# EDGAR Filing Document

**Accession Number:** 0001732379
**File Stem:** 0001554855-26-000680
**Filing Date:** 2026-4
**Character Count:** 155744
**Document Hash:** 20fc3336d907898b7c320899ff642489
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001554855-26-000680.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001554855-26-000680

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 491

**CONFORMED PERIOD OF REPORT**: 20260421

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Moon Metals Inc.
- **CENTRAL INDEX KEY:** 0001732379
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981903645
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43058
- **FILM NUMBER:** 26877105

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 220 BAY STREET
- **STREET 2:** SUITE 550
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2W4
- **BUSINESS PHONE:** 647-409-9150

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 220 BAY STREET
- **STREET 2:** SUITE 550
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2W4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Blue Moon Zinc Corp.
- **DATE OF NAME CHANGE:** 20180222

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of April 2026**

Commission File Number: **001-43058**

**BLUE MOON METALS INC.**

(Translation of registrant's name into English)

**220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4 Canada** 

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

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**DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K**

On April 17, 2026, Blue Moon Metals Inc. filed with the Canadian Securities Regulatory Authorities on the System for Electronic Data Analysis and Retrieval + a technical report for its Nussir property, a copy of which is furnished herewith as Exhibit 96.1, and which is incorporated herein by reference.

The inclusion of any website address herein, including in any exhibit attached hereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, each such website is not part of this Form 6-K nor is it incorporated herein.

The following exhibit is furnished herewith:

**Exhibits**

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| **Exhibit**<br>**Number** | **Description** |
| 96.1 | [<u>NI 43-101 Technical Report on the Nussir Project – Feasibility Study, dated April 16, 2026</u>](ex961_1.htm) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  | **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
|  | By: | /s/ Frances Kwong  | /s/ Frances Kwong  |
|  |  | Name:  | Frances Kwong |
|  |  | Title: | Chief Financial Officer and Corporate Secretary |
| Date: April 17, 2026 |  |  |  |

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## Exhibit 96.1

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Executive Summary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worley Europe Limited was commissioned by Blue Moon Metals Inc. ("Blue Moon, BMM or Company") to perform a Feasibility Study (FS) on the Nussir Project (the Project).<br>The FS was completed in accordance with the requirements set forth in the National Instrument 43-101 Standards of Disclosure for Mineral Project (NI 43-101) with inputs from technical studies completed by other specialist consultants.<br>The quality of the information, conclusions and estimates contained herein is consistent with the level of effort, as based on the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Information available at the time of preparation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Data supplied by outside sources<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The assumptions, conditions and qualifications set forth in this report<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Monetary units expressed in United States dollars (USD).<br>This technical report, entitled "NI 43-101 Technical Report on the Nussir Project – Feasibility Study" and with an effective date of 14 April 2026, was prepared by the Company and the following Qualified Persons (QPs):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Chris Hughes-Narborough – C Eng, MIMMM, Principal Process Engineer, Worley.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Martin Prior – M Eng, FSAIMM, Senior Project Manager.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Roy Levesque – P.Eng, Principal Mining Engineer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Lumin Ma – Principal Geotechnical Engineer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Susan Abell – SACNASP, Principal Environmental Scientist.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Adam Wheeler – C. Eng, Eur Ing., FIMMM, Mining Consultant.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1&nbsp;&nbsp;&nbsp;&nbsp; Principal Outcomes**<br>The Nussir FS updates an internal assessment completed in 2023 and relies on the NI 43-101 Resource Statement Report for the Nussir and Ulveryggen Projects (published January 24, 2025; amended and restated in September 12, 2025); however, the FS focuses solely on the Nussir deposit. The FS confirms that the Project is economically viable, with significant improvements over the previous version, and provides the foundation for a production and final investment decision (FID).<br>The highlights of this report are as follows: |

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Effective Date: April 14, 2026 23

