic susceptibility modeling along with alteration and geochemical vectoring suggests primary biotite/magnetite/chalcopyrite/trace-bornite mineralization that lies north of current deep-drilling, which has reached depths of 750 m.

In addition to the Round Top porphyry mineralization, widespread carbonate replacement mineralization and attendant soil anomalies lie immediately west of the Round Top porphyry system in the Illinois Creek formation at the TG and TG North (TGN) occurrences. A total of 13 drill holes targeting the TG/TGN carbonate replacement mineralization were completed on this property.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-35 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**6.4.2** **Honker Prospect** 

The Honker prospect is a north-northeast-trending low-sulfidation vein prospect discovered by Anaconda in the early 1980s. During its tenure, approximately 1,000 m were drilled in 10 short drill holes. Five holes intersected mineralization, three of which intersected the main vein, returning intervals averaging 2.6 m at 5.3 g/t (0.155 oz/st) Au with a maximum intercept of 4 m of 6.6 g/t (0.193 oz/st) Au. The remaining five holes were drilled in either the footwall or hanging wall. The vein which occurs in rubble crop over an 800 m interval shows numerous surface and channel samples often in excess of 10 g/t (0.292 oz/st) Au with many samples in excess of 1.0 oz/st (34.2 g/t) Au. Depths of oxidation are in excess of 150 m. Initial Anaconda metallurgical work on the vein mineralization suggest gold recoveries of >90% by leaching (Brewer 1981).

The Honker prospect provides important synergies and a valuable upside to increasing the Mineral Resource and throughput in any future Illinois Creek mine development (Brewer and Millholland 1982). WAM drilled a short 6-hole program at Honker in 2021.

**6.5** **Deposit Types** 

The Illinois Creek district hosts a series of deposits related to Cretaceous-age magmatism, including porphyry Cu/Mo/Ag systems as well as marginal CRDs and low to intermediate sulfidation gold veins.

The Illinois Creek property is best described as a CRD system which has added potential to host a yet undiscovered causative porphyry Cu/Mo/Ag system. The property exhibits both primary sulfide CRD mineralization best exemplified by the Waterpump Creek Ag/Zn/Pb deposit, and secondary oxidized gossan mineralization as seen at the Illinois Creek oxide Au/Ag/Cu deposit.

Property wide mineralization zonation is characterized with Cu/Au/Pb/Ag/As/Bi zoned to the south and west and Pb/Zn/Ag/Sb/Mn zoned to the north and east.

CRDs are best described as carbonate-hosted, intrusion-related, high-temp (>250°), multiphase, zoned polymetallic deposits formed as a consequence of the direct continuous replacement of limestones or dolomites. They can be part of continuum into Zn-rich skarns and porphyries though not all CRD systems contain productive skarns or porphyries. Fluid pathways are characterized by the lateral replacement of selective beds (mantos) or structural cross cutting bodies (chimneys).

Metal transport in CRD systems is by chloride (Cl)-complexes in acidic, highly saline fluids. Deposition is due to the breakdown of the Cl-complexes as a result of acid neutralization of the highly acidic saline fluids. The volumetric decrease during dissolution of the carbonates allows for continued expansion of the fluid into the surrounding carbonates, a process also known as self-stoping. The overall gradual temperature decrease of the mineralizing fluids along the strike of mineralization imparts classic porphyry metal zonation from proximal to distal as Au, Cu, Zn, Pb, Ag, and Mn.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-36 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

An important implication of these depositional controls is that in closed systems, where the fluids are constrained below aquitards or within selective stratigraphic units, temperature gradients can be very low with only acid neutralization having a significant impact on high-grade deposition. This results in often very long and very continuous rods or tubes of replacement mineralization that may be kilometers in length and extend outward from the core of the systems and primary porphyry fluids.

This results in classic CRD ore body distribution often labelled skeletal or spoke distribution patterns. Figure 6-25 shows the Illinois Creek system and two notable comparative CRD systems some with economic porphyries and some without. These comparison include: Santa Eulalia in Mexico; Tintic and Bingham Canyon in Utah, USA; and Hermosa in Arizona, USA. The systems are all shown at the same scale and also show both skeletal and spoke like manto distributions.

---

| | |
|:---|:---|
| **Figure 6-25:** | **Comparison of Illinois Creek CRD System with Major Worldwide CRD Systems** |

---

![](tm2515003d2_ex96-1sp3img17.jpg)

Source: WAM 2023.

Notably, the Hermosa discovery and subsequent acquisition by South32, a major Australian mining company in 2019, has led to a resurgence in CRD exploration. The Hermosa deposit lies in the Red Mountain porphyry mining district in the Patagonia Mountains of southern Arizona where the Hermosa (Taylor) zinc-lead-silver CRD system flanks the Sunnyside porphyry. Other important CRD systems include the Leadville and Gilman districts in Colorado, the Superior mining district of central Arizona, where the Magma Mine replacement deposits flank the Resolution porphyry Cu/Mo deposit, and a series of Mexican deposits including Cinco de Mayo, Naica and Platosa.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 6-37 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**7.0** **Exploration** 

**7.1** **Exploration** 

Summaries of the exploration conducted by the previous operators of the Illinois Creek Property are shown in Section 5 (History). This section of the report mainly summarizes the exploration completed by Piek Exploration and WAC&G. Some of these studies are a continuation of exploration initiated by the various previous operators.

**7.1.1** **Geochemistry** 

In 2015, Piek Exploration compiled all the available historical soil surveys. A total of 27 discrete surveys by five companies were completed at Illinois Creek resulting in an overall database of 3,575 samples. Unfortunately, the majority of the soils were analyzed for only a limited number of elements, primarily copper, lead, zinc, gold, silver, antimony, arsenic, and manganese. In some cases, only gold and silver values are available.

In 2015, Piek Exploration collected another 44 samples for ICP assay along four short lines over projections of the west extension of the Illinois Creek deposit. The results produced values as high as: 219 ppm Cu, 988 ppm Zn, 425 ppm Pb, 22 ppb Au, and 8 ppm Ag.

In 2020, 2021 and 2022, WAC&G completed three major soil surveys directed at additional multielement ICP geochemistry augmented by 4-acid digestion of the samples to better quantify not just anomalous mineralization but lithogeochemistry to better map surface geology. Total samples acquired for the respective years are 182, 877, and 518. The total soil database for all known soil surveys on the Property now totals 5,196 samples.

**7.1.1.1** **Soil Geochemistry - District Soils** 

Plots of the consolidated district soil database are seen in Figure 7-1 to Figure 7-5. The plots show lead, zinc, arsenic, gold and copper, respectively, along with major target areas on the Property.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-1:** | **Lead Soil Geochemistry - Illinois Creek Property** |

---

![](tm2515003d2_ex96-1sp3img18.jpg)

Source: WAC&G 2023.

---

| | |
|:---|:---|
| **Figure 7-2:** | **Zinc Soil Geochemistry - Illinois Creek Property** |

---

![](tm2515003d2_ex96-1sp3img19.jpg)

Source: WAC&G 2023.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-3:** | **Arsenic Soil Geochemistry - Illinois Creek Property** |

---

![](tm2515003d2_ex96-1sp3img20.jpg)

Source: WAC&G 2023.

---

| | |
|:---|:---|
| **Figure 7-4:** | **Gold Soil Geochemistry - Illinois Creek Property** |

---

![](tm2515003d2_ex96-1sp3img21.jpg)

Source: WAC&G 2023.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-5:** | **Copper Soil Geochemistry - Illinois Creek Property** |

---

![](tm2515003d2_ex96-1sp3img22.jpg)

Source: WAC&G 2023.

The soil plots show the gross property-wide metal zonation with Pb and Zn zoned to the NE and As, Cu, and Au zoned to the SW.

**7.1.1.2** **Soil Geochemistry - District Soils - Implications** 

Along the Waterpump Creek and Last Hurrah trend soils show very significant Pb, Zn, and As anomalies (Sb, Mn, and Ag are not shown though anomalous). These anomalies lie up dip from the CRD-controlling WPC fault structure and reflect fluid leakage along select bedding planes and as mineralization pooled below the overlying pelitic schist and greenstone these thrust plates which served as an aquitard to fluid flow.

Near the Illinois Creek and Warm Springs prospects the same anomalous geochemistry is apparent but with significant Au and Cu present both along the Illinois Creek fault structure and as a large 1.5 x 1.5 km anomaly extending south from the Illinois Creek pit and disappearing under alluvial cover in the Little Mud River valley. This anomaly appears to crosscut the Property wide greenstone sill that elsewhere (drillholes IC22-01 and 02) acts as an aquitard constraining fluid below the unit.

South of the pit, the anomalous soil geochemistry usually confined within permissive carbonate stratigraphy crosscuts all units. Sheeted veining first observed in drill holes IC21-07 and 08 collared immediately south of the pit also suggests a vertical component to mineralization. The presence of sheeted veins may indicate hydrofracturing from an over-pressured open-system porphyry environment versus the closed systems environments of the distal CRD mineralization.

The hypothesis is further substantiated by the increasingly proximal copper and gold values seen in the soil geochemistry. These gradients suggest that the causative porphyry source of the fluids may be somewhere to the south of the Illinois Creek pit.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**7.1.1.3** **Soil Geochemistry - Extensions of the Illinois Creek Oxide Deposit** 

In 2020, to better understand and quantify the potential for additional oxide Mineral Resources adjacent to the Illinois Creek oxide deposit, WAC&G completed an additional 182 multi- element ICP soil samples. The compiled soil geochemistry data, together with the recompiled 2001 ARG mapping and sampling, have resulted in the identification of several exploration targets extending from the Illinois Creek oxide deposit as shown in Figure 7-6 through Figure 7-11. The targets shown on the figures include the East and West IC fault extension targets, the South 31E fault target and the Gossan Hill and Leach pad targets.

---

| | |
|:---|:---|
| **Figure 7-6:** | **Gold Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![](tm2515003d2_ex96-1sp3img23.jpg)

Source: WAC&G 2020.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-7:** | **Silver Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![](tm2515003d2_ex96-1sp3img24.jpg)

Source: WAC&G 2020.

---

| | |
|:---|:---|
| **Figure 7-8:** | **Arsenic Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![](tm2515003d2_ex96-1sp3img25.jpg)

Source: WAC&G 2020.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-9:** | **Copper Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![](tm2515003d2_ex96-1sp3img26.jpg)

Source: WAC&G 2020.

---

| | |
|:---|:---|
| **Figure 7-10:** | **Lead Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![](tm2515003d2_ex96-1sp3img27.jpg)

Source: WAC&G 2020.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-11:** | **Zinc Soil Geochemistry and Exploration Targets Near the Illinois Creek Deposit** |

---

![](tm2515003d2_ex96-1sp3img28.jpg)

Source: WAC&G 2020.

Though no longer an immediate focus of the exploration, these targets remain viable for expansion of the oxide resources discussed herein in Section 11.

**7.1.2** **Geophysics** 

**7.1.2.1** **2022 CSAMT Survey** 

In 2022, because of the recognition of the WPC as a potential major CRD target, WAM contracted with Zonge International to undertake a comprehensive CSAMT survey of the Illinois Creek property to better understand the overall structural architecture of the system primarily the major lithologic domains and any apparent pre-, syn- or post-mineral faulting. CSAMT (controlled-source audio-magnetotellurics) is a deep-sounding resistivity technique that effectively delimits areas of similar resistivity and highlights structures bounding those discrete resistivity domains.

Due to limited helicopter availability, only 11 of the 13 lines were completed. Lines are spaced every 500 m with 100 m stations between 7106250N on the north and 7100250N on the south. Data for lines 7102750N and 7103750N was not acquired. Total line kilometers of data acquired is 41.7 km. Figure 7-12 is an oblique view from the south of the 2022 CSAMT survey with resistivity shown in ohms.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-12:** | **2022 CSAMT Survey** |

---

![](tm2515003d2_ex96-1sp3img29.jpg)

Source: WAC&G 2020.

Interpretation of the CSAMT resistivity along with the 2004 Edcon gravity survey and the 1983 Aerodat aeromagnetic survey along with the ICP multi-element soil database and the limited surficial mapping provides much of the basis for the updated geologic map (see Figure 6-6).

In addition to the 2022 CSAMT survey, WAM has begun a systematic review and reinterpretation of the numerous but piecemeal geophysical surveys undertaken through the life of the Project. Most notably a 3D re-inversion of 2005 pole/dipole IP survey completed by Aurora Geosciences for NovaGold Inc, was reprocessed.

**7.1.2.2** **Re-inverted 2005 IP Survey** 

With the potential to greatly expand the mineralization footprint, WAM commissioned a re- inversion of the historical 2005 NovaGold pole-dipole IP survey by Bolin Geophysical Services LLC (BGS). In December BGS completed a proprietary 3D re-inversion of the 2D data originally acquired by Aurora Geosciences in 2005.

Figure 7-13 shows a profile of the re-inverted resistivity data from the survey. The data appears to show a correlation between both the resistivity and chargeability with the sulfide mineralization at Waterpump Creek.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-13:** | **Resistivity Profile Through the Waterpump Creek Sulfide Body** |

---

![](tm2515003d2_ex96-1sp3img30.jpg)

Source: WAM 2023.

The entire 2 km north-south limits of the 2005 IP survey shows that the Waterpump resistivity anomaly continues to the limits of the survey area. To the south the anomaly is truncated by a fault roughly 150 m south of the limits of current drilling. The anomaly is then offset to the west where it continues south over 1.4 km to the limits of the survey in the Last Hurrah target area. The resistivity anomaly continues to the 2 km limits of the current survey both north and south.

Figure 7-14 and Figure 7-15 are east and south looking views of the IP 30-ohm low-resistivity anomaly from Waterpump Creek sulfide body through the Last Hurrah target area.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-10 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-14:** | **East-Looking View of the Waterpump Creek/Last Hurrah Resistivity Anomaly** |

---

![](tm2515003d2_ex96-1sp3img31.jpg)

Source: WAM 2023.

---

| | |
|:---|:---|
| **Figure 7-15:** | **South-Looking View of the <30-ohm IP Resistivity Anomaly Looking from Waterpump Creek Through the Last Hurrah Target Area** |

---

![](tm2515003d2_ex96-1sp3img32.jpg)

Source: WAM 2023.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-11 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Additional support for this exploration target is based on previous exploration drilling at Last Hurrah which encountered widespread highly anomalous geochemistry as well as numerous thin gossan zones with grades >5% Pb+Zn and >1 oz/st (34.2 g/t) Ag. Widespread sanding and clay alteration of the host dolomite is common in these drill holes. These altered and mineralized intervals may be up-dip leakage mineralization in the footwall dolomites west of the Waterpump Creek feeder fault.

Drill testing during the 2023 program confirmed widespread sanding and alteration of the host dolomites in the re-inverted resistivity target at Last Hurrah. The reprocessed resistivity anomaly likely reflects this alteration and confirms the need for more drill testing to delineate the feeder zones responsible for the widespread alteration.

**7.1.2.3** **2023 3-D Induced Polarization and Resistivity Survey** 

A high resolution 3-D resistivity and induced polarization survey was acquired by DIAS Geophysical covering Waterpump Creek and Last Hurrah target areas during the 2023 summer field season. Over 3 million dipole combinations were generated using the DIAS common voltage reference technique to provide an extremely data rich survey for resolving both shallow and deep subsurface electrical properties over an area of approximately 11 km<sup>2</sup>. Inversion modeling with UBC DCIP3D and Loke Res3DInv reveals distinct structural, stratigraphic controls to CRD mineralization as well as outline the increasing alteration halo to the south from Waterpump Creek, through Last Hurrah and into the Illinois Creek area.

The 3D inversion modelling produced two isosurfaces that reflect important geological features to guide future exploration as shown in Figure 7-16. A <5 ohm-m resistivity domain trends north-south from Waterpump Creek though the Last Hurrah prospects and is near vertical. This very low resistivity domain appears to represent the WPC fault, which is likely the main fluid pathway for the WPC mineralization. The resistivity modeling shows a <25 ohm-m domains that corresponds directly with extensive sanding and clay alteration surrounding the CRD mineralization. This domain extends father to the southwest to outline a large area of low resistivity in the lower carbonate section of the east block corresponding to the Warm Springs Fault target. Both resistivity domains define ENE fault structures, the northern of which offsets the WPC mineralization.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-12 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-16:** | **Two Oblique Views of the 5 ohm-m and 25 ohm-m Modelled Domains** |

---

![](tm2515003d2_ex96-1sp3img33.jpg)

Source: WAM 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-13 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**7.1.2.4** **2024 Airborne EM Survey** 

In 2024 WAM completed an airborne SkyTEM electromagnetic survey in collaboration with the State of Alaska Division of Geologic and Geophysical Surveys (ADGGS) as part of a larger regional survey in Western Alaska. A total of 605-line km was flown at 200m north-south and 400m east west line spacings for WAM exclusively over the greater IC area and includes areas (and orientations) not covered by the 2023 3D IP survey over the Waterpump Creek trend and the 2022 widely spaced CSAMT survey in the Warm Springs target area. Additional 400m spaced east-west lines (in-fill to the WAM exclusive lines) were flown for the broader public survey and are anticipated to be released in February or March of 2024. The preliminary laterally constrained (LCI) resistivity inversions from the survey appear to be effective in resolving the structural framework of the CRD system by identifying major aquitard fluid traps and pre-, syn-, and post mineralization faults Magnetic and radiometric data was also collected along the lines by SkyTEM.

**7.1.3** **Targets for Future Exploration** 

The Illinois Creek Property represents a major epigenetic porphyry-centered system which, based on the QP's review and interpretation of data, presents opportunities to find both the causative porphyry driving the system and distal CRD mineralization focused within carbonate-rich clastic sediments and carbonates within the lower Paleozoic Illinois Creek formation. Deep leaching in the district has also allowed for extensive oxidation and the development of the Illinois Creek deposit oxide gossans.

Since 2021, a major reinterpretation of the Illinois Creek property geology has been ongoing due to the discovery at Waterpump Creek of sulfide mineralization at depths below previous levels of exploration.

In the East Block the mineralization-controlling NNE-trending Waterpump Creek fault and the look alike Wades fault trend are apparent over the entire 6 km N-S strike length of the CSAMT survey. Immediate extensions to the Waterpump Creek sulfide mineralization and the 1.4 km low resistivity anomaly was a focus in the 2023 drilling. The extension of WPC mineralization to the north along the WPC fault is still open for exploration and is a target for 2025 drilling. To the south, the WPC mineralization is offset against the E-W 4700N fault, but mineralization is believed to continue south into the LH zone. The 2024 exploration drilling tested down-dip of the anomalous soil geochemistry and LH gossan, towards the WPC fault which is shown in the 2023 3D IP low resistivity. The drillholes intersected localized gossan with only minor Ag-Pb-Zn enrichment.

In the West Block, south of the Warm Springs fault, an extensive greenstone sill caps the permissive stratigraphy and looks to provide an aquitard not unlike that seen in the East Block where the pelitic schists provide an aquitard to trap mineralization. The mineralization permissive stratigraphic section below the greenstone sill identified by the CSAMT profiles outline an approximate 4 km x 2 km CRD target area southeast of the Illinois Creek pit. This Warm Springs target zone was drill tested in 2024. Seven of the nine completed holes intersected scattered sulfide and oxide Au-Ag-Pb-Zn mineralization within a 750 m wide halo of moderate to high siliceous alteration.

A Cu-Au-Pb-As soil anomaly covering a 1.5 km x 1.5 km area extending south of the Illinois Creek pit suggests a developing porphyry target in that area.

In addition to the sulfide targets which are the current focus of exploration, additional oxide Au/Ag targets extend in and around the Illinois Creek mine pit. Those targeted anomalies are shown in Table 7-1 below along with the principal exploration targets on the Property.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-14 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 7-1:** | **Major Exploration Targets - Illinois Creek Property** |

---

---

| | | |
|:---|:---|:---|
| **Target** | **Style of Mineralization** | **Exploration Opportunity** |
| Waterpump Creek North | Primary Ag/Zn/Pb sulfide CRD mineralization | Test for extensions to the Waterpump Creek deposit. |
| Waterpump Creek/Last Hurrah Trend | Primary Ag/Zn/Pb sulfide CRD mineralization | Little tested IP chargeability and resistivity anomaly striking south from Waterpump Creek through the Last Hurrah area - up dip geochemical support |
| Wades Fault Trend | Primary Ag/Zn/Pb sulfide CRD mineralization | WPC fault look-alike with known geophysical and geochemical support |
| Warms Springs Target | Primary Ag/Zn/Pb/Cu/Au sulfide CRD mineralization | Major 2 x 4 km target with extensive 3-D resistivity anomaly below a greenstone sill in 400m perspective stratigraphy |
| South IC Porphyry Target | Primary Cu/Mo/Au/Ag porphyry | 1.5 x 1.5 km soil anomaly south of the Illinois Creek pit |
| Extensions of the Illinois Creek Deposit | Oxide Au/Ag | Test the eastern extension of Illinois Creek structure soil anomaly. |
| Extensions of the Illinois Creek Deposit | Oxide Au/Ag | Test the geochemical soil anomaly related to the 31E Fault. |
| Extensions of the Illinois Creek Deposit | Oxide Au/Ag | Test west soil extensions of the Illinois Creek deposit including the main structure and the Gossan Hill and Leach Pad targets. |
| Macho Grande / 5 o'clock / Nates Gossans | Oxide Au/Ag | Limited exploration was completed on these adjacent gossan zones. |

---

**7.2** **Drilling** 

A total of 731 drill holes (71,372.0 m) has been completed on the Illinois Creek Property: 286 diamond core holes (41,020.3 m) and 445 RC rotary drill holes (30,351.7 m).

Twenty different annual campaigns dating from 1981 through to 2024 were conducted by nine different operators. Table 7-2 summarizes the operators, annual campaigns, number of drill holes and total meters drilled on the deposit.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-15 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 7-2:** | **Drill Campaigns 1981 through 2024** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company/Operator** | **Year** | **Drill Hole (DH)** | **# Drill<br> Holes** | **Area** | **Type** | **Meters** |
| Anaconda | 1981 | DH-001 to DH-009, DH-007B, DH-007A | 11 | Illinois Creek | Core | 1433.4 |
| Anaconda | 1982 | DH-010 to DH-023 | 14 | Illinois Creek | Core | 2862.7 |
| Anaconda | 1982 | 82-301 to 82-318 | 18 | Illinois Creek | RC | 2266.1 |
| Anaconda | 1983 | WP-83-001 to WP-83-007 | 7 | Waterpump Creek | Core | 427.7 |
| Anaconda | 1984 | WP-84-008 to WP-84-038 | 31 | Waterpump Creek | Core | 4738.8 |
| Anaconda | 1984 | MG-1 to MG-6 | 6 | Macho Grande | Core | 254.0 |
| Goldmor | 1988 | 88-001 to 88-049 | 49 | Illinois Creek | RC | 1098.2 |
| Goldmor | 1988 | 88-006A | 1 | Illinois Creek | Core | 16.8 |
| Goldmor | 1990 | 90-001 to 90-038 | 38 | Illinois Creek | RC | 1815.8 |
| NPMC | 1991 | 91-001 to 91-021 | 21 | Illinois Creek | Core | 1560.5 |
| NPMC | 1992 | 92-001 to 92-021 | 21 | Illinois Creek | Core | 1528.9 |
| Echo Bay | 1993 | 93-001 to 93-166 | 166 | Illinois Creek | RC | 18739.5 |
| USMX | 1994 | 94-001 to 94-041 | 41 | Illinois Creek | Core | 2474.0 |
| USMX | 1994 | Miscellaneous geotech/monitoring | 1 | Illinois Creek | Core | 91.4 |
| USMX | 1995 | 95-001, 95-006A, 95-003 to 95-024, 95-028 to 95-033, 95-035 to 95-039, 95-044 to 95-082 | 74 | Illinois Creek | RC | 4684.3 |
| USMX | 1995 | 95-002, 95-025 to 95-027A, 95-034, 95040A, 95-040 to 95-043 | 15 | Illinois Creek | Core | 1693.1 |
| USMX | 1995 | Miscellaneous geotech/monitoring | 4 | Illinois Creek | RC | 370.0 |
| USMX | 1995 | Miscellaneous geotech/monitoring | 13 | Illinois Creek | Core | 815.5 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-16 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company/Operator** | **Year** | **Drill Hole (DH)** | **# Drill<br> Holes** | **Area** | **Type** | **Meters** |
| Viceroy | 1999 | 99-001 to 99-023 | 23 | Illinois Creek | RC | 731.6 |
| ARG | 2002 | IC02-01 to IC02-05 | 5 | Illinois Creek | Core | 215.3 |
| NovaGold | 2005 | KH05-001 to KH05-009 | 9 | Waterpump Creek/Last Hurrah | Core | 1215.0 |
| NovaGold | 2006 | KH06-010 to KH06-020 | 11 | Waterpump Creek/Last Hurrah | Core | 1531.8 |
| WAC&G | 2019 | IC19-001 to IC19-003 | 3 | West Illinois Creek Mag Anomaly | Core | 365.8 |
| WAC&G | 2020 | L20-001 to L20-073 | 73 | Illinois Creek Leach Pad | RC | 646.2 |
| WAC&G | 2021 | WPC21-01 to WPC21-09 <br> IC21-01 to IC21-08 | 17 | Waterpump Creek/Illinois Creek | Core | 1604.4 |
| WAC&G | 2022 | WPC22-01 to WPC22-28 <br> IC22-01 to IC22-03 LH22-01 | 32 | Waterpump Creek/Illinois Creek | Core | 8536.3 |
| WAC&G | 2023 | WPC23-0029 to WPC23-0033 <br> LH23-0005 to LH23-0013 | 14 | Waterpump Creek/Last Hurrah | Core | 5118.5 |
| WAC&G | 2024 | LH24-0014 to LH24-0017 <br> IC24-0004 to IC24-0012 | 13 | Last Hurrah/Warm Springs (IC) | Core | 4229.8 |
| **Subtotal (RC)** |  |  | **445** |  | **RC** | **30351.7** |
| **Subtotal (Core)** |  |  | **286** |  | **Core** | **41020.3** |
| **Total** |  |  | **731** |  | **All** | **71372.0** |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-17 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Table 7-3 summarizes the drill campaigns, core sizes, and contractors, where known.

