# EDGAR Filing Document

**Accession Number:** 0000059860
**File Stem:** 0001199835-23-000120
**Filing Date:** 2023-3
**Character Count:** 814238
**Document Hash:** 43ca41f521f5b6f1b4576891c3065839
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001199835-23-000120.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001199835-23-000120

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 145

**CONFORMED PERIOD OF REPORT**: 20211231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDRICH MINING CO
- **CENTRAL INDEX KEY:** 0000059860
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 910742812
- **STATE OF INCORPORATION:** AK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06412
- **FILM NUMBER:** 23695059

**BUSINESS ADDRESS:**
- **STREET 1:** 2525 E. 29TH AVE. STE. 10B-160
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99223
- **BUSINESS PHONE:** 509-535-7367

**MAIL ADDRESS:**
- **STREET 1:** 2525 E. 29TH AVE. STE. 10B-160
- **CITY:** SPOKANE
- **STATE:** WA
- **ZIP:** 99223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LITTLE SQUAW GOLD MINING CO
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K/A**

**Amendment No. 1**

---

| | |
|:---|:---|
| ⌧ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the fiscal year ended December 31, 2021** | **For the fiscal year ended December 31, 2021** |
| **OR** | **OR** |
| □ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to** 

**Commission file number: 001-06412**

**Goldrich Mining Company**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Alaska** | **91-0742812** |
| (State of other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **2525 E. 29<sup>th</sup> Ave. Ste. 10B-160** |  |
| **Spokane, Washington** | **99223-4942** |
| (Address of principal executive offices) | (Zip Code) |

---

**(509) 535-7367**

(Registrant's Telephone Number, including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: **None**

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Each Class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of Each Exchange on Which Registered** |
| &nbsp;&nbsp; **Common Stock, $0.10 par value** | &nbsp;&nbsp;**GRMC** | &nbsp;&nbsp;**OTCQB** |

---

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes □ No ⌧

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes □ No ⌧

Indicate by check mark whether the Registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 ("Exchange Act") during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ⌧ No □

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. □

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

Large accelerated filer □ Accelerated filer □ <br> Non-accelerated filer⌧ Smaller reporting company ⌧ <br> Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the Registrant is a shell company, as defined in Rule 12b-2 of the Exchange Act. Yes □ No ⌧

As of June 30, 2021, the aggregate market value of the voting and non-voting shares of common stock of the registrant issued and outstanding on such date, excluding shares held by affiliates of the registrant as a group, was $6,084,785. This figure is based on the closing sale price of $0.047 per share of the Registrant's common stock on June 30, 2021 on the OTCQB**.** 

Number of shares of Common Stock outstanding as of March 30, 2022: 182,448,412

**Explanatory Note**

The purpose of this Amendment No. 1 to Goldrich Mining Company's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on March 30, 2022 (the "Form 10-K") is to incorporate additional information concerning Goldrich's Chandalar property including revisions made in the Revised and Amended Initial Assessment which has a revised and amended date of February 24, 2023 and an effective date of May 31, 2021.

**GOLDRICH MINING COMPANY FORM 10-K December 31, 2021**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PART I](#a001_v1) | 6 |
| [ITEM 1. BUSINESS](#a002_v1) | 6 |
| [ITEM 1A. RISK FACTORS](#a003_v1) | 10 |
| [ITEM 1B. UNRESOLVED STAFF COMMENTS](#a004_v1) | 21 |
| [ITEM 2. PROPERTIES](#a005_v1) | 22 |
| [ITEM 3. LEGAL PROCEEDINGS](#a006_v1) | 43 |
| [ITEM 4. MINE SAFETY DISCLOSURES](#a007_v1) | 43 |
| [PART II](#a008_v1) | 44 |
| [ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#a009_v1) | 44 |
| [ITEM 6. SELECTED FINANCIAL DATA](#a010_v1) | 46 |
| [ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a011_v1) | 46 |
| [ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a012_v1) | 52 |
| [ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#a013_v1) | 53 |
| [ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#a014_v1) | 78 |
| [ITEM 9A. CONTROLS AND PROCEDURES](#a015_v1) | 78 |
| [ITEM 9B. OTHER INFORMATION](#a016_v1) | 79 |
| [PART III](#a017_v1) | 80 |
| [ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE](#a018_v1) | 80 |
| [ITEM 11. EXECUTIVE COMPENSATION](#a019_v1) | 87 |
| [ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#a020_v1) | 89 |
| [ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#a021_v1) | 91 |
| [ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES](#a022_v1) | 92 |
| [PART IV](#a023_v1) | 93 |
| [ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES](#a024_v1) | 93 |
| [SIGNATURES](#a025_v1) | 96 |

---

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

***COVID-19***

In March 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention. Its rapid spread around the world and throughout the United States prompted many countries, including the United States, to institute restrictions on travel, public gatherings and certain business operations. These restrictions significantly disrupted economic activity in Goldrich's business, as manifested in:

● the inability of Company management, geologic professionals and contractors to travel to the Company's Alaska property to engage in any meaningful field work,

● restrictions placed on face-to-face meetings with staff, members of the Board of Directors and other direct stakeholders to smoothly conduct Company business, and

● a general slowdown in capital markets and investor activities in the Company's industry as it conducted ongoing, and subdued capital-raising activities,

As of December 31, 2021, there was no disruption or impact to the Company's financial statements. Since December 31, 2019, due to the arbitration proceedings (as described herein) and limited cash availability, the Company has been largely inactive at its Chandalar property. However, if the severity of the economic disruptions increase as the duration of the COVID-19 pandemic continues beyond the Company's current inactive period, the negative financial impact due to limitation in conducting geologic field work and exploration activities could be significantly greater in future periods.