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Total measured and indicated resource for Project is 28.72 Mt at 1.20% CuEq grade.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Total proven and probable reserve estimate is 24.98 Mt at 0.99% CuEq grade.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Life of Mine (LOM) is 13 years with nominal mill throughput of 6,000 tonnes per day.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; LOM average annual production of 19 kt of CuEq, including an average of<br>3,600 ounces of gold and 546,000 ounces of silver in the consensus price scenario.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Initial capital expenditures of 184 MUSD.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; LOM total cash costs (net of by-products) of 0.95 USD per pound of copper and all-in sustaining costs of 2.05 USD per pound of copper.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; After-tax Net Present Value (NPV) of 235 million USD (MUSD) (8% discount rate) at long term copper price of 4.78 USD, gold price of 3,515 USD per ounce, and silver price of 45.26 USD per ounce.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; After-tax Internal Rate of Return of 19.0%.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2&nbsp;&nbsp;&nbsp;&nbsp; Property Description and Ownership**<br>The Nussir deposit is located about 1.5 km north of the Øyen industrial area, in Repparfjord, Kvalsund, Hammerfest Municipality, which is in the western part of Finnmark county in northern Norway. The Ulveryggen deposit is located approximately 3 km south of Nussir and does not form part of this FS. It is envisaged that an industrial area with a mineral processing plant and related facilities will be located at the established industrial area at Øyen. The area, zoned for mining and industrial activity, is about 5,000 acres.<br>Access to the underground is available throughout the year. However, surface exploration is not permitted between May 1 and June 15 each year to facilitate the legally protected reindeer calving season. This means that all work that is planned and budgeted for the Project can be undertaken on tenure.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.1 License Areas and Operating Status**<br>The principal licence areas for both Nussir and Ulveryggen are currently held by BMM. Both of these areas have valid extraction status and the extraction licences themselves remain in force for as long as the underlying operating licence is valid. Both the extraction and operating licences are retained by BMM, ensuring ongoing rights to mineral extraction within these areas.<br>The Nussir Project is at an advanced exploration stage. An exploration decline is advancing to directly access the deposit. Exploration drilling both underground and on<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;surface are continuing on site. Early surface works has commenced in preparation for construction with two distinct phases of early works already completed. Procurement of long lead processing equipment has also commenced and high voltage transformer and mills have been purchased.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.2 Operating License Applications and Extensions**<br>Blue Moon submitted an application for an operating licence that covers an area encompassed by 25 extraction licences. The operating licence was successfully granted in 2019. In 2024, Blue Moon sought an extension of the operating licence for an additional three years in accordance with the Norwegian Minerals Act. The Mining Directorate of Norway approved this extension in 2024.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3&nbsp;&nbsp;&nbsp;&nbsp; Geology and Mineralisation**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1 Lithology**<br>The Nussir project area is situated within the Repparfjord-Komagfjord lithological package, a Precambrian tectonic window that was uplifted and exposed due to erosion of the overlying Caledonian nappes. The volcano-sedimentary rocks that make up the geology of the Repparfjord Tectonic Window (RTW) can be divided into four main groups and 11 formations. The groups can be summarised (from the bottom to top) as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; **The Holmvatn Group** is comprised of a sequence of immature metasediments that is at least 3 km thick and interbedded with metavolcanic horizons of basic and intermediate composition, including tholeiitic to calc-alkaline basaltic, andesitic and rhyolitic volcanic and volcaniclastic rocks.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; **The Saltvatn Group** is made up of coarse-grained arkosic sandstones of the Ulveryggen Formation that form the lowermost part of the group and hosts the Ulveryggen deposit.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; **The Nussir Group** is composed of tholeiitic basaltic tuffs and lavas and can be subdivided into Krokvatn Formation (green tuffs and tuffites) and the Svartfjellet Formation, with massive, pillowed and amygdaloidal lavas. The Nussir deposit is hosted in thin, laterally extensive dolarenite beds in the lower part of the Krokvatn Formation. U–Pb dating of zircons from mafic tuffs yielded a maximum formation age of 2073 +23/-12 Ma (Perelló et al., 2015).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; **The Porsa Group** is divided into three formations (the Vargsund, Kvalsund and Bierajávri formations) in the Repparfjord volcano-sedimentary succession The contact with the underlying Nussir Group is tectonic, characterised by bedding-parallel thrusting and transposition along large fold limbs.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2 Structure**<br>Field structural analysis and qualitative interpretation of an airborne geophysical survey of the area suggests a revised structural scheme for this part of the window and for the genesis of the copper mineralisation. It is proposed that the structural framework of the area is largely controlled by thrusts with top-to-the-SE transport direction (of unknown age) and a set of NE-SW striking ductile and brittle-ductile shear zones that bound a broad, copper (Cu)-mineralised shear corridor. It has also been suggested that the Nussir Copper deposit may continue westward, although more information is required to verify the validity of this model. A top-to-the-SE thrust is inferred at the base of the Nussir Group, thus forming a tectonic contact between the Nussir greenstones and the overridden Saltvatn Group, which contains the Nussir deposit.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.3 Mineralisation**<br>The Nussir deposit mineralisation is hosted by yellowish to greenish grey, banded, fine-grained sandstones and siltstones with common carbonate-rich layers. The major ore minerals in the eastern part of Nussir are bornite and chalcocite. Accessory sulphide minerals include chalcopyrite, covellite, wittichenite, carollite and cinnabar. Gold (Au) and silver (Ag) are closely associated with the Copper mineralisation.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4&nbsp;&nbsp;&nbsp;&nbsp; Mineral Processing and Metallurgical Testing**<br>Extensive metallurgical test work was completed on samples from the Nussir Copper deposit to support the FS. The work program included historical studies (2011 and 2016), a comprehensive feasibility-level campaign undertaken by SGS Lakefield in 2019 and subsequent supplementary testing. The objective of the program was to characterise the metallurgical response of the Nussir ore, confirm process flowsheet selection, quantify recoveries and concentrate quality and evaluate variability and potential operational risks.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.1 Ore Characteristics and Mineralogy**<br>The Nussir ore is characterized by a high proportion of secondary copper sulphides, predominantly bornite with lesser chalcocite, and variable but generally lower proportions of chalcopyrite. Mineralogical investigations, including sequential copper analysis and QEMSCAN, indicate that most of the copper (>70–90%) occurs as secondary sulphides, with minimal oxidized copper species. Liberation characteristics are favourable, with over 70% of bornite occurring as free or liberated particles at a primary grind size of approximately P80 = 95–105 µm. Gangue minerals are dominated by calcite, quartz, feldspar and mica, with negligible quantities of deleterious sulphides.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.2 Comminution Characteristics**<br>The comminution test work included SAG Power Index (SPI®), Bond Ball Mill Work Index (BWI), Modified Bond, Comminution Economic Evaluation Tool (CEET) and abrasion testing. Results indicate that Nussir ore ranges from soft to moderately hard, with typical BWIs of approximately 11–13 kWh/t (75th percentile 12.2 kWh/t) and SPI® values spanning the soft to hard range. Abrasion indices classify the ore as slightly abrasive to abrasive. Variability testing confirms manageable geometallurgical variability across the drill core samples tested.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.3 Flotation Performance**<br>The flotation test work demonstrates fast kinetics and robust performance across a range of grind sizes. Rougher flotation achieves copper recoveries more than 95% at primary grind sizes between P80 = 65–100 µm. Sodium isobutyl xanthate (SIBX), with lime addition to control pH, was identified as an effective reagent scheme.<br>The cleaner flotation testing shows that regrinding the rougher concentrate to P80 of 25–30 µm produces a significant upgrade in concentrate grade with minimal loss of recovery. Two stages of cleaning, including a scavenger stage, were found to be sufficient to achieve target concentrate specifications.<br>Two stages of cleaning, including locked cycle and variability testing and locked cycle flotation tests (LCTs) performed on three representative composites and an additional selected variability sample confirm stable operation and reproducible metallurgical performance. The LCT results consistently achieved copper recoveries of approximately 95–97% at concentrate grades ranging from 35% to over 60% copper, depending on mineralogical composition and grind size. Comparison of open-circuit batch and locked cycle results indicates an improvement in copper recovery of approximately 2–4% under simulated continuous operation. Gold and silver report predominantly to the copper concentrate. The LCT results indicate gold recoveries in the range of approximately 79–87% and silver recoveries of approximately 93–96% for the Nussir composites.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.4 Concentrate Quality**<br>The expected copper concentrate is high grade, with a conservative design basis of approximately 45% copper, supported by laboratory results indicating higher achievable grades. Concentrate analyses demonstrate low levels of deleterious or penalty elements, with arsenic, bismuth, lead and zinc consistently below levels of commercial concern. Precious metals (gold, silver and minor platinum group elements) are present at potentially payable levels.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.5 Tailings Thickening**<br>Settling and thickening tests on flotation tailings show favourable settling characteristics. A suitable anionic flocculant was identified, producing clear overflow and acceptable underflow densities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.6 Metallurgical Basis for Design**<br>Based on the collective test work, a conventional sulphide flotation flowsheet was selected that includes primary grinding, rougher flotation, concentrate regrinding and two stages of cleaner flotation. A primary grind size of approximately P80 of 100 µm and regrind size of P80 equal to 25–30 µm form the basis of design. A conservative metallurgical balance using ~96% copper recovery at a concentrate grade of approximately 45% copper was adopted for the FS.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.7 Risks and Opportunities**<br>The principal metallurgical risks are related to feed grade variability and the need to mitigate this by blending, as well as the requirement for confirmatory dewatering testing at project scale. Opportunities include consistently high recoveries, excellent concentrate quality, rapid flotation kinetics and limited sensitivity to grind size within the selected operating range.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resource Estimates**<br>The mineral resource model for the Nussir deposit considers 211 diamond drill holes and 10 lines of surface channel data. In the opinion of the QP (Adam Wheeler), the resource evaluation reported herein is a sound representation of the copper mineral resources found at the Nussir project at the current level of sampling. The resource estimation was prepared in compliance with Canadian NI 43-101, and the mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May 2014.<br>The resource database used to estimate the Nussir mineral resource was reviewed and verified for internal consistency by the relevant QP. The relevant QP checked various assayed grades against examples of the original certificates.<br>Leapfrog Geo software was used to interpret the resource mineralisation envelopes. Datamine software was used for sample data processing, geostatistical analysis, block model generation, estimation of metal grades and evaluation of the mineral resources for the Nussir deposits.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The comparison analysis determined that top down LHOS was the most suitable mining method for the Nussir deposit. This selection was based on several advantages, including the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Widely used method with substantial real-world performance data<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Reduced dilution and increased recovery<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Minimized broken ore inventory within stopes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Lower risk of broken material bridging in stopes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Operational simplicity<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Lower operating costs for development.<br>Consequently, top down LHOS was selected as the mining method for the Nussir mine design.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.2 Main Decline Access**<br>The main decline functions as the central entryway to the underground mine, designed to facilitate both long-term haulage operations and the installation of essential services, including a conveyor system. Its alignment is carefully planned to remain entirely within the footwall stratigraphy, thereby enhancing excavation stability and reducing the likelihood of encountering weaker mineralised horizons.<br>The construction process for the main decline will consist of creating a large-cross section development opening. This opening is intended to be operational for the entire life of mine (LOM), ensuring it meets both current advancement demands and future stability requirements. These requirements are particularly important for conveyor installation and maintaining consistent access for ongoing operations.<br>Initially, infrastructure development will rely on truck haulage. As the decline advances, the permanent conveyor system will be installed in stages. Ground support strategies will be tailored to observed conditions, with adjustments made as structural zones or lithological contacts are encountered. The ground support required along the decline is expected to vary, with extra support provided in locations affected by structural discontinuities or changes between rock types. Throughout the development phase, exhaust air will be vented to the surface through the main portal.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7.3 Ramp Design**<br>The Nussir underground mine will use eight ramps to access its distinct mining zones. These ramps will connect to the transport drive and will be constructed in a spiralling oval configuration. Ramp excavation will be carried out progressively, which will ensure<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that access to each mining zone and production level is established in line with the mine's planned production profile. Additionally, the ramps will connect to the fresh air level located near the top of the deposit, which will provide access to an escapeway and the secondary means of egress for personnel.<br>Ramp excavation conditions are anticipated to be generally favourable when the ramps remain within the footwall sequence. However, as ramp alignments approach or cross the mineralised dolomite horizon or adjacent schistose units, the quality of ground conditions may decline. This deterioration is attributed to greater fracturing, sheared contacts or the presence of weaker mica-rich lithologies.<br>The ramp design addresses these challenges by including plans for localized ground support enhancements and adjusting excavation spans where necessary. In addition, the design considers depth-related stress factors to maintain stability and safety throughout ramp development.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8&nbsp;&nbsp;&nbsp;&nbsp; Geotechnical Considerations**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.1 Rock Mass Characterization Along Ore Strike**<br>A comprehensive characterization of the rock mass at the Nussir deposit has been undertaken through a combination of laboratory testing, core logging, empirical index calculations, and in-situ stress measurements, forming a key component of the FS. The synthesis of these investigations reveals a rock mass that is generally of good quality but exhibits significant heterogeneity along the strike of the orebody. This variability is primarily driven by lithological changes, structural complexity and the localized presence of fault and shear zones.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8.2 Summary of Geotechnical Conditions**<br>The rock mass at the Nussir deposit is characterized by a strong, anisotropic rock with a well-developed foliation that controls stability. While large strike-extensive sections (Zones A and B) as shown in [Figure 1-2](#_bookmark29) are classified as "Good" to "Very Good" quality, significant variability exists. A critical area of lower quality ("Fair" to "Poor") is identified in Zone C, where faulting, shearing and the presence of a diabase dike have created a more fractured and weaker rock mass. This spatial heterogeneity in rock mass quality, coupled with the anisotropic strength behaviour, represents a primary geotechnical consideration for mine design.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ventilation scenarios. Each scenario was designed to compare how different configurations of surface connections and airflow pathways would affect system capacity, air distribution, and operational flexibility.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2&nbsp;&nbsp;&nbsp;&nbsp; Ventilation Options Considered**<br>The following ventilation options were considered:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; **Option 1:** This option features a configuration where both fresh air intakes and exhaust raises connect to the surface only at the far eastern extent of the mine. This setup represents the most consolidated breakthrough arrangement.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; **Option 2:** This scenario introduces an additional breakthrough point near the central portion of the orebody, supplementing the eastern surface connections. The intention is to improve airflow distribution as mining progresses deeper and further from the singular eastern intake.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; **Option 3:** This option evaluates more distributed systems, with surface breakthroughs at each ramp location. This scenario offers greater redundancy and enhanced capacity for isolating ventilation districts, thereby improving airflow control and operational flexibility throughout the mine life.<br>Option 3 was selected as the optimal ventilation setup and the overall system was designed accordingly. This configuration allows each production ramp to be isolated and ventilated separately through ventilation raises that connect to the surface at the top of each ramp system.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.3 Ventilation Demand Analysis**<br>The ventilation requirements for three distinct scenarios were calculated. For the decline development phase, auxiliary ventilation methods were used until the first ventilation raise to the surface could be established. The next scenario involved the development of the first ramp, which required an airflow of 125 m3/s to support multiple faces necessary for mining and infrastructure development. The final scenario represented steady-state production, for which an estimated 375 m3/s of airflow would be needed to sustain the mining sequence. It is also important to note that a minimum ventilation velocity of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 m/s is required at each working face.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10&nbsp;&nbsp;&nbsp;&nbsp; Underground Infrastructure Overview**<br>The essential infrastructure planned for the Project encompasses a comprehensive suite of underground facilities. These include material handling systems, maintenance facilities, fuel bay, an explosives magazine, ventilation infrastructure, electrical and communications facilities, underground water supply and dewatering installations. These<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;components are designed to support efficient operations, safety and reliability throughout the LOM.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.1 Underground Mine Dewatering System**<br>The purpose of the underground mine dewatering system is to collect and remove groundwater inflow and the mine service water used for drilling and dust suppression (collectively referred to as mine water).<br>This system was designed as a dirty water system, although some primary solids settling will occur in the underground sumps prior to pumping to the surface water treatment plant (WTP).<br>The system incorporates some redundancy in pumping and sumps to allow maintenance and contingency response without interrupting mining operations.<br>Groundwater inflows were estimated as part of the previous FS and confirmed as reasonable by Worley. Inflow rates are projected to increase as mining areas expand and additional zones are developed.<br>Key design inflow estimates are summarised below:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Peak groundwater inflow at completion of ramps 1-3: 34 L/s (122 m³/h)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Peak life-of-mine inflow: 113 L/s (407 m³/h)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Peak service/utility water inflow: 20 m³/h<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Water losses via wet muck and entrainment: 6 m³/h<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Maximum total inflow at peak: 421 m³/h<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The dewatering system was designed to handle the peak projected inflows plus a contingency margin of at least 20%.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.2 Material Handling System**<br>The selected material handling system (MHS) for the Project is based on a network of seven muck passes that connect the production levels to conveyors located in the crosscuts. The crosscut conveyors are designed to transfer material to the conveyors within the transport drive, which then deliver ore and waste to the main decline conveyor. At the terminus, the main conveyor will feed a diverter situated in the silo tunnel, directing material to either the silo or the surface storage area, as required.<br>Construction and commissioning of sub-vertical raises at each ramp will be necessary to establish muck passes throughout the LOM.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.3 Interim Haulage and Mucking Operations**<br>During the ramp-up phase, and before the conveyor system is installed, all development ore and waste will be transported to surface by haul truck. This method will be employed until the initial sections of the conveyor system have been commissioned.<br>Blasted material will be loaded at the mining face by a load-haul-dump (LHD) unit with a capacity of 14 tonne. The material will then be transported to the nearest remuck, level access or, when available, the first operational muck pass. The earliest muck pass will be situated at the base of Ramp 1, which is approximately 1,900 m from the portal. From the remucks or pass, material will be reloaded into mine trucks for surface haulage, where it will be crushed and temporarily stockpiled prior to processing or sale. Crushed waste will be marketed as aggregate, while crushed ore will be sent to the mill via a reloading facility near the stockpile.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.4 Permanent Conveyor System Implementation**<br>Upon completion and commissioning of the main conveyors, the system will move the broken material from underground to the surface. Over the LOM, seven muck passes will be developed along the orebody's strike, extending vertically from the Transport Drive up to the uppermost level at each ramp location.<br>Ore mucking at each production level will be carried out by LHDs. These vehicles will dump ore into the pass through a finger raise equipped with a sizer (grizzly screen) to prevent oversized material from entering the system. The pass locations on each level were carefully selected to minimize haul distances and ensure that production rates are maintained. Passes will be temporarily assigned for either ore or waste depending on the activities in the mining area, with strict segregation of material types.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.5 Crushing and Material Transfer**<br>A dedicated crushing chamber will be built at the base of each pass to house a mobile crusher, which will be directly fed through a gate installed at the bottom of the pass. Crushed material will be transferred onto a short conveyor in the crosscut that connects to the transport drive conveyors.<br>Up to three mobile crushers will operate simultaneously beneath separate passes, processing waste, development ore and production ore. As mining advances along the orebody, the crushers will be relocated among the seven rock passes to optimise material handling.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.6 Expansion of Crushing and Conveyor Systems**<br>As new mining areas are developed, mobile crushers will be installed and the conveyor system will be progressively extended. Material conveyed via the transport drive conveyor will be routed to the main decline conveyor, and subsequently to the ore/waste rock conveyor and silo conveyor for final handling.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11&nbsp;&nbsp;&nbsp;&nbsp; Recovery Methods**<br>The processing facilities at Øyen are designed as a conventional crushing–grinding–flotation operation that produces a saleable copper concentrate for shipment by bulk carrier, with thickened tailings conveyed by pipeline for sub-sea deposition in the adjacent fjord. The FS process design updates prior work completed over several years and is represented by a developing 3D plant model and the associated engineering deliverables.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.1 Design Basis and Throughput**<br>The process plant is designed to treat 2.0 million tonnes per annum (Mtpa) of ore, operating 8,000 hours per year at an overall availability/utilisation of 91.5%, which corresponds to a nominal treatment rate of 250 t/h (dry feed). The design feed grade is<br>~1.0% copper, with an average LOM grade of ~0.81% Copper. The plant will be configured with underground crushing and conveying to an existing ore silo, supplemented by an external ore stockpile for operational flexibility.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.2 Recovery Flowsheet**<br>The recovery flowsheet includes the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Underground primary crushing to P80 of 110 mm, followed by conveying to the exiting storage silo.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; A two-stage wet grinding circuit (semi-autogenous grinding (SAG) mill and ball mill with recycle of SAG mill trommel oversize product and closed circuit hydrocyclone classification to produce a primary grind product of P80 ~100 µm feeding the flotation cells.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Conventional mechanically agitated tank flotation cells, including rougher flotation, regrind of rougher/cleaner-scavenger concentrate, and two stages of cleaner flotation plus a cleaner scavenger.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Concentrate thickening and pressure filtration to produce filter cake for shipment, with onsite concentrate storage sized to match shipping parcels.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Tailings thickening followed by pumping via a long-distance pipeline for deep fjord deposition, with clarified water recycled as process water.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.3 Grinding Circuit and Sizing Basis**<br>The grinding circuit is a conventional SAG and ball mill system with external recycle of SAG mill trommel oversize product. The circuit design allows the addition of a pebble crusher in the future, if required.<br>The grinding circuit product is classified in hydrocyclones to an 80% passing size of 100 μm as flotation feed.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.4 Flotation Circuit and Sizing**<br>The flotation circuit consists of a single rougher bank followed by two cleaning stages and a cleaner-scavenger bank. The flotation sizing and scale-up assumptions are conservatively selected.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.5 Regrind and Cleaner Circuit Basis**<br>Rougher concentrate and cleaner-scavenger concentrate is combined and classified in a regrind cyclone circuit to produce overflow at P80 ~25–30 µm, with underflow reground in a stirred mill (vertical mill) using ceramic media. This regrind product is conditioned and upgraded in the cleaner flotation stages. The regrind duty is based on a conservative benchmark specific energy assumption.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.6 Concentrate Dewatering, Storage and Load-Out**<br>Final concentrate is thickened and filtered to a target cake moisture of 8–10% w/w and conveyed to a concentrate storage building with 5,000 tonne capacity to match the expected bulk carrier shipment size. A 6 m diameter high rate concentrate thickener is selected using benchmark comparisons. Pressure filtration is specified as an automatic plate-and-frame pressure filter sized to process the daily concentrate tonnage over two shifts, with a stated cycle time of approximately 12–13 minutes. Concentrate load-out is via conveyors to an existing ship loading conveyor system, with falling-stream sampling at load-out.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.7 Tailing Thickening, Pipeline Transport, and Sub-Sea Disposal** <br>Flotation tailings is thickened in a 25 m diameter high-rate thickener, producing an underflow at 50–55% w/w solids, with overflow reclaimed as process water. The tailings thickener selection is supported by limited test work and benchmark comparisons.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thickened tailings is pumped through a pipeline to the permitted sub-sea discharge point. The pipeline length is planned to increase from approximately 3.3 km early in the mine life to approximately 3.8 km later in life as deposition advances. The discharge permit requires tailings to be discharged within 30 m of the seafloor, and the tailings slurry density is controlled by seawater dilution at the pump suction. A seawater intake and flushing system is included in the design to support dilution control and pipeline flushing for shutdowns.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.8 Reagent, Water, Air and Control Systems**<br>The recovery methods include reagent preparation and dosing systems for the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Sodium Isobutyl Xanthate (SIBX) collector, Methyl Isobutyl Carbinol (MIBC) frother, and lime for pH control.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Flocculant systems for concentrate and tailings thickeners and mine water clarification.<br>Process water is primarily sourced from reclaimed thickener overflows and supplemented by mine water clarifier overflow and/or freshwater reservoir supply. Flotation air is supplied by duty/standby centrifugal blowers, and compressed and instrument air systems, which support filtration, maintenance, and plant controls.<br>The plant incorporates a high level of automation, including in-stream sampling systems and an X-ray fluorescence (XRF) analyser for metallurgical control.<br>The summary process flowsheet is included in [Figure 1-3](#_bookmark51).<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12&nbsp;&nbsp;&nbsp;&nbsp; Project Infrastructure**<br>The project infrastructure was developed to support safe, reliable and economically viable underground mining and mineral processing operations in compliance with Norwegian regulatory requirements, CIM Definition Standards and NI 43-101 disclosure expectations. The infrastructure scope focuses on elements that are material to the technical and economic viability of the Project and appropriate for an FS level assessment.<br>The Project benefits significantly from the availability of existing infrastructure associated with historic mining and aggregate operations at the Øyen site. Where practical, existing access roads, buildings, utilities, port facilities and power corridors will be reused or refurbished, which will reduce the CAPEX, environmental disturbances and construction risks.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21.1 Site Access and Surface Facilities**<br>The Project is accessed year-round via National Highway R94, which provides reliable regional connectivity to Hammerfest and the E6 highway. Existing internal site roads are largely retained with minor upgrades, supplemented by limited new road construction to service key facilities, including the 132 kV electrical switchyard and the east side of the process plant building.<br>The surface infrastructure includes refurbished historic process and administration buildings, a new mill building to accommodate increased throughput, concentrate handling and storage facilities, warehouses, workshops, offices, laydown areas and both temporary and permanent accommodations. The building layouts and traffic arrangements are designed to support both construction and operational requirements.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12.2 Materials Handling, Aggregate Operations, and Port Infrastructure**<br>Ore and waste rock are managed via a combination of underground crushing, conveyor transport and surface stockpiling. A combined ore stockpile and waste rock storage area will be located adjacent to the process plant, which will provide operational flexibility.Waste rock handling will be integrated with ongoing aggregate production, which is expected to consume a significant proportion of mined waste rock, thereby reducing long-term storage requirements.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An existing deep-water port at Repparfjord will be retained for concentrate export, aggregate sales and receipt of supplies. The port is ice-free year-round and capable of servicing vessels up to approximately 20,000–30,000 Deadweight Tonnage (DWT). Minor refurbishment is planned to support LOM operations, including dedicated conveyor and ship loading systems for concentrate and aggregate.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12.3 Tailings Deposition**<br>Tailings from the processing plant will be managed via a sea tailings placement (STP) system. Thickened tailings will be pumped through a dedicated high-density polyethylene (HDPE) pipeline to an offshore discharge point at a controlled depth within a sheltered fjord. Seawater dilution and flushing systems will be incorporated to maintain non-settling flow conditions and to minimise density and temperature contrasts at the discharge point, which will ensure appropriate plume behaviour in accordance with the environmental requirements.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12.4 Water Management and Water Balance**<br>Water management is a critical aspect of the Project due to climatic conditions and environmental sensitivity. Site-wide water management will involve controlling surface water, groundwater inflows, contact water and non-contact runoff during construction, operation and closure. Key components include the Dypelva Reservoir for freshwater supply, mine dewatering systems, a permanent water treatment plant, stockpile drainage collection and controlled discharge via the tailings system.<br>A site-wide water balance model was developed using long-term historical climate data to assess system performance under a range of operating and climatic conditions. The assessment indicates that, while early years of operation are most sensitive to water availability, the risk to the overall long-term water supply is low, particularly under more recent and projected climatic conditions.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12.5 Water Treatment**<br>A permanent water treatment plant was included to treat mine dewatering and other contact water streams. The plant is designed to supply treated water for reuse in the processing plant under normal operating conditions and to meet environmental discharge requirements during upset conditions. The treatment process is based on conventional clarification and chemical conditioning methods suitable for variable and potentially high suspended solids loads.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Figure 1-4: Commodity Pricing Forecast*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 **Copper**<br>Recent high Copper prices are supported by weaker US dollar and low global inflation. Global refined copper demand growth to slow to 2.9% in 2026 amid softer year on year growth in China. Declining China electric vehicles subsidies in 2026 may reduce the sector's copper demand. Sluggish fixed-asset and real estate investment dampen construction sector copper demand. US copper demand growth projected at 4.5% in 2026, surpassing that of China. The Chinese market remains the largest market for copper while the demand for copper with new AI data centers fueling the market growth in the US.<br>Copper prices expected to rise amid persistent tightness in mine supply, supporting a bullish market outlook. [shows a summary of global Mine, Smelter and Refined output](#_bookmark64)[with year-on-year changes as well as Refined use, Refined balance and price forecast.](#_bookmark64)<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Table 1-3](#_bookmark64)shows a summary of global Mine, Smelter and Refined output with year-on-year changes as well as Refined use, Refined balance and price forecast.<br>