---

| | |
|:---|:---|
| **Table 7-3:** | **Summary of Illinois Creek Drilling Campaigns by Drill Contractor** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Total Drill<br> Holes** | **Meters** | **Reverse<br> Circulation** | **Core Size** | **Drilling Contractor** |
| 1981 | 10 | 1433.4 | -- | HQ/NX | Arctic Resources – core |
| 1982 | 32 | 5128.8 | 4 ⅞" Tricone<br> 5" Hammer | HQ/NX | Arctic Resources - core SDS – rotary |
| 1983 | 7 | 427.7 | -- | HQ/NX/BX | Nana-Coates? |
| 1984 | 42 | 5408.9 | -- | HQ/NX/BX | Nana-Coates |
| 1988 | 50 | 1115.0 | 4" Tricone<br> 4" Hammer | -- | M and W Drilling |
| 1990 | 38 | 1815.8 | 4" Tricone<br> 4" Hammer | -- | M and W Drilling? |
| 1991 | 21 | 1560.5 | -- | HQ/NX | Boyles Bros. |
| 1992 | 21 | 1528.9 | -- | HQ/NX | Boyles Bros. |
| 1993 | 166 | 18739.5 | 5.5" Hammer | -- | Becker |
| 1994 | 42 | 2565.4 | -- | HQ/NX | Boyles Bros. |
| 1995 | 101 | 7146.8 | 4 ⅞" Tricone<br> 4 ⅞" Hammer | HQ/NX | Boyles Bros. Tester |
| 1999 | 23 | 731.6 | 5 ⅜" Tricone<br> 5 ⅜" Hammer | -- | Tester |
| 2002 | 5 | 215.3 | Unknown | Unknown | Unknown |
| 2005 | 9 | 1215.0 | -- | NQ & HQ | Boart Longyear |
| 2006 | 11 | 1531.8 | -- | NQ & HQ | Boart Longyear |
| 2019 | 3 | 365.8 | -- | NQ | More Core |
| 2020 | 73 | 646.2 | 2 ⅝" Hammer |  | More Core |
| 2021 | 17 | 1604.4 | -- | NQ & HQ | More Core |
| 2022 | 32 | 8842.9 | -- | NQ & HQ | More Core |
| 2023 | 14 | 5118.5 |  | NQ & HQ | More Core |
| 2024 | 13 | 4229.8 |  | NQ & HQ | More Core |
| **Total** | **718** | **71372.0** | -- | -- | -- |

---

Figure 7-17 is a plan map showing the drill campaigns in the Waterpump Creek/Last Hurrah trend. Figure 7-18 is plan showing the drill campaigns in the Illinois Creek trend and used in the Mineral Resource estimate and Figure 7-19 is a plan map showing RC versus core drill holes used in the Mineral Resource estimate.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-18 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-17:** | **Plan Map Showing Drill Campaigns in the Waterpump Creek/Last Hurrah Trend** |

---

![](tm2515003d2_ex96-1sp3img34.jpg)

Source: WAC&G 2025.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-19 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-18:** | **Plan Map Showing Drill Campaigns in the Illinois Creek Deposit Area** |

---

![](tm2515003d2_ex96-1sp3img35.jpg)

Source: WAC&G 2025.

---

| | |
|:---|:---|
| **Figure 7-19:** | **Plan Map Showing RC and Core Drill Holes in the Illinois Creek Deposit Area** |

---

![](tm2515003d2_ex96-1sp3img36.jpg)

Source: WAC&G 2025.

**7.2.1** **Drilling Procedures** 

**7.2.1.1** **Diamond Drilling Procedures 2021-2024** 

Western Alaska Copper & Gold uses conventional diamond core drilling methods, utilizing 10- foot drill runs. Each hole is cored from the surface, using HQ (7.78 cm) rods with the option to reduce to NQ (6.03 cm) rods, and even further BQ (4.61 cm) rods if necessary. Drill core is extracted from the core tubes by the drilling contractors and placed in wood core boxes, with wood run blocks placed at the end of the drill run designating depth in feet. Drill core is recovered from the drill rigs by 4x4 vehicles when on access roads, or by helicopter when access is unavailable.

Upon drill core arrival at the core logging facilities, the core is washed, core block locations are marked on the core box, and run blocks are converted from feet to meters. Trained geotechnicians then measure the from-to for each core box and mark the meterage at the top and bottom of the box using permanent marker. Subsequent to the initial intake geotechnicians then complete recovery and rock quality designations (RQD), which are recorded into the logging program GeoSpark Core®. Metal tags are then placed on each wood core box denoting the box number, and the from-to interval on the front of each core box.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-20 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Logging geologists will designate lithologies and sample intervals. Sample intervals are set on approximately 1.5 m intervals and do not cross lithologic boundaries. Samples are denoted by sample tags which are stapled to the core box, with one being saved on the core box and one being sent to the lab. Additionally, geologists will insert quality control (QA/QC) samples in the form of a standard, a blank, or a duplicate, with one of each QA/QC inserted per 27 samples. In conjunction with lithologic and sample breaks, geologists also record structures, mineralization, and alteration in the GeoSpark logging software. Once all geologic logging is completed, photos are taken of all drill core. Cut lines are then drawn on the core perpendicular to the dominant bedding, foliation, or veining. Geologists designate samples for specific gravity testing on a basis of one per lithology, or one every 10 m for lithologies greater than 10 m. For intercepts containing sulfide, each competent sample is measured for specific gravity to aid in future resource estimates. Specific gravity measurements are taken on half core following the core cutting process.

Following the completion of all geologic logging, the wood core boxes are sent to the core cutting facilities. Core cutting is completed using diamond core saws. Core cutters will cut each core designated sample in half along the already designated cut lines placing half in a 6 mm, 18" x 24" polypropylene sample bags. The poly sample bags are secured with a zip tie and brought to the staging facility.

Once in the staging facility, geotechnicians will remove the selected samples for specific gravity measurement. WAC&G utilizes a digital scale and water displacement on site to perform the systematic SG measurements. Upon completion of specific gravity measurements, all samples are re-sealed with zip ties. Once a drill hole has been logged and cut, the samples are placed into labeled rice bags and secured with locking zip ties with corresponding identification numbers. Rice bags are then placed in plastic totes for preparation for air shipment to the ALS Lab facility in Fairbanks, Alaska. A chain of custody is issued with every delivery to the ALS facility in Fairbanks.

**7.2.1.2** **Reverse-Circulation Drilling Procedures- 2020** 

WAC&G drilled all of the 2020 RC holes that test the leach pad area. Other diamond drilling by WAC&G in 2020 tested other exploration targets located away from the Illinois Creek deposit.

WAC&G drilled 73 RC holes using a 2 ⅝ in. conventional hammer in dry drilling conditions. Each 1.5 m (5 ft) sample was collected in its entirety and placed in a labeled bag, sealed, and transported to camp and then weighed. At camp, sample batches with a minimum 60 samples or >60 samples needed to complete a hole were assembled. A total of eight QA/QC samples, including two blanks, two duplicates and four standard samples (three different standards: OREAS 153b, 235, and 601b) were placed in each batch and sample numbers were assigned.

A Jones splitter was then used to reduce the original sample to an 8 kg to 10 kg split, placed in a pre-labeled bag with a perforated sample card number and zip tied. Split samples were again weighed to provide moisture content after lab drying. Any remaining reject from the Jones splitter was saved in the original bag and again labeled with the sample number and stored on site. A double split in consecutive bags with consecutive samples numbers was completed for the duplicate intervals. Both blank samples and standards were inserted in the sample sequencing.

The samples were then placed in pre-labeled rice bags, sealed, and securely stored pending air transport back to Fairbanks. ALS Chemex was notified at the time of each shipment and met the samples to take custody from the air transport contractor.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-21 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**7.2.1.3** **MRDI Procedures Audit 1999** 

Viceroy contracted MRDI to produce an audit report of the drilling and sampling methods, including sample preparation and assaying processes used during Viceroy's 1999 option with the State of Alaska to mine and then reclaim the remaining mineral resources.

MRDI used reports prepared by Gillerman and Brewer (1985; covering a portion of Anaconda work), Salisbury & Associates (1989; covering Goldmor work), Kirkham and Apel (1993; covering Echo Bay work), USMX (1996; covering USMX work and summarizing all previous work), and an audit report by Fluor Daniel (1996).

Where possible, MRDI confirmed descriptions of the sampling with more detailed reports on file. During its review, MRDI could not locate all of the historical data and reports regarding drilling methods, sampling methods and sample recovery, as described in Kirkham and Apel's report and the Fluor Daniel audit; at that time, USMX had dissolved into bankruptcy proceedings and could not provide the information to MRDI.

Though aspects of the USMX data were lost, NPMC did provide MRDI with a large number of original records (logs, assay certificates, survey records and density test results) for Anaconda, Goldmor, NPMC and Echo Bay work. These were sufficient for MRDI to conduct a complete audit of the drilling and sampling work. Copies of all drill logs, including all the USMX holes, were present at the mine office during MRDI's review and are most likely the source of the data scanned by NovaGold in 1992 for the State of Alaska.

During the audit, MRDI compiled and imported all available sample assays, check assays, sampling recovery, logs, density measurements and survey data into a Medsystem® database. MRDI extracted assays, geological codes, collar surveys and downhole surveys which were the basis for its audit and review. Unfortunately, the Medsystem® database did not survive the mine reclamation by ARG.

The current project database was compiled from scanned files of assay certificates, drill logs and memos, compiled annual summaries, miscellaneous reports, and various internal compilations in the scanned data provided to Piek Exploration by NovaGold. Assay data, where available, were entered by hand directly from assay certificates and, where unavailable, were taken from assay-annotated drill logs, seasonal compilations and tabulated data. Though the majority of assay certificates are available, the author recommends that the database is brought up to date with all data sources.

Although extensive trench data was collected and used in previous historical mineral resource estimations, this type of data has not been used in the estimate of Mineral Resources contained in this TRS. WAC&G personnel believe most of the trench sample data were derived from areas in the deposit that were already mined out.

All drilling and trenching at the Illinois Creek deposit were oriented to a mine grid in which mine grid north is N17°07'15"W and mine grid east follows the strike direction of mineralization at N71° 53'45'' E. A majority of diamond and RC holes were inclined at -60 to -70 degrees which is roughly perpendicular to the dip of mineralization with the exception of the Goldmor RC holes which were drilled vertically and generally to depths of only 30 m to 45 m below surface.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-22 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Trenches were cut by a backhoe or tracked excavator along a line perpendicular to the strike of mineralization. MRDI reviewed trench maps prepared by Anaconda and NPMC and found that, in all cases, the trenches used in the database reached bedrock at depths ranging from 1 m to 3 m below the surface.

The water table is approximately at the 75 m<sup>3</sup>/g elevation throughout the Project site. The surface elevation ranges from 235 masl to as low as 90 masl on the western limit of the drilling.

**7.2.1.4** **Historical Diamond Drilling Procedures** 

There is limited information about specific drill core handling procedures.

Core drilling was used by Anaconda, NPMC and USMX. This comprises approximately 30% of the total assay footage reviewed and used by MRDI in its audit and estimate of the Illinois Creek deposit. Drilling elsewhere on the Property at 5 o'clock, Macho Grande, Waterpump Creek and Last Hurrah used only core drilling; these holes were not used in the Mineral Resource estimation contained within this TRS.

Core holes in the Illinois Creek area were drilled almost entirely with core rigs producing either HQ (2.5 in. diameter) or NX (2.155 in. diameter) core. In 1984, Anaconda drilled three short BX (1.655 in. diameter) holes.

**Anaconda**

Anaconda core holes DDH01 to DDH23 are located entirely within the central portion of the Illinois Creek oxide deposit, and these core assays comprise about 11% of the total amount of drilling used for Mineral Resource estimation at Illinois Creek. At least half of Anaconda's holes were drilled to intersect the gossan at deep levels, testing the upside potential for sulfide mineralization below the oxide deposit. Subsequent core drilling by NPMC and USMX emphasized shallow (< 120 m) holes to delineate the deposit on spacing of 30 m or less.

Minimal documentation exists with respect to Anaconda's sampling methods. Drill logs show that core was sampled at geological contacts on nominal 1.5 m intervals, and some sample intervals are considerably shorter. Core was not photographed, and existing core was destroyed during mine reclamation by ARG.

"Low" recoveries were reported for Anaconda holes in Echo Bay's (Kirkham and Apel, 1993) and USMX's (USMX, 1996a) evaluation of drilling data. MRDI's inspection of core logs revealed recoveries from 60% to 90% in mineralized gossan. MRDI plotted recovery versus gold grade for holes DDH04 and DDH22. Gold values exhibit no relationship to recovery in DDH04. Depressed gold values are associated with low recovery at 26 m, 44 m, 55 m, 88 m, and 94 m in DDH22. Results suggest that grades may have been somewhat under-estimated in intervals of low recovery.

Anaconda core drilling meets industry standards for drilling this type of deposit.

**North Pacific Mining Company**

Data for 41 North Pacific Mining Company (NPMC) core holes comprise about 7% of the total amount of drilling used to estimate Mineral Resources for the Illinois Creek deposit. Core was logged and then split for sampling on 0.3 m to 1.5 m (1 ft to 5 ft) intervals. Core was not photographed. MRDI inspected all drill logs and found that core recovery (obtained by measuring cored intervals) was 90% or greater for all but a few intervals of mineralized gossan.

NPMC core drilling meets industry standards for drilling this type of deposit.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-23 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**USMX**

USMX drilled 65 core holes in 1994 and 1995 to provide nominal 30 m (100 ft) drill spacing for the deposit. A series of monitoring and geotechnical holes was drilled in addition to the holes for mineral resource estimation. A total of 4,657.9 m (15,281.7 ft) of core drilling was completed, comprising about 8% of the drilling used for Mineral Resource estimation. Drill core was logged for geological and geotechnical parameters, photographed and marked for sampling. Samples nominally measuring 1.5 m (5 ft) were sampled within major lithologies. The core was split with a hydraulic splitter or sawed in half. One half was sent to a laboratory for assay. The other half was retained in core boxes on the Property, and that was subsequently destroyed during mine reclamation.

USMX did not compile or evaluate core recoveries. MRDI's inspection of core logs revealed generally poor (<60%) core recoveries in mineralized gossan. Consequently, MRDI constructed recovery versus grade plots for nine holes with "ore-grade" intercepts. These plots generally show no correlation between grade and recovery.

USMX's relatively poor core recoveries during drilling does not meet typical industry standards for drilling this type of deposit; however, the degree to which this may influence the estimation of Mineral Resources appears to be limited. The thickness and grade of mineralized intervals appear to be similar to holes drilled nearby using other methods.

**7.2.1.5** **Historical Reverse-Circulation Drilling Procedures** 

Some RC holes were drilled below the water table along the western margin of the deposit.

RC drilling programs carried out by Anaconda, USMX and Viceroy used water injection to stabilize drill holes. Echo Bay and Goldmor drilled dry, except when water injection was required for drill hole stabilization or when hammer bits plugged in soft material (which was noted to occur frequently). MRDI did a review of the RC drilling in its 1999 study and concluded they were similar in character to the diamond drill sample results. Comparisons made by QP's and SGI found that RC and DDH samples in proximity compare favorably. There is no reason to believe there is any bias in the RC drill results.

There is only partial knowledge of specific drill sample handling procedures.

**Anaconda**

The holes were reportedly drilled with either a 4⅞ in. tricone or 5-in. hammer bit. Samples weighing 9 kg to 12 kg (20 lb to 26 lb) were collected on 1.5 m (5 ft) intervals, representing a 13% to 30% cut of the entire sample (Miller, 1982). Anaconda RC holes are all located away from the Illinois Creek deposit and, as a result, none of these data were used in the Mineral Resource estimation for the Illinois Creek deposit.

Kirkham and Apel (1993) reported that the Anaconda RC holes produced poor recoveries, ranging from 25% to 85% in the gossan. MRDI did not locate Anaconda reports or drill logs that confirmed this, and it did not allow for an independent calculation of recovery versus grade. MRDI stated that RC recoveries of 40% to 60% are normal for drilling in dry conditions or drilling with limited water injection and that Anaconda sample weights were adequate for Mineral Resource estimations. The QPs for this report agree with these comments.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-24 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Goldmor**

Goldmor drilling was completed without water injection and above the water table at depths less than 45 m. Goldmor drill holes comprise about 9% of the total meters of drilling used to estimate the in situ Mineral Resources at the Illinois Creek deposit.

Kirkham and Apel (1993) reported that the Goldmor drilling experienced "fair to good" recoveries. This was apparently based on a subjective assessment by the rig geologist and not on accurately measured sample weights.

MRDI did not find documentation regarding the size of samples collected or the range of recoveries obtained. Therefore, it is not known if the RC sampling met industry standards.

MRDI inspected assays for intervals of Goldmor holes where those intervals were crossed later by inclined Echo Bay RC and USMX core holes. This assessed the quality of Goldmor drilling relative to drilling for which sample quality was documented. Gold grades were found to be comparable between Goldmor RC holes and Echo Bay RC or USMX core holes. The QPs of this report also noted reasonable comparison of the older, predominantly RC drilling with the more recent diamond core drilling results.

**Echo Bay**

Echo Bay RC drilling comprises about 49% of the total meters of drilling used for Mineral Resource estimation for the Illinois Creek deposit. Echo Bay's RC drilling program was carried out to confirm previous drilling and to fill in the gaps in drilling data. Drilling equipment, ground conditions, sample weights, split fraction, water flow and sampling problems were recorded for each sample interval. This information was preserved in Illinois Creek files as photocopies of spreadsheet printouts only. Echo Bay did not tabulate all recovery data, but recoveries varied from 20% to 120%. The average was approximately 40% to 50% based on MRDI's inspection of the drill logs, which is normal for an RC drill program in highly oxidized rocks.

Echo Bay used a conventional hammer bit in the hanging wall of mineralization and switched to a skirted tricone bit within mineralization. The cyclone discharge was riffle split to 0.125 or 0.25 of the original mass to produce a nominal sample weight of 4.5 kg to 7 kg (10 lb to 15 lb) for 1.5 m (5 ft) sample intervals. Sample weights from 2.3 kg to 11 kg (5 lb to 25 lb) were obtained from a rotary wet splitter for samples below the water table or when water injection was used for drill hole stabilization.

MRDI compared recovery data and gold grades for a series of Echo Bay RC holes. Plots show that gold grades within mineralized sections are generally depressed in intervals with low recovery. Therefore, low recoveries may have resulted in a local under-estimation of grades rather than over-estimation of grades.

Echo Bay found that holes drilled beneath the water table exhibited a loss in collected sample weight and a loss of fines, mostly due to high-water flows that could not be managed with the available sampling equipment. Echo Bay's test sampling determined that the fines are preferentially mineralized and that from 5% to 10% of the gold was lost in unrecovered fines (Kirkham and Apel 1993). Echo Bay did not find evidence of grade spikes or downhole contamination.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-25 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Unfortunately, RC recovery data are not available in the current sample database. MRDI appears to have conducted a thorough review of the information it had available at that time and come to the conclusion that some gold was likely lost in zones of poor RC recoveries.

Echo Bay's drilling method and recorded data meet industry standards except for holes drilled beneath the water table at the west end of the deposit. The results for 12 holes drilled below the water table in the western end of the Illinois Creek deposit are average for these conditions, and these have relatively little impact on the overall estimate of Mineral Resources.

**USMX**

USMX RC holes comprise about 11% of the total amount of drilling used for Mineral Resource estimation for the Illinois Creek deposit. The RC holes cover a majority of the strike length of the deposit. USMX used a 4⅞ in. hammer or tricone bit. Drilling was dry except when water injection was required due to hole conditions. Samples were collected from a cyclone or rotary splitter at 1.5 m (5 ft) intervals and reduced to a nominal 2.3 kg (5 lb) with a Jones splitter. MRDI determined the USMX sample size was adequate for Mineral Resource estimation, and the QPs agree with this comment.

USMX geologists visually estimated sample recovery because there was a lack of actual sample weights to calculate the relationship between grade and recovery. MRDI questioned USMX procedures but concluded sample results were adequate given the particle size and distribution of gold within samples.

**Viceroy**

Viceroy RC drilling represents only about 2% of the total amount of drilling used for Mineral Resource estimation at the Illinois Creek deposit. Viceroy RC drill holes used a 5⅜ in. conventional hammer bit in the hanging wall of gossan and a 5⅜ in. tricone bit through gossan and adjacent, highly altered rocks (such as sanded, dolomitic quartzite). All drilling was completed with water injection.

Samples were collected with a rotary wet splitter. The primary sample was discharged into a micro-pore sample bag within a 5-gallon bucket. A split, representing between ⅛ to ¼ of the total volume, was used to maintain a sample weight of about 4.5 kg (10 lb). Fifty percent of the outer shell discharge of the splitter was collected as a rig duplicate and stored at the mine. Total sample weight was not recorded; therefore, sample recovery was not calculated. Some fines were lost in the primary sample due to water overflow from the sample bucket but, again, given the fine-grain size of gold in the Illinois Creek deposit, the Viceroy samples are considered to be adequate.

**7.2.2** **Drilling Recoveries** 

Core recoveries by WAM during its 2021, 2022, 2023, and 2024 drill seasons are respectively 68.5%, 83.2%, 79.8%, and 82.8%. Poor recoveries in 2021 reflect the preponderance of drilling in the oxidized zone at Waterpump Creek and in strongly altered and sanded dolomite quartzites in extension drilling along the IC fault on the eastern margins of the IC Creek oxide resource. Additional recovery problems have been encountered at the schist/dolomite thrust contact where broken ground and voids have resulted in poor recovery. Drill core procedures were subsequently modified with significantly improved recoveries in 2022 drilling at Waterpump Creek. Drill recoveries through the mineralized massive sulfide intervals at Waterpump Creek in 2022 averaged 82.1% and in 2023 averaged 62.7%.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-26 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**7.2.2.1** **Historical Core Recoveries** 

To understand the relationship between sample recovery and grade more clearly, MRDI created an electronic spreadsheet of sample recoveries during its historical audit. MRDI used recoveries recorded on logs from Anaconda core holes, NPMC core holes, Echo Bay RC holes and USMX core holes. Detailed recovery information does not exist for RC holes for Anaconda, Goldmor and USMX.

MRDI analyses show the following:

**Core Drilling**

&nbsp;&nbsp;&nbsp;&nbsp;· Core drilling by Anaconda and USMX exhibits low (less than 90%) recoveries
in "ore" zones.

&nbsp;&nbsp;&nbsp;&nbsp;· NPMC core holes were drilled with core recoveries exceeding 90%.

&nbsp;&nbsp;&nbsp;&nbsp;· MRDI's inspection of core recovery versus gold grades shows that there is
no correlation between core recoveries and gold grade.

**Reverse-Circulation (RC) Drilling**

Echo Bay was the only company that accurately measured RC sample weights. Average sample recovery was about 50%, which is adequate for RC drilling above the water table.

&nbsp;&nbsp;&nbsp;&nbsp;· Anaconda, Goldmor, USMX and Viceroy did not measure sample weights but qualitatively
estimated recoveries from the sample size. These companies reported "good" recoveries in most cases.

&nbsp;&nbsp;&nbsp;&nbsp;· The water table was only encountered in the far western portion of the deposit
where the static water level is 30 m below the surface.

&nbsp;&nbsp;&nbsp;&nbsp;· MRDI's evaluations indicate that intervals of poor RC recovery have
lower gold grades suggesting that some gold may have been lost during drilling and sampling.

MRDI also reviewed five twinned holes representing twins of core holes and RC holes or different campaigns of RC holes. Its review, although very limited in scope, noted the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The position of gold zones is nearly identical in all twins.

&nbsp;&nbsp;&nbsp;&nbsp;· RC and core holes, or RC holes from different drill campaigns, intersected
the same mineralized sections.

&nbsp;&nbsp;&nbsp;&nbsp;· Though one twin pair showed slightly higher values in core relative to RC,
the encountered zones were the same in both holes. In general, agreement is remarkably good for the five twins.

MRDI concluded that the drilling method, sample size and average recovery were generally adequate to support Mineral Resource estimations. The lack of coarse gold compensates for relatively low core recoveries in two of the drill campaigns. Poor sample recovery, however, has most likely led to local under-estimation of gold grades. The QP of this report agrees with the conclusions made by MRDI that there were no drilling, sampling and recovery factors that could materially impact the accuracy and reliability of the results.

WAC&G leach pad RC drilling in 2020 used a 2.675 in. hammer and 5 ft sample intervals with an assumed 2.3 specific gravity yield 28 lb/samples. Sample recoveries averaged 37 lb/sample. It is not unusual to have some sloughing when RC drilling in unconsolidated material. It is unlikely that these overweight samples have biased the results.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-27 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**7.2.3** **Collar Surveys** 

The following collar survey procedures were used by WAM in the 2020 through 2024 drill seasons.

The 2024 exploration drill hole collars were surveyed by WAM personnel using waypoint averaging on a hand-held Garmin Oregon 450 GPS unit. At least 5 measurements, each on different days were taken at every collar location. Accuracy of the survey locations are about +/-1 m.

In 2023, WAM contracted Kuna Engineering to perform drill collar surveys of the initial round of drilling WPC23-0029 through WPC23-0032 and LH23-0005 through LH23-0008. The collar for WPC23-0033 was missed by the Kuna personnel. Kuna utilized a survey-grade Trimble GPS receivers using real time kinematic (RTK) methods. Kuna tied into the 2021-2022 surveys using the HV-8 control point for vertical and horizontal control of all collar location measurements.

In 2022, WAM again contracted RECON LLC dba Rowland Engineering

Consultants (RECON) to execute a drill collar survey of all drill holes completed during the 2022 field program. RECON personnel used two Leica GS16 multi-frequency Global Navigation Satellite System (GNSS) receivers. RECON surveyors conducted multiple GNSS Real-Time Kinematic (RTK) measurements and static occupations for all reference monuments. RECON tied into the 2021 survey using the HV-8 control point for vertical and horizontal control of all collar location measurements. Collar locations were post processed using Leica Infinity version 3.3 seeding the local datum. All collar locations were surveyed with a vertical and horizontal accuracy of under 3 cm.

In 2021, WAC&G contracted with RECON. During the 2021 field program RECON set and surveyed eight survey reference monuments utilizing two Leica GS16 multi-frequency GNSS receivers. RECON surveyors then conducted multiple GNSS RTK measurements and static occupations for all reference monuments. The raw data was processed in Leica Infinity version

3.3 to correct the collar locations for the local datum; NAD83 UTM Zone 4 North and the local vertical datum acquired from the reference monuments. The RTK survey of all drill collars yielded at least 6 cm positional quality, with 91% of surveyed points having positional quality of less than 3 cm.

In 2020, WAC&G contracted with McClintock Land Associates (MLA) to set control points and locate proposed drill hole locations. All drill holes completed during the 2020 drill program were located and marked with survey lath, and collar horizontal and vertical coordinates were recorded and corrected using the local datum, NAD83, UTM Zone 4 North.

**7.2.3.1** **Historical Collar Surveys** 

The drill collar locations and trench locations during Anaconda exploration were established using Brunton (compass) and tape surveys. No survey records for Goldmor RC holes were found. In 1992, NPMC contracted McClintock Land Associates (MLA), a licensed surveyor, to resurvey the mine grid system and all drill collar and trenches that existed at that time (MLA, 1992). MLA used a Topcon GTS-302D total station. Drill collar locations are quoted as accurate to 0.1 m or less.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-28 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

MLA was able to relocate and survey the location of all but 34 drill holes. Most of these were from the earliest work by Anaconda. MLA used Anaconda's location records for the 34 holes relative to grid cross lines and readjusted the locations relative to the new grid survey. MLA estimated the accuracy of these drill collars to be about ± 3 m (10 ft). This level of accuracy is considered sufficient for use in the estimation of Mineral Resources.

In 1994, USMX contracted MLA to update the survey to include Echo Bay and USMX holes to that date (MLA, 1994). Subsequent holes by USMX and Viceroy were surveyed using the mine's total station survey equipment (Scott Bennett, pers. comm.). Data were entered into the MRDI Medsystem® database electronically; therefore, a written survey report does not exist for 1995 and 1999 drill holes.

Where required, the drill hole collar database was subsequently rotated by Piek Exploration to UTM NAD83 coordinate system which is the basis for the current Mineral Resource study.

Leach pad drill holes were surveyed and staked by MLA prior to the 2020 drill program.

The collar surveys meet industry standards and are adequate to support this Mineral Resource estimation.

**7.2.4** **Downhole Surveys** 

WAM utilized the Axis Mining Technology north seeking Champ Gyro downhole survey camera during the 2024 drill program. Once the hole was completed, survey data was collected at 10 m intervals downhole both as the instrument was lowered and raised from the hole, with the depth being recorded by a magnetic wireline counter. The survey results were validated by the survey software by comparing the measurements in and out of the hole. The surveys from out of the hole were imported into the GeoSpark database. Surveys were also performed while the hole was advancing to check for hole deviation.