The Company has taken steps to mitigate the potential risks to suppliers and employees posed by the spread of COVID-19. The Company has implemented work from home policies where appropriate. The Company will continue to monitor developments affecting both their workforce and contractors, and will take additional precautions that management determines are necessary in order to mitigate the impacts. There has been no material adverse impact to the Company's business operations due to remote work. Despite efforts to manage these impacts to the Company, the ultimate impact of COVID-19 also depends on factors beyond management's knowledge or control, including the duration and severity of this outbreak as well as third-party actions taken to contain its spread and mitigate its public health effects. Therefore, management cannot estimate the potential future impact to financial position, results of operations and cash flows, but the impacts could be material.

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**FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K (this "Annual Report") and the exhibits attached hereto contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include but are not limited to:

● estimates of resources or reserves;

● our anticipated results and developments in future periods;

● statements regarding our exploration plans at our Chandalar property;

● statements regarding our plans to finance our operations;

● statements regarding future costs and expenditures;

● statements regarding our anticipated plan of operation; and

● other matters that may occur in the future.

These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might", "should" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

● risks related to the COVID-19 pandemic and its effects on our ability to conduct business activities, attract capital, travel and meet with parties to forward our strategic directives;

● risks related to our ability to continue as a going concern being in doubt;

● risks related to our history of losses;

● risks related to our outstanding gold forward sales contracts and notes;

● risks related to need to raise additional capital to fund our exploration and, if warranted, development and production programs;

● risks related to our property not having any proven or probable reserves;

● risk related to our limited history of commercial production;

● risk related to operating a mine;

● risk related to accurately forecasting, extraction and production;

● risks related to our dependence on a single property – the Chandalar property;

● risks related to climate and location restricting our exploration and, if warranted, development and production activities;

● risks related to our mineralization estimates being based on limited drilling data;

● risks related to our exploration activities not being commercially successful;

● risks related to actual capital costs, production or economic return being different than projected;

● risk related to our joint venture arrangements;

● risks related to unfavorable outcomes of the joint venture arbitration proceedings;

● risks related to mineral exploration;

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● risks related to increased costs;

● risks related to a shortage of equipment and supplies;

● risk related to fluctuations in gold prices;

● risks related to title to our properties being defective;

● risks related to title to our properties being subject to claims;

● risks related to estimates of resources or reserves;

● risks related to government regulation;

● risks related to environmental laws and regulation;

● risks related to land reclamation requirements;

● risks related to future legislation regarding mining laws;

● risks related to future legislation regarding climate change;

● risks related to our lack of insurance coverage for all risks;

● risks related to competition in the mining industry;

● risks related to our dependence on key personnel;

● risks related to our executive offices not dedicating 100% of their time to our company;

● risks related to potential conflicts of interest with our directors and executive officers;

● risks related to market conditions;

● risks related to our disclosure controls and procedures; and

● risks related to our shares of common stock.

This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Results of Operation" of this Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

**We qualify all the forward-looking statements contained in this Annual Report by the foregoing cautionary statements.**

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

**PART I**

As used in herein, the terms "Goldrich," the "Company," "we," "us," and "our" refer to Goldrich Mining Company.

**ITEM 1. BUSINESS**

**<u>Overview and History</u>**

We are a minerals company in the business of acquiring and advancing mineral properties to the discovery point, where we believe maximum shareholder returns can be realized. Although we have conducted limited extraction of gold on one of our gold prospects, Goldrich is an exploration stage company as defined by the U.S. Securities and Exchange Commission ("SEC") under Subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended "Subpart 1300"), although over $50 million in revenue from gold has been extracted from its claims since 2015.

Incorporated in 1959, Goldrich Mining Company (OTCQB trading symbol "GRMC") has been a publicly traded company since October 9, 1970. Our executive offices are located at 2525 E. 29<sup>th</sup> Ave. Ste. 10B-160, Spokane, WA 99223, and our phone number there is (509) 535-7367. Our website address is www.goldrichmining.com. Information contained on our website is not part of this annual report.

At this time, our major mineral exploration prospects are contained within our wholly-owned Chandalar property, located approximately 190 air miles north of Fairbanks, Alaska. The property is largely on land owned by the State of Alaska, which is one of the active and highly ranked mining jurisdictions in the world. Both patented federal mining claims and Alaska state mining claims provide exploration and mining rights to lode and placer mineral deposits. A more detailed description of our Chandalar property is set forth in "Item 2 – Properties" of this Annual Report.

The Chandalar property contains both our Chandalar hard-rock (lode) gold project, our primary target, and the Chandalar alluvial gold mine. The area has a long prospecting and mining history dating to the discovery of placer gold deposits in 1905, soon followed by the discovery of more than 30 separate high-grade lode gold mineralization prospects. Over the next 80 years the lode gold mineralization occurrences were intermittently explored or mined by various small operators, but because of the district's remote location the readily mineable alluvial gold deposits received the most attention.

Although there is a history of past lode and alluvial extraction on our Chandalar property, it currently does not contain any known proven or probable ore reserves as defined in Subpart 1300. The probability that ore reserves that meet SEC Subpart 1300 guidelines will be discovered on an individual hard rock prospect at Chandalar cannot be determined at this time. We commissioned an independent engineering firm to complete a mining plan and initial assessment for the Company's Chandalar placer mine, completed in June 2021, according to the new amendments adopted by the SEC to modernize the property disclosure requirements for mining registrants as codified in Subpart 1300. The new disclosure requirements under Subpart 1300 replaced the SEC Industry Guide 7, and mining registrants on January 1, 2021. The new disclosure requirements under Subpart 1300 allow issuers to disclose inferred, indicated and measured resources as defined therein. Subject to the findings of Company's initial assessment, we will decide if a preliminary feasibility study should also be prepared for the Chandalar placer mine. A preliminary feasibility study allows an issuer to disclose any proven or probable mineral reserves on a mineral property.