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&nbsp;&nbsp;**1.17 Interpretations and Conclusions**<br>Based on the positive economics presented in this report, the QPs recommend proceeding with the Project. The project is most sensitive to changes in copper price. Refer to Section 26 for additional information.<br>**1.18&nbsp;&nbsp;&nbsp;&nbsp; Recommendations**<br>Given the stated assumptions and work completed for this technical report, Worley recommends continuing to advance the Project as described herein. Additional work, including detailed engineering, drill programs and studies, are recommended to further develop the Project. The recommendations are outlined as follows:<br>•&nbsp;&nbsp;&nbsp;&nbsp; Conduct geotechnical and hydrological drill programs to develop the respective models.<br>•&nbsp;&nbsp;&nbsp;&nbsp; Detailed engineering, procurement and construction of site infrastructure.<br>•&nbsp;&nbsp;&nbsp;&nbsp; Evaluation of the Ulveryggen mineral resource.<br>•&nbsp;&nbsp;&nbsp;&nbsp; Conduct additional variability and geometallurgical testing, including locked cycle flotation and concentrate dewatering tests.<br>•&nbsp;&nbsp;&nbsp;&nbsp; Continue the ongoing environmental studies and permitting applications necessary for commercial production.<br>Refer to Section [27](#_bookmark805)for additional information.<br>

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| &nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp; Introduction** |
| &nbsp;&nbsp;**2.1 Issuer**<br>This report was compiled for Blue Moon Metals Inc. ("Blue Moon", "BMM" or the "Company") an exploration stage company which is focused on the exploration and development of mineral resource properties.<br>The Company was incorporated on January 15, 2007 under British Columbia's Business Corporations Act. Its registered office is at Unit 2500 Park Place, 666 Burrard Street, Vancouver V6C 2X8 and its head office is at 550-220 Bay Street, Toronto, Ontario, M5J 2W4.<br>The Company is advancing five brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway.<br>**2.2&nbsp;&nbsp;&nbsp;&nbsp; Terms of Reference and Purpose of this Report**<br>Blue Moon has prepared the National Instrument NI43-101 Feasibility Study report ("Report") providing the project information for the Nussir project, ("Project") containing the Nussir Cu-Ag-Au deposits located in the north of Norway.<br>This report was prepared in accordance with the requirements set forth in the National Instrument 43-101 Standards of Disclosure for Mineral Project (NI 43-101).<br>The quality of information, conclusions, and estimates contained herein is consistent with the level of effort based on:<br>•&nbsp;&nbsp;&nbsp;&nbsp; Information available at the time of preparation<br>•&nbsp;&nbsp;&nbsp;&nbsp; Data supplied by outside sources<br>•&nbsp;&nbsp;&nbsp;&nbsp; The assumptions, conditions, and qualifications set forth in this report.<br>Monetary units are expressed in United States dollars (USD).<br>The Resource and Reserve Estimates completed in this report were completed within the guidelines of the Standards of Disclosure for Mineral Projects Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves.<br>The intentions of the report are as follows:<br>•&nbsp;&nbsp;&nbsp;&nbsp; To inform investors and shareholders of the progress of the project; |