During the 2021, 2022, and 2023 drill programs WAM utilized the REFLEX EZ-TRACK downhole survey tool provided by IMDEX. The REFLEX EX-TRACK collects both magnetic and gravimetric measurements using three fluxgate magnetometers aligned in orthogonal directions to measure the azimuth; and three orthogonal accelerometers to measure the dip. During the 2021 program, downhole surveys were collected once the drill hole had reached the total depth and collected as single shot measurements when pulling drill tooling at 50 ft intervals. During the 2022 drilling program, surveys were collected as single shot measurements every 50 ft while advancing each drill hole, and again were collected when pulling the drill tooling once each hole had reached the total depth. All azimuths were then corrected for the magnetic declination of the Property as reported by NOAA during each field season.

**7.2.4.1** **Historical Downhole Surveys** 

Only 56% of core holes (Anaconda and NPMC campaigns) and none of the RC holes were surveyed down hole. Surveyed holes show strong deviations in early Anaconda core holes, but minimal deviations in subsequent NPMC core holes.

Due to the relatively shallow depth of drilling (<120 m), it is not expected that any downhole deviations have had a material impact on the Mineral Resource estimation. In addition, ore shapes in the 1998 mineral resource model reviewed by MRDI compared very well with the outline of actual ore zones mined in 1996 and 1997.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-29 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**7.2.5** **QP's Drilling Opinion** 

The QP is of the opinion that geochemical, geophysical, and drill samples have all been taken using standard industry practices. Samples are representative and unbiased except in two drilling campaigns. In those two cases low drill sample recovery has likely led to under reporting of gold in samples causing local under-estimation of gold grades.

**7.3** **Hydrogeology Data** 

In 1995, SRK Consulting (SRK) completed a hydrogeologic evaluation of the site for USMX. The study relied on the results of groundwater-level monitoring in six wells, falling-head and pump tests, and the site geology to conclude the presence of an aquifer (termed the Illinois Creek aquifer) which is roughly coincident with the geologic fold that trends east-west and envelopes the Illinois Creek gold deposit.

Between 1995 and 2004, during historical mine operations, USMX monitored water levels in monitoring wells.

In 2006, ADNR assumed responsibility for post-closure monitoring, and it monitored water levels periodically until 2019.

At this time, the volume of any potential pit water or excess pumped water and the potential need for water treatment and permitting, such as discharge permits, have not been evaluated for any new mine development on the Illinois Creek property, however, these will be included, as necessary, in future mine planning.

**7.4** **Geotechnical Data** 

USMX's 1994 and 1995 drill campaigns included several geotechnical holes that were designed to provide data for pit design. Recovery, RQD, hardness, and fracture orientation/frequency were recorded for all 1994 and 1995 holes and the select geotechnical holes were oriented to provide strike and dip measurements for fractures and to determine shear directions.

WAM has not yet undertaken any geotechnical drill studies. WAM has routinely collected recovery and rock quality data from drill core from 2021 to 2024 and core hardness and weathering data from 2022 to 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 7-30 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**8.0** **Sample Preparation, Analyses, and Security** 

**8.1** **Sample Preparation** 

Aspects of the field sampling procedures are described in Section 7.2 (Drilling) of this TRS.

**8.1.1** **Protocols** 

Sample preparation protocols, where known, are shown in Table 8-1.

---

| | |
|:---|:---|
| **Table 8-1:** | **Sample Preparation Procedures - Drill Campaigns 1981 through 2023** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Year** | **Laboratory** | **Preparation Protocols** |
| Anaconda | 1981–1984 | Rainbow Resource Lab, Anchorage, AK<br> Bondar-Clegg, Vancouver, B.C. | Crush Pulverize -100 mesh |
| Goldmor | 1988–1990 | Acme Labs | Unknown |
| NPMC | 1991–1992 | Chemex, Spark, NV | Crush -10 mesh 250 g split<br> Pulverize 90% passing -150 mesh (208) |
| Echo Bay | 1993 | Bondar-Clegg, Vancouver, B.C. | Crush and split Specifics unknown |
| USMX | 1994–1995 | Chemex, Spark, NV | Crush -10 mesh 300 g split<br> Pulverize 90% passing -150 mesh (208) |
| Viceroy | 1999 | Mine site | Crush -10 mesh 500 g split<br> Pulverize 90% passing -150 mesh |
| ARG | 2002 | Mine site | Unknown |
| NovaGold | 2005–2006 | Chemex, Spark, NV | Crush -10 mesh 250 g split<br> Pulverize 90% passing -150 mesh (208) |
| WAC&G | 2020 | ALS, Fairbanks, AK | ALS Sample Preparation Procedure: Crush to 70% passing 2 mm<br> 1,000 g split<br> Pulverize 85% passing 75 microns |
| WAC&G | 2021 | SGS Canada, Burnaby, BC | PRP89 Special: Weigh <10kg, Dry 105°C, Crush to 75% passing 2mm<br> 250 g split<br> Pulverize 85% passing 75 microns |
| WAC&G | 2022-2024 | ALS Global, Vancouver, BC | ALS Sample PREP-31<br> Crush entire sample 70% passing 2 mm 250 g split<br> Pulverize 85% passing 75 microns |

---

ALS, ALS Global, and SGS Canada are independent labs with no ownership interest in WAM, or vice versa. ALS and ALS Global are certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005. SGS Canada Inc. is certified under ISO 9001:2015 and accredited under ISO/IEC 17025:2017 by the Standards Council of Canada

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**8.1.2** **Specific Gravity Determinations** 

**8.1.2.1** **WAC&G 2021, 2022, 2023, and 2024 SG Measurements** 

Beginning in 2021, WAC&G began on site specific gravity (SG) measurements of drill core. SG's were performed on assay sample intervals to eliminate bias and correlate assay results with SG measurements. SG's were measured using a digital scale stationed above a water tank that allows for water displacement measurements of samples after they have been cut. Additionally, SG measurements were taken on a basis of one per lithology, or one every 10 m for lithologies greater than 10 m.

For intercepts containing significant sulfide mineralization, each competent sample is measured for specific gravity to aid in future resource estimates. It is important to note, SG measurements are taken on the most competent intervals, any fine particulates that may be present are left in the sample bag and not used in the SG measurement.

To assess any drift in the scale, standards were selected and measured prior to performing any SG measurements on drill core and repeated prior to the start of measurements on a new drill hole.

During the 2022 field campaign, 10 cm to 20 cm samples were collected from various lithologies and sent to ALS Labs for water displacement measurements to verify WAM's specific gravity methodology. These samples were individually tested on site three times prior to being sent to ALS. In addition to the verification tests performed by ALS, a suite of samples was sent to Zonge Int. for rock properties testing which included SG analyses.

There are a total of 24 samples pairs with both field measured SG's and lab verified SGs by either ALS or Zonge. The linear regression for all 24 samples gives an R2 of 0.89 indicating reasonable correlation between the on-site and commercial SG measurements (Figure 8-1).

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 8-1:** | **Plot Showing ALS and Zonge SG vs. Field-measured SG** |

---

![](tm2515003d2_ex96-1sp4img1.jpg)

Source: WAM (2023)

Results from the SG study are reported in an internal WAM report dated February 23, 2023, by Zach Mahaffey. This report outlines results and suggests changes to practices and/or added QA/QC testing.

To date WAM has performed 1,428 SG measurements on 14 different lithologies observed, including 1,311 from the Waterpump Creek and Last Hurrah prospects and 117 from the Illinois Creek prospect. Dolomite (DOL) and Massive Sulfide (SULF) are the most frequently measured SG's, with samples populations of 520 and 212, respectively (for all three prospects).

Table 8-2 shows calculated statistical values for all lithologies for on-site SG measurements.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 8-2:** | **Summary of On-site Specific Gravity Measurements** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Lith** | **Count** | **Length** | **Mean** | **Median** | **SD** | **Q1** | **Q2** | **Min** | **Max** |
| **WPC - LH** | DOL | 610 | 854.04 | 2.69 | 2.71 | 0.12 | 2.64 | 2.77 | 2.10 | 3.41 |
| **WPC - LH** | FI | 7 | 10.3 | 2.24 | 2.27 | 0.17 | 2.06 | 2.37 | 1.97 | 2.42 |
| **WPC - LH** | G | 77 | 97.14 | 2.71 | 2.69 | 0.28 | 2.55 | 2.85 | 2.03 | 3.71 |
| **WPC - LH** | HQ | 6 | 6.7 | 2.57 | 2.58 | 0.06 | 2.57 | 2.62 | 2.49 | 2.71 |
| **WPC - LH** | MAG | 20 | 27.32 | 2.67 | 2.57 | 0.34 | 2.53 | 2.66 | 2.40 | 4.11 |
| **WPC - LH** | Sch | 489 | 715.98 | 2.67 | 2.70 | 0.14 | 2.60 | 2.76 | 2.18 | 3.13 |
| **WPC - LH** | SK | 17 | 21.03 | 2.86 | 2.85 | 0.13 | 2.73 | 2.99 | 2.70 | 3.09 |
| **WPC - LH** | SULF | 212 | 255.72 | 3.67 | 3.63 | 0.40 | 3.43 | 3.83 | 2.30 | 6.24 |
| **Illinois Creek** | DOL | 47 | 64.7 | 2.62 | 2.63 | 0.107 | 2.58 | 2.70 | 2.29 | 2.88 |
| **Illinois Creek** | DQ | 24 | 37.0 | 2.69 | 2.69 | 0.059 | 2.63 | 2.73 | 2.59 | 2.78 |
| **Illinois Creek** | FI | 2 | 2.9 | 2.65 | 2.75 | 0.178 | 2.50 | 2.75 | 2.50 | 2.75 |
| **Illinois Creek** | G | 16 | 21.1 | 2.62 | 2.60 | 0.144 | 2.52 | 2.69 | 2.43 | 2.95 |
| **Illinois Creek** | GRN | 55 | 81.8 | 2.83 | 2.89 | 0.153 | 2.78 | 2.93 | 2.32 | 2.98 |
| **Illinois Creek** | GS | 14 | 21.6 | 2.58 | 2.58 | 0.170 | 2.50 | 2.74 | 2.23 | 2.83 |
| **Illinois Creek** | HBx | 102 | 117.3 | 2.67 | 2.60 | 0.231 | 2.54 | 2.75 | 2.27 | 4.04 |
| **Illinois Creek** | HQ | 3 | 1.8 | 2.83 | 2.75 | 0.297 | 2.60 | 3.09 | 2.60 | 3.09 |
| **Illinois Creek** | LST | 3 | 4.7 | 2.77 | 2.75 | 0.035 | 2.75 | 2.81 | 2.75 | 2.81 |
| **Illinois Creek** | Q | 30 | 37.2 | 2.62 | 2.63 | 0.082 | 2.56 | 2.66 | 2.41 | 2.78 |
| **Illinois Creek** | QMS | 2 | 4.6 | 2.22 | 2.28 | 0.103 | 2.14 | 2.28 | 2.14 | 2.28 |
| **Illinois Creek** | SULF | 15 | 12.4 | 3.60 | 3.66 | 0.405 | 3.25 | 3.98 | 2.97 | 4.11 |
| **Illinois Creek** | ANK | 9 | 8.4 | 2.92 | 2.88 | 0.190 | 2.72 | 3.06 | 2.66 | 3.19 |

---

Notes: SD Standard Deviation

**8.1.2.2** **WAC&G 2022 Leach Pad Density** 

Several test pits, dug and filled with water, provided the SG values: the larger test pits (dug by backhoe) showed SG ranges from 2.1 to 2.6 with an average of 2.3; the several smaller test pits (dug by hand) showed SG ranges from 1.8 to 2.2 with an average of 2.0. Historical production records indicate a total of 1.59 Mt of ore was stacked on the leach pad. With a pad volume estimated to be 631,360 m<sup>3</sup>, this gives an average SG of 2.5. Although some of the rocks at Illinois Creek contain high-sulfide contents, and the leach pad appears to be well compacted, an average SG of 2.5 is considered too high for material of this type. Therefore, an average SG of 2.3 is considered reasonable for determining the mineral resource tonnage on the leach pad.

**8.1.2.3** **Historical Specific Gravity Determinations** 

SG determinations were derived for a total of 220 samples by NPMC between 1991 and 1994 and by USMX in 1994. MRDI found records of NPMC measurements in Project files. NPMC data account for 143 measurements or 68% of the total 220 measurements.

SG was determined using the caliper method. This is an appropriate method for Illinois Creek ores because the vuggy, porous nature of the gossan is not conducive to using the process of wax- or lacquer-coatings and water emersion.

No records were found documenting the procedure used for USMX measurements. MRDI checked USMX values for each rock type and found the mean of USMX SG values to be no more than ±5% of the mean of NPMC values for the same rock type.

Table 8-3 shows the SG values outlined in USMX's 1996 Feasibility Study.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 8-3:** | **Specific Gravity - USMX 1996 Feasibility Study** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lithology Code** | **#** | **Maximum g/cc** | **Minimum g/cc** | **Mean g/cc** |
| FG – ore | 40 | 3.1 | 2 | 2.48 |
| FQ – ore | 67 | 2.99 | 2.02 | 2.47 |
| FQ, high pyrite – ore | 2 | 3.14 | 2.67 | 2.91 |
| FMG – ore | 17 | 2.96 | 1.9 | 2.41 |
| MFG – ore | 4 | 2.99 | 2.74 | 2.81 |
| FMQ – ore | 25 | 3.07 | 2.07 | 2.5 |
| HQ – ore | 2 | 2.53 | 2.36 | 2.45 |
| Q – waste | 11 | 2.75 | 2.51 | 2.67 |
| Total | 168 |  |  |  |

---

The 168 SG values (Table 8-3) suggest, for reasons unknown, that USMX did not use some of the currently available SG measurements.

USMX derived one SG for "ore" and one for "waste" using a volume weighting of SG measurements. This assumed that the ore units FQ, FG and FMG+FMQ+MFG, comprise 67%, 17% and 16% of the deposit, respectively. This produces an average SG of 2.48 g/cc for the "ore" or mineralized units. Q and Qa were assigned weightings of 85% and 15% waste, respectively, giving an average SG of 2.63 g/cc for the "waste" or less mineralized units. Note that the intense oxidation of the "ore" units results in lower SG values compared to the "waste" units.

MRDI could not easily check the volume percent assigned to each unit. Drill hole sections show that FQ and FG are the dominant ore hosts; therefore, the weightings of these units are reasonable. The weightings are not really significant, however, because the SG of most ore units varies no more than ±3% from the mean. FQ with high-pyrite content is rare. Values obtained for ore units and wall rocks are reasonable for these rock types.

MRDI grouped samples using their core-hole ID and found that only three FQ samples and one FG sample were from the West Illinois Creek deposit area. All other samples were from the main central part of the Illinois Creek deposit. There are no SG samples from the east area of the deposit. Drill logs suggest that rock units do not change significantly along strike of the gossan zone. However, MRDI recommended that at least 30 SG measurements should be obtained from "ore and waste" units in each deposit so that tonnage calculations are supported by local values. Due to the often highly oxidized state of the mineralized units at the Illinois Creek deposit, it is likely difficult to obtain appropriate or representative material for additional SG determinations at this time. Further SG determinations are recommended during all future drilling programs.

SG values were assigned to sample intervals based on the lithology type designations. Not all sample intervals have associated lithology codes, and, as a result, approximately 90% of the sampled intervals in the database have assigned SG values. The QP believes the approach used to assign SG values is reasonable for use in the estimation of mineral resources.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**8.2** **Security** 

During the 2021, 2022, 2023, and 2024 field programs, WAC&G maintained a high standard for handling drill core sample security. Once the drill core has been halved and placed in the labeled poly bag with the sample tag and sealed with a zip tie, samples are staged by hole and in sequential order. Once all samples for a specific drill hole have been cut, the poly sample bags are placed inside rice bags that are labeled with the hole number and lab address on the front, and the bag number and weight on the back. The rice bags are then sealed with a tamper proof locking zip tie with a unique identification number. The rice bag number, the samples contained within the rice bag, the weight, and the locking zip tie identification number all recorded on the sample sheet and saved for future reference and tracking.

Samples are loaded on regularly scheduled charter flights and transported back to Fairbanks, Alaska from the Illinois Creek camp. Once the samples have arrived in Fairbanks, Horst Expediting and Remote Operations collects the samples and transports them to their facility to stage for delivery to the appropriate lab.

During the 2021 field season samples were staged on pallets and shrink wrapped prior to shipment to the SGS Minerals Geochemistry preparation facility in Whitehorse, Yukon Territory. The palletized and secured rice bags containing the core samples were then shipped via Greenstone Station Inc., a shipping contractor from the Horst facility to the SGS preparation lab. A signed chain of custody (COC) was issued by SGS and returned to WAC&G, ensuring none of the locking zip ties were tampered with.

For the 2022, 2023, and 2024 field seasons, rice bags containing drill core samples were again retrieved from the scheduled charter flights by Horst Expediting and staged at their facility. Horst Expediting would then deliver the rice bags containing the drill core samples to the ALS preparation facility in Fairbanks, Alaska. Upon delivery to ALS, a COC was issued and returned to WAC&G again ensuring none of the rice bags and samples were tampered with prior to delivery to the ALS facility.

Security measures taken during historical programs are not known to WAC&G; however, WAC&G has no reason to suspect that any of these samples were tampered with prior to analysis.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**8.3** **Assaying and Analytical Procedures** 

The laboratories and assay procedures used during the various exploration and infill drill campaigns are summarized in Table 8-4.

---

| | |
|:---|:---|
| **Table 8-4:** | **Analytical Laboratories and Protocols - Drill Campaigns 1981 through 2024** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Year** | **Laboratory** | **Analytical Procedures** |
| Anaconda | 1981–1984 | Rainbow Resource Lab, Anchorage, AK <br> Bondar-Clegg, Vancouver, BC | Au – 1 assay ton FA/AA Aqua Regia finish Ag, Cu, Pb, Zn – AA with HNO<sub>3</sub>/HCL digestion<br> Select As, W – colorimetric Select Sn, Sb XRF |
| Goldmor | 1988–1990 | Acme Labs | Au – 1 assay ton FA/Unknown finish<br> Ag – 1 assay ton FA/Unknown finish<br> Select AA? Cu Pb Zn Sb |
| NPMC | 1991–1992 | Chemex, Spark, NV | Au – 1 assay ton FA/Gravimetric finish<br> Ag – AA with Aqua Regia digestion<br> ICP - 32 element<br> Aqua Regia digestion (229) |
| Echo Bay | 1993 | Bondar-Clegg, Vancouver, B.C. | Au – 1 assay ton FA/AAS finish<br> Ag – 1 assay ton FA/AAS finish |
| USMX | 1994–1995 | Chemex, Spark, NV and Chemex, Vancouver, B.C. | Au – 1 assay ton FA/AAS finish<br> Ag – 1 assay ton FA/AAS finish<br> Cu – AA with Aqua Regia digestion Select 32 element ICP |
| Viceroy | 1999 | Mine site | Au – 1 assay ton FA/AAS finish<br> Ag – 1 assay ton FA/AAS finish<br> >10 g/t – Gravimetric finish |
| ARG | 2002 | Mine site | Unknown |
| NovaGold | 2005–2006 | Chemex, Spark, NV | ICP – 32 element 4-acid digestion |
| WAC&G | 2020 | ALS, Sparks, NV | Au-AA23 – 30g FA/AAS finish<br> ME-ICP61- 33 element, ICP-AES, 4-acid digestion<br> AA13 – 30g cyanide leach Au Cu and Ag<br> Au-Gra21 overage with Gravimetric finish ME-OG62 overages ICP |
| WAC&G | 2021 | SGS Minerals, Burnaby, BC | GE FAA30V5 – 30g FA/AAS finish<br> GE ICP40Q12 – 33 element, ICP-AES, <br> 4-acid digestion<br> GO ICP42Q100 – Pb, Zn, Ag overages ICP- AES |
| WAC&G | 2022-2023 | ALS Global, Vancouver, BC | Au-AA23 – 30g FA/AAS finish<br> ME-ICP61 – 33 element, ICP-AES, 4-acid digestion<br> ME-OG62 – Pb, Zn, Ag overages, ICP-AES Ag-GRA21 – Overlimit on ME-OG62, 30g FA with gravimetric finish<br> Zn-VOL50 – Overlimit on ME-OG62, Zinc by titration<br> Pb-VOL70- Overlimit on ME-OG62, Lead by acid dissolution and titration |
| WAC&G | 2024 | ALS Global, Vancouver, BC | Au-AA23 – 30g FA/AAS finish<br> ME-MS61 – 48 element, ICP-AES, 4-acid digestion<br> ME-OG62 – Pb, Zn, Ag overages, ICP-AES <br> Au-GRA21 - Overlimit on Au-AA24, 30g FA with gravimetric finish<br> Ag-GRA21 – Overlimit on ME-OG62, 30g FA with gravimetric finish<br> Zn-VOL50 – Overlimit on ME-OG62, Zinc by titration<br> Pb-VOL70- Overlimit on ME-OG62, Lead by acid dissolution and titration |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**8.4** **Quality Assurance/Quality Control** 

**8.4.1** **WAC&G 2021-2024 Core Drilling QAQC** 

WAC&G has maintained a consistent QA/QC protocol for all drill cores sampling through the 2021 to 2023 field seasons. WAC&G's protocol calls for insertion of 11% QA/QC check samples by inserting a blank, a duplicate, and a standard into each set of 27 core samples.

During the 2021 field program, blank material consisted of sand that had previously been tested by SGS using the same analytical suite as 2021 drill core to determine baseline values of the material. During the 2022 drill program, WAC&G acquired blank material from the ALS prep lab in Fairbanks, which also analyzed and certified the material. Commercially available marble chips were used in 2023 and 2024 as blank material. One split was taken from each 50 pound bag (3 splits) and was analyzed separately to establish values for the blanks.

For the 2021, 2022, and 2023 drilling campaigns, WAC&G collected field duplicates of drill core. Each designated duplicate sample was collected by halving the primary sample interval such that the primary sample and duplicate sample were quarter core segments of the entire sample interval. For the 2023 and 2024 campaigns WAC&G also selected samples for duplicate analysis by ALS. The duplicate samples alternated between pulp duplicates (a separate split from the pulverized sample) and coarse reject duplicates (a second split taken from the initial crushed sample and then pulverized).

The 2021 drill program utilized four certified reference materials (CRMs) as standards, for the Waterpump Creek and Last Hurrah prospects These samples shown in Table 8-5 included OREAS 141 (low-grade), OREAS 620 (low to mid-grade), OREAS 136 (mid-grade), and OREAS 134b (high-grade). Standards were inserted to approximate the grade of sample intervals inferred by visual inspection of sulfide and/or oxide mineralization. During 2022, OREAS 317 was substituted for OREAS 134b due to a shortage of the OREAS 134b standard. OREAS 630b was replaced OREAS 141 in 2023 as a low-grade CRM.

The Illinois Creek prospect used the same three CRMs (Table 8-5) as standards for both the 2021 and 2022 drilling programs and include OREAS 600b (low-grade), OREAS 905 (mid- grade), and OREAS 602b (high-grade). These CRMs reflected the differences in the metal zoning between the Waterpump Creek and Illinois Creek target areas with CRM's reflecting the increased Cu and Au content of the Illinois Creek target versus the high-grade Ag, Pb and Zn mineralization at Waterpump Creek.

Four different CRMs for the 2023 Waterpump Creek and Last Hurrah (LH) drilling programs and includes OREAS 317 as a high-grade reference, OREAS 136 as an intermediate grade reference closest to the expected cut-off grade for the WPC resource, OREAS 620 and OREAS 630b for progressively lower grade material.

The 2024 drill program used five CRMs for the LH drill holes and 9 CRMs for the Warm Springs drill holes. The CRMs were selected to cover the range of expected values to be assayed and the metals that must be monitored (Ag, Pb, and Zn for LH and Au, Cu, Ag, Pb, Zn for Warm Springs). Two of the higher-grade base metal CRM's, OREAS 136 and OREAS 317 were used for both projects. However, these two CRM's do not have certified values for Au. The most used CRM for both programs is OREAS 153c, with very low metal grades that are close to the thresholds of what is considered anomalous for both projects. OREAS L11 was used as a Warms Springs CRM when other CRMs were exhausted.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 8-5:** | **Certified Reference Materials Utilized by WAC&G from 2021 through 2024** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** |
| OREAS 134b | - | 209 ppm | 1,337 ppm | 13.36% | 18.03% |
| OREAS 136 | - | 151 ppm | 306 ppm | 4.76% | 3.63% |
| OREAS 141 | - | 1.58 ppm | 2,453 ppm | 59 ppm | 3,637 ppm |
| OREAS 153 | 0.327 ppm | 1.7 ppm | 7,120 ppm | 92 ppm | 359 ppm |
| OREAS 317 | 0.33 ppm | 232 ppm | 0.42% | 12.13% | 17.45% |
| OREAS 600b | 0.204 ppm | 25.1 ppm | 499 ppm | 119 ppm | 404 ppm |
| OREAS 602b | 2.29 ppm | 118 ppm | 0.50% | 493 ppm | 764 ppm |
| OREAS 620 | 0.685 ppm | 40 ppm | 0.17% | 0.77% | 3.15% |
| OREAS 630b | 0.358 ppm | 19 ppm | 521 ppm | 0.41% | 1.11% |
| OREAS 905 | 0.391 ppm | 0.518 ppm | 1,533 ppm | 30.4 ppm | 138 ppm |
| OREAS L11 | 0.305 ppm | - | - | - | - |

---

As the core samples are prepared for shipment, each sample, including quality control samples, is assigned and tagged with a unique sequenced number. The assigned sample number, type of sample, i.e., half cut core, quarter cut core, blank, duplicate or CRM, is recorded. On the sample list to the laboratory only the sample numbers are provided. There is a quality control sample per nine (9) core samples, which averaged to about one (1) control sample for 15 m of sampled core. For each batch of 27 core samples, three (3) quality control samples, a blank, a duplicate, and a certified reference (CRM) sample are inserted. The placement of the quality control sample is at the discretion of the geologist with some conventions. Where applicable a blank sample is placed within or after an interval of notable mineralization. The duplicates and CRM are inserted before or within a multi-sampled interval of mineralization. Table 8-6 shows a summary of all core and quality control samples for 2021 to 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 8-6:** | **Core and Quality Control Materials - 2021, 2022, 2023, and 2024** |

---

---

| | |
|:---|:---|
| **Type** | **# Sample** |
| Core Samples | 7710 |
| QC Samples | 906 |
| Blanks | 306 |
| Duplicates | 297 |
| CRMs | 303 |
| **Total** | **8616** |
| Core Samples/QC Sample | 8.5 |

---

The details and recommendations of the 2021, 2022, and 2023 Waterpump Creek drill core assay QA/QC programs are reported in the January 19, 2022, S. K. Morris memo: Waterpump Creek 2021 Diamond Drill Sample Assay QA/QC, April 3, 2023, S. K. Morris memo: 2022 Waterpump Creek Drill Core Assay Quality Control and Quality Assurance, and March 22, 2024 A. West memo: 2023 Waterpump Creek and Last Hurrah Drill Core Assay Quality Control and Quality Assurance.

The QC sample assay results are evaluated for accuracy and repeatability. The Laboratory's sample preparation process is checked for contamination and carry over with the blank samples. The blank assays results are compared against the certified value then compared with the preceding and following samples results. The original and duplicate core sample results are compared to assess sample to sample variability. The certified reference material results are compared with the certified lab value to check for an analytical bias, drift, or variation scatter. Values falling outside quality control limits are noted for closer examination including resampling and assaying.