The ownership and management of Goldrich changed in 2003. Beginning in 2004, we ended a twenty-year hiatus of hard-rock exploration on the property and began employing modern exploration techniques. Our focus is two-fold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Continue exploration of our Chandalar property where we have discovered and identified drilling targets for a potentially large bulk tonnage hard-rock intrusion-related gold deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Continue gold extraction from the Chandalar placer gold deposit discovered on the property.

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We have spent many millions of dollars in exploration and mining activities at our Chandalar property. Some of the highlights include (see details of highlights in the Properties section below):

**2012:** As described below in *Joint Venture Agreement*, we signed an agreement with NyacAU to form a joint venture, Goldrich NyacAU Placer, LLC ("GNP") for the purpose of mining the alluvial gold deposits within the bounds of our Chandalar property.

**2013:** Achievements included GNP's mobilization of drilling equipment and plant setup, approval of permits to expand mining operations, significant infrastructure improvements and extraction of 680 ounces of fine gold.

**2014:** We conducted a property-wide airborne radiometric and magnetic survey to generate and further refine exploration targets for bulk-tonnage low-grade mineralization and possible deeper sources of intrusion-related mineralization. We also completed advanced petrographic studies of drill core samples from the Chandalar gold property. The new data refined the orogenic model that has historically guided exploration at Chandalar and redirected our future exploration for intrusion-related mineralization.

**2015:** We completed reclamation of a mine waste road built in 2010 and received a confirmation of completion and satisfaction from the Army Corps of Engineers. GNP extracted approximately 3,600 ounces of fine gold.

**2016:** GNP extracted approximately 8,200 ounces of fine gold.

**2017:** We performed additional oxygen isotope studies to further confirm intrusion-related mineralization. In addition, GNP completed a sonic drill program and drilled 231 holes totaling 14,271 feet to further define the Chandalar placer deposit. GNP extracted approximately 12,300 ounces of fine gold.

**2018:** GNP extracted approximately 17,100 ounces of fine gold.

**2019 - 2021:** GNP was dissolved in 2019 due to its inability to reach commercial production, and no mining activities were undertaken in 2019, 2020, and 2021.

Although GNP extracted over 42,000 ounces of fine gold from 2013 to 2018, GNP failed to meet the minimum production requirements under the GNP Operating Agreement. Goldrich began arbitration proceedings against NyacAU and certain NyacAU related parties in 2017 (see Joint Venture Agreement and Arbitration below). GNP was dissolved in June 2019 and is in the late stages of the process of liquidation. Except for equipment needed for reclamation, most of the heavy equipment and the wash plant were removed in March through mid-April 2019. There was no gold extracted in 2019, 2020, and 2021. NyacAU is the holder of the mine permits and began reclamation of the mine in 2019. NyacAU is responsible for future reclamation costs. Goldrich hired an independent mining engineering firm in 2019 to formulate a mine plan and complete an initial assessment under Subpart 1300 to determine if Goldrich should pursue production at the placer mine. The mine plan and initial assessment were completed in June 2021. Any plan to continue future mining is contingent upon our success in raising sufficient capital to fund these activities or any portion of them (see *Joint Venture Agreement* below for details of the GNP joint venture, arbitration activities and the joint venture's pending liquidation).

Concerning hard-rock exploration, although we are pleased with the progress that has been made, weak financial markets during the last several years have been an important factor affecting the level of our exploration activities. If the placer mine enters into commercial production (by Goldrich or a third-party operator), we look forward to potential internal cash flow and additional opportunities for financing that will give us a unique advantage for growth over other junior mining exploration companies; however, finances must be obtained before we can continue mining activities.

We also intend to list our shares on a recognized stock exchange in Canada in addition to maintaining our quotation on the OTCQB in the United States. We believe these factors will increase our access to financial markets and positively affect our ability to raise the funds necessary to add value to our property and increase shareholder value. Our main focus in the future will continue to be the exploration of the hard-rock targets of our Chandalar property as funds become available.

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**<u>Competition</u>**

There is aggressive competition within the minerals industry to discover and acquire mineral properties considered to have commercial potential. We compete for the opportunity to participate in promising exploration projects with other entities. In addition, we compete with others in efforts to obtain financing to acquire and explore mineral properties, acquire and utilize mineral exploration equipment and hire qualified mineral exploration personnel.

We may compete with other junior mining companies for mining claims in regions adjacent to our existing claims, or in other parts of the world should we dedicate resources to doing so in the future. These companies may be better capitalized than us and we may have difficulty in expanding our holdings through additional mining claims.

In competing for qualified mineral exploration personnel, we may be required to pay compensation or benefits relatively higher than those paid in the past, and the availability of qualified personnel may be limited in high-demand mining periods, such as have been experienced during the increased price of gold in recent years.

**<u>Employees</u>**

In October 2009, William Schara began employment as our President and Chief Executive Officer ("CEO"). We rely on consulting contracts for some of our management and administrative personnel needs, including for our Chief Financial Officer ("CFO"), Mr. Ted Sharp. The contract for Mr. Sharp expired on December 31, 2009, however, Mr. Sharp continues to provide services to the Company under the same terms provided in the contract. We employ individuals and contractors on a seasonal basis to conduct exploration, mining and other required company activities, mostly during the late spring through early fall months.