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&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; To make public and detail the Mineral Resource and Reserve Estimation for the project.<br>**2.3&nbsp;&nbsp;&nbsp;&nbsp; Sources of Information**<br>Reports and documents listed in Section 3 of the Nussir Project FS were used to support preparation of the Report. Additional information was provided by Blue Moon as supporting information for the QPs.<br>The Independent Author/Qualified Person ("QP") of this report has used the data provided by the representative and internal experts of Blue Moon. This data has been derived from historical records for the area as well as information currently compiled by Blue Moon.<br>**2.4&nbsp;&nbsp;&nbsp;&nbsp; Specific Areas of Responsibility**<br>The QPs accept overall responsibility for the entire report. The QPs were reliant, with due diligence, on the information provided by Blue Moon internal and non-independent experts. The QPs have also relied upon the inputs of the Blue Moon personnel in compiling this filing.<br>The following individuals, by virtue of their education, experience and professional association, are considered QPs as defined in the NI 43-101, and are members in good standing of appropriate professional institutions:<br>•&nbsp;&nbsp;&nbsp;&nbsp; Roy Levesque is a Principal Consultant - Mining Engineering with the firm Worley Canada Inc. of 69 Young St., Sudbury, ON, P3E 3G5. He is a co-author of this report and is responsible for sections in [Table 2-1](#_bookmark94).<br>•&nbsp;&nbsp;&nbsp;&nbsp; Christopher Hughes-Narborough is a Principal Process Engineer employed by Worley Europe Limited with business address at Building 6, Chiswick Park, 566 Chiswick High Road, Chiswick, W4 5HR, United Kingdom. He is a co-author of this report and is responsible for the Sections shown in [Table 2-1](#_bookmark94).<br>•&nbsp;&nbsp;&nbsp;&nbsp; Lumin Ma is a Principal Geotechnical Engineer at 2296 Pheasant Bend Circle, South Jordan, Utah 84095, USA. He is a co-author of this report and is responsible for sections in [Table 2-1](#_bookmark94).<br>•&nbsp;&nbsp;&nbsp;&nbsp; Adam Wheeler is an Independent Mining Consultant and has been involved with the Nussir Project since 2007. He is a co-author of this report and is responsible for the Sections shown in [Table 2-1](#_bookmark94)<br>•&nbsp;&nbsp;&nbsp;&nbsp; Martin Prior is a Project Manager with the firm Worley Europe, 27 Great West Road Brentford TW8. He is a co-author of this report and is responsible for sections in [Table](#_bookmark94)[2-1](#_bookmark94).<br>

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| &nbsp;&nbsp;**3. Reliance On Other Experts** |
| &nbsp;&nbsp;This report was prepared in the format of the Canadian NI 43-101 Technical Report by the QPs as listed in Section [2.4](#_bookmark93).<br>These individuals are considered Qualified Persons under NI43-101 definitions. The QPs have reported and made conclusions within this report with the sole purpose of providing information for Blue Moon use subject to the terms and conditions of the contract between the QPs and Blue Moon.<br>The QPs were reliant on the information provided by Blue Moon internal and non-independent experts. The sources of information were subjected to a reasonable level of inquiry and review. The QPs have been granted access to all information. The QPs conclusion, based on diligence and investigation, is that the information is representative and accurate.<br>The following were provided by Blue Moon:<br>•&nbsp;&nbsp;&nbsp;&nbsp; Marketing and Contracts for the Nussir Project;<br>•&nbsp;&nbsp;&nbsp;&nbsp; Ownership and Permitting status;<br>•&nbsp;&nbsp;&nbsp;&nbsp; Legal tenure specialists, royalty and taxes assumptions for royalties and taxes;<br>•&nbsp;&nbsp;&nbsp;&nbsp; Geological and assay information;<br>•&nbsp;&nbsp;&nbsp;&nbsp; Test work analytical and survey data;<br>•&nbsp;&nbsp;&nbsp;&nbsp; Mineral Resource Estimation was compiled by Adam Wheeler from information derived and supplied by Blue Moon;<br>•&nbsp;&nbsp;&nbsp;&nbsp; Previous technical studies and reports by other persons and organizations as referenced in specific sections.<br>The QPs are not qualified to offer legal opinion on title and offer no opinion as to the validity of the titles claimed. The description of the properties and ownership is provided for general purposes only and was supplied by Blue Moon. The QPs were satisfied with the title to the extent required for the statement of Resources and Reserves and this report.<br>For details of references refer to Section [27](#_bookmark805). |

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&nbsp;&nbsp;The Ásavággi river is located in the valley between the two mountain ridges. From<br>Ásajávri the water flows to Dypelva (Ciekŋalisjohka) further out in the Repparfjord.<br>A series of small and medium-sized lakes are located along the mountain ridge to Nussir and Ulveryggen, among them Nedre Saltvatnet, Langvatnet, Rundvatnet, Ásajávri, Svartfjellvatnet and Fiskevatna (which includes the Dypelva dam). About 750 m southeast of Dypelva the Geresjohka River runs down from small lakes on the Ulveryggen ridge, and outflows at Oyen. These lakes contain stationary brown trout and Arctic charr populations.<br>The Repparfjord River (Repparfjordelva) and its delta is a significant water body discharging into the Repparfjord. Salmon fishing takes place in the river. Other rivers discharging into the Repparfjord also carry sea trout and anadromous Artic charr. Nussir plans to collaborate with the western Finnmark fishermen who already monitor the fish in these rivers of interest to the Project, to identify any change or other impact.<br>**4.2 Mineral Deposit**<br>Nussir is considered to be a stratabound sediment hosted copper deposit. The Nussir Cu-mineralised zone is an almost continuous layer over a strike length of 9 km, which is dolomite-dominated in the west and mostly calcite-dominated sandstone-limestone, along with medium dark schist with chalcocite/bornite dissemination in the east. This mineralised zone is within the Gorohatjohca sedimentary formation, which consists of claystone and is 200- 400m thick in the west, thinning out to a few meters wide in the east. The Gorohatjohca overlies the Stangvatn conglomerate formation and underlies the Nussir volcanic formation.<br>The Ulveryggen prospect area is comprised of folded Precambrian sedimentary rocks, that are exposed in the Caledonian mountain belt of western Finnmark. Sediments in the general prospect area are typically described as sandstones and quartzites, trending to what have been previously described as conglomeratic beds in the immediate area of the old Ulveryggen Mine.<br>The Ulveryggen sedimentary units are fault-bounded to the south by older greenstones and to the north by younger sedimentary units.<br>The main Ulveryggen deposit area is dominated by two sub-parallel ENE-trending faults, dipping steeply towards each other. Known mineralisation occurs in several pods along a 2-kilometer trend between the two main faults and along a fan of smaller faults located in between.<br>It is considered that the mineralisation is most likely of shear zone origin, rather than sedimentary, primarily in the form of chalcopyrite, bornite, and lesser chalcocite and<br>

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&nbsp;&nbsp;secondary malachite. The thickness of mineralisation appears to diminish with depth as the two main faults coalesce. However, there is potential for more, heretofore undiscovered, copper mineralisation along strike of the main system, both to the east and west.<br>**4.3&nbsp;&nbsp;&nbsp;&nbsp; Licenses**<br>Nussir ASA owns 25 extraction licences and 4 exploration licences covering the Nussir and Ulveryggen deposit areas within the Kvalsund district. There are no protected areas (national park, nature reserve, landscape conservation) in the area.<br>Blue Moon entered into a definitive agreement with Nussir ASA, a private Norwegian Company, on December 19, 2024, to which Blue Moon has agreed to acquire 99.5% of the issued and outstanding shares of Nussir. The consideration is being satisfied through the issuance of common shares of Blue Moon. Closing of such transaction is subject to TSX-V approval, and therefore acceptance of this NI 43-101 technical report.<br>The main license areas held by Nussir ASA, a subsidiary of Blue Moon, are shown in Figure 4-3, and are summarised in [Table 4-1](#_bookmark104) for Nussir and in [Table 4-2](#_bookmark105) for Ulveryggen. These areas all have valid extraction status and are held by Blue Moon. These extraction licences areas do not expire as the operating licence on top of these is valid and is held by Blue Moon. Blue Moon applied for an operating license for the area covered by the 25 extraction licences, and the operating licence was awarded in 2019. In 2024, it applied for extension of the operating licence for further 3 years according to the Minerals Act of Norway and has been awarded an extension till September 2027. Other than the fees described in section [4.4](#_bookmark108), there are no other obligations that must be met to retain the permit.<br>Nussir ASA holds various mineral extraction and exploration permits necessary for its mining operations. According to the title and legal opinion provided by Simonsen Vogt Wiig AS, Nussir ASA is duly incorporated and in good standing under Norwegian law, with no ongoing bankruptcy proceedings as of December 19th, 2024, and has valid title to all licences listed in [Table 4-1](#_bookmark104)and [Table 4-2](#_bookmark105). The company has entered into an agreement with the public landowner Finnmark Estate for mining activities. Blue Moon is given access by the state to the land covered by the extraction permits which allows Blue Moon to access the surface rights both for the Nussir and Ulveryggen properties, and to carry out the required exploration and development activities. In addition, Blue Moon needs to submit application to the Municipality for use of vehicles for such activities, typically once a year. At this time Blue Moon is in good legal standing with all its licenses and access arrangements with the different governing entities for the current stage of project.<br>

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&nbsp;&nbsp;**4.4&nbsp;&nbsp;&nbsp;&nbsp; Royalties and Related Information**<br>Under the Norwegian Minerals Act, metals with a specific gravity of 5 g/cm³ or higher, including copper, silver, and gold, are classified as state-owned minerals. These metals, which are of primary economic interest at both Nussir and Ulveryggen, require compensation to the state through payment of yearly fees in order to uphold the extraction and exploration permits. These fees are calculated based on the size of the areas in question and must be paid within 15th January each year. Nussir ASA has made payment of NOK 107,000 in total for all extraction and exploration permits for 2025.<br>Further, all extraction of state-owned minerals requires payment of a 0.5% net smelter royalty of the sales value of the extracted minerals to the landowner, who is Finnmarkseiendommen (FeFo). In addition, an increased landowner royalty of 0.25% net smelter royalty is mandated for projects in Finnmark as is the case for Blue Moon, which is also paid to Finnmarkseiendommen (FeFo).<br>Blue Moon must therefore pay a 0.75% net smelter royalty on all extracted minerals. This royalty will be due for payment by March 31 of the following year. There are no back-in rights, payments or other encumbrances to which both Nussir and Ulveryggen permits are subject to.<br>**4.5&nbsp;&nbsp;&nbsp;&nbsp; Environmental Liabilities**<br>The Nussir project faces minimal environmental liability, as any consequences arising from previous mining activities—particularly at the Ulveryggen deposit—are the responsibility of the State, specifically the Norwegian Government.<br>**4.6&nbsp;&nbsp;&nbsp;&nbsp; Permits**<br>The primary approvals required for mining projects in Norway are outlined in [Table 4-4](#_bookmark111). The listed approvals must be obtained sequentially. For each approval there is a process of consultation and decision-making that must be followed. The consultation processes extend beyond the lead authorities – the local municipality, the Directorate for Minerals Management and the Norwegian Environment Agency (NEA) – to other interested regulatory authorities, the Sami Parliament, Sami people, other users of land, and interested members of the public.<br>As shown in [Table 4-4](#_bookmark111), the primary approvals required to proceed with the Project have been obtained. An operating license for the Project was granted by the Directorate for Minerals Management on 19 February 2019. Several approvals were pre-requisites to the granting of this approval. These include extraction permits, zoning plan approval and a discharge permit. An environmental impact assessment (EIA) was used to inform the zoning plan approval.<br>