Analysis of 2021 and 2022 QA/QC values identified eight (8) sampled intervals where the QC results were out of compliance.

The failure rates for blanks and CRM control samples are less than one percent. The preparation and assay procedures for 2021 and 2022 are well controlled and produce valid assay results. Analysis of 2023 QA/QC values identified eight (8) sampled intervals where the CRM control sample results were out of compliance for the low-grade CRM, OREAS 630b, seven for Ag and one for Ag and Pb. Seven of the intervals were from Last Hurrah and one from WPC and all samples were outside of mineralized core. Seven of the intervals were rerun with 5 passing. Analysis of 2024 QA/QC values identified fourteen (14) sample intervals where the CRM control results were out of compliance; two (2) for LH (for Ag in the low grade OREAS-153), and twelve (12) for Warm Springs for various metals and CRMs. The four intervals from the Warm Springs project that were within mineralized intervals were rerun. All four intervals passed on reanalysis.

**8.4.2** **WAC&G 2020 Leach Pad Drilling QAQC** 

Three standards certified by Ore Research were used to validate the assays for leach pad drill samples. The three standards, OREAS 153b, OREAS 235, and OREAS 601b, are shown in Table 8-7. No assay results from standard material fell outside of control limits.

Blank material was also submitted at a rate of two per batch. All assays of blank material fell within the control limit.

Two coarse reject duplicates were assayed in every batch, and results suggested the sample preparation protocol produced more heterogeneity than was desirable. There was no evidence that variation introduced bias in the results, and, therefore, there was no reason to reject assay results.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-10 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 8-7:** | **Certified Reference Materials Utilized by WAC&G during the 2021/22 Season** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** |
| OREAS 153b | 0.313 ppm | 1.45 ppm | 0.68% | 13.1 ppm | 122 ppm |
| OREAS 235 | 1.59 ppm | 0.135 ppm | 24 ppm | 8.57 ppm | 75 ppm |
| OREAS 601b | 0.775 ppm | 50.1 ppm | 0.10% | 318 ppm | 318 ppm |

---

**8.4.3** **Historical QAQC Procedures** 

Historical quality assurance/quality control (QA/QC) programs are lacking or poorly documented. MRDI and Viceroy, in the 1999 audit of the Property, documented and outlined the following historical QA/QC procedures. No additional documentation is available.

**8.4.3.1** **Goldmor** 

The earliest documented check assays were performed by Acme Labs on 20 pulps originally assayed by Bondar-Clegg and likely from Anaconda drilling. Results are shown in Table 8-8 and indicate good agreement between lab results because the relative difference of the means for gold and silver is less than 5%.

---

| | |
|:---|:---|
| **Table 8-8:** | **Acme Check Assays - Bondar-Clegg** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Average Original Pulps<br> oz/st (g/t)** | **Average Check Pulps<br> oz/st (g/t)** | **Relative Difference (%)** |
| Au | 0.1068 (3.7) | 0.1028 (0.103) | 3.8 |
| Ag | 2.423 (83.0) | 2.429 (83.2) | -0.2 |

---

**8.4.3.2** **North Pacific Mining Company** 

In 1992, North Pacific Mining Company (NPMC) reported it had selected samples from coarse rejects and submitted them for pulp preparation and assaying to Chemex. Selections were reportedly made from Goldmor (1988 and 1990) rotary drilling and Anaconda (1981 to 1984) core drilling. NPMC reported that there was "no overall variance" suggesting that large differences were not observed between the original assays and re-assays.

A Chemex (Sparks, Nevada location) assay certificate (A9113093) from 1991 shows 189 assays for portions of some of Goldmor's 1988 drill holes. These one assay-ton gold and silver re-assays were made on pulps, and it is unclear whether this is a separate study from the 1992 coarse rejects described here. MRDI entered the gold and silver data from the Chemex assay report and matched it to the data in the assay database. The laboratory providing the original assays is undocumented. Results are shown in Table 8-9. The data show consistently good agreement across the entire grade range of checked data.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-11 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 8-9:** | **Chemex Check Assays - 1991** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Average Original Pulps<br> oz/st (g/t)** | **Average Check Pulps <br> oz/st (g/t)** | **Relative Difference (%)** |
| Au | 0.0554 (1.9) | 0.0545 (1.9) | 1.7 |
| Ag | 2.328 (79.7) | 2.361 (80.9) | -1.4 |

---

NPMC also had Chemex insert a laboratory standard every 20 samples, a duplicate pulp every 40 samples, and a blank sample every 40 samples during its programs. Results of these checks are not documented.

**8.4.3.3** **Echo Bay** 

In 1993, Echo Bay selected from stored rejects of NPMC core that had been drilled in 1991 and 1992. These rejects were submitted to Bondar-Clegg for check assays and were reported to have "excellent correlation" with NPMC results (USMX 1996a), although no data or correlations are presented.

Echo Bay also reportedly twinned seven of Goldmor's rotary drill holes with RC drills; the results were presented in USMX's 1996 Feasibility Study. No statistical analysis was provided. Visual inspection of these graphs suggests reasonable agreement.

**8.4.3.4** **USMX** 

According to the USMX Feasibility Study, USMX "twinned several existing drill holes with good confirmation." It is not clear whether these are twins of NPMC drilling, Echo Bay drilling, or both. No distinction was made between twins of Echo Bay and NPMC drilling. Therefore, results cannot be interpreted.

Finally, in 1994 or 1995, USMX carried out a check assay program of all previous drill assays: 10% of the drill holes within the proposed pit plan were checked (173 pulps). The population of selected holes covered all areas of the proposed pit, and all drill campaigns, to the extent that pulps were available.

A comparison of means in Table 8-10 shows very close agreement between the results from Chemex and Bondar-Clegg.

---

| | |
|:---|:---|
| **Table 8-10:** | **USMX Bondar-Clegg vs Chemex Check Assays - 1996** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Average Bondar-Clegg Pulps<br> oz/st (g/t)** | **Average Chemex Pulps<br> oz/st (g/t)** | **Relative Difference (%)** |
| Au | 0.1499 (5.1) | 0.1505 (5.2) | -0.40% |
| Ag | 1.451 (49.7) | 1.439 (49.3) | 0.80% |

---

**8.4.3.5** **Viceroy** 

Duplicate samples were collected on every 10th sample during drilling conducted by Viceroy in 1999. These duplicates capture all the sampling and measurement errors introduced from the point of sample collection to the instrument reading. These field duplicate results show very close agreement for both gold and silver.

**8.5** **QP's Opinion** 

In the QP's opinion the sample preparation, which includes sample splitting at site and sample reduction at the laboratory, security, and analytical procedures were properly executed and controlled, and sample data are adequate to support mineral resource estimation.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 8-12 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**9.0** **Data Verification** 

**9.1** **Historical Data Verification** 

The original USMX mine dataset was lost during the reclamation of the mine, so the current database was reconstructed using historical scans made from available files from the mine office during reclamation.

Anaconda assay results were entered directly from either available assay certificates or Anaconda logs accompanying its annual reports.

Goldmor assay certificates are unavailable for 1988, but the 1988 drill logs report assay values for each sample interval. The 1990 Acme Lab assay certificates are all available. The 1991 and 1992 Chemex assay certificates for NPMC are also available. Sample summary forms with gold and silver assays by Bondar-Clegg for Echo Bay's 1993 program are also complete; original assay certificates are available for most, but not all, of the drill holes. The 1994 and 1995 assays by Chemex for USMX are largely complete; where assay certificates are missing, some drill logs report assay values. A few USMX drill holes have not been recovered. The 1999 Viceroy assay certificates are available and complete.

The 1994 and earlier collar data are based on Illinois Creek Drill Grid Survey Report conducted and written by McClintock Land Associates (McClintock 1994) for USMX. The 1994 and 1995 collars are based on scanned USMX spreadsheet summaries of survey data. As described in Section 7.2, all subsequent collar and downhole surveys are sufficiently accurate and precise to support Mineral Resource estimation.

Piek Exploration conducted two 5% data verification checks of the assay and collar databases. In both instances, only two errors in the assay values were encountered and those appeared to be transcription errors.

The QP verified that errors identified by Piek and others had been corrected in the data base.

**9.2** **WAC&G Data Verification** 

Following the 2021 field program WAC&G personnel completed a validation check of the historical Waterpump Creek and Last Hurrah drilling data. Most pertinent was verifying assay data against original issued certificates from the various analytical labs. In addition, to the assay verification, drill collar locations, down hole survey data, and lithologies were checked against the original drill logs and reports. The collar locations from the Anaconda programs originally recorded in NAD 27 were rotated to the appropriate NAD 83 system.

**9.3** **QP Data Verification** 

The QP randomly selected the sample data from 15 drill holes including results from across the Illinois Creek area gold drilling programs. The number of samples represent over 4% of the data used in the estimate of Mineral Resources. A typical industry procedure is to compare approximately 5% of the assay sample results in the database to certificates. If the error rate is less than 1%, then no further action is taken. If the error rate exceeds 1%, a more extensive review is undertaken. The grades in these holes were compared to those contained in the certified assay certificates provided by the laboratories. In this suite of 818 individual samples, there were four errors found in the gold data and three errors in the silver data, an error rate of less than one percent. These results are similar to those achieved during previous database audits. The QP reviewed the historical metallurgical studies to understand why the historical heap leach process did not work efficiently. Those studies represented valuable background needed to develop a process that could efficiently handle both gold and copper metallurgy as the Project progresses.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 9-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The sample data from an additional four drill holes from the leach pad area were randomly selected, and the assay results were compared to the values contained in the assay certificates. There were no errors identified.

The sample data from two drill holes from the WPC area were randomly selected, and the assay results in the database were compared to the values contained in the assay certificates. There were no errors identified.

**9.4** **QP's Opinion** 

In the QP's opinion the database was generated using accepted industry standards, and the contained data are appropriate for the estimation of Indicated and Inferred Mineral Resources for the Illinois Creek oxide gold and silver project and appropriate for the estimation of Inferred Mineral Resources at the Waterpump Creek deposit.

No limitations were imposed on the verification of the sample data. Sufficient checks were conducted to satisfy the QP data were adequate for resource estimation.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 9-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**10.0** **Mineral Processing and Metallurgical Testing** 

Initial metallurgical analysis of the Waterpump Creek sulfide mineralization is currently ongoing at ALS In Kamloops, British Columbia with results expected in the 2nd quarter of 2025. Preliminary results from this test work were used to estimate the recovery of Ag, Pb, and Zn for the Ag-Equivalent calculation. Historical metallurgical work undertaken for the development of the Illinois Creek oxide Au/Ag deposit indicates that the highly oxidized rocks are amenable to a relatively low-cost leaching extraction of gold and silver using cyanide solutions. Additional work is ongoing by DM Consulting and Pro Solv LLC in Lakewood, Colorado, to ascertain the amenability of the oxide resources to Merrill-Crowe and SART processing to optimize Ag and Cu recoveries, respectively.

Available historical metallurgical test work was reviewed, and conceptual process flowsheets were developed for the deposit.

**10.1** **Historical Metallurgical Test Work** 

**10.1.1** **Anaconda Mineral Company (1982–1985)** 

In 1981, Anaconda drilled three holes, and several metallurgical studies were completed on individual depth intervals or composites prepared from these drill hole samples. These samples were designated as RD81-345, and the holes were designated as IC 4, 5 and 6. The objective of these studies was to evaluate different processing options, including gravity, flotation, agitated leach and heap leach for recovery of gold and silver minerals.

The highlights of these studies indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Three high-grade composites were prepared from selected intervals of the
three holes. These composites assayed 0.05 oz/st (1.7 g/t) to 0.08 oz/st (2.7 g/t) Au and 0.6 oz/st (20.5 g/t) to 2.7 oz/st (92.5 g/t)
Ag.

&nbsp;&nbsp;&nbsp;&nbsp;· The samples were not amenable to gravity concentration.

&nbsp;&nbsp;&nbsp;&nbsp;· The samples were amenable to agitated cyanide leach at primary grind of P80
of 100 mesh. The gold and silver extractions ranged from 83.2% to 90.5% and 23.5% to 42.3%, respectively, in 24 hours. However, the cyanide
consumption was high at ±11.6 lb/st (5.8 kg/t), and the lime consumption was ±8 lb/st (4 kg/t).

&nbsp;&nbsp;&nbsp;&nbsp;· Additional test work completed on a high-grade bulk sample, assaying 0.394
oz/st (13.5 g/t) Au and 9.61 oz/st (329.1 g/t) Ag (1983–1984), included gravity concentration, magnetic separation, flotation,
and agitated cyanidation leach tests. The ore was not amenable to flotation, magnetic separation, or gravity concentration. The agitated
cyanidation leach tests recovered more than 96% of gold in 24 hours at three grind sizes: 10 mesh, 100 mesh and 200 mesh. However, the
maximum silver extraction of 26.1% was obtained at a grind size of 200 mesh. Preliminary test work had also indicated that the ore was
amenable to heap leaching with gold extraction of ±80% and silver extraction of ±20% at P80 of 10 mesh. The material was
agglomerated before loading the column. Again, the cyanide consumption was high at 4.5 lb/st (2.25 kg/t).

&nbsp;&nbsp;&nbsp;&nbsp;· Bottle roll tests were completed (1984–1985) on additional bulk ore
samples (designated as RD84-106). Twenty-four agitated leach tests at P95 of 200 mesh resulted in gold extraction ranging from 84.2% to
97.7% and averaged 93.6%. The silver extraction ranged from 13.2% to 45.4% and averaged 29.7%. The average feed grade was 0.271 oz/st
(9.3 g/t) Au and 8.85 oz/st (303.1) Ag. The average sodium cyanide consumption was 12.4 lb/st (6.2 kg/t) of ore, and average lime consumption
was 7.1 lb/st (3.55 kg/t) of ore.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 10-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**10.1.2** **Goldmor Group (1988–1990)** 

Goldmor completed metallurgical testing in several laboratories including Bondar Clegg, Salisbury and Associates, Bacon, Donaldson and Associates, and McClelland Laboratories, Inc.

The highlights of these studies are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The results from the 24-hour cyanidation leach tests on seven samples assaying
0.1 to 0.2 oz/st Au showed excellent leachability of gold with extraction ranging from 87% to 92%. Silver extractions ranged from 33%
to 46%. The cyanide consumptions were high.

&nbsp;&nbsp;&nbsp;&nbsp;· Cyanidation tests on two composites samples assaying 3.16 and 3.4 g/t Au
had gold extraction of ±85%. The "as received" material had P90 of 10 mesh. The silver extraction ranged from 35% to
45%. The NaCN consumption was extremely high and ranged from 7.7 to 11 lb/st (3.85 to 5.5 kg/t).

&nbsp;&nbsp;&nbsp;&nbsp;· Bacon, Donaldson and Associates, an independent consultant, (1989), evaluated
the historical test work on the deposit and concluded that higher cyanide strength resulted in increased gold extraction. However, the
presence of copper minerals in the ore is responsible for the lower gold extraction with lower cyanide strength. They also concluded that
the higher the feed grade, the higher the gold extraction. The copper values in the selected historical samples ranged from 0.26% to 2.10%.

&nbsp;&nbsp;&nbsp;&nbsp;· McClelland Laboratories, Inc, an independent laboratory accredited by
the International Accreditation Service (IAS) and complies with ISO/IEC Standard 17025, performed agitated leach and heap leach tests
on a 5-ton bulk ROM sample assaying 0.094 oz/st (3.2 g/t) Au, 1.67 oz/st (57.2 g/t) Ag, and 0.45% Cu. Gold and silver extractions of 78.4%
and 19.7%, respectively, were obtained at P100 of 0.25 in. Copper recovery was 11.4%. Cyanide consumption and lime requirements were 2.69
lb/st (1.34 kg/t) and 18.9 lb/st (9.45 kg/t), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;· Both gold and silver extraction improved (84.8% and 27%, respectively) with
higher concentration of cyanide (2 g/L versus 1 g/L, respectively). Cyanide consumption was much higher at 4.79 lb/st (2.4 kg/t).

&nbsp;&nbsp;&nbsp;&nbsp;· Column percolation tests were performed at P100 of 6 in. (ROM) and P80 of
1.5 and 0.5 in. The ore charges in all tests were agglomerated with 5 lb/st (2.5 kg/t) of lime and 10 lb/st (5 kg/t) of cement. The
metallurgical tests indicated that precious metal recovery and cyanide consumption increased with decreasing feed size. Gold recoveries
of 81.0, 83.3, 86.4 and 91.6% were achieved from the ROM, 6 mesh, 1.5 in. and 0.5 in. feed sizes, respectively. Respective silver recoveries
were 24.7, 28.0, 24.9 and 34.1%. Copper recovery was about 12% for all feed sizes. The respective cyanide consumptions were 1.86, 2.40,
2.92 and 3.08 lb/st (0.93, 1.20, 1.46, and 1.54 kg/t).

&nbsp;&nbsp;&nbsp;&nbsp;· Based on this study, the optimum leach size was determined to be P80 of 0.5
in. The study concluded that leaching of ore at ROM feed size was not practical, even though high recovery was achieved, because agglomeration
pre-treatment is required. Silver-to- gold ratio in solution was high (up to 5:1) and the copper solution grades were also high (more
than 200 ppm). Therefore, zinc precipitation process should be considered.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 10-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**10.1.3** **North Pacific Mining Company (1991–1992)** 

McClelland Laboratories completed agitated cyanidation (bottle roll) and heap leach (column) tests on three ROM bulk samples designated high-grade, Mn/Sb and SQB for North Pacific Mining Company.

The highlights of the test program indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The head grades of the three composites are shown in Table 10-1. The high-grade
sample contained significant amounts of copper.

&nbsp;&nbsp;&nbsp;&nbsp;· The bulk ore samples were amenable to direct agitated cyanidation treatment
at a 90% passing minus ¼ in. feed size. Gold recoveries of 79.2, 86.2 and 84.4% were achieved from high-grade, Mn/Sb and SQB feeds,
respectively, in 96 hours of leaching. Respective silver recoveries were 29.6, 27.3 and 42.4%.

&nbsp;&nbsp;&nbsp;&nbsp;· The deep zone high-grade composite was marginally amenable to agitated cyanidation
treatment at the "as received" feed size. The other composites were amenable at that feed size. Gold recoveries of 51.6, 76.2
and 82.6%, respectively, were achieved in 96 hours of agitated cyanidation. Respective silver recoveries were 29.2, 34.8 and 30.2%.

&nbsp;&nbsp;&nbsp;&nbsp;· Reagent consumptions were high, ranging from 3.30 to 13.36 lb/st (1.65 to
6.68 kg/t) for sodium cyanide and 10.6 to 18.9 lb/st (5.3 to 9.45 kg/t) for lime.

&nbsp;&nbsp;&nbsp;&nbsp;· Optimum agglomerating conditions required 15 to 20 lb of cement per ton of
ore. The agglomerates for Mn/Sb bulk sample did not markedly degrade under simulated freeze/thaw conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· Column testing was mentioned, but no report was available for review. However,
a memorandum dated March 11, 1991, did indicate problems with maintaining pH in the columns. The gold and silver extractions for
agglomerated minus 1 in. material for three bulk samples are summarized in Table 10-2. The results were reasonable with gold extraction
ranging from 69.2% to 84%. The cyanide consumption was reasonable, ranging from 1.87 to 2.93 lb/st (0.94 to 1.47 kg/t).

---

| | |
|:---|:---|
| **Table 10-1:** | **Feed Analyses of Three Bulk Samples** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Sample** | **Head Grade** | **Head Grade** | **Head Grade** |
| **Sample** | **Au (oz/st)** | **Ag (oz/st)** | **Cu (%)** |
| High-Grade | 0.123 | 4.76 | 0.91 |
| Mn/Sb | 0.025 | 0.38 | 0.08 |
| SQB | 0.056 | 0.60 | 0.32 |

---

---

| | |
|:---|:---|
| **Table 10-2:** | **Column Leach Test Results for Three Bulk Samples** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Parameters** | **Composite** | **Composite** | **Composite** |
| **Parameters** | **FG** | **FMG/FMQ** | **FQ** |
| Feed Grade | Feed Grade | Feed Grade | Feed Grade |
| Au (oz/st) | 0.095 | 0.75 | 0.10 |
| Ag (oz/st) | 2.56 | 3.32 | 0.71 |
| Cu (%) | 0.96 | 0.78 | 0.20 |
| Extraction % (110 days) | Extraction % (110 days) | Extraction % (110 days) | Extraction % (110 days) |
| Au | 73.3 | 69.2 | 84.0 |
| Ag | 11.2 | 10.8 | 25.4 |
| Cyanide Consumption (lb/st) | 2.93 | 2.19 | 1.87 |
| Cement (lb/st) | 15 | 15 | 15 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 10-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**10.1.4** **USMX (1994–1995)** 

USMX entered into a letter agreement with North Pacific Mining Company (NPMC) to evaluate the Illinois Creek Project. It prepared a year-end report (1994) summarizing the activities on the Project.

Some relevant highlights extracted from the report are summarized here:

&nbsp;&nbsp;&nbsp;&nbsp;· The deposit occurs as a large gossan zone which was intersected over a strike
length of 14,500 ft to a depth of greater than 2,000 ft. Oxidation of the mineralization which originally contained arsenopyrite, pyrite
and lesser base-metal sulfides and sulfosalts in a variable silicious matrix is nearly complete to a depth of about 1,400 ft below the
present surface.

&nbsp;&nbsp;&nbsp;&nbsp;· Economic gold-silver mineralization is present in portions of the gossan
and is associated with elevated copper and/or lead content.

&nbsp;&nbsp;&nbsp;&nbsp;· The gossan is broken into three lithologies: ferruginous quartzite (FQ),
ferruginous gossan (FG) and ferruginous/manganiferous quartzite/gossan (FMQ/FMG). FQ unit constitutes about 67% of the mineralized portion,
and the remaining is split equally between the other two lithologies.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineralogically, gossan contains several oxide minerals, including hematite,
goethite, jarosite, psilomelane and manganite. Gold is present in the native phase and to a lesser degree as electrum, forming small grains
(<20 microns) intimately associated with amorphous iron limonites. Silver occurs as argentojarosite and less commonly in the native
phase and is closely associated with manganese oxides.

&nbsp;&nbsp;&nbsp;&nbsp;· Though copper assays were available in the drill hole database, they were
neglected in the initial evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;· McClelland Laboratories performed tests in 1994–1995 on the three bulk
samples representing ore types: FG, FQ and FMG/FMQ. Bottle roll tests for 96 hours on P100 of 0.25 in. feed resulted in gold extraction
of 74% to 79% for the three ore types. The column tests on ROM ore resulted in gold extraction of ±90% for FQ and FMQ/FMG material
and 77.5% for FG material. The average recovery projected for the deposit was 80.5% for gold and 28.9% for silver. The feed for the columns
assayed 0.066 oz/st to 0.173 oz/st Au and 0.70 to 6.31 oz/st Ag.

&nbsp;&nbsp;&nbsp;&nbsp;· The ROM ore screen analyses indicated that 20% to 25% of the material is
finer than 65 mesh. This amount of fines could potentially cause permeability issues, especially during winter months. This has been noted
by MRDI in the audit report in 2000.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 10-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**10.2** **Conceptual Process Flowsheet** 

The QP's review of all the metallurgical studies indicated that the following factors should be considered in order to develop a reliable extraction process for the climatic conditions in Alaska:

&nbsp;&nbsp;&nbsp;&nbsp;· The mineralization is amenable to both heap leaching and agitated leach process.

&nbsp;&nbsp;&nbsp;&nbsp;· The mineralization is friable and will produce sufficient fines to warrant
agglomeration before stacking on the heap.

&nbsp;&nbsp;&nbsp;&nbsp;· The mineralization contains sufficient oxide copper to consume high quantities
of cyanide; therefore, it would be economical to recover cyanide by incorporating a SART process, which may result in a higher CAPEX,
or alternatively recover Cu by cementation, which will have a lower CAPEX and slightly higher OPEX.

&nbsp;&nbsp;&nbsp;&nbsp;· Approximately 30% to 50% of the silver will be recovered in the heap leach
process. Remaining silver is refractory (argentojarosite) and will require additional processing steps in the circuit to improve extraction.

&nbsp;&nbsp;&nbsp;&nbsp;· Silver-to-gold ratio in the pregnant solution is greater than 5:1. Therefore,
Merrill Crowe process should be selected for recovery of gold and silver from pregnant solution.

&nbsp;&nbsp;&nbsp;&nbsp;· Metal recoveries for a milling/cyanidation process with Merrill Crowe are
estimated at 92% for gold and 65% for silver. Additional metallurgical testing is required to confirm these recovery projections.

&nbsp;&nbsp;&nbsp;&nbsp;· There are no known processing factors or deleterious elements that could
have a significant impact on potential economic extraction.

**10.3** **QP's Opinion** 

In the QP's opinion, the metallurgical test work to date is sufficient for the purposes of Mineral Resource estimation. Additional test work should be undertaken to confirm recoveries of Au, Ag, and Cu for the oxide ore.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 10-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**11.0** **Mineral Resource Estimates** 

**11.1** **Summary** 

This section of the TRS describes the Mineral Resource estimation methodology and summarizes the key assumptions considered by the QPs to prepare the Mineral Resource model for the gold, silver and copper mineralization for the Illinois Creek deposit and silver, lead and zinc at the Waterpump Creek deposit.

This includes an estimate of the in situ Mineral Resources at Illinois Creek deposit (subsection 11.2.1 and 11.2.3), an estimate of the Mineral Resources located on the leach pad area at Illinois Creek deposit area (subsections 11.2.2 and 11.2.3), where mineralized material was stacked during previous mining activities and leached intermittently from 1997 through mine closure and an estimate of the in situ Mineral Resources at Waterpump Creek deposit (subsection 11.3).

Drilling on the Property in 2024 was on two new exploration targets, Warm Springs and LH, which are located between the Illinois Creek and Waterpump Creek deposits; further drilling is required before Mineral Resources can be estimated for these targets.

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions).