We currently have 2 full-time employees; our CEO and Controller. We had as many as 23 part-time employees and contractors during 2011, 5 part-time employees and contractors during 2012, and one employee at the mine site for logistics and other company activities during 2013, 2014, 2015, and 2017. In addition to the employees of Goldrich, GNP had as many as 10 employees during 2012, 46 employees during 2013, 10 employees during 2014, 67 employees during 2015, 50 employees during 2016, 63 employees during 2017, and 61 employees in 2018.

**<u>Seasons</u>**

We conduct exploration activities at Chandalar between late spring and early autumn. Access during that time is exclusively by airplane. All fuel is supplied to the campsite by air transport. Access during winter months is by ice road, snowmobile and ski-plane. All heavy supplies and equipment are brought in by trucking over the ice road from Coldfoot. Snow melt generally occurs toward the end of May, followed by an intensive, though short, 90-day growing season with 24 hours of daylight and daytime temperatures that range from 60° to 80° Fahrenheit. Freezing temperatures return in late August and freeze-up typically occurs by early October. Winter temperatures, particularly in the lower elevations, can drop to -50° F or colder for extended periods. Annual precipitation is 15 to 20 inches, coming mostly in late summer as rain and during the first half of the winter as snow. Winter snow accumulations are modest. The area is essentially an arctic desert.

**<u>Regulation</u>**

Our mineral exploration activities are subject to various federal, state, and local laws and regulations governing prospecting, exploration, production, labor standards, occupational health and mine safety, control of toxic substances, land use, water use, land claims of local people and other matters involving environmental protection and taxation. New rules and regulations may be enacted, or existing rules and regulations may be applied in a manner that could limit or curtail exploration at our property. It is possible that future changes in these rules or regulations could have a significant impact on our business, causing those activities to be economically re-evaluated at that time.

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**<u>Taxes Pertaining to Mining</u>**

Alaska's tax and regulatory policy is widely viewed by the mining industry as offering the most favorable environment for establishing new mines in the United States. The mining taxation regimes in Alaska have been stable for many years. There is regular discussion of taxation issues in the legislatures but no changes have been proposed that would significantly alter their current state mining taxation structures. The economics of any potential mining operation on our properties would be particularly sensitive to changes in the State of Alaska's tax regimes. Amendments to current laws, regulations and permits governing our operations and the general activities of mining and exploration companies, or more stringent implementation thereof, could cause unanticipated increases in our exploration expenses, capital expenditures or future production costs, or could result in abandonment or delays in establishing operations at our Chandalar property. Although management has no reason to believe that new mining taxation laws that could adversely impact our Chandalar property will materialize, such an event could and may happen in the future.

At present, Alaska has a 7% net profits mining license tax on all mineral production (AS 43.65), a 3% net profits royalty on minerals from state lands (AS 38.05.212) (where we hold unpatented state mining claims), and a graduated annual mining claim rental beginning at $1.03/acre. Alaska state corporate income tax is 9.4% if net profit is more than a set threshold amount. Alaska has an exploration incentive credit program (AS 27.30.010) whereby up to $20 million in approved accrued exploration credits can be deducted from the state mining license tax, the state corporate income tax, and the state mining royalty. All qualified new mining operations are exempt from the mining license tax for 3 1/2 years after production begins.

**<u>Environmental Regulations</u>**

Our Chandalar property contains an inactive small mining mill site on Tobin Creek with tailings impoundments, last used in 1983. The mill was capable of processing 100 tons of ore per day. A total of 11,884 tons were put through the mill, and into two small adjacent tailings impoundments. A December 19, 1990 letter from the Alaska Department of Environmental Conservation (the "Alaska DEC") to the Alaska Division of Mining of the Department of Natural Resources (the "Alaska DNR") states: "Our samples indicate the tailings impoundments meet Alaska DEC standards requirements and are acceptable for abandonment and reclamation." The Alaska DNR conveyed acknowledgement of receipt of this report to us in a letter dated December 24, 1990. We subsequently reclaimed the tailings impoundments and expect that no further remedial action will be required. Vegetation has established itself on the tailings impoundments, thereby mitigating erosional forces.

In 1990, the Alaska DEC notified us that soil samples taken from a gravel pad adjacent to our Tobin Creek mill site contained elevated levels of mercury. In response to the notification, we engaged a professional mineral engineer to evaluate procedures for remediating contamination at the site. In 1994, the engineer evaluated the contamination and determined that it consists of approximately 160 cubic yards of earthen material that could be cleansed by processing it through a simple gravity washing plant. This plan was subsequently approved by the state. In 2000, the site was listed in the Alaska DEC's contaminated sites database as a "medium" priority contaminated site. We are not aware of any changes in state environmental laws that would affect our state approved cleanup plan or impose a timetable for it to be done. During 2008, our employees took a suite of samples at the contamination site to update the readings taken in 1990 or prior. The results of this sampling reconfirmed the earlier findings, and also suggest that some attenuation of the mercury contamination has occurred. An independent technical consultant assessed those results and believes that proper procedures for sampling and testing were followed. During 2011, 2013 and 2014, we took additional samples that showed an overall reduction of mercury in the previously sampled area. However, one sample on the margin of the sampled area yielded high mercury content, and that may necessitate continued expansion of the area to be sampled in the future. The 2011, 2013 and 2014 sample results were submitted to the State for analysis and determination of what additional sampling the State may require on the area around the mill. In 2013, we received a letter request from the Alaska DEC to update our plan for remediating the contaminated site and in 2014, 2015, and 2016 continued communication with the Alaska DEC to determine what remediation is necessary. We have engaged an independent environmental engineering company to perform an evaluation of the remediation requirements based on locality, latitude, altitude, permafrost and other factors. During 2017, the environmental engineering company performed an eco-scoping study on the site. The Alaska DEC has notified us that further sampling will need to be performed in and around the streambed from the mine site to the stream's confluence into Chandalar Lake. At December 31, 2021, we have an accrued liability of $100,000 in our financial statements for sampling and remediation costs.