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| &nbsp;&nbsp;**5. Accessibility, Climate, Local Resources And Infrastructure** |
| &nbsp;&nbsp;**5.1&nbsp;&nbsp;&nbsp;&nbsp; Accessibility**<br>The Øyen area is located on the coast just southeast of the Nussir deposit, along National Highway 94 (R94). This highway heads northwest to Hammerfest, a city known for its significant oil infrastructure. The major E6 road is only a few kilometres from Skaidi, linking the former mining area to Alta, the largest city in Finnmark. Alta lies about 70 km southwest of the deposits and features an international airport. Repparfjord remains ice-free throughout winter, which enables year-round shipping of supplies and concentrate directly to and from the site by sea.<br>**5.2&nbsp;&nbsp;&nbsp;&nbsp; Site Description**<br>The topography surrounding the Nussir deposit is characterized by an unspoiled Arctic environment, extending westward from the port area at Øyen. The area directly above the Nussir deposit remains relatively flat over the initial 8 km inland from the coast, traversing several small, shallow post-glacial lakes at an approximate elevation of 200 meters. Just north of the Nussir outcrop, hills ascend sharply to approximately 500 meters, while about 800 meters southeast of the deposit, the landscape rises again to elevations between 400 and 500 meters. The westernmost portion of the Nussir deposit lies beneath these ascending hills.<br>Vegetation within the project area is predominantly alpine and rare, though it varies considerably. Birch trees are found near the fjord, transitioning to sparse, tundra-like vegetation at higher altitudes. Dwarf birch is present near bog ecosystems.<br>The Ulveryggen deposit is located roughly 3 km southeast of the Nussir deposit and 2 km southwest of the coastline. It contains four former open pits that were mined between 1972 and 1979. Existing surface infrastructure connects to a historical underground haulage tunnel measuring 2.5 km in length and 36 m² (6x6 meters), which remains in good condition. There are also 4.5 km of surface haul roads linking the Øyen industrial area directly to the open pits at 450 meters above sea level. An inactive workshop facility for trucks and other vehicles is situated adjacent to the historical tunnel portal. The current strike length of the Ulveryggen deposit is significantly smaller than that of Nussir, extending approximately 2 km from west to east. The Ulveryggen deposit is not a part of this feasibility study. |

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&nbsp;&nbsp;The climate and landscape of the Kvalsund Municipality is typical of Arctic and Sub-Arctic Zones. There is midnight sun in the summers and 24 hours without sun in the winter. Precipitation is typically over 1 mm for 10-15 days/month throughout the year, and over 10 mm for 1-2 days/month throughout the year. Wind speeds are typically over 10 m/s (Force 5) from December through to April, and otherwise much lower for the other months. Winter temperatures are generally below freezing for November through till April, typically around -5o C. The lowest temperatures can be down to around -10o C. Summer temperatures are typically around 7-10o C, and can get up to 16o C.<br>**5.4&nbsp;&nbsp;&nbsp;&nbsp; Local Resources**<br>Kvalsund was a municipality located on the western coast of Finnmark, covering an area of 1,846 km². The region is notable for its pristine and rugged landscapes. Situated approximately 20 km from the western boundary of various projects, Kvalsund benefits from well-maintained roads that facilitate adequate transportation. The majority of the municipality's territory was on the mainland, with 125 km² on Kvaløya Island and 85 km² on Seiland Island. The population numbered around 1,000, predominantly residing in the village of Kvalsund, which served as the administrative center, and in the Sami village of Kokelv, located in the inner Revsbotn Fjord.<br>Since 1950, the population of Kvalsund has experienced a decline of 43% by 2004, primarily due to reduced employment in the fisheries sector. On January 1st, 2020, Kvalsund Municipality merged with Hammerfest Municipality. Local businesses are mainly composed of small enterprises across diverse trades. In recent years, primary industries have diminished in importance, while tourism, transport, aquaculture, construction, and service sectors have taken prominence. Notably, 37% of the working population are employed outside the Kvalsund area, primarily in Hammerfest.<br>**5.5&nbsp;&nbsp;&nbsp;&nbsp; Infrastructure**<br>Repparfjord Eiendom AS, a subsidiary of Blue Moon, manages the industrial area and former processing plant. The Nussir deposit is easily accessible due to its fjord location with a year-round deep-water harbour. New construction, such as processing facilities or roads, can be situated within the regulated Øyen industrial area. Historically, the Øyen site supported mining at Ulveryggen in the 1970s, using an open pit and underground tunnel for ore transport. More recently, the industrial area partially serves a local quarry, using harbour loading facilities. The quay, built in 1971, accommodates vessels up to 30,000 tonnes and features two Ship Loader with a 1,000–1,500 tph capacity, operated by Repparfjord Eiendom.<br>

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&nbsp;&nbsp;**5.6&nbsp;&nbsp;&nbsp;&nbsp; Power Supply**<br>The municipality operates two hydroelectric power plants in Porsaelva on the east side of Vargsundet, with a combined average annual output of 65 GWh. Currently, Northern Norway has an excess supply of green hydroelectric power, resulting in relatively low electricity prices and making energy readily available for future industrial development.<br>**5.7&nbsp;&nbsp;&nbsp;&nbsp; Water Supply**<br>The area has ample freshwater resources. Repparfjord Eiendom owns the dam and an existing 280mm pipeline and holds water usage rights from FEFO. A study was launched to review the security of the water supply. There might be requirements to reinforce the dam at 170 m or sourcing water from the Geresjohka River. The road to the dam is steep and can be accessed using ATV.<br>

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| &nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp; Deposit Type** |
| &nbsp;&nbsp;**8.1&nbsp;&nbsp;&nbsp;&nbsp; Background**<br>The two Cu-deposits, Nussir and Ulveryggen, have a similar composition of Cu-bearing sulphides. The most abundant Cu sulphides in the Nussir deposit are chalcopyrite and bornite. In addition, more Cu-rich minerals such as digenite, chalcocite, and malachite have been identified. These deposits are probably the result of a similar geological system. They represent examples of sedimentary-associated type of deposits, with many common features found in the Copperbelt in central Africa and Kupferschiefer in Poland and Germany, which include a continental rift environment, hot sub-aquatic conditions, shale/ dolomite/ conglomerate sequences, strata bound disseminated veinlets of Cu minerals, partly extensive alteration, syngenetic-diagenetic settings and epigenetic events.<br>Although the Nussir and Ulveryggen deposits share many similarities with sediment-hosted Cu deposits such as the Central African Copperbelt and the Central European Kupferschiefer in terms, the tectonic setting of the volcano-sedimentary rocks in the Repparfjord Window differs from the typical intracontinental rift setting inferred for most other sediment-hosted Cu (Torgersen et al., 2015).<br>In addition, geochronology and detailed geological observations at various scales indicate that copper mineralisation at Nussir and Ulveryggen formed syntectonically (~1765 Ma), roughly ~300 m.y. after the sedimentation and volcanism (~2070 Ma) responsible for the host sequence (Perello et al., 2015). This is supported by copper sulfides that occur as fine-grained (<3 mm), stretched foliation-parallel, disseminated grains, laminations, as well as veinlets and lenticular fissures.<br>The Nussir deposit is strata bound sediment hosted copper deposit, and the mineralisation is interpreted as post-diagenetic. The Nussir deposit is a generally homogenous, Cu-ore zone with Ag, Au, some Pt and Pd. It was primarily deposited as a continuous dolomite-schist layer on the sea floor, with relatively little deviation in grade, thickness and other factors. Later events with folding, sharing, and alterations have partly affected primary features. Description of the Copperbelt deposits has many similarities with the mineralisation in the Repparfjord area, with the Nussir deposit. They both have a base of conglomerates overlaid by dolomites and siltstones. Both are interpreted to associated with deposition in rift basins. Similar stratigraphy can also be seen in the Kupferschiefer in Poland. At the base there are clastic materials lying in a series of basins, mainly red sandstones and conglomerates, and the uppermost sections are composed of arenites and carbonates. |

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&nbsp;&nbsp;At the Kupferschiefer deposit in Poland, there are clastic materials lying in a series of basins, mainly red sandstones and conglomerates (Rotliegendes). The uppermost section of the Rotliegendes is composed of light grey sandstone known as Weissliegendes. The upper part of the Weissliegendes is composed of quartz arenites and carbonates. Above the quartz arenites and carbonates at Kupferschiefer, a sequence of limestones has been deposited followed by a sequence of shales.<br>The deposits of Central African Copperbelt in Zambia and Congo, and the Kupferschiefer in Poland and Germany also contain elevated values of other transition metals (e.g.<br>Kampunzu et al., 2005), compared to e.g. average post-Archaean shales that contain < 60 ppm Cu, < 30 ppm Co and < 100 ppm Ni (Taylor & McLennan, 1985). Enrichment of transition metals other than Cu and Fe is not common in the Nussir copper-mineralisation. However, some enrichment of Co and As have been identified. The sample with the highest As content (617 ppm As), contains 3.17 % Cu.<br>The content of Ni associated with the Cu mineralisation at Nussir and Ulveryggen is low, although a slight increase in Ni has been identified for the highest Cu-values. Higher contents of Ni in the core samples are mostly found in greenstones of the Nussir Group.<br>