The estimate of the in situ and leach pad Illinois Creek Indicated and Inferred Mineral Resources is shown in Table 11-1.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-1:** | **Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources – July 21, 2021** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Au<br> (%)** | **Ag<br> (%)** |
| Indicated | 8.7 | 1.33 | 0.90 | 34.4 | 106.4 | 373 | 253 | 9.6 | 29.8 | 92 | 65 |
| Inferred | 3.3 | 1.44 | 0.99 | 36.2 | 115.4 | 152 | 104 | 3.8 | 12.1 | 92 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g./t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. |

---

Estimates of the sulfide and oxide Inferred Mineral Resources at Waterpump Creek are shown in Table 11-2 and Table 11-3, respectively. The effective date of the Waterpump Creek sulfide Mineral Resource estimate is February 20, 2024, and the effective date of the Waterpump Creek oxide Mineral Resource estimate is February 1, 2024. Drilling in the Waterpump Creek area in 2024 was on two new exploration targets, Warm Springs and LH.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-2:** | **Waterpump Creek Mixed Oxide/Sulfide and Sulfide Mineral Resource Estimate – February 20, 2024** |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Domain** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** | **Metallurgical<br> Recoveries** |
| **Class** | **Domain** | **Tonnes<br> (Mt)** | **AgEq<br> (g/t)** | **Ag<br> (g/t)** | **Zn<br> (%)** | **Pb<br> (%)** | **ZnEq<br> (%)** | **AgEq<br> (Moz)** | **Ag<br> (Moz)** | **Zn<br> (Mlb)** | **Pb<br> (Mlb)** | **ZnEq<br> (Mlb)** | **Ag<br> (%)** | **Zn<br> (%)** | **Pb<br> (%)** |
| Inferred | Oxide/Sulfide | 0.04 | 302 | 302 | - | - | - | 0.3 | 0.3 | - | - | - | 75 | - | - |
| Inferred | Sulfide | 2.38 | 980 | 279 | 11.28 | 9.87 | 26.4 | 74.9 | 21.4 | 591.2 | 517.3 | 1383 | 75 | 84 | 70 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices were based on industry consensus of long term metal pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-3:** | **Waterpump Creek North Oxide Mineral Resource Estimate – February 1, 2024** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Metallurgical<br> Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AgEq<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (Moz)** | **Ag<br> (Moz)** | **Ag<br> (%)** |
| Inferred | 0.72 | 150 | 150 | 3.5 | 3.5 | 75 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-4 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The QP has confirmed that there were no changes in the Mineral Resource estimates between the effective date and December 31, 2024

The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

**11.2** **Illinois Creek** 

**11.2.1** **In Situ Mineral Resource Estimate** 

**11.2.1.1** **Approach to Estimation of In Situ Mineral Resources at Illinois Creek** 

In the opinion of the QP, the Mineral Resource estimate reported herein is a reasonable representation of the mineralization found at the Illinois Creek Project at the current level of sampling. The Mineral Resources were estimated in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November 29, 2019) and are reported in accordance with S-K 1300.

Mineral Resources are not Mineral Reserves, and they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves upon application of modifying factors.

Estimations are made from 3D block models based on geostatistical applications using commercial mine planning software (MinePlan® v15.7). The project limits are based in the UTM coordinate system (NAD83) using a nominal block size measuring 10 m × 10 m × 5 m (L × W × H) for the Illinois Creek deposit.

The Mineral Resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, silver and copper. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data.

Definitions for resource categories used in this TRS are those defined by the SEC in S-K 1300. Mineral Resources are classified into Indicated and Inferred categories. The Mineral Resources were classified according to their proximity to the sample data locations.

This section of the report describes the approach used to estimate the in situ Mineral Resources at the Illinois Creek deposit.

**11.2.1.2** **Available Data** 

On March 20, 2019, WACG provided the updated drill hole sample data for the Illinois Creek deposit. Since that time, there has been no additional exploration in the area of the Mineral Resources.

The data comprised a series of ASCII files (.csv spreadsheet) containing collar locations, down hole survey results, geologic information, and assay results for a total of 583 drill holes representing 51,558 m of drilling. Of these, 505 drill holes, totaling 41,488 m of drilling, test the Illinois Creek deposit and contribute to the estimation of the in situ Mineral Resources. The other 78 drill holes are exploratory in nature and test for extensions east of the Illinois Creek deposit or other satellite deposits on the Property. Note: These drilling statistics are derived from the database used to generate the estimate of Mineral Resources and may differ slightly from those presented in Section 7.2 (Drilling) of this report. WAC&G has made some changes to the drilling database since March 2019 that accounts for these differences. These minor changes have no impact on the estimate of Mineral Resources for the Illinois Creek deposit.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-5 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

It should be noted that the drilling data for the Illinois Creek deposit were initially reported in the imperial system using a local "drill grid" coordinate system. All of this information was converted to metric units (in other words, feet to meters), and the coordinates were rotated to UTM grid coordinates (UTM NAD83 Zone 4W).

Of the 505 holes that test the Illinois Creek deposit, 145 are diamond drill (DD) holes and 360 holes are reverse circulation (RC) drill holes. Comparisons were made between the data produced from each type of drilling. DD holes tend to provide higher gold grades than RC drilling, but these differences are inconsistent and may only be local occurrences. Previous studies conducted by MRDI suggest that the RC drilling may not effectively capture all of the gold in some areas. DD and RC results show local variations, but, overall, they seem to correspond quite well. There were no modifications made to the database based on the type of drill hole.

There are no recovery data included in the database. MRDI, as part of its March 2000 audit, reported that recoveries tend to be quite good in most cases, but some gold losses were observed in holes that encountered poor recoveries.

Drilling on the Illinois Creek deposit was conducted between 1981 and 2006 with the majority of holes completed during campaigns run from 1990 through 1995. Drill holes penetrate the south- southeast dipping Illinois Creek deposit over a strike length of more than 2,500 m and to depths that exceed 200 m below surface.

The distribution of gold grades in drill holes that are proximal to the Illinois Creek deposit is shown in plan view in Figure 11-1.

In the Illinois Creek sample database, a total of 16,936 individual samples, representing 25,611 m of drilling, were analyzed for gold and silver content. About 50% of these samples were also analyzed using a multi-element (whole-rock, 26-element) package. The results for copper, lead and zinc were selected for potential inclusion in this Mineral Resource evaluation. Further evaluation of the available data show that only about 30% of samples were tested for lead and zinc content, and based on these results, the distributions of lead and zinc data are considered insufficient to support estimates of Mineral Resources. The distributions of available gold, silver and copper sample data in the vicinity of the Illinois Creek deposit are shown in Figure 11-2, Figure 11-3, and Figure 11-4, respectively.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-6 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-1:** | **Plan View of Gold Grades in Drilling** |

---

![](tm2515003d2_ex96-1sp4img2.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-2:** | **Isometric View of Available Gold Data in Drilling** |

---

![](tm2515003d2_ex96-1sp4img3.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-7 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-3:** | **Isometric View of Available Silver Data in Drilling** |

---

![](tm2515003d2_ex96-1sp4img4.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-4:** | **Isometric View of Available Copper Data in Drilling** |

---

![](tm2515003d2_ex96-1sp4img5.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-8 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

As shown in Figure 11-1 to Figure 11-4, it is not uncommon to have drill hole intervals that have no associated assay data. The drill hole logging information was reviewed in an attempt to identify why some sample data may not be present.

Unsampled drilling intervals that represent no recovery, overburden, lost assay data, or logged intervals that appear to represent some potential for mineralization (ferruginous or manganiferous quartzite) are shown as "missing" in the sample database.

Unsampled drilling intervals that, based on the logging descriptions, show no visible signs of the presence of mineralization, have been identified and assigned zero grade values for gold and silver content. This represents a total of 5,655 m of drill hole intervals that have been assigned default zero grade values for gold and silver.

Figure 11-5 and Figure 11-6 show the distribution of gold and silver sample data, respectively, following the treatment of unsampled intervals. Note the differences between Figure 11-2 and Figure 11-5 for gold sample data and between Figure 11-3 and Figure 11-6 for silver sample data.

---

| | |
|:---|:---|
| **Figure 11-5:** | **Isometric View of Gold Data in Drilling following Treatment of Unsampled Intervals** |

---

![](tm2515003d2_ex96-1sp4img6.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-9 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-6:** | **Isometric View of Silver Data in Drilling following Treatment of Unsampled Intervals** |

---

![](tm2515003d2_ex96-1sp4img7.jpg)

Source: SGI 2021.

The distribution of missing copper data is not consistent, and, as a result, there have been no modifications to the copper database to account for missing copper assay results.

Individual sample intervals range from a minimum of 0.06 m to a maximum of 28.35 m and average 1.58 m long.

Essentially, all of the RC samples (>99%) were taken on 5 ft (1.52 m) sample intervals. The length of DD samples is more variable, but the majority of these samples (33%) were also taken over 5 ft (1.52 m) intervals, and the overall average of DD samples is 1.42 m long.

As described in Section 8 (Sample Preparation, Analyses and Security) of this report, a series of 220 samples were selected for SG determinations by NPMC and USMX between 1991 and 1994. Based on these results, average SG values were assigned to the various lithology units. This provides SG values for approximately 90% of the sample intervals in the database (approximately 10% of the sample intervals do not have defined lithology types, and, therefore, do not have associated SG values).

SG values range from 2.29 to 2.67 and average 2.56. The mineralized core of the deposit tends to have lower SG values due to the intense oxidation that is present. The available SG data are considered sufficient to support the estimation of Mineral Resources, and the distribution of SG data are considered sufficient to support the interpolation of SG values into blocks in the resource block model.

A topographic surface was provided in the local "drill grid" imperial coordinate system that represents the topographic surface as of May 2013 (Note: Since the mine closed in 2003, there has been some minor remedial reclamation work, but it appears that this topographic surface represents the extent of mining that has taken place at Illinois Creek). The topographic surface was converted to metric coordinates and translated to the NAD83 projection. The current surface is represented by the topographic contours shown in Figure 11-5 through Figure 11-8. Note: The topographic surface in the leach pad area was updated using the surveyed RC collar locations and a series of additional proximal point locations.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-10 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

An additional topographic surface was generated using the drill hole collar locations that represent the "pre-mining" surface. The resource block model was generated to include the portions of the deposit that have already been mined out (for comparison purposes). However, the estimate of in situ Mineral Resources presented in this report was truncated by the May 2013 topographic surface.

Geologic information, derived from observations during core and RC chip logging, provide lithology code designations for the various rock units present on the Property.

The statistical properties of the data in the vicinity of the Illinois Creek deposit, excluding exploration drill holes, are shown in Table 11-4.

---

| | |
|:---|:---|
| **Table 11-4:** | **Summary of Basic Statistics of Data Proximal to the Mineral Resource Model** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **# of Samples** | **Min** | **Max** | **Mean** | **Std. Dev.** |
| Gold (g/t) | 19330 | 0 | 91.749 | 0.444 | 1.895 |
| Silver (g/t) | 19327 | 0 | 2564.60 | 15.2 | 53.93 |
| Copper (%) | 9836 | 0 | 11.40 | 0.07 | 0.270 |
| SG | 17864 | 2.29 | 2.67 | 2.56 | 0.090 |

---

Note: Original sample data are weighted by sample length. The data used in Table 11-4 are restricted to drill holes in the vicinity of the Illinois Creek deposit. Default zero-grade values are assigned to unsampled intervals that do not show signs of the presence of mineralization.

**11.2.1.3** **Compositing** 

Compositing the drill hole samples helps standardize the database for further statistical evaluation. This step eliminates any effect that inconsistent sample lengths might have on the data.

To retain the original characteristics of the underlying data, a composite length was selected that reflects the average, original sample length. The generation of longer composites can result in some degree of smoothing which could mask certain features of the data.

A composite length of 1.5 m was selected for the Illinois Creek deposit, reflecting the fact that the vast majority of samples were collected on 1.5 m intervals.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-11 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**11.2.1.4** **Generation of Gold and Silver Probability Shell Domains** 

The distributions of gold and silver (and copper) are similar, but there are areas where gold is present and silver grades are low (or vice versa). As a result, separate probability shell domains were generated based on the distributions of gold and silver in the deposit. Indicator values are assigned to 1.5 m composited sample data based on a threshold grade of 0.10 g/t Au and 10 g/t Ag. Probability estimates are made in model blocks for both metals using ordinary kriging (OK). During interpolations, a dynamic search approach was used in which the search orientations are controlled using an interpreted plane that represents the center of the mineralized zone. This approach retains the stratigraphic sequence of the mineralization and replicates any inherent banding in the deposit's grade distributions in the block model. Following interpolation, 3D domains were produced in which the areas inside the probability shells represent areas where there is a >50% probability that the grade will be above the defined threshold grade limits. The shape and extent of the grade probability shell domains are shown in Figure 11-7 and Figure 11-8.

---

| | |
|:---|:---|
| **Figure 11-7:** | **Isometric View of Gold Probability Grade Shell Domain** |

---

![](tm2515003d2_ex96-1sp05img01.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-12 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-8:** | **Isometric View of Silver Probability Grade Shell Domain** |

---

![](tm2515003d2_ex96-1sp05img02.jpg)

Source: SGI 2021.

**11.2.1.5** **Exploratory Data Analysis** 

Exploratory data analysis (EDA) involves the statistical summarization of the database to better understand the characteristics of the data that may control grade. One of the main purposes of this exercise is to determine whether there is evidence of spatial distinctions in grade which may require the separation and isolation of domains during interpolation. The application of separate domains prevents unwanted mixing of data during interpolation, and, therefore, the resulting grade model will better reflect the unique properties of the deposit. However, applying domain boundaries in areas where the data are not statistically unique may impose a bias in the distribution of grades in the model.

A domain boundary, which segregates the data during interpolation, is typically applied when the average grade in one domain is significantly different from that of another domain. A boundary may also be applied if there is evidence that a significant change in the grade distribution has occurred across the contact.

A series of boxplots were generated to compare the statistical properties of sample data inside versus outside of the probability shell domains. Figure 11-9 shows the distribution of gold and silver data located inside versus outside of their respective probability grade shell domains. Note the very distinct differences in the data with very little overlap of the contained data.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-13 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-9:** | **Boxplots of Gold and Silver Data Inside vs Outside of the Probability Grade Shell Domains** |

---

![](tm2515003d2_ex96-1sp05img03.jpg)

Source: SGI 2021.

Comparison of copper data contained inside versus outside of both the gold and silver probability grade shell domains show that the distribution of copper is more distinct inside and outside of the silver shell, with less overlap of the grade distributions and more distinct differences between the mean grades inside and outside of the silver domain.

A series of contact profiles were also generated that evaluate the nature of grade changes across the various domain boundaries. The example in Figure 11-10 shows somewhat transitional grade changes, as grades tends to decrease near the contacts inside the shell domains. These figures are generated using 1.5 m composite sample data. At the scale of blocks in the model (10 × 10 × 5 m), the grade transition at the contact is much more abrupt, indicating that these domains have segregated two distinct populations of sample data.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-14 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-10:** | **Contact Profiles of Gold and Silver Grades Across Grade Shell Domains Boundaries** |

---

![](tm2515003d2_ex96-1sp05img04.jpg)

Source: SGI 2021.

**Conclusions and Modeling Implications**

The results of the EDA indicate that the gold and silver grades within their individual probability shell domains are significantly different than those in the surrounding area, and that the probability shell domains should be treated as distinct or hard domains during block grade estimations for these metals.

The distribution of copper is more closely related to that of silver, and, therefore, the silver grade probability shell domain was used during the estimation of copper grades in the block model.

**11.2.1.6** **Evaluation of Outlier Grades** 

Histograms and probability plots for the distribution of gold, silver and copper were reviewed to identify the presence of anomalous outlier grades in the composited (1.5 m) database. Following a review of the physical location of potentially erratic samples in relation to the surrounding sample data, it was decided that these would be controlled during block grade interpolations using the application of outlier limitations. An outlier limitation controls the distance of influence of samples above a defined grade threshold. During grade interpolations, samples above the outlier thresholds are limited to a maximum distance of influence of 20 m (approximately ½ the distance between drill holes). The grade thresholds for gold, silver and copper are shown in Table 11-5.

Overall, these applications result in a 5% reduction in both contained gold and silver and a 4% reduction in contained copper. These measures are considered appropriate for a deposit with this distribution of delineation drilling.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-15 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-5:** | **Treatment of Outlier Sample Data** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Domain** | **Maximum** | **Outlier Limit** |
| Gold (g/t) | Inside Shell | 66.627 | 20 |
| Gold (g/t) | Outside Shell | 17.686 | 5 |
| Silver (g/t) | Inside Shell | 2307.0 | 800 |
| Silver (g/t) | Outside Shell | 809.4 | 100 |
| Copper (%) | Inside Shell | 9.28 | 2 |
| Copper (%) | Outside Shell | 6.86 | 1 |

---

Note: Table 11-5 reflects 1.5 m composited drill hole data.

**11.2.1.7** **Variography** 

The degree of spatial variability in a mineral deposit depends on both the distance and direction between points of comparison. Typically, the variability between samples increases as the distance between those samples increases. If the degree of variability is related to the direction of comparison, then the deposit is said to exhibit anisotropic tendencies which can be summarized with the search ellipse. The semi-variogram is a common function used to measure the spatial variability within a deposit.

The components of the variogram include the nugget, the sill and the range. Often samples compared over very short distances, even samples compared from the same location, show some degree of variability. As a result, the curve of the variogram often begins at some point on the y-axis above the origin: this point is called the nugget. The nugget is a measure of not only the natural variability of the data over very short distances but also a measure of the variability which can be introduced due to errors during sample collection, preparation, and the assay process.

The amount of variability between samples typically increases as the distance between the samples increases. Eventually, the degree of variability between samples reaches a constant, maximum value: this is called the sill, and the distance between samples at which this occurs is called the range.

In this report, the spatial evaluation of the data was conducted using a correlogram rather than the traditional variogram. The correlogram is normalized to the variance of the data and is less sensitive to outlier values, generally giving better results.

Variograms were created using the commercial software package Sage 2001© developed by Isaaks & Co.

Multidirectional variograms for gold, silver and copper were generated from the distributions of data located inside the respective probability shell domains. The same variograms are used to estimate the grades both inside and outside of the domains. Variograms were generated using a z-coordinate relative to the interpreted central trend plane of the mineralization. This approach represents the dynamic search orientation approach described previously that retains any stratigraphic banding that may be present in the deposit. The variograms are summarized in Table 11-6.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-16 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-6:** | **Variogram Parameters** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | | | | **1st Structure** | **1st Structure** | **1st Structure** | **2nd Structure** | **2nd Structure** | **2nd Structure** |
| **Element** | **Nugget** | **Sill 1** | **Sill 2** | **Range<br> (m)** | **Azimuth<br> (°)** | **Dip<br> (°)** | **Range<br> (m)** | **Azimuth<br> (°)** | **Dip<br> (°)** |
| Gold | 0.35 | 0.554 | 0.096 | 23 | 56 | 22 | 514 | 66 | 1 |
| Gold | Spherical | Spherical | Spherical | 18 | 13 | -62 | 165 | 336 | 1 |
| Gold | Spherical | Spherical | Spherical | 7 | 139 | -18 | 19 | 220 | 88 |
| Silver | 0.325 | 0.48 | 0.195 | 20 | 26 | 67 | 196 | 51 | -2 |
| Silver | Spherical | Spherical | Spherical | 10 | 187 | 22 | 61 | 142 | -18 |
| Silver | Spherical | Spherical | Spherical | 4 | 100 | -7 | 28 | 134 | 72 |
| Copper | 0.289 | 0.55 | 0.161 | 48 | 100 | 16 | 1231 | 87 | 3 |
| Copper | Spherical | Spherical | Spherical | 22 | 219 | 59 | 286 | 177 | 17 |
| Copper | Spherical | Spherical | Spherical | 9 | 2 | 26 | 66 | 348 | 73 |

---

Note: Correlograms were conducted on 1.5 m composite sample data.

**11.2.1.8** **Model Setup and Limits** 

A block model was initialized in MinePlan®, and the dimensions are defined in Table 11-7. The selection of a nominal block size measuring 10 × 10 × 5 m (l × w × h) is considered appropriate with respect to the current drill hole spacing as well as the selective mining unit (SMU) size typical of an operation of this type and scale.

---

| | |
|:---|:---|
| **Table 11-7:** | **Block Model Limits** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Direction** | **Minimum** | **Maximum** | **Block Size (m)** | **# of Blocks** |
| X (east) | 551400 | 555400 | 10 | 400 |
| Y (north) | 7100700 | 7102200 | 10 | 150 |
| Z (elevation) | -200 | 300 | 5 | 100 |

---

Blocks in the model were coded on a majority basis with the gold and silver probability grade shell domains. During this stage, blocks along a domain boundary are coded when more than 50% of the block occurs within the boundaries of that domain.

The proportion of blocks that occur below the topographic surface is also calculated and stored within the model as individual percentage items. These values are used as weighting factors to determine the in situ Mineral Resources for the deposit. Note: Grades were estimated into all model blocks below the pre-mining topographic surface. The current (remaining) Mineral Resources were estimated below the current topographic surface that accounts for the portion of the deposit that has already been mined out.

**11.2.1.9** **Interpolation Parameters** 

The in situ block model grades for gold, silver and copper were estimated using OK. The results of the OK estimation were compared with the Hermitian Polynomial Change of Support model (also referred to as the Discrete Gaussian Correction). This method is described in more detail in Section 11.2.1.9.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-17 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The Illinois Creek OK model was generated with a relatively limited number of samples to match the change of support or Herco (Hermitian Correction) grade distribution. This approach reduces the amount of smoothing or averaging in the model, and, while there may be some uncertainty on a localized scale, this approach produces reliable estimates of the recoverable grade and tonnage for the overall deposit.

Estimates for SG are made using the inverse distance weighting (ID2) interpolation method.

The estimation parameters for the various elements in the Mineral Resource block model are shown in Table 11-8. All grade estimations use length-weighted composite drill hole sample data.

**Table 11-8: Interpolation Parameters for In Situ Mineral Resources**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **# of Composites** | **# of Composites** | **# of Composites** | **Method** |
| **Element** | **X** | **Y** | **Z<sup>1</sup>** | **Min/block** | **Max/block** | **Max/hole** | **Method** |
| Gold | 200 | 200 | 7 | 5 | 40 | 10 | OK |
| Silver | 200 | 200 | 7 | 5 | 40 | 10 | OK |
| Copper | 200 | 200 | 7 | 5 | 40 | 10 | OK |
| SG | 200 | 200 | 10 | 5 | 32 | 8 | ID2 |

---

Note. <sup>1</sup> The vertical search range is relative to the interpreted trend of the mineralized zone.

**11.2.1.10** **Validation** 

The results of the modeling process were validated using several methods. These include a thorough visual review of the model grades in relation to the underlying drill hole sample grades, comparisons with the change of support model, comparisons with other estimation methods and grade distribution comparisons using swath plots.

**Visual Inspection**

A detailed visual inspection of the block model was conducted in both section and plan to ensure the desired results following interpolation. This includes confirmation of the proper coding of blocks within the grade probability shell domains. The estimated gold, silver and copper grades in the model appear to be valid representations of the underlying drill hole sample data. Examples of the distribution of gold and silver grades in model blocks compared to the drill hole sample data are shown in several selected vertical cross sections oriented at an azimuth of 340 degrees in Figure 11-11 and Figure 11-12. Figure 11-13 shows gold equivalent (AuEq) grades in model blocks for comparison purposes.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-18 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-11:** | **Gold Grades in Drilling and Block Model** |

---

![](tm2515003d2_ex96-1sp05img05.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-12:** | **Silver Grades in Drilling and Block Model** |

---

![](tm2515003d2_ex96-1sp05img06.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-13:** | **Gold Equivalent Grades in Block Model** |

---

![](tm2515003d2_ex96-1sp05img07.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-19 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Model Checks for Change of Support**

The relative degree of smoothing in the block model estimates were evaluated using the Discrete Gaussian of Hermitian Polynomial Change of Support method (described by Rossi and Deutsch, Mineral Resource Estimation, 2014).

With this method, the distribution of the hypothetical block grades can be directly compared to the estimated (OK) model through the use of pseudo-grade/tonnage curves. Adjustments are made to the block model interpolation parameters until an acceptable match is made with the Herco distribution. In general, the estimated model should be slightly higher in tonnage and slightly lower in grade when compared to the Herco distribution at the projected cut-off grade. These differences account for selectivity and other potential ore-handling issues which commonly occur during mining.

The Herco distribution is derived from the declustered composite grades which were adjusted to account for the change in support, going from smaller drill hole composite samples to the large blocks in the model. The transformation results in a less skewed distribution but with the same mean as the original declustered samples.

The Herco analysis was conducted on the distribution of gold and silver in the block model and level of correspondence was achieved in all cases.

Examples showing the distributions of the gold and silver models inside their respective probability grade shell domains are shown in Figure 11-14.

---

| | |
|:---|:---|
| **Figure 11-14:** | **Herco Grade/Tonnage Plot for Gold and Silver Models** |

---

![](tm2515003d2_ex96-1sp05img08.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-20 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Comparison of Interpolation Methods**

For comparison purposes, additional models for gold, silver and copper were generated using both the inverse distance weighted (ID2) and nearest neighbor (NN) interpolation methods (the NN model was generated using data composited to 5 m intervals).

Comparisons are made between these models on grade/tonnage curves. Examples of the grade/tonnage curves for gold and silver are shown in Figure 11-15 (these are restricted to model blocks within their respective probability shell domains and in the Indicated category). There is good correlation between the OK and ID2 models throughout the range of cut-off grades. The NN distribution, generally showing less tonnage and higher grade, is the result of the absence of smoothing in this modeling approach. Similar results were achieved with the copper model.

Reproduction of the model using different methods tends to increase the confidence in the overall Mineral Resource estimate.

---

| | |
|:---|:---|
| **Figure 11-15:** | **Grade/Tonnage Comparison of Gold and Silver Models** |

---

![](tm2515003d2_ex96-1sp05img09.jpg)

Source: SGI 2021.

Note: restricted to Indicated class blocks inside grade shell domains.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-21 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Swath Plots (Drift Analysis)**

A swath plot is a graphical display of the grade distribution derived from a series of bands, or swaths, generated in several directions through the deposit. Grade variations from the OK model are compared using the swath plot to the distribution derived from the declustered (NN) grade model.

On a local scale, the NN model does not provide reliable estimations of grade, but, on a much larger scale, it represents an unbiased estimation of the grade distribution based on the underlying data. Therefore, if the OK model is unbiased, the grade trends may show local fluctuations on a swath plot, but the overall trend should be similar to the NN distribution of grade.

Swath plots were generated in three orthogonal directions for all models. An example of the gold and silver distributions in north-south swaths is shown in Figure 11-16.

There is good correspondence between the models in most areas. The degree of smoothing in the OK model is evident in the peaks and valleys shown in the swath plots. Areas where there are large differences between the models tend to be the result of "edge" effects, where there is less available data to support a comparison. Note: The majority of the Mineral Resources occur in three separate zones: West (between 551600E to 552000E), Central (between 552300E to 553400E) and East (between 553600E to 553800E).

The validation results indicate that the OK model is a reasonable reflection of the underlying sample data.

---

| | |
|:---|:---|
| **Figure 11-16:** | **Swath Plot of Gold and Silver OK and NN Models by Easting** |

---

![](tm2515003d2_ex96-1sp05img010.jpg)

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-22 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**11.2.1.11** **Mineral Resource Classification** 

The in situ Mineral Resources for the Illinois Creek deposit were classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions. The classification parameters are defined relative to the distance between gold sample data and are intended to encompass zones of reasonably continuous mineralization that exhibit the desired degree of confidence. These parameters are based on visual observations and statistical studies. Classification parameters are based primarily on the nature of the distribution of gold data as it is the main contributor to the relative value of this polymetallic deposit.

The following criteria were used to define in situ Mineral Resources in the Indicated and Inferred categories.

**Indicated Mineral Resources (In-situ)**

Mineral resources in this category exhibit good continuity of mineralization in which there is a consistent pattern or distribution of drill holes that are on a maximum nominal spacing of 30 m.

**Inferred Mineral Resources (In situ)**

Mineral resources in this category include model blocks that are located within a maximum distance of 100 m from a drill hole.

A domain was interpreted that encompasses model blocks that are included in the Indicated category. This step ensures consistency of classification of Indicated Resources across the deposit.

At this stage of project evaluation, there are no in situ Mineral Resources included in the Measured category.

**11.2.2** **Leach Pad Mineral Resource Estimate** 

This section of the report describes the approach used to estimate the Mineral Resources on the leach pad at the Illinois Creek deposit. This is the first estimate of Mineral Resources for the material located on the leach pad at the Illinois Creek deposit.