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**ITEM 1A. RISK FACTORS**

The following sets forth certain risks and uncertainties that could have a material adverse effect on our business, financial condition and/or results of operations, and the trading price of our common stock which may decline and investors may lose all or part of their investment. These risk factors should be considered along with the forward-looking statements contained in this Annual Report on Form 10-K because these factors could cause our actual results or financial condition to differ materially from those projected in forward-looking statements. Additional risks and uncertainties that we do not presently know or that we currently deem immaterial also may impair our business operations. We cannot assure you that we will successfully address these risks or that other unknown risks exist that may affect our business.

**Risks Related to Our Operations** 

***Our ability to operate as a going concern is in doubt.***

The audit opinion and notes that accompany our consolidated financial statements for the year ended December 31, 2021, disclose a 'going concern' qualification to our ability to continue in business. The accompanying consolidated financial statements have been prepared under the assumption that we will continue as a going concern. We are an exploration stage company and we have incurred losses since our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and raising additional funds. During the year ended December 31, 2021, we raised $447,000 net cash from senior secured notes payable to third-party and related-party persons, as described elsewhere, and $347,414 in warrant exercises, as described elsewhere. We believe that the going concern condition cannot be removed with confidence until the Company has entered into a business climate where funding of its activities is more assured.

We currently have no historical recurring source of revenue and our ability to continue as a going concern is dependent on our ability to raise capital to fund our future exploration and working capital requirements or our ability to profitably execute our business plan. Our plans for the long-term return to and continuation as a going concern include financing our future operations through sales of our common stock and/or debt and the eventual profitable exploitation of our mining properties. Additionally, the current capital markets and general economic conditions in the United States are significant obstacles to raising the required funds. These factors raise substantial doubt about our ability to continue as a going concern.

GNP was dissolved in 2019 and is now in the process of liquidation. We are seeking to raise sufficient capital to continue profitably operating the mine. The current plant has been disassembled and it, as well as most of the equipment used by GNP, has been demobilized from the mine site. While we are working to replace the dissolved GNP operations with commensurate gold extraction by us or a qualified third-party operator, we cannot assure you we will have sufficient capital to implement our plan of operation, that we will be successful in beginning gold extraction operations in the future, the timing for any such operations or that the extraction results in future years will be similar to past results.

The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

***We have a history of losses and expect to continue to incur losses in the future.***

We have incurred losses since inception, with the exception of the year ended December 31, 2015, and expect to continue to incur losses in the future. We had net income of $50,163 in the year ended 2015, but we incurred net losses during each of the following more recent periods:

● $1,759,159 for the year ended December 31, 2021;

● $2,169,540 for the year ended December 31, 2020;

● $2,603,065 for the year ended December 31, 2019; and

● $3,779,949 for the year ended December 31, 2018.

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We had an accumulated deficit of approximately $39.4 million as of December 31, 2021. We expect to continue to incur losses unless and until such time as the Chandalar Mine or one of our properties enters into commercial production and generates sufficient revenues to fund continuing operations. We recognize that if we are unable to generate significant revenues from mining operations and dispositions of our properties, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses and difficulties frequently encountered by companies at the start up stage of their business development. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.

***We may be unable to timely pay our obligations under our outstanding note payable in gold or our secured senior secured notes, which may result in us losing some of our rights to gold from Chandalar alluvial extraction operations and may adversely affect our assets, results of operations and future prospects.***

At December 31, 2021, a portion of the Company's notes payable in gold outstanding, with a net liability of $481,780, obligate the Company to deliver 266.788 ounces of fine gold on demand. To date, the gold notes have not been paid and the note holders have not demanded payment or delivery of gold. These notes are secured against our right to future distributions of gold extracted from subsequent gold mining operations. At December 31, 2021, we owed secured senior notes to related parties totaling $4,064,211 and outstanding notes payable to unrelated parties of $1,088,421, payable within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any holder. These notes are secured against all of the assets and property of each of Goldrich Mining Company and Goldrich Placer, LLC, whether real, personal or mixed, in which the holders of any Notes (or their Collateral Agent) hold a security interest at such time, including any property subject to liens or security interest granted by the Deed of Trust.

Under our gold forward sales contracts, each of the following constitutes an event of default: (a) our failure to perform or observe any term, covenant or agreement contained in the gold forward sales contract; (b) any warranty made by us in the gold forward sales contract shall prove to have been incorrect in a material respect when made; or (c) we shall declare bankruptcy. Upon the occurrence of an event of default, the holders of the gold forward sales contracts may designate a termination date for the contract and upon termination receive the delivery date index price (as determined in the gold forward sales contract) of any quantities of gold we were deficient in delivering payable in either (i) cash or (ii) an amount of our shares of common stock equal such value converted into shares at the greater of $0.15 per share or 75% of the current market price per share on the delivery date.