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| &nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp; Exploration** | &nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp; Exploration** | &nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp; Exploration** |
| &nbsp;&nbsp;As of January 20th, 2025, the effective date of the Mineral Resource estimate, Blue Moon had not carried out any exploration work on the property. For a description of historical exploration work, including that completed by Blue Moon and its predecessor companies (AS Prospektering and Terra Holdings), refer to Section [6](#_bookmark125).<br>The Repparfjord Copper Deposit (Ulveryggen) was discovered at the beginning of the 20th century. In 1903 the Swedish company, Nordiska Grufaktiebolag, started exploring of the ore field. Approximately 700 m of crosscuts, shafts and about 1700 m of trenches were opened. The detected mineralisation turned out to be too poor for a profitable mining operation at that time. In 1955 the Canadian company, Invex Corporation Ltd, continued the exploration. Invex drilled 2,358 m of diamond drill holes. The Norwegian company, AS National Industri, acquired the claims in 1963. The Geological Survey of Norway (Norges Geologiske Undersøkelse or NGU) has sampled all historical workings, as shown with red dots on the geological map ([Figure 9-1](#_bookmark147)). A total of about 10,000 m of diamond drilling was carried out, along with various geological, geochemical, and geophysical work conducted by NGU. The compilation work was done in 1968 by Roar Hovland (NGU report No 808b, c, 1968), a geologist at the Geological Survey of Norway.<br>In the 1960s, NGU completed a geochemical stream sample survey. The survey showed that the Repparfjord basement window has generally high background values of Cu ([Figure 9-3](#_bookmark149)). The exploration work resulted in the reported discovery of about 10 million tonnes of ore averaging 0.72 % Cu. The resource estimate is historical in nature and is not compliant with the JORC (2012) Reporting Standard.<br>The Norwegian company, Folldal Verk AS, acquired the rights to the deposit in 1970 and started planning and construction of the mine site and the flotation facilities. The mining at Ulveryggen started in four open pits each 100 to 400 m long, 30 to 120 m wide and with 2 to 5 benches each 10 m high. For transport during winter, a 3,000 m long haulage adit was driven 200 m below the open pit level. Four vertical ore passes spaced at approximately 200 m apart connected to the open pits. The ore was hauled by 40 tonne dump trucks to a 150-meter-high 12,000 tonne underground ore bin. Ore was conveyed from the bin to the 320 tonne-per-hour crushing plant. The dried concentrate, averaging<br>35.5 % Cu, was stored in the concentrate bin and then conveyed to the shipping quay. The copper mill recovery was approximately 91.3% Cu.<br>Between May 1972 to June 1979, Folldal Verk produced 5 123 238 tonnes of Cu-ore,<br>comprising 2 062 000 tonnes of waste rock and 3 061 238 tons of crude ore with an average copper content of 0.663 % (Stribny, 1985). The mine closed down in the | &nbsp;&nbsp;As of January 20th, 2025, the effective date of the Mineral Resource estimate, Blue Moon had not carried out any exploration work on the property. For a description of historical exploration work, including that completed by Blue Moon and its predecessor companies (AS Prospektering and Terra Holdings), refer to Section [6](#_bookmark125).<br>The Repparfjord Copper Deposit (Ulveryggen) was discovered at the beginning of the 20th century. In 1903 the Swedish company, Nordiska Grufaktiebolag, started exploring of the ore field. Approximately 700 m of crosscuts, shafts and about 1700 m of trenches were opened. The detected mineralisation turned out to be too poor for a profitable mining operation at that time. In 1955 the Canadian company, Invex Corporation Ltd, continued the exploration. Invex drilled 2,358 m of diamond drill holes. The Norwegian company, AS National Industri, acquired the claims in 1963. The Geological Survey of Norway (Norges Geologiske Undersøkelse or NGU) has sampled all historical workings, as shown with red dots on the geological map ([Figure 9-1](#_bookmark147)). A total of about 10,000 m of diamond drilling was carried out, along with various geological, geochemical, and geophysical work conducted by NGU. The compilation work was done in 1968 by Roar Hovland (NGU report No 808b, c, 1968), a geologist at the Geological Survey of Norway.<br>In the 1960s, NGU completed a geochemical stream sample survey. The survey showed that the Repparfjord basement window has generally high background values of Cu ([Figure 9-3](#_bookmark149)). The exploration work resulted in the reported discovery of about 10 million tonnes of ore averaging 0.72 % Cu. The resource estimate is historical in nature and is not compliant with the JORC (2012) Reporting Standard.<br>The Norwegian company, Folldal Verk AS, acquired the rights to the deposit in 1970 and started planning and construction of the mine site and the flotation facilities. The mining at Ulveryggen started in four open pits each 100 to 400 m long, 30 to 120 m wide and with 2 to 5 benches each 10 m high. For transport during winter, a 3,000 m long haulage adit was driven 200 m below the open pit level. Four vertical ore passes spaced at approximately 200 m apart connected to the open pits. The ore was hauled by 40 tonne dump trucks to a 150-meter-high 12,000 tonne underground ore bin. Ore was conveyed from the bin to the 320 tonne-per-hour crushing plant. The dried concentrate, averaging<br>35.5 % Cu, was stored in the concentrate bin and then conveyed to the shipping quay. The copper mill recovery was approximately 91.3% Cu.<br>Between May 1972 to June 1979, Folldal Verk produced 5 123 238 tonnes of Cu-ore,<br>comprising 2 062 000 tonnes of waste rock and 3 061 238 tons of crude ore with an average copper content of 0.663 % (Stribny, 1985). The mine closed down in the | &nbsp;&nbsp;As of January 20th, 2025, the effective date of the Mineral Resource estimate, Blue Moon had not carried out any exploration work on the property. For a description of historical exploration work, including that completed by Blue Moon and its predecessor companies (AS Prospektering and Terra Holdings), refer to Section [6](#_bookmark125).<br>The Repparfjord Copper Deposit (Ulveryggen) was discovered at the beginning of the 20th century. In 1903 the Swedish company, Nordiska Grufaktiebolag, started exploring of the ore field. Approximately 700 m of crosscuts, shafts and about 1700 m of trenches were opened. The detected mineralisation turned out to be too poor for a profitable mining operation at that time. In 1955 the Canadian company, Invex Corporation Ltd, continued the exploration. Invex drilled 2,358 m of diamond drill holes. The Norwegian company, AS National Industri, acquired the claims in 1963. The Geological Survey of Norway (Norges Geologiske Undersøkelse or NGU) has sampled all historical workings, as shown with red dots on the geological map ([Figure 9-1](#_bookmark147)). A total of about 10,000 m of diamond drilling was carried out, along with various geological, geochemical, and geophysical work conducted by NGU. The compilation work was done in 1968 by Roar Hovland (NGU report No 808b, c, 1968), a geologist at the Geological Survey of Norway.<br>In the 1960s, NGU completed a geochemical stream sample survey. The survey showed that the Repparfjord basement window has generally high background values of Cu ([Figure 9-3](#_bookmark149)). The exploration work resulted in the reported discovery of about 10 million tonnes of ore averaging 0.72 % Cu. The resource estimate is historical in nature and is not compliant with the JORC (2012) Reporting Standard.<br>The Norwegian company, Folldal Verk AS, acquired the rights to the deposit in 1970 and started planning and construction of the mine site and the flotation facilities. The mining at Ulveryggen started in four open pits each 100 to 400 m long, 30 to 120 m wide and with 2 to 5 benches each 10 m high. For transport during winter, a 3,000 m long haulage adit was driven 200 m below the open pit level. Four vertical ore passes spaced at approximately 200 m apart connected to the open pits. The ore was hauled by 40 tonne dump trucks to a 150-meter-high 12,000 tonne underground ore bin. Ore was conveyed from the bin to the 320 tonne-per-hour crushing plant. The dried concentrate, averaging<br>35.5 % Cu, was stored in the concentrate bin and then conveyed to the shipping quay. The copper mill recovery was approximately 91.3% Cu.<br>Between May 1972 to June 1979, Folldal Verk produced 5 123 238 tonnes of Cu-ore,<br>comprising 2 062 000 tonnes of waste rock and 3 061 238 tons of crude ore with an average copper content of 0.663 % (Stribny, 1985). The mine closed down in the |
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&nbsp;&nbsp;beginning of 1979. It is unclear whether the average tonnage units quoted here from Stribny are imperial or metric tons.<br>Then, exploration work was carried out to expand the Ulveryggen ore deposit. During this time, the Nussir copper mineralisation was discovered in 1979 by surface mapping 3 to 4 km north of the mine (K. S. Nilsen, field report Folldal Verk 1979, Aspro reports 1984, 1985).<br>The mineralisation at Nussir was mapped for more than 8 km on surface, a stratiform dolomite layer between 2- 4 m wide and assumed Cu-content 1- 2 %. This assumption was later confirmed by drilling to extend for more than 9 km along the strike. Since the first exploration activity by channel sampling started by Sydvaranger AS/ ASPRO in 1984, most of the exploration works on the Nussir deposit have been done by diamond drilling, and some airborne- and ground geophysical methodologies.<br>In 1985, the first 6 short diamond drill holes were drilled, and extension of the Nussir deposit was documented as a continuous Cu- mineralised layer. The drilling has since then, continued in different periods. During the drilling campaigns between 1985 and 2020, a total of 222 drill holes and 20 percussion drill holes were completed, all of them (with a few exceptions) intersecting the mineralised horizon ([Figure 9-3](#_bookmark149)). The width of the mineralisation varies from about 6 m or more, to about 1 m (or less in limited zone where the layer is stretched or ripped off by shearing), but is commonly around 2 - 4 m.<br>In the Ulveryggen mining area, diamond drilling was used to explore the extension of the ore bodies under the open pit; 21 shorter holes in 2010 from the haulage adit under the pits, one in 2014, and 7 in 2017 from the surface close to the main (Hovedfeltet) pit.<br>In 2008, Scott Wilson Ltd. used available Excel data and JPG images to create a preliminary drill hole database, but the lack of verification of the old data does not bring the said database to current industry standards. Wilson imported data from 92 drill holes and 163 trench and underground traverses into GEMS 6.1.2. Resource Evaluation Edition. The database used contained 4,370 assay records. Blue Moon received a patented claim on the Ulveryggen deposit in June 2013.<br>

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| &nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp; Drilling** |
| &nbsp;&nbsp;As of January 2025, Blue Moon had not carried out any drilling activities on either Nussir or Ulveryggen deposits, and all drilling on these properties and for the mineral resource estimation exercises were completed by prior operators. The current mineral resource estimate is presented in Section [14](#_bookmark346) of this report with an effective date of January 20th, 2025.<br>**10.1&nbsp;&nbsp;&nbsp;&nbsp; Nussir**<br>A total of 211 exploration diamond drillholes, covering over 52,700 m, have been drilled on the Nussir project up to 2019. One drillhole (no.212) was delayed out of the 2019 resource estimation and was drilled in 2020 and confirmed the modelled grade and width. A few additional drillholes were performed in 2024, however, these were solely for metallurgical and processing test work, in order to achieve enough core material to perform material sorting tests and were not intended or used for mineral resource estimation, because they were all twin drill holes of older, successfully completed drillholes. In addition, ten channel samples have been collected from mineralised surface outcropping. A total of approximately 2,600 samples has been assayed.<br>In 1984, ten channel samples were collected from mineralised surface outcrops. The drilling started in 1985 with six relatively short diamond drill holes, all less than 80 m in length and a dip varying between 50 to 70 degrees. In 1986, further two diamond drillholes were drilled to check the continuity of the mineralisation at depth. One of the drillholes confirmed the vertical extension of the mineralisation to more than 250 m below surface. The laboratory Mercury Analytical Ltd. was used to analyse the core from the first eight drillholes.<br>In 1988, six diamond drill holes were drilled. The core was analysed by Caleb Brett Laboratories. A total of 35 diamond drill holes were drilled in the period between 1990 and 1996. Between 1985 and 1996, a total of 600 samples were analysed from 43 drill holes. All samples were analysed for Cu, and partly for Ag and Au. The samples were analysed by different laboratories with unknown analytical methods. For verification purposes, 69 samples from 1990 were assayed in 2008, as described in Section 11. The older samples were not independently used to define blocks defined as Indicated Resources in the current study.<br>In 2002, 63 samples from nine diamond drillholes were analysed by OMAC Laboratories, Ireland for 47 elements using Aqua Regia digestion and ICP. Ag was the only of the precious metals analysed. However, only a few meters of each of the drill holes were analysed. Typically, the analysed core section analysed was one meter per sample. |

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&nbsp;&nbsp;The drilling continued in 2006 with the drilling of seven diamond holes. A total of 32 samples from four holes were analysed by OMAC Laboratories, Ireland using 46 elements by Aqua Regia digestion and ICP-OES. In addition, Au was analysed by Fire Assay/AA on 30 g samples.<br>407 samples from 9 holes were analysed in 2008 for 46 elements by Aqua Regia digestion and ICP-OES by OMAC Laboratories, Ireland. The digestion is partial for some elements especially Al, Ba, Cr, K, Na, Sn, Sr, Ta, Ti, V and W. In addition, Au, Pt and Pd were analysed by Fire Assay/AA on 30 g samples. The whole cores from drill holes Bh 39 (117.6 m), 40 (43.2 m) and 60 (120 m) were analysed, whereas parts of Bh 19, 20, 54, 55, 57 and 90 were analysed. The analysed core lengths were 1-2 m.<br>In 2011, a total of six diamond drillholes (1996 m) were drilled on the Nussir deposit. Five of the drill holes (1,432 m) were drilled as infill holes in the eastern part of the deposit to decrease the drill spacing from 250 m to 125 m. In addition, one deep diamond drill hole (564 m) was drilled in the central part of the Nussir deposit to confirm the extension of the mineralisation in this previous undrilled zone. The drill hole successfully confirmed an 8.6 m intersection zone (7m true width) averaging 0.69% Cu (including 3.6 m averaging 1,09% Cu) from 541 m downhole. From the 2011 drill campaign, a total of 164 samples (including standards and blanks) were submitted to ALS Chemex laboratory in Piteå. All samples were analysed by 33 element four acid ICP-AES and Au, Pt and Pd 30 g Fire Assay ICP. In the mineralised zone the core was normally analysed on one-meter intervals. However, additional samples of varying length were sampled in zones of interest.<br>All pre-2011 drill hole collar locations were originally surveyed using a DPOS GPS (TOPCON) with an accuracy of 1-2 dm. The 2011 drill holes were surveyed using a handheld GPS with and later surveyed by DPOS GPS (TOPCON) in 2012. Downhole surveys have been done for all intact drillholes in 2012 using a pee-wee magnetic survey tool. The registered azimuth values in the upper part of some holes were influenced by magnetic rocks and had to be corrected. Gyro based downhole surveying was chosen during 2013 campaign to avoid this problem.<br>In 2017, 89 drillhole collars were re-measured using a more accurate (within 1-2cm) CPOS GPS instrument, in a re-survey program completed by the company GeoNord. The collar database used in the resource estimation covered in this report is summarised in [Table 10-1](#_bookmark152), with respect to the positioning system used.<br>