The leach pad material was stacked and leached intermittently starting in 1979 through mine closure. Recovery problems were encountered due to the change from a crush/agglomeration process envisioned in the feasibility study to a run-of-mine (ROM) scenario and, as a result, very little of the contained gold was ever extracted from the material on the leach pad. During reclamation, the pad was slightly recontoured and covered with a thin 1 m topsoil cap.

In the summer of 2020, WAC&G tested the leach pad area by drilling a series of 73 vertically oriented reverse circulation (RC) drill holes spaced on a regular 25 to 30 m grid pattern. The RC drill holes were stopped approximately 2 to 3 m above the impermeable liner location at the bottom of the leach pad.

Figure 11-17 shows the location of drilling in the leach pad area in relation to the drill holes that test the Illinois Creek deposit. The leach pad Mineral Resource estimate was generated using the RC drill hole sample assay results. Interpolation characteristics were defined based on the assumption that the leach pad material was stacked in a series of horizontal lifts.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-23 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-17:** | **Plan View Showing Drilling on the Illinois Creek Deposit and in the Leach Pad Area** |

---

![](tm2515003d2_ex96-1sp05img011.jpg)

Source: SGI 2021.

**11.2.2.1** **Available Data** 

On October 16, 2020, WAC&G provided the updated drill hole sample data for the Illinois Creek deposit.

The data comprised a series of Excel files (.xls spreadsheet) containing collar locations and assay results for a total of 73 drill holes representing 643.15 m of drilling. There was no associated geologic information provided with this drilling.

As stated previously, all of the drilling on the leach pad was completed using RC drilling equipment. Drilling was conducted in imperial units and the from-to intervals have been converted to metric equivalents for Mineral Resource estimation purposes. All holes are vertically oriented and range from a minimum of 3.05 m (10 ft) long to a maximum of 18.29 m (60 ft) long. Samples are taken on 1.52 m (5 ft) intervals.

All drilled intervals were sampled and analyzed using a multi-element ICP package plus fire assay for gold and additional analyses for cyanide-soluble gold, silver and copper. Sample data for gold, silver, copper, lead and zinc plus cyanide-soluble gold, silver and copper values were exported and retained for Mineral Resource estimation purposes. At this stage of project evaluation, it is likely that lead, zinc or copper would not be effectively extracted from the leach pad, but estimates are retained for information purposes. Assay results for copper, lead, zinc and cyanide-soluble copper are expressed in parts per million (ppm) units; these have been converted to percentage values for this study. Note: 15 samples exceed the maximum ICP grade ranges for lead (values occur as ">10,000 ppm Pb in the original database). These have been assigned default values of 1.01% Pb.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-24 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The distribution of drill holes on the leach pad is shown in plan view in Figure 11-18.

---

| | |
|:---|:---|
| **Figure 11-18:** | **Plan View of Drilling on the Leach Pad Area** |

---

![](tm2515003d2_ex96-1sp05img012.jpg)

Source: SGI 2021.

The leach pad sample database contains a total of 422 individual samples, each of which represents a 1.52 m (5 ft) sample interval.

The distributions of available gold, silver, copper, lead and zinc sample data are shown in Figure 11-19, Figure 11-20, Figure 11-21, Figure 11-22, and Figure 11-23, respectively.

The ratio of cyanide-soluble gold to total gold (AuCN/AuTotal) was also calculated from the sample data to provide some information regarding the solubility of the material on the leach pad. These ratios, shown in Figure 11-24, tend to be quite variable over the leach pad.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-25 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-19:** | **Isometric View of Available Gold Data in Leach Pad Drilling** |

---

![](tm2515003d2_ex96-1sp05img013.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-20:** | **Isometric View of Available Silver Data in Leach Pad Drilling** |

---

![](tm2515003d2_ex96-1sp05img014.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-26 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-21:** | **Isometric View of Available Copper Data in Leach Pad Drilling** |

---

![](tm2515003d2_ex96-1sp05img015.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-22:** | **Isometric View of Available Lead Data in Leach Pad Drilling** |

---

![](tm2515003d2_ex96-1sp05img016.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-27 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-23:** | **Isometric View of Available Zinc Data in Leach Pad Drilling** |

---

![](tm2515003d2_ex96-1sp05img017.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-24:** | **Isometric View of AuCN/AuTotal Ratios in Leach Pad Drilling** |

---

![](tm2515003d2_ex96-1sp05img018.jpg)

Source: SGI 2021.

A 3D topographic surface in the area of the leach pad was generated using the drill hole collar locations plus a series of additional points surveyed by McClintock Land Associates. The topographic contours shown in Figure 11-18 to Figure 11-24 have been generated from the updated topographic surface. A surface representing the base of the leach pad was created using the "as-built" information originally generated by SRK. During drilling of the leach pad, drill holes were stopped 2 to 3 m above the base of the leach pad to prevent damage to the liner.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-28 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Several test pits, dug and filled with water, provided the SG values: the larger test pits (dug by backhoe) showed SG ranges from 2.1 to 2.6 with an average of 2.3; the several smaller test pits (dug by hand) showed SG ranges from 1.8 to 2.2 with an average of 2.0. Historical production records indicate a total of 1.59 Mt of ore was stacked on the leach pad. With a pad volume estimated to be 631,360 m<sup>3</sup>, this gives an average SG of 2.5. Although the rocks at Illinois Creek contain high-sulfide contents, and the leach pad appears to be well compacted, an average SG of 2.5 is considered too high for material of this type. Therefore, an average SG of 2.3 was considered reasonable to determine the Mineral Resource tonnage on the leach pad.

The statistical properties of the leach pad sample data are shown in Table 11-9.

---

| | |
|:---|:---|
| **Table 11-9:** | **Summary of Basic Statistics of Leach Pad Sample Data** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **# of Samples** | **Min** | **Max** | **Mean** | **Std. Dev.** |
| Gold (g/t) | 422 | 0 | 3.740 | 0.467 | 0.444 |
| Silver (g/t) | 422 | 0 | 409 | 46.2 | 43.04 |
| Copper (%) | 422 | 0 | 4.37 | 0.44 | 0.406 |
| Lead (%) | 422 | 0 | 1.01 | 0.29 | 0.237 |
| Zinc (%) | 422 | 0 | 1.00 | 0.16 | 0.089 |
| CN Soluble Gold (g/t) | 422 | 0 | 3.29 | 0.239 | 0.325 |
| CN Soluble Silver (g/t) | 422 | 0 | 78.3 | 8.9 | 9.825 |
| CN Soluble Copper (%) | 422 | 0 | 0.20 | 0.07 | 0.06 |

---

Note: Original sample data are weighted by sample length.

There is quite a high amount of variability in the sample weights, but there is no evidence that a relationship exists between sample size and grade.

**11.2.2.2** **Compositing** 

See Section 11.2.1.3 for the description of compositing.

A composite length of 1.5 m was selected for the leach pad samples, reflecting the fact that all samples were collected on 1.52 m (5 ft) intervals.

**11.2.2.3** **Exploratory Data Analysis** 

See Section 11.2.1.5 for the description of exploratory data analysis (EDA).

A series of histograms and cumulative probability plots were generated for the various elements of interest. In essentially all cases, the sample data exhibit skewed distributions and pseudo- lognormal trends. A series of scatterplots were also generated that show weak to moderate correlation between gold and the other metals.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-29 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

There are no geologic domains related to the mineralized material located on the leach pad. Historical data suggests the material was placed on the pad in horizonal lifts, which would suggest there may be weak lateral trends present but limited-to-no vertical continuity of sample grades.

**11.2.2.4** **Evaluation of Outlier Grades** 

Histograms and probability plots for the distribution of gold, silver, copper, lead and zinc were reviewed to identify the presence of anomalous outlier grades in the composited (1.5 m) database. Following a review of the physical location of potentially erratic samples in relation to the surrounding sample data, it was decided that these would be controlled during block grade interpolations using a combination of top-cutting plus the application of outlier limitations. An outlier limitation controls the distance of influence of samples above a defined grade threshold. During grade interpolations, samples above the outlier thresholds are limited to a maximum distance of influence of 20 m (approximately ½ the distance between drill holes). The grade thresholds for all elements are shown in Table 11-10.

Overall, these applications result in a 3.3% reduction in contained gold, 3.5% reduction in contained silver, 2.1% reduction in contained copper, and 1.4% and 1.8% reductions in contained lead and zinc, respectively. These measures are considered appropriate for this leach pad area.

---

| | |
|:---|:---|
| **Table 11-10:** | **Treatment of Outlier Samples in Leach Pad Data** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Maximum** | **Top-Cut Limit** | **Outlier Limit** |
| Gold (g/t) | 3.640 | - | 1.500 |
| Silver (g/t) | 409 | 300 | 150 |
| Copper (%) | 4.24 | 2.50 | 1.70 |
| Lead (%) | 1.01 | - | 0.90 |
| Zinc (%) | 1.00 | 0.50 | 0.40 |

---

Note: Table 11-10 reflects 1.5 m composited drill hole data.

**11.2.2.5** **Variography** 

See Section 11.2.1.7 for the description of variography.

Multidirectional variograms for gold, silver, copper, lead, zinc and the ratio of AuCN/AuTotal were generated using the composited (1.5 m) sample data. Variograms were "flattened" in the horizontal directions to restrict or limit the amount of smoothing in the vertical direction (this approach is in response to the horizontal stacking approach used to build the leach pad). The variograms are summarized in Table 11-11.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-30 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-11:** | **Variogram Parameters of Leach Pad Sample Data** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | | | | **1st Structure** | **1st Structure** | **1st Structure** | **2nd Structure** | **2nd Structure** | **2nd Structure** |
| **Element** | **Nugget** | **Sill 1** | **Sill 2** | **Range<br> (m)** | **Azimuth<br> (°)** | **Dip<br> (°)** | **Range<br> (m)** | **Azimuth<br> (°)** | **Dip<br> (°)** |
| Gold | 0.062 | 0.805 | 0.133 | 37 | 96 | 0 | 2203 | 0 | 0 |
| Gold | Spherical | Spherical | Spherical | 16 | 6 | 0 | 23 | 90 | 0 |
| Gold | Spherical | Spherical | Spherical | 6 | 90 | 90 | 9 | 90 | 90 |
| Silver | 0.226 | 0.364 | 0.41 | 53 | 341 | 0 | 411 | 62 | 0 |
| Silver | Spherical | Spherical | Spherical | 17 | 71 | 0 | 47 | 332 | 0 |
| Silver | Spherical | Spherical | Spherical | 5 | 90 | 90 | 18 | 90 | 90 |
| Copper | 0.075 | 0.625 | 0.3 | 48 | 104 | 0 | 88 | 4 | 0 |
| Copper | Spherical | Spherical | Spherical | 17 | 14 | 0 | 30 | 94 | 0 |
| Copper | Spherical | Spherical | Spherical | 5 | 90 | 90 | 9 | 90 | 90 |
| Lead | 0.033 | 0.741 | 0.226 | 34 | 80 | 0 | 201 | 28 | 0 |
| Lead | Spherical | Spherical | Spherical | 31 | 350 | 0 | 47 | 118 | 0 |
| Lead | Spherical | Spherical | Spherical | 5 | 90 | 90 | 10 | 90 | 90 |
| Zinc | 0.26 | 0.545 | 0.195 | 26 | 33 | 0 | 1669 | 65 | 0 |
| Zinc | Spherical | Spherical | Spherical | 19 | 123 | 0 | 57 | 335 | 0 |
| Zinc | Spherical | Spherical | Spherical | 8 | 90 | 90 | 9 | 90 | 90 |
| Ratio AuCN/AuTotal | 0.328 | 0.608 | 0.065 | 65 | 44 | 0 | 874 | 34 | 0 |
| Ratio AuCN/AuTotal | Spherical | Spherical | Spherical | 28 | 134 | 0 | 786 | 124 | 0 |
| Ratio AuCN/AuTotal | Spherical | Spherical | Spherical | 10 | 90 | 90 | 21 | 90 | 90 |

---

Note: Correlograms were conducted on 1.5 m composite sample data.

**11.2.2.6** **Model Setup and Limits** 

The block model described in Table 11-7 not only covers the area of the in situ Mineral Resources but also extends to the area of the leach pad. The nominal block size, measuring 10 × 10 × 5 m (l × w × h), is considered appropriate with respect to the current drill hole spacing in the leach pad area. Grade estimates used to estimate the leach pad Mineral Resources are restricted to model blocks that intersect the volume of material located on the leach pad.

The proportion of blocks that occur within the volume of material on the leach pad is also calculated and stored within the model as individual percentage items. These values are used as weighting factors to determine the volume (tonnage) of Mineral Resources located on the leach pad.

**11.2.2.7** **Interpolation Parameters** 

The block model grades for gold, silver, copper, lead, zinc and the ratio of AuCN/AuTotal were estimated using OK. The results of the OK estimation were compared with the Hermitian Polynomial Change of Support model (also referred to as the Discrete Gaussian Correction described previously in Section 11.2.1.10 of this report).

The Illinois Creek OK model for the leach pad Mineral Resources was generated with a relatively limited number of samples to match the change of support or Herco (Hermitian Correction) grade distribution. This approach reduces the amount of smoothing or averaging in the model, and, while there may be some uncertainty on a localized scale, this approach produces reliable estimates of the recoverable grade and tonnage for the overall deposit.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-31 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The estimation parameters for the various elements in the Mineral Resource block model are shown in Table 11-12. All grade estimations use length-weighted composite drill hole sample data.

---

| | |
|:---|:---|
| **Table 11-12:** | **Interpolation Parameters for Leach Pad Area Mineral Resources** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **Number of Composites** | **Number of Composites** | **Number of Composites** | **Comments** |
| **Element** | **X** | **Y** | **Z<sup>1</sup>** | **Min/block** | **Max/block** | **Max/hole** | **Comments** |
| Gold | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Silver | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Copper | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Lead | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Zinc | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Ratio AuCN/AuTotal | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |

---

Note. <sup>1</sup> The vertical search range is relative to the interpreted trend of the mineralized zone. DH = drill hole.

**11.2.2.8** **Validation** 

The results of the modeling process were validated using several methods. These include a thorough visual review of the model grades in relation to the underlying drill hole sample grades, comparisons with the change of support model, comparisons with other estimation methods and grade distribution comparisons using swath plots.

**Visual Inspection**

A detailed visual inspection of the block model was conducted in both section and plan to ensure the desired results following interpolation. The estimated gold, silver, copper, lead and zinc grades in the leach pad area appear to be valid representations of the underlying drill hole sample data. Examples of the distribution of gold and silver grades in model blocks compared to the drill hole sample data are shown in several selected vertical cross sections oriented at an azimuth of 340 degrees in Figure 11-25 and Figure 11-26.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-32 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-25:** | **Gold Grades in Drilling and Block Model in the Leach Pad Area** |

---

![](tm2515003d2_ex96-1sp05img019.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-26:** | **Silver Grades in Drilling and Block Model in the Leach Pad Area** |

---

![](tm2515003d2_ex96-1sp05img020.jpg)

Source: SGI 2021.

**Model Checks for Change of Support**

See Section 11.2.1.10 for the description of model checks for change of support.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-33 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The Herco analysis was conducted on the distribution of all five metals estimated in the block model and level of correspondence was achieved in all cases.

Examples showing the distributions of the gold and silver models are shown in Figure 11-27.

**Figure 11-27: Herco Grade/Tonnage Plot for Gold and Silver Models in the Leach Pad Area**

![](tm2515003d2_ex96-1sp05img021.jpg)

Source: SGI 2021.

**Swath Plots (Drift Analysis)**

See Section 11.2.1.10 for the description of swath plots.

Swath plots were generated in three orthogonal directions for all models. An example of the gold and silver distributions in north-south swaths is shown in Figure 11-28.

There is good correspondence between the models in most areas. The degree of smoothing in the OK model is evident in the peaks and valleys shown in the swath plots.

The validation results indicate that the OK model is a reasonable reflection of the underlying sample data.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-34 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-28:** | **Swath Plot of Gold and Silver OK and NN Models by Easting in the Leach Pad Area** |

---

![](tm2515003d2_ex96-1sp05img022.jpg)

Source: SGI 2021.

**11.2.2.9** **Mineral Resource Classification** 

The Mineral Resources located in the leach pad area at the Illinois Creek deposit were classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with the CIM Definition Standards on Mineral Resources and Mineral Reserves (May 2014). The classification parameters are defined relative to the distance between gold sample data and are intended to encompass zones of reasonably continuous mineralization that exhibit the desired degree of confidence. These parameters are based on visual observations and statistical studies. Classification parameters are based primarily on the nature of the distribution of gold data as it is the main contributor to the relative value of this polymetallic leach pile.

The following criteria were used to define leach pad Mineral Resources in the Indicated and Inferred categories.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-35 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Indicated Mineral Resources (Leach Pad)**

Mineral resources in this category are areas of the leach pad where there is a consistent pattern or distribution of drill holes that are on a maximum nominal spacing of 30 m.

**Inferred Mineral Resources (Leach Pad)**

Mineral resources in this category include model blocks that are located within a maximum distance of 60 m from a drill hole.

A domain was interpreted that encompasses model blocks that are included in the Indicated category. This step ensures consistency of classification across the deposit. The remainder of the leach pile material that is not included in the Indicated category is included in the Inferred resource category.

At this stage of Project evaluation, there are no Mineral Resources on the leach pad that can be included in the Measured category.

**11.2.3** **Summary Illinois Creek In Situ and Leach Pad Mineral Resource Estimate** 

S-K 1300 defines a mineral resource as: "[A] concentration or occurrence of material of economic interest, in or on the Earth's crust in such form, grade or quality and quantity, that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location, or continuity that with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled."

The requirement with respect to "reasonable prospects for economic extraction" generally implies that quantity and grade estimates meet certain economic thresholds and that mineral resources are reported at an appropriate cut-off grade that takes into account extraction scenarios and processing recovery. It is assumed that the in situ Mineral Resources would be mined using open pit extraction methods. It is also assumed that there would be no selectivity (i.e., no cut-off grade threshold) of the material located in the leach pad area and that all the material currently located on the leach would be treated with cyanide leaching solution.

Reasonable prospects for economic extraction of the in situ Mineral Resources were tested by constraining it within a floating cone pit shell with the following parameters (US$):

&nbsp;&nbsp;&nbsp;&nbsp;· Mining (open pit) $2.50/t

&nbsp;&nbsp;&nbsp;&nbsp;· Processing $10/t

&nbsp;&nbsp;&nbsp;&nbsp;· G&A $4/t

&nbsp;&nbsp;&nbsp;&nbsp;· Gold price $1,600/oz

&nbsp;&nbsp;&nbsp;&nbsp;· Silver price $20/oz

&nbsp;&nbsp;&nbsp;&nbsp;· Gold process recovery 92%

&nbsp;&nbsp;&nbsp;&nbsp;· Silver process recovery 65%

&nbsp;&nbsp;&nbsp;&nbsp;· Copper process recovery 0%
(no CN-leach recovery of copper)

&nbsp;&nbsp;&nbsp;&nbsp;· Pit slope 45
degrees

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-36 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

These metal prices and mining costs were derived by reviewing current industry disclosures of similar projects.

Based on the metal prices and recoveries listed here, recoverable gold equivalent (AuEqR) grades are calculated using the following formula:

AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)

The pit shell is generated using a floating cone algorithm based on the recoverable AuEq block grades. There are no adjustments for mining recoveries or dilution. This test indicates that some of the deeper mineralization may not be economic due to the increased waste-stripping requirements. It is important to recognize that discussions surrounding surface mining parameters are used solely to test the "reasonable prospects for economic extraction," and they do not represent an attempt to estimate mineral reserves. There are no mineral reserves estimated for this Project. These preliminary evaluations are used to prepare a Mineral Resource Statement and to select appropriate reporting assumptions.

The estimate of in situ Mineral Resources, contained within the $1,600/oz Au pit shell, is shown in Table 11-13. Based on the assumed metal prices, operating costs and projected metallurgical recoveries, the base case cut-off grade for mineral resources is estimated to be 0.35 g/t AuEqR. Note that the average SG of the in situ Mineral Resources is 2.52.

The estimate of Mineral Resources located on the leach pad is shown in Table 11-14. It is assumed that all of the material currently located on the leach pad exhibits reasonable prospects for eventual economic extraction considering the same prices and costs used for the floating cone analysis above. It is also assumed that there will be no selective mining and that the whole volume of material on the pad will be processed using leaching solutions. Therefore, Mineral Resources located on the leach pad are presented at a zero-cut-off grade.

The combined Mineral Resources for the Illinois Creek Project are shown in Table 11-15.

There are no known factors related to environmental, permitting, legal, title, taxation, socio- economic, marketing, political or other relevant factors which could materially affect the Mineral Resource. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Mineral Resources in the Indicated category, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-37 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-13:** | **Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources – July 21, 2021** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical Recoveries** | **Metallurgical Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Au<br> (%)** | **Ag<br> (%)** |
| Indicated | 7.4 | 1.39 | 0.98 | 32.7 | 111.1 | 331 | 234 | 7.8 | 26.5 | 92 | 65 |
| Inferred | 3.1 | 1.47 | 1.02 | 35.9 | 117.5 | 148 | 102 | 3.6 | 11.8 | 92 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. |

---

---

| | |
|:---|:---|
| **Table 11-14:** | **Mineral Resource Estimate for Leach Pad Mineral Resources – July 21, 2021** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical Recoveries** | **Metallurgical Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Au<br> (%)** | **Ag<br> (%)** |
| Indicated | 1.30 | 1.00 | 0.44 | 44.3 | 79.5 | 41.8 | 18.6 | 1.9 | 3.4 | 92 | 65 |
| Inferred | 0.15 | 0.90 | 0.37 | 42.6 | 72.2 | 4.4 | 1.8 | 0.2 | 0.3 | 92 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding. |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-38 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag.

---

| | |
|:---|:---|
| **Table 11-15:** | **Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources – July 21, 2021** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br> (Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical Recoveries** | **Metallurgical Recoveries** |
| **Class** | **Tonnes<br> (Mt)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Au<br> (%)** | **Ag<br> (%)** |
| Indicated | 8.7 | 1.33 | 0.90 | 34.4 | 106.4 | 373 | 253 | 9.6 | 29.8 | 92 | 65 |
| Inferred | 3.3 | 1.44 | 0.99 | 36.2 | 115.4 | 152 | 104 | 3.8 | 12.1 | 92 | 65 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. AuEq and AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The cut-off grade for resources considered amenable to open pit extraction methods is 0.35 g/t AuEqR. The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65).<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Totals may not add due to rounding. |

---

The distribution of the in situ base case Mineral Resource within the $1,600/oz Au pit shell as well as the material in the leach pad area is shown from a series of isometric viewpoints in Figure 11-29 and Figure 11-30.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-39 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-29:** | **Isometric View of Base Case Mineral Resources (North)** |

---

![](tm2515003d2_ex96-1sp05img023.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-30:** | **Isometric View of Base Case Mineral Resources (South)** |

---

![](tm2515003d2_ex96-1sp05img024.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-40 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Sensitivity of In Situ Mineral Resources to Gold Price**

There is relatively little change in the volume of Mineral Resources in the Indicated category with changing gold price. This is because the majority of Indicated class model blocks occur within the base case pit shell, and there is little difference in the size of other pit shells generated using lower gold prices. The volume of Mineral Resources in the Inferred category is more variable, with a significant increase in the depth extent of the pit shell and the size of the mineral resource, when the gold price reaches $1,900/oz.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-41 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-16:** | **Sensitivity of In Situ Mineral Resources to Gold Price** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gold Price<br> ($/oz)** | **Cut-off<br> Grade<br> AuEq (g/t)** | **Tonnes<br> (M)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Gold Price<br> ($/oz)** | **Cut-off<br> Grade<br> AuEq (g/t)** | **Tonnes<br> (M)** | **AuEq<br> (g/t)** | **Au<br> (g/t)** | **Ag<br> (g/t)** | **AgEq<br> (g/t)** | **AuEq<br> (koz)** | **Au<br> (koz)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** |
| **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** | **Indicated** |
| 1200 | 0.46 | 6.1 | 1.57 | 1.13 | 35.4 | 125.8 | 308 | 221 | 6.9 | 24.6 |
| 1300 | 0.43 | 6.54 | 1.51 | 1.08 | 34.6 | 121 | 318 | 227 | 7.3 | 25.5 |
| 1400 | 0.4 | 6.85 | 1.47 | 1.04 | 33.9 | 117.1 | 323 | 230 | 7.5 | 25.9 |
| 1500 | 0.37 | 7.18 | 1.42 | 1 | 33.2 | 113.2 | 328 | 232 | 7.7 | 26.3 |
| **Base Case 1,600** | **0.35** | **7.4** | **1.39** | **0.98** | **32.7** | **111.1** | **331** | **234** | **7.8** | **26.5** |
| 1700 | 0.33 | 7.6 | 1.37 | 0.96 | 32.2 | 109 | 334 | 235 | 7.9 | 26.7 |
| 1800 | 0.31 | 7.81 | 1.34 | 0.94 | 31.7 | 106.9 | 336 | 236 | 8 | 26.9 |
| 1900 | 0.29 | 8.08 | 1.31 | 0.92 | 31.1 | 104.7 | 339 | 238 | 8.1 | 27.1 |
| 2000 | 0.28 | 8.21 | 1.29 | 0.91 | 30.8 | 103.6 | 340 | 239 | 8.1 | 27.2 |
| **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| 1200 | 0.46 | 1.53 | 1.65 | 1.16 | 39.1 | 131.9 | 81 | 57 | 1.9 | 6.5 |
| 1300 | 0.43 | 2.11 | 1.61 | 1.13 | 38.3 | 128.7 | 109 | 77 | 2.6 | 8.8 |
| 1400 | 0.4 | 2.44 | 1.54 | 1.07 | 38.2 | 123.8 | 121 | 84 | 3 | 9.7 |
| 1500 | 0.37 | 2.74 | 1.5 | 1.04 | 36.9 | 120.1 | 132 | 92 | 3.3 | 10.7 |
| **Base Case 1,600** | **0.35** | **3.13** | **1.47** | **1.02** | **35.9** | **117.5** | **148** | **102** | **3.6** | **11.8** |
| 1700 | 0.33 | 3.51 | 1.43 | 1 | 34.9 | 114.9 | 162 | 112 | 3.9 | 12.9 |
| 1800 | 0.31 | 3.85 | 1.4 | 0.97 | 34.2 | 111.8 | 173 | 120 | 4.2 | 13.8 |
| 1900 | 0.29 | 6.39 | 1.33 | 0.93 | 31.9 | 106.3 | 273 | 191 | 6.5 | 21.8 |
| 2000 | 0.28 | 7.19 | 1.3 | 0.91 | 31.7 | 104.5 | 301 | 209 | 7.3 | 24 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-42 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Note: The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold prices, and using cut-off grades that are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $1,200/oz to $2,000/oz at $1,000/oz increments, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $1,600/oz with a cut-off grade of 0.35 g/t AuEqR. AuEq and AgEq values are based on gold and silver values using metal prices of US$1,600/oz Au, and US$20/oz Ag. The formulas for AuEq and AgEq are AuEq (g/t) = Au (g/t) + 0.0125 x Ag (g/t) and AgEq (g/t) = Ag (g/t) + 80.0 x Au(g/t). The formula for AuEqR is AuEqR = (Au g/t × 0.92) + (Ag g/t × 0.0125 × 0.65)

Mineral resources are not mineral reserves because the economic viability has not been demonstrated.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-43 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**11.3** **Waterpump Creek** 

In the opinion of the QP, the Mineral Resource estimate reported herein is a reasonable representation of the mineralization found at the Waterpump Creek Deposit at the current level of sampling. The Mineral Resources were estimated in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November 29, 2019) and are classified and reported in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions.