Under our senior secured notes, each of the following constitutes an event of default: (a) the Company fails to pay (i) any portion of the principal amount of any Note when due or (ii) any accrued and unpaid Interest when due and such failure continues for three (3) Business Days or (iii) any other amount that is due and payable under this Amended Agreement, any Note, or the Deed of Trust and such failure continues for ten (10) Business Days after demand for such payment is made by the Holder; (b) the Company fails to observe or perform any other obligation, covenant, or agreement applicable to the Company under this Amended Agreement as and when due and fails to cure such failure within 10 Business Days of notice of such failure by the holder to the Company; (c) the Company fails to observe or perform any covenant or agreement applicable under the Guaranty and fails to cure such failure within 10 Business Days of notice of such failure by the holder to the Company; (d)an insolvency or liquidation proceeding or assignment is commenced with respect to the Company or its subsidiary; or (e) any alleged creditor other than the holders seeks to collect any amount allegedly due and owing to said creditor at that time.

If we are unable to timely satisfy our obligations under the notes payable in gold or the secured senior notes, including timely payment of gold on demand or interest when due and payment of the principal amount on demand for the secured senior notes and we are not able to re-negotiate the terms of such agreements, the holders will have rights against us, including potentially seizing or selling our assets. The notes payable in gold are specifically secured against our right to future gold distributions from subsequent gold mining operations. The senior secured notes are secured against all our assets. Any failure to timely meet our obligations under these instruments may adversely affect our assets, results of operations and future prospects or cause us to declare bankruptcy.

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***We have entered into arbitration with our joint venture partner.***

In 2017, we, our subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel ("the Panel"), against our JV partner and its affiliates; NyacAU, LLC ("NyacAU"), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against the Company, its subsidiaries and certain members of our current and former management, the counterclaim respondents. Since 2019 and through the date of this report, the Panel has released various awards relating to the allegations of both parties. Some of which have been in favor of our positions some have been in favor of our JV partner and its affiliates. Under the terms of the Operating Agreement, both partners are required to abide by the rulings proceeding from the arbitration Panel. The arbitration is ongoing and the various parties to the claims and counterclaims continue to disagree on several matters.

On May 25, 2019, the Panel issued an Interim Award, which requested input from the parties on a small number of discrete issues, all input to be supported by references to the arbitration record. On November 30, 2019, the Panel issued the Partial Final Award and concurrently the Second Interim Award RE Dissolution/Liquidation of GNP and Related Issues ("the Second Interim Award"). On September 4, 2020, the Arbitration Panel (the "Panel") issued the Final Post Award Orders, wherein the Panel issued rulings on multiple material issues. On December 4, 2020, the Panel issued Supplemental Orders 5-8, wherein the Panel issued rulings on multiple material issues. Subsequent to the year ended December 31, 2020, on April 7, 2021, the Panel issued Order on Respondents' Motion to Preserve Confidentiality of Arbitration Proceedings, wherein the Panel ruled that the Company did not violate confidentiality when it filed the arbitration rulings as exhibits to its public reporting with the Securities and Exchange. On April 7, 2021, the Panel also issued Order on Respondents' Motion to Confirm Judgment wherein the Panel issued rulings to clarify, modify, or correct an award made in the Partial Final Award. On August 30, 2021, the Panel also issued Second Partial Final Award and Modified Second Interim Award re Dissolution/Liquidation of GNP and Related Issues. A summary of each award is provided below in the *Item 2: Properties* section under *Arbitration*.

The arbitration has settled many matters, but remains open to accommodate the final activities of liquidation and winding up of GNP. We are working with NyacAU to settle the remaining issues and awards.

***GNP is in liquidation.***

NyacAU filed the formal Notice of Dissolution in May 2019 and received the certificate of dissolution in July with an effective date of June 3, 2019. GNP has been in the liquidation process (see Joint Venture Agreement and Arbitration below). The Panel ruled that NyacAU should continue as the manager of the liquidation. Except for equipment needed for reclamation, most of the heavy equipment and the wash plant were removed on a winter trail in March through mid-April 2019. The Panel has jurisdiction over the liquidation process. The arbitration is ongoing and the various parties to the claims and counterclaims continue to disagree on several matters. The Panel may or may not rule in our favor.

***We are required to raise additional capital to fund our exploration and, if warranted, development and production programs on the Chandalar property.***

We are an exploration stage company and currently do not have sufficient capital to fully fund any long-term plan of operation at the Chandalar gold property. We will require additional financing in the future to fund exploration of and development and production on our properties, if warranted, to attain self-sufficient cash flows. We expect to obtain financing through various means including, but not limited to, private or public placement offerings of debt or our equity securities, the exercise of outstanding warrants, the sale of a production royalty, the sales of gold from future production, joint venture agreements with other mining companies, or a combination of the above. The level of additional financing required in the future will depend on the results of our exploration work and recommendations of our management and consultants. Failure to obtain sufficient financing may result in delaying or indefinite postponement of exploration or even a loss of some property interest. Additional capital or other types of financing may not be available if needed or, if available, may not be available on favorable terms or terms acceptable to us. Failure to raise such needed financing could result in us having to discontinue our mining and exploration business.

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***We have only a brief, recent history of gold extraction.***

We have only a brief recent history of gold extraction from 2013-2018 and have carried on our business at a loss. As a result of dissolution of GNP, the current plant has been disassembled and it, as well as most of the equipment used by GNP, has been demobilized from the mine site. While we are working to replace the GNP operations with commensurate gold extraction by us or a qualified third-party operator, we cannot assure you that similar results will be accomplished in future years. At this time, due to the risks and uncertainties described in this section, we cannot assure you that extraction activities in the future will generate revenues, profits or cash flow to us.