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| &nbsp;&nbsp;**11.1 Sample Preparation, Analysis and Security**<br>|
| &nbsp;&nbsp;**11.1 Nussir**<br>**11.1.1 1984 to 1996**<br>Descriptions of historical sampling methods, preparation and analysis by ASPRO have been recorded. The sample intervals are well defined. The sample intervals were picked based on mineralised or geological boundaries. Chemical analysis was normally made for one-meter intervals.<br>No cores before 1986 are available. Cores from 1986 to 1996 are stored at the central Norwegian core facility at the Norwegian Geological Survey, Lokken in Trondheim.<br>Sampling and splitting of the cores were done by the company at the site, and sample preparation such as crushing and pulverizing was done by the laboratories.<br>Mercury Analytical Ltd. was responsible for assay analysis from 1984 to 1985. In 1988, six diamond drill holes were drilled. The holes were analysed by Caleb Brett Laboratories, England. In both cases, the analytical methods are not known, and the analysed core lengths are usually one meter or shorter.<br>These pre-2000 samples were analysed for Cu, Ag and Au. Cu-oxide mineralisation is confined typically to the upper level of the deposit and, historically, non-sulphide Cu was not universally quantified by analysis of soluble Cu.<br>In 2002, 63 samples from nine holes were re-analysed for 47 elements by Aqua Regia digestion and ICP by OMAC Laboratories, Ireland. Only Ag among the precious metals was analysed. The samples are from drill holes Bh 21, 25, 26, 27, 28, 29, 35, 38 and 40, but only a few meters of each of the drill holes were analysed. The core was usually analysed for one-meter sections.<br>**11.1.2 Terra Control/Nussir ASA 2006 to 2019**<br>From 2006 to 2008, TerraControl and Nussir ASA drilled 43 (five were abandoned) diamond drill holes on the Nussir property.<br>Most of the core samples from 2006 and 2007 were marked on core boxes, and cut in half by the on-site geologist, Kjell Nilsen. The samples were placed in boxes and shipped to OMAC, Ireland, for analysis. The drill core boxes from the 2008 drilling campaign were shipped to ALS Chemex in Sweden, which did all the sample preparation based on the marked intervals made by Nussir ASA's on-site geologist. |

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&nbsp;&nbsp;Between 2006 and 2008, samples from 20 percussion drillholes and nine diamond drill holes were analysed for 46 elements using Aqua Regia digestion and ICP-OES by OMAC Laboratories, Ireland.<br>In 2008, 199 samples from four diamond drillholes (Bh 19, 20, 39, 40) were re-analysed for 46 elements, using four-acid ICP-AES and Pt, Pd, Au 30g Fire Acid ICP. Samples from 30 diamond drillholes were analysed in 2008 by 46 elements four-acid ICP-AES and Pt, Pd, Au 30g Fire Acid ICP.<br>In 2011, six diamond drillholes were analysed by ALS Chemex laboratory in Sweden by 33 element four acid ICP-AES and Au, Pt and Pd 30 g Fire Assay ICP. In this campaign, intersections for assaying were identified by initial assaying using handheld XRF. In 2011 and 2013, external check samples were sent to SGS.<br>For the drilling campaigns in 2015, 2017 and 2019, ALS Chemex was used as the primary laboratory, and Labtium as the external check laboratory.<br>Sample preparation work has been done using ALS Chemex in Piteå, under instructions from Nussir ASA's geologists, using the following steps:<br>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sawing of core into two halves.<br>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crushing of one-half sample, 70% < 2mm.<br>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riffle splitting of crushed sample.<br>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulverising to 85% < 75 µm.<br>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking of sample for analysis.<br>**11.1.3** **Quality Assurance/Quality Control**<br>**11.1.3.1 2008**<br>During 2008, 1443 assay measurements were also made by OMAC, from core stemming from the 1990 drilling campaigns. Most of these were taken to provide measurements of previously unassayed core, but 69 overlapped with previous assays, measured in either Mercury Analytical or Caleb Brett laboratories. A diagram depicting these reassayed duplicates is shown in [Figure 11-1](#_bookmark166)and a check analysis study of this data is summarised in [Table 11-1](#_bookmark165).<br>

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&nbsp;&nbsp;**12.3&nbsp;&nbsp;&nbsp;&nbsp; Overview**<br>The data verification procedures applied by the Author are described in sections [11.1](#_bookmark161),<br>[11.2](#_bookmark202) and 11.3 above. Please note that the Author could not verify surface drillhole collar locations at Ulveryggen deposit, owing to surface mining activities after drilling, as well as extensive snow cover at the time of the Author's visits. However, the additional validation step of comparison drill collar locations with LIDAR data, as well as analysis of sections of the pit workings relative to drillhole data, have led the Author to believe that the Ulveryggen deposit, surface drillhole collar data are valid and therefore verified for resource estimation purposes.<br>In the Author's opinion, the geological data in the databases are also adequate for the Nussir and Ulveryggen deposit, resource estimation work, and that this technical information was collected in line with industry best practices, as defined in the Canadian Institute of Mining and Metallurgy and Petroleum (CIM) Mineral Resources and Mineral Reserves Best Practice Guidelines.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.2**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Test Work for the PFS**<br>The 2016 SGS testwork is referenced in Section [27](#_bookmark805):<br>•&nbsp;&nbsp;&nbsp;&nbsp; SGS Lakefield "An Investigation into PRE-FEASIBILITY LEVEL METALLURGICAL<br>TESTING ON SAMPLES FROM NUSSIR AND ULVERYGGEN COPPER DEPOSITS" prepared<br>for NUSSIR ASA, SGS Project 12527-003 – Final Draft Report, dated Aug 17, 2016.<br>Samples were submitted from the Nussir Project for metallurgical testwork. The main objective of the program was to evaluate grindability and flotation characteristics on variability samples while generating tailings for environmental testwork. A total of 19 composite samples were submitted for some or all head characterization (assays and mineralogy), grindability testing (SPI®, Mod BWI, and BWI), and flotation testing.<br>**13.2.2.1 PFS Samples and Sample Location**<br>Metallurgical sample locations for the PFS are shown in [Table 13-7](#_bookmark241). <br>The criteria for sample selection were as follows:<br>•&nbsp;&nbsp;&nbsp;&nbsp; The samples should not be too old since older samples could have problems with oxidation of the copper sulphides<br>•&nbsp;&nbsp;&nbsp;&nbsp; The samples must be available in large enough quantities to accommodate the tests<br>•&nbsp;&nbsp;&nbsp;&nbsp; The samples should be spread out spatially throughout the mining blocks to be developed during the first nine years of ore production.<br>

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&nbsp;&nbsp;The samples were classified as medium hard in response to SPI® testing for most samples and soft in response to Bond ball mill grindability testing for most samples. The Ulveryggen sample (Comp ULV) was harder than the Nussir samples, which is consistent with the previous test results.<br>The flotation tests were completed in two phases.<br>**13.2.2.2 PFS Flotation Tests – First Phase**<br>The main objective of the first phase of flotation tests was to produce a wide range of flotation results across the orebody and generate sufficient tailings for environmental testwork. Tests F1 to F14 were conducted on each of fourteen composites using the flowsheet and reagent scheme developed under project 12527-001 at a targeted P80 of 75 μm to assess the variability in flotation response. Additionally, tests F15 to F20 were conducted on Comp015, Comp016, Comp027, and Comp-ULV, respectively, to evaluate the effect of grind size on the performance. The results demonstrated that the flotation performance did not have a significant effect when the P80 varied from 64 to 105 μm on Comp016, from 60-85 μm on Comp027, and from 78 to 132 μm on each and combined ULV composites. After taking subsamples for assay and sieve analysis, the remainder of the rougher tailings and the first cleaner scavenger tailings from tests F1 to F20 were combined into a tailings product which weighted ~34 kg and graded 0.051% Cu, with a P80 of 77 μm grind size. This was shipped to Norway for environmental testing.<br>**13.2.2.3 PFS Flotation Tests – Second Phase**<br>The second phase of flotation tests was conducted on the NUS-DD15-008 and NUS-DD15-025 samples to mainly investigate the effect of primary grind size, pH, and collector type in the rougher stage. The results revealed that the copper recovery decreased approximately 2.5% when the P80 varied from 51 μm to 73 μm for the NUS-DD15-025 composite, while only dropping approximately 1% when P80 varied from 56 μm to 119 μm for the NUS-DD15-008 composite. The size effect was different on both NUS-DD15-008 and NUS-DD15-025 due to their specific mineralogy, and the SGS Metallurgical Report also noted that the NUS-DD15-008 sample achieved better liberation at the P95 of 150 μm. A combination of sodium isobutyl xanthate (SIBX) and dithiophosphinate (Cytec 3418a) did not improve gold and silver recoveries on NUS-DD15-008 but did bring benefits on NUS-DD15-025 compared to only using SIBX. The rougher recovery was slightly better at around pH 10.5 compared to the test at natural pH (~8,0). The batch cleaner tests recovered 91% Cu, 86% Au, and 76% Ag, with a concentrate grading 32.5% Cu for the NUS-DD15-025 composite and recovered 92% Cu, 80% Au, and 89% Ag, with a concentrate grading 33.1% Cu for the NUS-DD15-008 composite.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The sequential copper analysis shows that Composites 1 and 2 have similar, mainly secondary copper mineralization, while Composite 3 have more primary copper sulphides. Mineralogy indicates that the dominant copper mineral in all three composites is bornite (60-90%) with lesser chalcocite in Composite 2 (~10%) and lesser chalcopyrite in Composite 3 (~30%). The samples contain negligible amounts of other sulphides.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At a grind size P80 of 105 µm, greater than 70% of the bornite is free and liberated, and 10 – 25% reports as complex minerals. Composites 1 and 2 have some bornite associated with chalcocite.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 - 87% of the chalcopyrite is free and liberated, with some associated with bornite, chalcocite, and gangue material. Complex mineralization is higher in Composites 1 and 2.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eighteen variability samples were prepared for the test program, with an average copper assay of 0.91% Cu. Two samples were below the copper cut-off grade and were excluded from the metallurgical testing.<br>**26.4.2**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Comminution**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on the SPI® and BWI results, the hardness of the samples is highly variable, ranging from soft to hard compared to the SGS data base.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The abrasiveness of the samples ranges from slightly abrasive to abrasive.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulveryggen ore has been excluded from the mine plan and is not considered in the comminution circuit design. It is noted that the Ulveryggen ore is harder than the Nussir ore.<br>**26.4.3**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rougher Flotation**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The rougher flotation kinetics are fast for grind sizes 65 – 92 µm, with flotation nearing completion after 3 - 6 minutes. The coarser grind test at 145 µm was slower. A grind size P80 of 95 µm should be chosen for further testing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After 3 - 6 minutes of rougher flotation, grades of 15-24% Cu and recoveries greater than 96% were achieved for all three composites.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The best results were achieved with the collector, SIBX. Adding SIBX and lime to the laboratory grinding mill increased the flotation kinetics, copper grades, and copper recoveries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redistributing SIBX throughout the roughing stages had no significant impact on grades or recovery.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variability sample rougher grades varied from 7.1 to 17.1% Cu and recoveries and recoveries from 91% to 98.8%.<br>**26.4.4**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cleaner Flotation**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regrinding the rougher concentrate improved the copper grades through cleaning. Varying the regrind size P80 from 35 to 58 µm gave similar cleaner performance. A target regrind size range of 25 – 30 µm was chosen for locked cycle testing.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Composite 1, which contained ~67% bornite and ~33% chalcocite, produced a final concentrate copper grade of 53% Cu.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Composite 3, which contained ~67% bornite and ~33% chalcopyrite, produced a final concentrate copper grade of 30% Cu.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All three composites had similar final concentrate copper recoveries of 93-94%.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open-circuit batch rougher/cleaner testing on sixteen variability samples resulted in an average copper recovery of 92.5% and copper grade of 53.3% Cu.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There is no evidence of a relationship between copper head grade and copper recovery.<br>**26.4.5**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Locked Cycle Testing**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid stability was achieved in all the LCTs (3 cycles).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The LCTs demonstrated high copper recoveries and copper grades for all samples tested.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper concentrate grades more than 45% Cu should be readily achievable.<br>

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&nbsp;&nbsp;However, new testwork should be undertaken as soon as new drill core is available from which flotation products can be prepared to generate samples of final concentrate for testing.<br>