Mineral Resources are not Mineral Reserves, and they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves upon application of modifying factors.

Estimations are made from 3D block models based on geostatistical applications using commercial mine planning software (MinePlan® v16.0.5). The project limits are based in the UTM coordinate system (NAD83) using a nominal block size measuring 15 m × 15 m × 3 m (L x W x H).

The Mineral Resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, silver and copper. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data.

The Mineral Resources were classified according to their proximity to the sample data locations.

These are the first estimates of Mineral Resources produced for the Waterpump Creek deposit.

**11.3.1** **Available Data** 

In August 2023, WACG provided the drill hole sample data for the Waterpump Creek deposit. Since that time, there has been no additional exploration in the area of in situ Mineral Resources.

The data comprised a series of ASCII files (.csv spreadsheet) containing collar locations, down- hole survey results, geologic information and assay results for a total of 88 drill holes representing 16,125 m of drilling. The geology domains were built using Leapfrog software and were received by LGGC as dxf files.

Drilling on the Waterpump Creek deposit was conducted between 1983 and 2023 with 45 holes drilled between 1983 and 2006 and 43 holes between 2021 and 2023. Drill holes penetrate the north south trending Waterpump Creek deposit over a strike length of 750 m and to depths that exceed 400 m below surface.

In the Waterpump Creek sample database, a total of 7,386 individual samples were analyzed for silver, lead and zinc content.

The distribution of silver grades in drill holes that are proximal to the Waterpump Creek deposit is shown in plan view in Figure 11-31 and in long section in Figure 11-32, for lead in Figure 11-33 and Figure 11-34 and for zinc in Figure 11-35 and Figure 11-36.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-44 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-31:** | **Plan View of Silver Grades in Drilling, Ag g/t** |

---

![](tm2515003d2_ex96-1sp05img025.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-45 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-32:** | **Long Section View of Silver Grades in Drilling, Ag g/t** |

---

![A screen shot of a graph Description automatically generated](tm2515003d2_ex96-1sp05img026.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-46 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-33:** | **Plan View of Lead Grades in Drilling, Pb %** |

---

![](tm2515003d2_ex96-1sp05img027.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-47 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Figure 11-34: Longitudinal Section View of Lead Grades in Drilling, Pb %**

![](tm2515003d2_ex96-1sp05img028.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-48 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-35:** | **Plan View of Zinc Grades in Drilling, Zn %** |

---

![](tm2515003d2_ex96-1sp05img029.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-49 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-36:** | **Long Section View of Zinc Grades in Drilling, Zn %** |

---

![](tm2515003d2_ex96-1sp05img030.jpg)

Source: LGGC 2024.

As shown in Figure 11-31 through Figure 11-36, it is not uncommon to have drill hole intervals that have no associated assay data, especially outside of areas of mineralization. Mineralized zones were sampled while hanging wall and footwall zones were more selectively sampled. Areas not sampled were assigned a zero grade for each element.

Individual sample intervals range from a minimum of 0.04 m to a maximum of 6.2 m and average 1.50 m long.

Bulk density (BD) data for the Waterpump Creek deposit were reviewed. The database contains 1,146 test results and LGGC averaged the data by the different geology domains. The averaged results were used to estimate the tonnage in the resource estimation as per Table 11-17.

**Table 11-17: Averaged Bulk Density Results by Domain**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **No.** | **Mean** | **CV** | **Minimum** | **Q25** | **Q50** | **Q75** | **Maximum** |
| Waste Domains |  | 2.68 |  |  |  |  |  |  |
| 100 | 489 | 2.67 | 0.06 | 2.06 | 2.59 | 2.71 | 2.76 | 4.11 |
| 150 | 37 | 2.68 | 0.03 | 2.53 | 2.64 | 2.68 | 2.72 | 2.81 |
| 500 | 337 | 2.7 | 0.04 | 2.1 | 2.65 | 2.71 | 2.77 | 3.41 |
| Mineralized Domains |  |  |  |  |  |  |  |  |
| 600(630, 640, 655) | 98 | 3.02 | 0.17 | 2.22 | 2.63 | 2.83 | 3.43 | 4.41 |
| 620 | 1 | 2.24 | Used 3.0 |  |  |  |  |  |
| 665 | 184 | 3.67 | 0.11 | 2.52 | 3.43 | 3.62 | 3.83 | 6.24 |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-50 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

BD values within the estimated domains (600, 620, and 665) range from 2.24 to 3.67 and average 3.34 (excluding the 2.24 from the single result for domain 620). With only one measurement in the 620 domain, LGGC applied a BD value of 3.0 to this domain.

A topographic surface was derived from a LIDAR survey over the area and was provided in the UTM coordinate metric units.

Geologic information, derived from observations during logging, provided lithology code designations for the various rock units present on the Waterpump Creek deposit area.

The statistical properties for silver, lead and zinc of each mineralized domain at the Waterpump Creek deposit are summarized in Table 11-18.

**Table 11-18: Summary of Basic Statistics of Assay Data by Mineralized Domains**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **No.** | **Mean** | **CV** | **Minimum** | **Maximum** |
| Ag | 620 | 267 | 169.58 | 2.25 | 0.2000 | 3140.60 |
| Pb | 620 | 267 | 8.13 | 1.95 | 0.0001 | 72.44 |
| Zn | 620 | 267 | 4.99 | 1.69 | 0.0050 | 43.34 |
| Ag | 630(600) | 32 | 140.35 | 1.63 | 4.9000 | 940.00 |
| Pb | 630(600) | 32 | 4.66 | 1.67 | 0.1150 | 31.72 |
| Zn | 630(600) | 32 | 4.68 | 1.37 | 0.0208 | 28.40 |
| Ag | 640(600) | 207 | 77.73 | 1.89 | 0.2500 | 977.00 |
| Pb | 640(600) | 207 | 3.05 | 1.72 | 0.0009 | 32.87 |
| Zn | 640(600) | 207 | 5.20 | 1.09 | 0.0165 | 31.78 |
| Ag | 655(600) | 19 | 86.95 | 1.28 | 3.0000 | 395.00 |
| Pb | 655(600) | 19 | 2.55 | 1.13 | 0.0721 | 9.69 |
| Zn | 655(600) | 19 | 2.71 | 1.09 | 0.2550 | 16.80 |
| Ag | 665 | 295 | 227.04 | 1.56 | 0.2500 | 2670.00 |
| Pb | 665 | 295 | 7.39 | 1.39 | 0.0050 | 71.10 |
| Zn | 665 | 295 | 10.11 | 0.99 | 0.0200 | 57.70 |

---

Note: Original assay data are weighted by sample length. The data used in Table 11-18 are restricted to assay data in the mineralized domains used for the resource estimate.

**11.3.2** **Compositing** 

Compositing the drill hole samples helps standardize the database for further statistical evaluation. This step eliminates any effect that inconsistent sample lengths might have on the data.

To retain the original characteristics of the underlying data, a composite length was selected that reflects the average, original sample length. The generation of longer composites can result in some degree of smoothing which could mask certain features of the data.

A composite length of 1.5 m was selected for the Waterpump Creek deposit, reflecting the fact that the vast majority of samples were collected on 1.5 m intervals.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-51 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**11.3.3** **Mineralized Domains at Waterpump Creek Deposit** 

WAM provided the domain solids based on the logged geology codes and mineralized domains. LGGC found them to be reasonable representations of the underlying geology and appropriate for use in the Mineral Resource estimation (Figure 11-37 and Figure 11-38).

---

| | |
|:---|:---|
| **Figure 11-37:** | **Plan View of Mineralized Domains at Waterpump Creek Deposit** |

---

![](tm2515003d2_ex96-1sp6img001.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-52 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-38:** | **Long Section View of Mineralized Domains at Waterpump Creek Deposit** |

---

![](tm2515003d2_ex96-1sp6img002.jpg)

Source: LGGC 2023.

As there were too few composites for mineral estimation in domains 630 and 655, the data from these domains were combined with domain 640 and the combined code assigned was 600 (Table 11-19).

---

| | |
|:---|:---|
| **Table 11-19:** | **Lithology and Mineralized Domains with Corresponding Codes** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Geology Solids** | &nbsp;&nbsp;**Code** |
| &nbsp;&nbsp;Schist | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Lower Schist | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Dolomite | &nbsp;&nbsp;500 |
| &nbsp;&nbsp;North Min oxide | &nbsp;&nbsp;620 |
| &nbsp;&nbsp;Oxide Pyrite | &nbsp;&nbsp;630 (600) |
| &nbsp;&nbsp;Oxide Sulfide | &nbsp;&nbsp;640 (600) |
| &nbsp;&nbsp;Pyrite | &nbsp;&nbsp;655 (600) |
| &nbsp;&nbsp;Sulfide | &nbsp;&nbsp;665 |

---

The summary statistics of the composited data within the mineralized domains is included in Table 11-20.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-53 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-20:** | **Summary of Basic Statistics of 1.5 m Composites by Mineralized Domains** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **No.** | **Mean** | **CV** | **Minimum** | **Maximum** |
| Ag | 620 | 199 | 155.62 | 2.10 | 0.0800 | 2097.67 |
| Pb | 620 | 199 | 7.46 | 1.91 | 0.0001 | 69.60 |
| Zn | 620 | 199 | 4.52 | 1.65 | 0.0040 | 41.32 |
| Ag | 630(600) | 13 | 147.14 | 1.99 | 17.6900 | 1153.33 |
| Pb | 630(600) | 13 | 5.54 | 1.47 | 1.1347 | 32.93 |
| Zn | 630(600) | 13 | 4.32 | 1.03 | 0.0420 | 14.50 |
| Ag | 640(600) | 121 | 72.73 | 2.35 | 0.2500 | 1325.30 |
| Pb | 640(600) | 121 | 2.57 | 2.01 | 0.0009 | 36.65 |
| Zn | 640(600) | 121 | 5.06 | 1.13 | 0.0437 | 27.99 |
| Ag | 655(600) | 41 | 106.65 | 2.13 | 0.9200 | 1466.80 |
| Pb | 655(600) | 41 | 3.18 | 1.86 | 0.0196 | 38.25 |
| Zn | 655(600) | 41 | 4.51 | 0.85 | 0.2530 | 15.51 |
| Ag | 665 | 178 | 226.38 | 1.10 | 1.3400 | 1556.00 |
| Pb | 665 | 178 | 7.32 | 0.98 | 0.0140 | 37.56 |
| Zn | 665 | 178 | 10.17 | 0.87 | 0.0620 | 45.13 |

---

**11.3.4** **Exploratory Data Analysis** 

Exploratory data analysis (EDA) involves the statistical summarization of the database to better understand the characteristics of the data that may control grade. One of the main purposes of this exercise is to determine whether there is evidence of spatial distinctions in grade which may require the separation and isolation of domains during interpolation. The application of separate domains prevents unwanted mixing of data during interpolation, and, therefore, the resulting grade model will better reflect the unique properties of the deposit. However, applying domain boundaries in areas where the data are not statistically unique may impose a bias in the distribution of grades in the model.

Comparison of silver, lead and zinc grades contained inside versus outside of each mineralized domain were reviewed and showed that the distribution of silver, lead and zinc is more distinct inside the domains than the surrounding schist and dolomite domains.

**11.3.5** **Evaluation of Outlier Grades** 

Histograms and probability plots for the distribution of silver, lead and zinc were reviewed to identify the presence of anomalous outlier grades in the assay and composited (1.5 m) data. Examples of these plots are included in Figure 11-39 for domain 665. Following a review of the physical location of potentially erratic samples in relation to the surrounding sample data, it was decided that these would be controlled during block grade interpolations using the application of outlier limitations. An outlier limitation controls the distance of influence of samples above a defined grade threshold. During grade interpolations, samples above the outlier thresholds are limited to a maximum distance of influence of 45 m. The grade thresholds for silver, lead and zinc are shown in Table 11-21.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-54 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-39:** | **Histogram/Probability Plots of 1.5 m Composites for Ag g/t, Pb%, and Zn% in Domain 665** |

---

![](tm2515003d2_ex96-1sp6img003.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-55 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-21:** | **Outlier Limitation Grade Thresholds and Range by Domain** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Domain** | **Outlier Limit** | **Outlier Range** |
| Silver (g/t) | 620 | 1100 | 45 m |
| Silver (g/t) | 600 | 200 | 45 m |
| Silver (g/t) | 665 | 1100 | 45 m |
| Lead (%) | 620 | 40 | 45 m |
| Lead (%) | 600 | 10 | 45 m |
| Lead (%) | 665 | 33 | 45 m |
| Zinc (%) | 620 | 25 | 45 m |
| Zinc (%) | 600 | 12 | 45 m |
| Zinc (%) | 665 | 40 | 45 m |

---

Note: Table 11-21 reflects 1.5 m composited drill hole data.

**11.3.6** **Variography** 

The degree of spatial variability in a mineral deposit depends on both the distance and direction between points of comparison. Typically, the variability between samples increases as the distance between those samples increases. If the degree of variability is related to the direction of comparison, then the deposit is said to exhibit anisotropic tendencies which can be summarized with the search ellipse. The semi-variogram is a common function used to measure the spatial variability within a deposit.

The components of the variogram include the nugget, the sill, and the range. Often samples compared over very short distances, even samples compared from the same location, show some degree of variability. As a result, the curve of the variogram often begins at some point on the y-axis above the origin: this point is called the nugget. The nugget is a measure of not only the natural variability of the data over very short distances but also a measure of the variability which can be introduced due to errors during sample collection, preparation, and the assay process.

The amount of variability between samples typically increases as the distance between the samples increases. Eventually, the degree of variability between samples reaches a constant, maximum value: this is called the sill, and the distance between samples at which this occurs is called the range.

In this report, the spatial evaluation of the data was conducted using a correlogram rather than the traditional variogram. The correlogram is normalized to the variance of the data and is less sensitive to outlier values, generally giving better results.

Variograms were created using the commercial software package Sage 2001© developed by Isaaks & Co.

Multidirectional variograms for silver, lead and zinc were generated from the distributions of data located inside the combined mineralized domains. The variograms for each element are summarized in Table 11-22.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-56 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-22:** | **Variogram Parameters** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Nugget** | **Sill 1** | **Sill 2** | **1st Structure** | **1st Structure** | **1st Structure** | **2nd Structure** | **2nd Structure** | **2nd Structure** |
| **Element** | **Nugget** | **Sill 1** | **Sill 2** | **Range (m)** | **Azimuth (°)** | **Dip** | **Range (m)** | **Azimuth (°)** | **Dip** |
| Silver | 0.308 | 0.399 | 0.293 | 85.4 | 153 | -38 | 71.4 | 65 | 2 |
| Silver | Spherical | Spherical | Spherical | 22.3 | 44 | -23 | 191.5 | 335 | 10 |
| Silver | Spherical | Spherical | Spherical | 3 | 111 | 44 | 18.1 | 164 | 80 |
| Lead | 0.136 | 0.238 | 0.626 | 82.2 | 14 | -2 | 69.8 | 80 | 6 |
| Lead | Spherical | Spherical | Spherical | 36 | 258 | 19 | 161.9 | 345 | 40 |
| Lead | Spherical | Spherical | Spherical | 4.1 | 99 | 71 | 12.5 | 177 | 49 |
| Zinc | 0.115 | 0.480 | 0.405 | 75.2 | 181 | -2 | 117.7 | 58 | 2 |
| Zinc | Spherical | Spherical | Spherical | 25.9 | 90 | -27 | 202.2 | 326 | 37 |
| Zinc | Spherical | Spherical | Spherical | 4.7 | 95 | 63 | 20.1 | 150 | 53 |

---

Note: Correlograms were conducted on 1.5 m composite sample data and reported in vertical order of X, Y, Z axis.

**11.3.7** **Model Setup and Limits** 

A block model was initialized in MinePlan®, and the dimensions are defined in Table 11-23. The selection of a nominal block size measuring 15 × 15 × 3 m (L × W × H) is considered appropriate with respect to the current drill hole spacing as well as the selective mining unit (SMU) size typical of an operation of this type and scale.

---

| | |
|:---|:---|
| **Table 11-23:** | **Block Model Limits** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Direction** | **Minimum** | **Maximum** | **Block Size (m)** | **# of Blocks** |
| X (east) | 557700 | 558600 | 15 | 60 |
| Y (north) | 7104500 | 7105805 | 15 | 87 |
| Z (elevation) | -300 | 216 | 3 | 172 |

---

Blocks in the model were coded with the mineralized domain codes and percents of each domain within a block. Each mineralized domain is interpolated into the block within its boundary and then the block grade is combined using weight averaging of percent of each domain within a block.

The proportion of blocks that occur below the topographic surface is also calculated and stored within the model as individual percentage items.

**11.3.8** **Interpolation Parameters** 

The in situ block model grades for silver, lead and zinc were estimated using OK.

The estimation parameters for the various elements in the Mineral Resource block model are shown in Table 11-24. All grade estimations use length-weighted composite drill hole sample data.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-57 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-24:** | **Interpolation Parameters for In Situ Mineral Resources – Waterpump Creek** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Search Ellipse<br> Range (m)** | **Min No.<br> Comps** | **Max No<br> Comps** | **Max No.<br> Comps per<br> DDH** |
| Silver | 600 | 300 | 3 | 12 | 2 |
| Silver | 620 | 300 | 4 | 20 | 3 |
| Silver | 665 | 300 | 3 | 12 | 2 |
| Lead | 600 | 300 | 3 | 12 | 2 |
| Lead | 620 | 300 | 4 | 20 | 3 |
| Lead | 665 | 300 | 3 | 12 | 2 |
| Zinc | 600 | 300 | 4 | 20 | 3 |
| Zinc | 620 | 300 | 4 | 20 | 3 |
| Zinc | 665 | 300 | 4 | 20 | 3 |

---

**11.3.8.1** **Validation** 

The results of the modeling process were validated using several methods. These include a thorough visual review of the model grades in relation to the underlying drill hole sample grades, comparisons with other estimation methods and grade distribution comparisons using swath plots.

**Visual Inspection**

A detailed visual inspection of the block model was conducted in both sections and plans to ensure the desired results following interpolation. This includes confirmation of the proper coding of blocks within the grade probability shell domains. The estimated silver, lead and zinc grades in the model appear to be valid representations of the underlying drill hole sample data. Examples of the distribution of silver, lead and zinc grades in model blocks compared to the drill hole composite data are shown in several selected vertical, north-south cross sections (looking west) in Figure 11-40, Figure 11-41, and Figure 11-42.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-58 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-40:** | **Grades in Drilling and Block Model, Section 558240E, Domains 600 and 665** |

---

![](tm2515003d2_ex96-1sp6img004.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-59 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-41:** | **Grades in Drilling and Block Model, Section 558255E, Domains 600 and 665** |

---

![](tm2515003d2_ex96-1sp6img005.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-60 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-42:** | **Grades in Drilling and Block Model, Section 558270E, Domains 600 and 665** |

---

![](tm2515003d2_ex96-1sp6img006.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-61 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**Swath Plots (Drift Analysis)**

A swath plot is a graphical display of the grade distribution derived from a series of bands, or swaths, generated in several directions through the deposit. Grade variations from the OK model are compared using the swath plot to the distribution derived from the inverse distance (ID2) and declustered nearest neighbor (NN) grade models.

On a local scale, the NN model does not provide reliable estimations of grade, but, on a much larger scale, it represents an unbiased estimation of the grade distribution based on the underlying data. Therefore, if the OK and ID2 models are unbiased, the grade trends may show local fluctuations on a swath plot, but the overall trend should be similar to the NN distribution of grade.

Swath plots were generated in three orthogonal directions for all models. An example of the silver, lead, and silver equivalent distributions in east-west swaths is shown in Figure 11-43.

There is good correspondence between the models in most areas. The degree of smoothing in the OK and ID2 models is evident in the peaks and valleys shown in the swath plots. Areas where there are large differences between the models tend to be the result of "edge" effects, where there is less available data to support a comparison.

The validation results indicate that the OK model is a reasonable reflection of the underlying sample data.

---

| | |
|:---|:---|
| **Figure 11-43:** | **Swath Plot of Gold and Silver OK and NN Models by Easting for All Domains** |

---

![](tm2515003d2_ex96-1sp6img007.jpg)

Source: LGGC 2024.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-62 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**11.3.9** **Mineral Resource Classification** 

Mineral resources in the Inferred category include model blocks that are located within a maximum distance of 100 m from a drill hole.

A domain has been interpreted that encompasses model blocks that are included in the Inferred category. This step insures consistency of classification across the deposit.

Mineral Resources are defined in S-K 1300 as: "[A] concentration or occurrence of material of economic interest, in or on the Earth's crust in such form, grade or quality and quantity, that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location, or continuity that with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled."

**11.3.10** **Summary of Waterpump Creek In Situ Mineral Resources** 

The requirement with respect to "reasonable prospects for economic extraction" generally implies that quantity and grade estimates meet certain economic thresholds and that mineral resources are reported at an appropriate cut-off grade that takes into account extraction scenarios and processing recovery. It is assumed that the in situ Mineral Resources would be mined using underground extraction methods for the deeper zones 600 (sulfide/oxide mix) and 665 (sulfide zone) and by open pit extraction methods for the shallower north oxide zone 620.

**11.3.10.1** **Underground Extraction: Zones 600 and 665** 

Reasonable prospects for economic extraction of the in situ Mineral Resources have been assessed using the following inputs (US$):

&nbsp;&nbsp;&nbsp;&nbsp;· Mining (underground) $65/t

· Processing $35/t

· G&A $15/t

· Silver price $24/oz

· Lead price $1/lb

· Zinc price $1.3/lb

· Silver process recovery 75%

· Lead process recovery 70%

· Zinc process recovery 84%

These metal prices and mining costs were derived by reviewing current industry disclosers of similar projects.

The AgEqR reporting cut-off grade for zone 665 was based on the metal prices and recoveries listed above using recovered silver equivalent formula:

AgEqR = (Ag g/t x 0.75) + (Pb%/100 × 1998.99) + (Zn%/100 × 3118.47)

The silver equivalent block grades for zone 665 were calculated assuming full metal recoveries using the silver equivalent formula:

AgEq=Ag g/t + (Pb%/100 × 2855.7) + (Zn%/100 × 3712.5)

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-63 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

The zinc equivalent block grades for zone 665 were calculated assuming full metal recoveries using the zinc equivalent formula:

ZnEq=Zn% + (Pb% × 0.769) + (Ag g/t × 0.027)

The estimates of in situ underground Mineral Resources for zones 665 and 660 are shown in Table 11-25. Based on the assumed metal prices, operating costs and projected metallurgy recoveries, Zone 665 is reported using an AgEqR cutoff of 200 g/t. Zone 600 uses a 200 g/t Ag cut-off grade, which assumes no recovery of Zn or Pb from the mixed oxide/sulfide zone.

The QPs are not aware of any known factors related to environmental, permitting, legal, title, taxation, socio-economic, marketing factors which could materially affect the Mineral Resource. Mineral Resources in the Inferred category have a lower level of confidence than that applied to mineral resources in the Indicated category, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

---

| | |
|:---|:---|
| **Table 11-25:** | **In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Declared using 200 g/t AgEqR Cut-off for the Mixed Oxide/Sulfide (600) and Sulfide (665) Domains – Effective February 20, 2024** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Cut-off <br> (g/t)** | **Tonnes** | **Metal Grades** | **Metal Grades** | **Metal Grades** | **Metal Grades** | **Metal Grades** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Domain** | **Cut-off <br> (g/t)** | **Tonnes** | **Ag <br> (g/t)** | **Pb<br> (%)** | **Zn<br> (%)** | **AgEq<br> (g/t)** | **ZnEq<br> (%)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Pb <br> (Mlb)** | **Zn<br> (Mlb)** | **ZnEq<br> (Mlb)** |
| 600 | Ag 200 | 40000 | 302 | - | - | - | - | 0.3 | - | - | - | - |
| 665 | AgEqR 200 | 2380000 | 279 | 9.87 | 11.28 | 980 | 26.4 | 21.4 | 74.9 | 517.3 | 591.2 | 1383 |
| Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. |

---

The effective date of the Mineral Resource is February 20, 2024. The QP for the Mineral Resource is Bruce Davis, FAusIMM.

High-grade samples were restricted using an outlier strategy for Ag at 1100 ppm, Pb at 33% and Zn at 40% for zone 665 and Ag at 200, Pb at 10% and Zn at 12% for 45 m from the composite.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-64 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

AgEqR reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, 70% Pb, and 84% Zn and metal prices of US$24.00/oz Ag, US$1.00/lb Pb, and US$1.30/lb Zn and cost inputs suitable for underground extraction method. The AgEq and ZnEq grade calculations are based on the same metal prices and assume full metal recovery.

The sensitivity of the in situ underground Mineral Resources to varying silver, lead and zinc prices is demonstrated by listing Mineral Resources using different cut-off grades. The results are summarized in Table 11-26.

---

| | |
|:---|:---|
| **Table 11-26:** | **In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEqR Cut-offs** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Ag <br> Cut-off <br> (g/t)** | **Tonnes** | **Ag <br> (g/t)** | **Pb <br> (%)** | **Zn <br> (%)** | **Ag<br> (Moz)** | | | | | | |
| 600 | 100 | 90000 | 206 | 5.76 | 4.86 | 0.6 |  |  |  |  |  |  |
| 600 | 150 | 60000 | 249 | 6.85 | 4.59 | 0.5 |  |  |  |  |  |  |
| **600** | **200** | **40000** | **302** | **8.23** | **4.85** | **0.3** |  |  |  |  |  |  |
| 600 | 250 | 20000 | 351 | 9.24 | 4.96 | 0.2 |  |  |  |  |  |  |
| 600 | 300 | 10000 | 389 | 9.38 | 5.54 | 0.2 |  |  |  |  |  |  |
| 600 | 400 | - | - | - | - | - |  |  |  |  |  |  |
| **Domain** | **AgEqR<br> Cut-off<br> (g/t)** | **Tonnes** | **Ag<br> (g/t)** | **Pb<br> (%)** | **Zn<br> (%)** | **AgEq<br> (g/t)** | **ZnEq<br> (%)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Pb<br> (Mlb)** | **Zn<br> (Mlb)** | **ZnEq<br> (Mlb)** |
| 665 | 100 | 2390000 | 278 | 9.83 | 11.24 | 976 | 26.3 | 21.4 | 75 | 517.7 | 592 | 1384.70 |
| 665 | 150 | 2390000 | 279 | 9.84 | 11.25 | 977 | 26.3 | 21.4 | 75 | 517.6 | 591.9 | 1384.40 |
| **665** | **200** | **2380000** | **279** | **9.87** | **11.28** | **980** | **26.4** | **21.4** | **74.9** | **517.3** | **591.2** | **1383.30** |
| 665 | 250 | 2370000 | 280 | 9.9 | 11.31 | 983 | 26.5 | 21.3 | 74.8 | 516.7 | 590.2 | 1381.20 |
| 665 | 300 | 2340000 | 283 | 9.99 | 11.38 | 991 | 26.7 | 21.3 | 74.5 | 515.4 | 586.9 | 1375.80 |
| 665 | 400 | 2270000 | 289 | 10.21 | 11.52 | 1008 | 27.1 | 21 | 73.5 | 510.3 | 575.9 | 1356.70 |
| 665 | 500 | 2180000 | 294 | 10.42 | 11.67 | 1025 | 27.6 | 20.6 | 71.8 | 500.9 | 560.8 | 1326.60 |
| 665 | 600 | 2040000 | 301 | 10.71 | 11.84 | 1047 | 28.2 | 19.8 | 68.7 | 481.8 | 533 | 1268.20 |
| 665 | 800 | 1110000 | 323 | 11.69 | 12.82 | 1133 | 30.5 | 11.6 | 40.5 | 286.7 | 314.2 | 748.1 |
| 665 | 1000 | 70000 | 446 | 15.16 | 15.97 | 1471 | 39.6 | 0.9 | 3.1 | 22.1 | 23.3 | 57.8 |

---

**11.3.10.2** **Open Pit Extraction: North Oxide Zone (Domain 620)** 

Reasonable prospects for eventual economic extraction of the open pit extraction of in situ Mineral Resources have been assessed using the following inputs (US$):

&nbsp;&nbsp;&nbsp;&nbsp;· Mining (open pit) $2.50/t

&nbsp;&nbsp;&nbsp;&nbsp;· Processing $10/t

&nbsp;&nbsp;&nbsp;&nbsp;· G&A $4/t

&nbsp;&nbsp;&nbsp;&nbsp;· Silver price $24/oz

&nbsp;&nbsp;&nbsp;&nbsp;· Silver process recovery 75%

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-65 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

These metal prices and mining costs were derived by reviewing current industry disclosers of similar projects.