***Estimates of cash flows, extraction costs, profitability and other financial and extraction measurements are subject to the inherent risks related to accurately forecasting extraction.***

Estimates of future extraction costs and potential extraction profitability are dependent on numerous factors, which could affect the success and profitability of extraction activities. These risks include volatile gold prices, engineering and construction errors, changes or shortages in equipment and labor availability and costs, variances in grade, natural disasters and other events outside our control. The occurrence of such events could make anticipated results differ from actual results and could negatively affect our financial position.

***We depend largely on a single property - the Chandalar property.***

Our major mineral property at this time is the Chandalar property. We are dependent upon making a gold deposit discovery at Chandalar for the furtherance of the Company at this time. Should we be able to make an economic find at Chandalar, we would then be solely dependent upon a single mining operation for our revenue and profits, if any.

***Chandalar is located within the remote Arctic Circle region and exploration and, if warranted, development and production activities may be limited by climate and location.***

While we have conducted test mining and minor gold mining extraction in recent years, our current focus remains on exploration of our Chandalar property. With our current infrastructure at Chandalar, the arctic climate limits exploration activities to a summer field season that generally starts in early May and lasts until freeze-up in mid-September. The remote location of the Chandalar property limits access and increases exploration expenses. Costs associated with such activities are estimated to be between 25% and 50% higher than costs associated with similar activities in the lower 48 states in the United States. Transportation and availability of qualified personnel is also limited because of the remote location. Higher costs associated with exploration activities and limitations for the annual periods in which we can carry on exploration activities will increase the costs and time associated with our planned activities and could negatively affect the value of our property and securities.

***Our resource estimate at Chandalar is based on a limited amount of drilling completed to date.***

We commissioned an independent engineering firm to complete a mining plan and initial assessment ("IA") for the Chandalar Alluvial Gold Deposit on our Chandalar property according to the new amendments adopted by the SEC to modernize the property disclosure requirements for mining registrants as codified in Subpart 1300. The IA was completed in June 2021. The IA is based on a limited amount of drilling completed during 2007, 2013, and 2017. These estimates have a high degree of uncertainty. While we plan on conducting further drilling programs on the deposit, we cannot guarantee that the results of future drilling will return similar results or that our current estimate of resources will ever be established as proven and probable reserves as defined in the new SEC regulations in Subpart 1300. Any gold resources that may be discovered at Chandalar through our drilling programs may be of insufficient quantities to justify commercial operations.

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***Our exploration activities may not result in commercially successful mining operations.***

Our operations are focused on mineral exploration, which is highly speculative in nature, involves many risks and is frequently non-productive. Unusual or unexpected geologic formations and the inability to obtain suitable or adequate machinery, equipment or labor are risks involved in the conduct of exploration programs. The focus of our current exploration plans and activities is conducting mineral exploration and deposit definition drilling at Chandalar. The success of this gold exploration is determined in part by the following factors:

● identification of potential gold mineralization based on analysis;

● availability of government-granted exploration permits;

● the quality of our management and our geological and technical expertise; and

● capital available for exploration.

Substantial expenditures are required to establish proven and probable reserves through drilling and analysis, to determine metallurgical processes to extract metal, and to establish commercial mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral deposit at Chandalar would be commercially viable depends on a number of factors, which include, without limitation, the particular attributes of the deposit, such as size, grade and proximity to infrastructure; metal prices, which fluctuate widely; and government regulations, including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. Any gold resources that may be discovered at Chandalar may be of insufficient quantities to justify commercial operations.

***Actual capital costs, operating costs, extraction and economic returns may differ significantly from those anticipated and there are no assurances that any future development activities will result in profitable mining operations.***

We have limited operating history on which to base any estimates of future operating costs related to any future development of our properties. Capital and operating costs, extraction and economic returns, and other estimates contained in pre-feasibility or feasibility studies may differ significantly from actual costs, and there can be no assurance that our actual capital and operating costs for any future development activities will not be higher than anticipated or disclosed.

***Mining and Exploration activities involve a high degree of risk.***

Our operations on our properties will be subject to all the hazards and risks normally encountered in the mining of and exploration for deposits of gold. These hazards and risks include, without limitation, unusual and unexpected geologic formations, seismic activity, rock bursts, pit-wall failures, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage and legal liability. Milling operations, if any, are subject to various hazards, including, without limitation, equipment failure and failure of retaining dams around tailings disposal areas, which may result in environmental pollution and legal liability.

The parameters that would be used at our properties in estimating possible mining and processing efficiencies would be based on the testing and experience our management has acquired in operations elsewhere. Various unforeseen conditions can occur that may materially affect estimates based on those parameters. In particular, past mining operations at Chandalar indicate that care must be taken to ensure that proper mineral grade control is employed and that proper steps are taken to ensure that the underground mining operations are executed as planned to avoid mine grade dilution, resulting in uneconomic material being fed to the mill. Other unforeseen and uncontrollable difficulties may occur in planned operations at our properties that could lead to failure of the operation.

If we decide to exploit our Chandalar property and build a large gold mining operation based on existing or additional deposits of gold mineralization that may be discovered and proven, we plan to process the resource using technology that has been demonstrated to be commercially effective at other geologically similar gold deposits elsewhere in the world. These techniques may not be as efficient or economical as we project, and we may never achieve profitability.

***Increased costs could affect our financial condition.***

We anticipate that costs at our projects that we may explore or develop, will frequently be subject to variation from one year to the next due to a number of factors, such as changing ore grade, metallurgy and revisions to mine plans, if any, in response to the physical shape and location of the ore body. In addition, costs are affected by the price of commodities such as fuel, rubber, and electricity. Such commodities are at times subject to volatile price movements, including increases that could make extraction at certain operations less profitable. A material increase in costs at any significant location could have a significant effect on our profitability.