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| &nbsp;&nbsp;**14. Mineral Resource Estimate** |
| &nbsp;&nbsp;**27.1**&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; **Introduction**<br>The mineral resource model for the Nussir deposit was prepared by Adam Wheeler. The mineral resource model for the Nussir deposit considers 211 diamond drill holes and 10 lines of surface channel data. This section describes the resource estimation methodology and summarises the key assumptions involved. In the opinion of the Author, the resource evaluation reported herein is a sound representation of the Cu mineral resources found at the Nussir project at the current level of sampling. The resource estimation was prepared in compliance with Canadian National Instrument 43-101, and the mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May, 2014. Adam Wheeler, C. Eng, is considered a Qualified Person for reporting in accordance with CIM Guidelines.<br>The resource database used to estimate the Nussir mineral resource was reviewed and verified for internal consistency by the Author. The Author checked various assayed grades against examples of the original certificates, during the course of this review.<br>Leapfrog Geo software was used in the interpretation of the resource mineralisation envelopes. Datamine software were used for sample data processing, geostatistical analysis, block model generation, estimation of metal grades, and evaluation of mineral resources for the Nussir deposits.<br>**27.2**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Data Collation**<br>The resource database was provided by Norwegian geologists worked for Nussir ASA. These data were supplied in the form of Excel database files, data from which tables were exported to Datamine as separate .csv files for collar coordinates, drillhole survey data, assay results and lithology logs. After import of these data sets into Datamine, the different assay, collars and survey data files were combined into a single file of three-dimensional samples.<br>The resource database for the Nussir deposit consists of 211 diamond drill holes and 10 surface channel lines, totalling 52,727 m. Drillholes are collared from surface, for the most part on the hanging wall side of the Nussir deposit, on sections spaced typically 150 to 200m apart, with some infill at 50 to 100m. Most of the drillholes were drilled roughly perpendicular to the strike of the deposit, at a direction 160o. The |

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&nbsp;&nbsp;mineralisation is generally drilled at roughly 150 to 200 m spacings on section, but locally up to 25m.<br>More details of the separate database tables are described below:<br>•&nbsp;&nbsp;&nbsp;&nbsp; **Collar coordinates.** As compared with previous estimates, all coordinates have been updated for the UTM system, WGS84, zone 35. All of the drillhole collars from 1985 to 2019 were measured by DPOS GPS, with an accuracy of 0.2-0.5 m. After this, drillhole collars have been measured with a handheld GPS, with an accuracy of approximately 5 m. During 2017, there was a CPOS survey campaign (tied into a base station), campaign going over old and current drill holes, with an accuracy of 2-5 cm. This was done for almost all drill holes, and also included re-measuring of drillholes' collars from 2008 or later, that had not been previously measured with DPOS.<br>•&nbsp;&nbsp;&nbsp;&nbsp; **Downhole Survey data.** Measurements in holes from 2008, 2011 and resurveying of 21 holes drilled in 1990 and 94, stem from a magnetic PeeWee tool rented from Devico in Norway. All 21 holes drilled in 2013 were surveyed by the drilling crew using a Reflex gyro instrument. 16 holes were surveyed prior to 2011 with magnetic equipment and 30 diamond drill holes, and 20 percussion holes remain un-surveyed. Since 2014, two different Devico devices were used. A Deviflex instrument has been mostly used, which employs lasers and gravitation, where the azimuth Is dependent on the first assumed azimuth. A Devishot instrument has also been used (in approximately 9% of survey measurements), which is a magnetic instrument.<br>•&nbsp;&nbsp;&nbsp;&nbsp; **Assay Results**. The contained assayed grades of Cu, reassayed Cu (handheld XRF, where measured), Ag, Au, reassayed Au, Pd and Pt.<br>•&nbsp;&nbsp;&nbsp;&nbsp; **Lithology Logs.** This contained log data fields which included:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Geological grouping<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Formation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Lithological code<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Mineralisation codes<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Alteration code<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Structural code<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Geological description<br>•&nbsp;&nbsp;&nbsp;&nbsp; **Density Measurements.**<br>After import of these data sets into Datamine, the data files were combined and then<br>"desurveyed" to obtain the complete three-dimensional coordinates of each sample.<br>

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&nbsp;&nbsp;different drillhole spacings, related to mining blocks containing more broadly equivalent to 3 months of production and 1 year of production. This analysis was completed with the following stages:<br>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A panel was defined, in the eastern part of the Nussir deposit, with an assumed average thickness of 3m, and along-strike and down-dip dimensions of 245 m. These dimensions were selected, so that this block contains approximately 0.5 Mt of material, which is roughly equivalent to 3 months of production (based on an assumed production rate of 2 Mtpa). This was used to create a volumetric test model.<br>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on all available drillholes in the same area, a grid of densely spaced pseudo-samples was generated, based on the same statistical parameters as the original distribution of actual samples. Using this data set, samples corresponding to any different theoretical drilling grids could be selected. In this way, different composite groups were created for drilling grids spaced at 25 m, 50 m, etc up to 500 m.<br>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The complete composite set for the eastern part of Nussir was converted into normal score form, and used to provide experimental variograms, from which model variograms were determined, for Cu, Cu x Thickness (accumulation) and Thickness quantities. An example is shown in Figure 14-25.<br>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A conditional simulation was then run using each of the different pseudo-drilling grid sets. The parameters used for these simulation runs included:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sequential gaussian simulation.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An internal point density of 5m x 5m inside the test area.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 simulation runs were completed for each test.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Normal transformed model variograms used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizontal search distances of 400m were used.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum/Maximum no. of composites = 2/20<br>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For each conditional simulation run, and for each of the three variables, the distribution of overall average values was approximately normally distributed, as shown in the example in Figure 14-26. The standard deviation of these results was then used to calculate the relative error of the overall average grade, at the 90% probability level.<br>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From these results, the relative errors at the 90% probability level were also determined for a block corresponding to approximately one year's production.<br>

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&nbsp;&nbsp;the density measurements are sufficient to support the estimation of a mineral resource.<br>**14.14.3 Rejects/Pulps Inventory**<br>There is a small risk associated with incomplete inventories of available rejects and pulps, for Nussir. This risk can be mitigated by preparing updated inventories for both Løkken and Skaidi.<br>**14.14.4&nbsp;&nbsp;&nbsp;&nbsp; Historic QA/QC Procedures**<br>The little QAQC information is available for the data prior to 2008 at Nussir (representing approximately 30% of all current samples). There is a risk of potential bias and lack of precision associated with this older data. In later years, QA/QC procedures have been applied progressively more rigorously. The weakness of this old data can be mitigated in the future with further sampling and new data. The Author concludes that the historical QAQC is sufficient to support the estimation of a mineral resource.<br>**14.14.5&nbsp;&nbsp;&nbsp;&nbsp; Fault Zones**<br>At the Nussir deposit, there are some fault intersections in drillholes in the Eastern part of the deposit, which could not be built into coherent fault models, so faults are not represented in the current geological model. Given the overall continuity of the mineralized structures at Nussir, and the observed outcrop continuity, it does not appear likely that faults significantly affect the resource model and subsequent estimation. However, to mitigate this risk, it is recommended that fault models are interpreted as the project develops, using additional drilling results and more detailed mapping of surface topography. The Author concludes that the continuity of strata and mineralization, along with the current interpretations of fault structures, is of sufficient quality to support the estimation of a mineral resource.<br>**14.14.5&nbsp;&nbsp;&nbsp;&nbsp; Structural Modelling**<br>The wide-spaced drilling at the Nussir deposit could be possibly picking up other structural geological features that might affect the overall geometry of mineralized zones. To mitigate this risk, it is recommended that any other structural geological details are accounted for as the project develops, using further drilling results and more detailed mapping of surface topography. The Author concludes that the current stead of the structural information available for the deposit is sufficient to support the estimation of a mineral resource.<br>

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| &nbsp;&nbsp;Water quality data is insufficient to distinguish between surface water verses groundwater or characterize the interactions between systems. However, samples collected at the nearby Ulveryggen mine indicate that the water quality discharging from the existing pits and underground tunnel is generally good. The pH is typically circumneutral to slightly alkaline and the metal concentrations are generally low, with the exception of elevated copper in one location.<br>**16.7.3 Climate and Recharge**<br>The Nussir area is characterized as 'subarctic', with long, very cold winters, and short, cool to mild summers. Winter months are typically milder and windier than observed further inland. Mean annual precipitation (MAP) is 1,135 mm. Total precipitation (rainfall and snowfall) is greatest during the winter, when most precipitation falls as snow. Frozen conditions are expected from October through April, with snow melt occurring predominantly in May and June. Runoff is highest during the summer months after the spring thaw.<br>Groundwater levels are near/at surface in many areas of the Project. The limit on groundwater recharge is thought to be the permeability of the bedrock rather than the available water volume.<br>A hydrological model was constructed and calibrated to local stream flow records. The modelling suggests that:<br>•&nbsp;&nbsp;&nbsp;&nbsp; Approximately 85% of MAP runs off directly to surface water courses.<br>•&nbsp;&nbsp;&nbsp;&nbsp; Approximately 40% of MAP contributes to river baseflow. However, recharge to the deep groundwater system is expected to be significantly lower than 40% of MAP as the baseflow estimate includes water held up in lakes, shallow perched aquifers, boggy ground and interflow.<br>There is an increasing trend in mean annual temperature of approximately 0.5°C per decade, which may alter the duration of frozen conditions and, consequently, the pattern of surface water runoff in the catchment.<br>**16.7.4&nbsp;&nbsp;&nbsp;&nbsp; Discharge**<br>There are no known surface water or groundwater abstractions at the site, except for a water supply abstraction pipeline from the Djupelva Reservoir. There is a regional hydraulic gradient towards the fjord, which is the ultimate discharge point for all surface water and groundwater. Groundwater may also discharge into local rivers and streams.<br>Groundwater provides baseflow to rivers, but this represents a small (<5%) proportion of the total flow. | &nbsp;&nbsp;Water quality data is insufficient to distinguish between surface water verses groundwater or characterize the interactions between systems. However, samples collected at the nearby Ulveryggen mine indicate that the water quality discharging from the existing pits and underground tunnel is generally good. The pH is typically circumneutral to slightly alkaline and the metal concentrations are generally low, with the exception of elevated copper in one location.<br>**16.7.3 Climate and Recharge**<br>The Nussir area is characterized as 'subarctic', with long, very cold winters, and short, cool to mild summers. Winter months are typically milder and windier than observed further inland. Mean annual precipitation (MAP) is 1,135 mm. Total precipitation (rainfall and snowfall) is greatest during the winter, when most precipitation falls as snow. Frozen conditions are expected from October through April, with snow melt occurring predominantly in May and June. Runoff is highest during the summer months after the spring thaw.<br>Groundwater levels are near/at surface in many areas of the Project. The limit on groundwater recharge is thought to be the permeability of the bedrock rather than the available water volume.<br>A hydrological model was constructed and calibrated to local stream flow records. The modelling suggests that:<br>•&nbsp;&nbsp;&nbsp;&nbsp; Approximately 85% of MAP runs off directly to surface water courses.<br>•&nbsp;&nbsp;&nbsp;&nbsp; Approximately 40% of MAP contributes to river baseflow. However, recharge to the deep groundwater system is expected to be significantly lower than 40% of MAP as the baseflow estimate includes water held up in lakes, shallow perched aquifers, boggy ground and interflow.<br>There is an increasing trend in mean annual temperature of approximately 0.5°C per decade, which may alter the duration of frozen conditions and, consequently, the pattern of surface water runoff in the catchment.<br>**16.7.4&nbsp;&nbsp;&nbsp;&nbsp; Discharge**<br>There are no known surface water or groundwater abstractions at the site, except for a water supply abstraction pipeline from the Djupelva Reservoir. There is a regional hydraulic gradient towards the fjord, which is the ultimate discharge point for all surface water and groundwater. Groundwater may also discharge into local rivers and streams.<br>Groundwater provides baseflow to rivers, but this represents a small (<5%) proportion of the total flow. |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective Date: April 14, 2026 | &nbsp;&nbsp;300 |

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