The silver reporting cut-off grade and a resource reporting pit shell were based on the silver metal prices, mining inputs and recoveries listed above.

The estimates of in situ open pit Mineral Resources are shown in Table 11-27. Based on the assumed silver prices, operating costs and projected metallurgical recovery, the base case cut-off grade for Mineral Resources is estimated to be 40 g/t Ag.

---

| | |
|:---|:---|
| **Table 11-27:** | **In Situ Open Pit Mineral Resource Estimate at Waterpump Creek Deposit Declared using 40 g/t Ag Cut-off for the North Oxide Domain (620) – February 1, 2024** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Domain** | **Ag Cut-off (g/t)** | **Tonnes** | **Ag (g/t)** | **Ag (Moz)** | **Metallurgical Recovery (%)** |
| 620 | 40 | 720000 | 150 | 3.5 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t AgEq.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on industry consensus long term pricing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding. |

---

The effective date of the Mineral Resource is February 1, 2024. The QP for the Mineral Resource is Bruce Davis, FAusIMM.

High-grade samples were restricted using an outlier strategy for Ag at 1100 ppm, Pb at 40% and Zn at 25% for 45 m from the composite.

Ag reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, metal prices of US$24.00/oz Ag, and cost inputs suitable for open pit extraction method (mining cost US$2.5/t, Processing and G&A US$14/t, pit slope 45°).

The sensitivity of the open pit in situ Mineral Resources to varying silver prices is demonstrated by listing Mineral Resources using different cut-off grades. The results are summarized in Table 11-28.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-66 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-28:** | **In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEq Cut-offs** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Ag Cut-off** | **Tonnes** | **Ag <br> (g/t)** | **Ag <br> (Moz)** |
| 0 | 760000 | 143 | 3.52 |
| 20 | 760000 | 143 | 3.52 |
| **40** | **720000** | **150** | **3.48** |
| 60 | 580000 | 174 | 3.25 |
| 80 | 470000 | 198 | 3.01 |
| 100 | 400000 | 218 | 2.8 |
| 150 | 260000 | 271 | 2.24 |
| 200 | 170000 | 326 | 1.75 |
| 300 | 80000 | 415 | 1.04 |

---

**11.3.10.3** **Total Open Pit and Underground Mineral Resources** 

The combined underground and open pit Mineral Resource estimate results are reported in Table 11-29.

**11.4** **QP's Mineral Resources Opinion** 

The QP is not aware of any known factors related to environmental, permitting, legal, title, taxation, socio-economic, marketing factors which could materially affect the Mineral Resources. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Mineral Resources in the Indicated category, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-67 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-29:** | **In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported for Underground and Open Pit Extraction Methods** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Mining<br> Method** | **Cut-off** | **Cut-off<br> Grade** | **Tonnes** | **Ag<br> (g/t)** | **Pb<br> (%)** | **Zn<br> (%)** | **AgEq<br> (g/t)** | **ZnEq<br> (%)** | **Ag<br> (Moz)** | **AgEq<br> (Moz)** | **Pb<br> (Mlb)** | **Zn<br> (Mlb)** | **ZnEq<br> (Mlb)** |
| 620 | OP | Ag | 40 g/t | 720000 | 150 | - | - | - | - | 3.5 | - | - | - | - |
| 600 | UG | Ag | 200 g/t | 40000 | 302 | - | - | - | - | 0.3 | - | - | - | - |
| 665 | UG | AgEqR | 200 g/t | 2380000 | 279 | 9.87 | 11.28 | 980 | 26.4 | 21.4 | 74.9 | 517.3 | 591.2 | 1383.30 |
| All | OP & UG |  |  | 3140000 | 250 | - | - | - | - | 25.2 | - | - | - | - |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-68 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**11.5** **Mineral Resource Reporting** 

**11.5.1** **Sources of Uncertainty** 

Any sampling process generates error. For instance, the interpretation of geology from a core sample may not reflect the geology relatively close to where the sample was taken. Assays from that piece of core may be different than the amount of mineral in the whole piece of core. The sampling, handling, and processing techniques employed to collect and process the Illinois Creek and Waterpump Creek datasets are designed to produce representative and unbiased sample results. This means that while sampling error is minimized, it cannot be eliminated.

Variability in the sample data is an expression of the accumulated sampling errors from all sources. That variation is captured by the estimation variance produced from the least squares estimation technique used to estimate resources. Estimation variance for Indicated resources implies a 90% confidence limit for total contained metal is ±10%. A global 90% confidence interval for Inferred resources contained metal is ±20%.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 11-69 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**12.0** **Mineral Reserve Estimates** 

The Illinois Creek Project is an early exploration project; there are currently no Mineral Reserves estimated at the Project.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 12-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**13.0** **Mining Methods** 

This section is not applicable.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 13-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**14.0** **Processing and Recovery Methods** 

This section is not applicable.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 14-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**15.0** **Infrastructure** 

This section is not applicable.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 15-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**16.0** **Market Studies** 

This section is not applicable.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 16-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**17.0** **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** 

This section is not applicable.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 17-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**18.0** **Capital and Operating Costs** 

This section is not applicable.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 18-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**19.0** **Economic Analysis** 

This section is not applicable.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 19-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**20.0** **Adjacent Properties** 

No properties controlled by any third parties are adjacent to the Illinois Creek property. WAM is actively exploring its other properties in the Illinois Creek mining district which are referenced in sections 4.2 and 7.4.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 20-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**21.0** **Other Relevant Data and Information** 

No additional information or explanation is necessary to make this TRS understandable and not misleading.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 21-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**22.0** **Interpretation and Conclusions** 

Based on the evaluation of the data available from the Illinois Creek Project, the QPs responsible for this TRS conclude the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The effective date of this TRS is January 31, 2025. The Illinois Creek
Property consists of 241 contiguous State of Alaska mining claims and one Uplands Mining Lease, which are part of a larger mineral tenure
package totaling 390 mining claims covering 29,759 ha.

&nbsp;&nbsp;&nbsp;&nbsp;· WAM, through its 100% owned WAC&G and Piek subsidiaries, holds a 100%
interest in the Property. WAC&G also maintains a 100% ownership of four additional properties in the Illinois Creek mining district
including the Round Top, Honker, Khotol Ridge, and Pawprint claims.

&nbsp;&nbsp;&nbsp;&nbsp;· The Illinois Creek Au/Ag/Cu oxide deposit is characterized as a CRD, with
zones of predominantly massive sulfides pervasively oxidized to depths approaching 400 m below surface. The remaining iron-oxide gossans
contain appreciable amounts of gold, silver, and copper plus minor amounts of lead and zinc.

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration on the Property began in the early 1980s. In the late 1990s and
early 2000s, there was limited production, and exploration was halted due to falling metal prices and corporate financial difficulties
for the operators at that time.

&nbsp;&nbsp;&nbsp;&nbsp;· The Illinois Creek deposit is estimated to contain 7.4 Mt of in situ Mineral
Resources in the Indicated category at a grade of 0.98 g/t Au and 32.7 g/t Ag plus 3.1 Mt of Inferred in situ Mineral Resources at
an average grade of 1.02 g/t Au and 35.9 g/t Ag. These Mineral Resources are constrained within a pit shell generated using a gold price
of US$1,600/oz and a silver price of US$20/oz and summarized using a base case cut-off grade of 0.35 g/t AuEqR.

&nbsp;&nbsp;&nbsp;&nbsp;· A leach pad area on the Property contains a volume of mineralized material
that was stacked during previous mining activities and leached intermittently from 1997 through mine closure. During the summer of 2020,
WAC&G drilled and sampled the leach pile. It is estimated to contain 1.3 Mt of Indicated Mineral Resources at a grade of 0.44 g/t
Au and 44.3 g/t Ag and 0.15 Mt of Inferred Mineral Resources at a grade of 0.37 g/t Au and 42.6 g/t Ag.

&nbsp;&nbsp;&nbsp;&nbsp;· Exploration from 2021 through 2023 has largely focused on advancing the Waterpump
sulfide mineralization first discovered by Anaconda in 1983. Drilling in 2021, 2022, and 2023 by WAM has encountered high-grade massive
and semi-massive sulfide mineralization with important Ag, Pb, Zn grades. Initial metallurgical investigation of the sulfide mineralization
has begun with a series of composites delivered to ALS in Kamloops, British Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;· Drilling in 2024 focused on exploring for extensions of the two resource
areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Warms Springs drilling tested 1.5 km east of the Illinois Creek oxide Mineral Resource and intersected scattered sulfide and oxide
Au-Ag-Pb-Zn mineralization within a large (~750 m) alteration halo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Drilling at the LH prospect, which lies 2.2 km south-southeast of the Waterpump Creek Mineral Resource, intersected local gossan zones
with minor Ag-Pb-Zn enrichment.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 22-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Drilling at Waterpump Creek through 2023 has outlined primary sulfide CRD
mineralization along 495 m of strike length with possible widths varying from 25 m to 75 m, and with thicknesses varying from 5 m
to over 100 m.

&nbsp;&nbsp;&nbsp;&nbsp;· The Waterpump Creek deposit is estimated to contain 2.38 Mt of sulfide Mineral
Resource in the Inferred category at a grade of 279 g/t Ag, 9.87% Pb, and 11.28% Zn and 0.04 Mt of mixed (oxide/sulfide) Mineral Resource
material in the Inferred category at a grade of 302 g/t Ag, all of which is amenable to underground extraction, and 0.72 Mt of oxide Mineral
Resource amenable to open pit extraction in the Inferred category at a grade of 150 g/t Ag.

&nbsp;&nbsp;&nbsp;&nbsp;· Preliminary metallurgical work indicates that the highly oxidized rocks are
amenable to relatively low-cost leaching extraction of gold and silver using cyanide solutions. No test work has been completed for Pb
and Zn recoveries for the oxidized rocks at Waterpump Creek.

&nbsp;&nbsp;&nbsp;&nbsp;· There are no known factors related to metallurgical, environmental, permitting,
legal, title, taxation, socio-economic, marketing, or political issues which could materially affect the Mineral Resource estimates.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 22-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**23.0** **Recommendations** 

Based on the evaluation of the data available from the Project, the QPs recommend the following two-phase program shown in Table 23-1.

The total estimated direct program costs are approximately US$11.0 million for Phase 1 and US$15.5 million for Phase 2, which includes site costs such as camp support, overhead and other indirect costs, excluding corporate G&A costs.

Phase 2 is contingent on positive drill results at either Waterpump Creek, Warm Springs, or elsewhere. A sufficient mineral inventory will need to be established before proceeding to in-fill drilling and an Initial Assessment.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 23-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

---

| | |
|:---|:---|
| **Table 23-1:** | **Recommendations for the Illinois Creek Project with Proposed Budgets** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 1** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Metrics** | &nbsp;&nbsp;**Estimated<br> Cost (US$)** |
| &nbsp;&nbsp;Exploration Drilling - WPC/LH | &nbsp;&nbsp;Continued exploration and extension drilling of the WPC mineralization to expand the Mineral Resource to both the south and to the north along the Waterpump Creek structure. | &nbsp;&nbsp;Minimum of 7,500m of core drilling and 15 holes | &nbsp;&nbsp;$6.0 M |
| &nbsp;&nbsp;Exploration Drilling - Warm Springs and other | &nbsp;&nbsp;Follow-up drilling of the Warm Springs target and initial drilling of the numerous targets recognized in the 2024 geophysical program. | &nbsp;&nbsp;Minimum of 6,000m of core drilling and 12 holes | &nbsp;&nbsp;$4.8 M |
| &nbsp;&nbsp;Environmental Base Line Studies | &nbsp;&nbsp;Continued environmental baseline monitoring studies to support environmental and permitting activities. |  | &nbsp;&nbsp;$0.2 M |
| &nbsp;&nbsp;**Total Phase 1 Cost** | &nbsp;&nbsp;**Total Phase 1 Cost** | &nbsp;&nbsp;**Total Phase 1 Cost** | &nbsp;&nbsp;**$11.0 M** |
| &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Phase 2** |
| &nbsp;&nbsp;**Item** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Metrics** | &nbsp;&nbsp;**Estimated<br> Cost** |
| &nbsp;&nbsp;In-Fill Drilling - WPC | &nbsp;&nbsp;In-fill drilling to convert the majority of current resource and portion of any exploration success in Phase 1 to indicated to support an initial assessment. | &nbsp;&nbsp;Minimum of 12,000m of drilling and 35 holes | &nbsp;&nbsp;$9.6 M |
| &nbsp;&nbsp;Geotech Investigation - WPC | &nbsp;&nbsp;Complete oriented Geotech drilling. | &nbsp;&nbsp;Minimum of 2,500m of drilling and 8 holes plus physical property test work | &nbsp;&nbsp;$2.7 M |
| &nbsp;&nbsp;Metallurgical Test Work - WPC | &nbsp;&nbsp;Complete PQ drilling to attain bulk samples and complete variability and Lock cycle flotation metallurgical test work to de-risk program. | &nbsp;&nbsp;4 PQ drill holes (1,500m) and test work | &nbsp;&nbsp;$2.2 M |
| &nbsp;&nbsp;Continued and Additional Environmental base line studies | &nbsp;&nbsp;Continue the Phase 1 studies and commence additional studies (ARD, water quality) to support an initial assessment. |  | &nbsp;&nbsp;$0.5 M |
| &nbsp;&nbsp;Initial Assessment |  |  | &nbsp;&nbsp;$0.5 M |
| &nbsp;&nbsp;**Total Phase 2 Cost** | &nbsp;&nbsp;**Total Phase 2 Cost** | &nbsp;&nbsp;**Total Phase 2 Cost** | &nbsp;&nbsp;**$15.5 M** |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 23-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**24.0** **References** 

Aerodat, Ltd., 1984, Report on the Combined Helicopter Borne Magnetic, Electromagnetic and VLF Survey Illinois Creek Area, private report prepared for the Anaconda Mining Company.

Alaska Biological Research, Inc. (ABR), 1995, Soil Survey of Proposed Illinois Creek Mine Site. Alaska Biological Research, Inc. (ABR), 1995, Wetlands Survey of the proposed Illinois Creek Mine and Barge Site.

Alaska Department of Fish and Game, 1995, Illinois Creek Gold Mine Project Fisheries Study, November 1995.

Alaska State claims, 2019, Alaska Department of Natural Resources website: dnr.alaska.gov/. Aurora Geosciences, 2005, induced Polarization Survey of the Khotol Grid, Illinois Creek Mine, report prepared for the Alaska Gold Company.

Bennett, S., Lamborn, J., McLeod, R. and Iannacchione, M., 1998, Ore Reserve Update, Illinois Creek Mine, private report prepared for USMX, Inc., April 10, 1998.

Brewer N.A., 1981, Honker Project Summary, Internal Anaconda Mining Company memo. Brewer N.A., 1982, 1981 Annual Summary Report, Illinois Creek Project, Anaconda Mining Company.

Brewer N.A. and Millholland, M.A., 1982, 1981 and 1982 Summary Report, Illinois Creek Project, Anaconda Mining Company.

Derry, Michener, Booth and Wall (DMBW), 1998, Reserve Audit of the Illinois Creek Gold Mine, West Central Alaska, private report prepared for Dakota Mining.

Dimo, G., 1980, The Illinois Creek Cu-Ag-Pb-Zn Prospect, Nulato A-4 Quadrangle, Alaska, Anaconda Mining Company report.

Edcon, 1983, Acquisition and Processing Helicopter Supported Gravity Survey, Southern Kaiyuh Mountains, Alaska, private report prepared for the Anaconda Mining Company.

Edcon, 2004, Illinois Creek Gravity Survey, Southern Kaiyuh Mountains Alaska, private report prepared for NovaGold Inc.

Engelhardt, P.R., and Garcia, L.J., 1984, Summary of Illinois Creek Metallurgical Test Results, Anaconda internal memo, March 7, 1984.

Engelhardt, P.R., Garcia, L.J., and Norrigran, D.A., 1984, Summary of the Flotation and Gravity Characteristics of the Waterpump Creek Mineralization, Anaconda internal memo, March 14, 1984.

Flanigan, B.P., 1994, Genesis and mineralization of ore deposits in the Illinois Creek region, west-central, Alaska: University of Alaska Fairbanks, M.S. thesis, 125 p.

Fluor Daniel, 1996, Audit of the Illinois Creek Mine, private report prepared for USMX.

Gillerman, V.S. and Brewer, N.A., 1985, 1984 report on the Illinois Creek Project Volumes I–III, Anaconda Mining Company.

Goldmor Group, Ltd., 1990, Illinois Creek Project 1990 Field Season report, private report prepared for CIRI.

Kilty, K. and McDermott, M.M., 1981, Aeromagnetic Survey of the Kaiyuh Hills, prepared by Ertec Airborne Systems for the Anaconda Mining Company.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 24-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Kirkham, R.A. and Apel, R.A., 1993, Results of the 1993 Exploration Program at the Illinois Creek Project, West Central Alaska, private report prepared for Echo Bay Exploration, December 1993.

Lamborn, J., 1997, Illinois Creek Geology and Exploration Potential, private report prepared for USMX, January 2, 1997.

McClintock Land Associates, Inc. (MLA), 1992, Illinois Creek Drill Grid Survey, 1992, private report prepared for North Pacific Mining Company.

McClintock Land Associates, Inc. (MLA), 1994, Illinois Creek Drill Grid Survey, 1994, private report prepared for USMX.

McDermott, M.M., 1981, Geophysical Project Summary, Internal Anaconda memo.

McDermott, M.M., 1984, Geophysical Interpretation of the Illinois Creek Belt, Internal Anaconda memo.

McClelland Laboratories Inc., 1990, Preliminary Cyanidation Test Work – Illinois Creek Cuttings Composites, March 15, 1990.

McClelland Laboratories Inc., 1990, Column Leach Test Work – Illinois Creek, June 29, 1990. McClelland Laboratories Inc., 1991, Report on Direct Cyanidation of Agglomerate Strength and Stability Test Illinois Creek Bulk Ore Samples, November 11, 1991.

McClelland Laboratories Inc., 1995, Metallurgical Environmental Test Work and Analyses Illinois Creek Core and Bulk Composites, July 10, 1995.

Miller, J.K., 1982, Sampling Procedures, internal Anaconda Minerals memorandum, May 25, 1982.

Moore and Box, 2016, Age, Distribution and Style of Deformation in Alaska North of 60 degrees; Implications for the Assembly of Alaska, Tectonophysics, Volume 691, pgs. 133-170.

Morsell, 1991 and 1994, Illinois Creek Gold Mine Project Aquatic Resources Analysis.

MRDI and Viceroy Resource Corporation, 2000, Audit of Database, Revision of Resource Model and Statement of Mining Costs and Reserves, report prepared by MRDI for Viceroy Resource Corporation.

North Pacific Mining Corporation (NPMC), 1991, Illinois Creek Annual Report, North Pacific Mining Company.

NPMC, Hughes, R. and Smith, M., 1993, Illinois Creek Transportation Study, report prepared for AIDEA under contract 92-018.

NPMC, 1994, Illinois Creek Project Summary, private report prepared by the North Pacific Mining Corporation, January 1994.

Northern Land Use Research (NLUR), 1995, Illinois Creek Gold Mine Project Archaeological Survey Kaiyuh Hills, Alaska, September 1995.

Rossi and Deutsch, Mineral Resource Estimation, Dordrecht, London, Springer, 2014. RTR, Inc., 1995, Illinois Creek Gold Mine Project profile, February 1995.

Salek, H., 1984a, Mineralogical and Alteration Study of Samples from the Waterpump Creek Prospect, Alaska, internal Anaconda memo.

Salek, H., 1984b, Mineralogy and Gold/Silver Occurrence Studies of Samples from the Illinois Creek Project, Alaska, internal Anaconda memo.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 24-2 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

Salisbury & Associates, Inc., 1989, Illinois Creek Project, Geologic Reserve Estimates, private report prepared for the Goldmor Group, Ltd., February 7, 1989.

SRK Consulting, 1995, Illinois Creek Project Assessment of Acid Generating Potential.

Teller, S.D., 1984, 1983 Waterpump Creek Interim Report, Volume I to III, Internal report for the Anaconda Mining Company.

Teller S.D., and Wilson, G.E.,1985, 1984 Waterpump Creek Prospect, Illinois Creek Property, Volume I to III, Internal report for the Anaconda Mining Company.

Tolbert, 1992, Appendix A, Illinois Creek Project, NPMC's Efforts in Creating a Geologic Resource Model, in Salisbury and Dietz, 1992, Illinois Creek Project, Geologic Reserve Estimate and Preliminary Mine Reserve Estimate, 1992, private report for NPMC.

TRC Environmental Corporation, 1995, USMX Illinois Creek Project, Alaska Air Quality Permit Application.

United States Mining Corporation (USMX), 1994, 1994 Year End Report, Illinois Creek Project, Alaska, USMX report prepared for NPMC.

USMX, 1996a, Illinois Creek Project Feasibility Study, private report prepared by USMX, Inc., February 22, 1996.

USMX, 1996b, Consolidated Permit Application, Volume I, Application.

USMX, 1996c, Consolidated Permit Application, Volume II, Hydrogeology Report: Pollution Prevention Plan.

USMX, 1996d, Consolidated Permit Application, Volume III, Heap Leach Design Report.

USMX, 1996e, Consolidated Permit Application, Volume IV, Ore and Waste Rock Characterization Report, Assessment of Acid Generating Potential Report, and Reclamation Plan.

U.S. Census, 2017, Population of Galena, Kaltag and Nulato, Alaska; <u>www.census.gov.</u> Western Regional Climate Center, 2019, Alaska Climate Summaries: <u>wrcc@dri.edu.</u>

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 24-3 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**25.0** **Reliance on Information Provided by the Registrant** 

This TRS has been prepared by the QPs for WAM. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;· Information available to the QPs at the time of preparation of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions, conditions, and qualifications as set forth in this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;· Data, reports, and other information supplied by WAM and other third-party
sources.

For the purpose of this TRS, the QPs have relied on information provided by WAM's management team for matters related to the legal aspects of mineral tenure and mining rights permits, surface rights, royalties, agreements and encumbrances relevant to this report in the Summary and Section 3 of the TRS.

Active State of Alaska claims and their ownership have been verified at the Alaska Department of Natural Resources website dnr.alaska.gov/ on September 4, 2023.

The QPs have not researched property title or mineral rights for the Illinois Creek Property as we consider it reasonable to rely on WAM's management team as it is responsible for maintaining this information.

The QPs have taken all appropriate steps, in their professional opinion, to ensure that the above information from WAM is sound.

Except as provided by applicable laws, any use of this TRS by any third party is at that party's sole risk.

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 25-1 |

---

---

| | |
|:---|:---|
| Western Alaska Minerals Corp. \| Illinois Creek Project<br> S-K 1300 Technical Report Summary | ![](tm2515003d2_headerlogo.jpg) |

---

**26.0** **Date and Signature Page** 

This report titled "S-K 1300 Technical Report Summary, Illinois Creek Project, Western Alaska, USA" with an effective date of January 31, 2025, was prepared and signed by:

---

| | |
|:---|:---|
|  | **(Signed) *Bruce Davis*** |
| Dated at Grand Junction, CO | Bruce Davis, PhD, FAusIMM |
| Signature Date:April 30, 2025 | Bruce Davis Consulting |
|  | **(Signed) *Jack DiMarchi*** |
| Dated at Seattle, WA | Jack DiMarchi, C.P.G. |
| Signature Date:April 30, 2025 | Core Geoscience LLC |
|  | **(Signed) *Deepak Malhotra*** |
| Dated at Lakewood, CO | Deepak Malhotra, PhD, SME(RM) |
| Signature Date:April 30, 2025 | DM Consulting |

---

---

| | |
|:---|:---|
| **Signature Date:April 30, 2025** | 26-1 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alaska Silver Corp.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Units, consisting of Subordinate Voting Shares, no par value, and Warrants to purchase Subordinate Voting Shares | 457(o) | $11500000.00 | 0.0001531 | $1760.65 |
| Fees to be Paid | 2 | Equity | Subordinate Voting Shares, no par value | Other | $0.00 | 0.0001531 | $0.00 |
| Fees to be Paid | 3 | Equity | Warrants to purchase Subordinate Voting Shares, no par value | Other | $0.00 | 0.0001531 | $0.00 |
| Fees to be Paid | 4 | Equity | Underwriter's Warrants | Other | $0.00 | 0.0001531 | $0.00 |
| Fees to be Paid | 5 | Equity | Subordinate Voting Shares, no par value, issuable upon exercise of the Warrants | 457(o) | $17250000.00 | 0.0001531 | $2640.98 |
| Fees to be Paid | 6 | Equity | Subordinate Voting Shares, no par value, issuable upon exercise of the Underwriter's Warrants | Other | $860200.00 | 0.0001531 | $131.70 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $29610200.00  |  | $4533.33  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $4533.33  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the securities registered hereby include an indeterminate number of additional securities as may become issuable by reason of share splits, share dividends, recapitalizations or other similar transactions from time to time. Estimated solely for purposes of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act. Includes the offering price of additional units (the "Units"), with each Unit consisting of one subordinate voting share of the Registrant (each, a "Subordinate Voting Share") and one warrant to purchase one Subordinate Voting Share, that the Underwriter has the option to purchase to cover over-allotments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> No separate fee is required pursuant to Rule 457(i) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> No separate fee is required pursuant to Rule 457(i) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> The Registrant has agreed to issue to the Underwriter, upon the closing of the offering, warrants to purchase up to a number of Subordinate Voting Shares equal to 4% of the total number of Units sold in this offering (the "Underwriter's Warrants"). Pursuant to Rule 457(g) under the Securities Act, no separate registration fee is required in connection with the registration of the Underwriter's Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup> A warrant, each to purchase one Subordinate Voting Share, will be issued for every one Subordinate Voting Share offered. The warrants will be exercisable at a per share price equal to 150% of the public offering price per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>6</sup> The Underwriter's Warrants will have a per share exercise price equal to 125% of the exercise price of the warrants that form part of the Units being sold in this offering. As estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(g) under the Securities Act. As estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(g) under the Securities Act, the proposed maximum aggregate offering price of the Subordinate Voting Shares issuable upon exercise of the Underwriter's Warrants is equal to 187% of $860,200, which is 4% of the maximum aggregate offering price of $11,500,000 with respect to the initial public offering of the Units registered hereby. See "Underwriting."

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---