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***A shortage of equipment and supplies could adversely affect our ability to operate our business.***

We are dependent on various supplies and equipment to carry out our mining exploration and, if warranted, development and production operations. The shortage of such supplies, equipment and parts could have a material adverse effect on our ability to carry out our operations and therefore limit or increase the cost of reaching production.

***We may be adversely affected by a decrease in gold prices.***

The value and price of our securities, our financial results, and our exploration activities may be significantly adversely affected by declines in the price of gold and other precious metals. Gold prices fluctuate widely and are affected by numerous factors beyond our control such as interest rates, exchange rates, inflation or deflation, fluctuation in the relative value of the United States dollar against foreign currencies on the world market, global and regional supply and demand for gold, and the political and economic conditions of gold producing countries throughout the world. The price for gold fluctuates in response to many factors beyond anyone's ability to predict. The prices that would be used in making any economic assessment estimates of resources or reserves on our properties would be disclosed and would probably differ from daily prices quoted in the news media. Percentage changes in the price of gold cannot be directly related to any estimated resource quantities at any of our properties, as they are affected by a number of additional factors. For example, a ten percent change in the price of gold may have little impact on any estimated quantities of resources or reserves at Chandalar and would affect only the resultant cash flow. Because any future mining at Chandalar would occur over a number of years, it may be prudent to continue mining for some periods during which cash flows are temporarily negative for a variety of reasons, including a belief that a low price of gold is temporary and/or that a greater expense would be incurred in temporarily or permanently closing a mine there. Resource or reserve calculations and life-of-mine plans, if any, using significantly lower gold and precious metal prices could result in material write-downs of our investments in mining properties and increased reclamation and closure charges.

In addition to adversely affecting any of our resource or reserve estimates and its financial aspects, declining metal prices may impact our operations by requiring a reassessment of the commercial feasibility of a particular project. Such a reassessment may be the result of a management decision related to a particular event, such as a cave-in of a mine tunnel or open pit wall. Even if any of our projects may ultimately be determined to be economically viable, the need to conduct such a reassessment may cause substantial delays in establishing operations or may interrupt on-going operations, if any, until the reassessment can be completed.

***Title to our properties may be defective.***

We hold certain interests in our Chandalar property in the form of State of Alaska unpatented mining claims. We hold no interest in any unpatented U.S. federal mining claims at Chandalar or elsewhere. Alaska state unpatented mining claims are unique property interests, in that they are subject to the paramount title of the State of Alaska, and rights of third parties to uses of the surface within their boundaries, and are generally considered to be subject to greater title risk than other real property interests. The rights to deposits of minerals lying within the boundaries of the unpatented state claims are subject to Alaska Statues 38.05.185 – 38.05.280, and are governed by Alaska Administrative Code 11 AAC 86.100 – 86.600. The validity of all State of Alaska unpatented mining claims is dependent upon inherent uncertainties and conditions. These uncertainties relate to matters such as:

● The existence and sufficiency of a discovery of valuable minerals;

● Proper posting and marking of boundaries in accordance with state statutes;

● Making timely payments of annual rentals for the right to continue to hold the mining claims in accordance with state statutes;

● Whether sufficient annual assessment work has been timely and properly performed and recorded; and

● Possible conflicts with other claims not determinable from descriptions of records.

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The validity of an unpatented mining claim also depends on: (1) the claim having been located on Alaska state land open to appropriation by mineral location, which is the act of physically going on the land and making a claim by putting corner stakes in the ground; (2) compliance with all applicable state statutes in terms of the contents of claim location notices or certificates and the timely filing and recording of the same; (3) timely payment of annual claim rental fees; and (4) the timely filing and recording of proof of annual assessment work. In the absence of a discovery of valuable minerals, the ground covered by an unpatented mining claim is open to location by others unless the owner is in actual possession of and diligently working the claim. We are diligently working and are in actual possession of all of our mining claims comprising our Chandalar, Alaska property. The unpatented state mining claims we own or control there may be invalid, or the title to those claims may not be free from defects. In addition, the validity of our claims may be contested by the Alaska state government or challenged by third parties.

***Title to our property may be subject to other claims.***

There may be valid challenges to the title to properties we own or control that, if successful, could impair our exploration activities on them. Title to such properties may be challenged or impugned due to unknown prior unrecorded agreements or transfers or undetected defects in titles.

A major portion of our mineral rights on our flagship Chandalar property consists of "unpatented" lode mining claims created and maintained on deeded state lands in accordance with the laws governing Alaska state mining claims. We have no unpatented mining claims on federal land in the Chandalar mining district, but do have unpatented state mining claims. Unpatented mining claims are unique property interests, and are generally considered to be subject to greater title risk than other real property interests because the validity of unpatented mining claims is often uncertain. This uncertainty arises, in part, out of complex federal and state laws and regulations. Also, unpatented mining claims are always subject to possible challenges by third parties or validity contests by the federal and state governments. In addition, there are few public records that definitively determine the issues of validity and ownership of unpatented state mining claims.

We have attempted to acquire and maintain satisfactory title to our Chandalar mining property, but we do not normally obtain title opinions on our properties in the ordinary course of business, with the attendant risk that title to some or all segments our properties, particularly title to the State of Alaska unpatented mining claims, may be defective. We do not carry title insurance on our patented mining claims.

***Estimates of*** resources and reserves ***are subject to evaluation uncertainties that could result in project failure.***

Our exploration and future mining operations, if any, are and would be faced with risks associated with being able to accurately predict the quantity and quality of resources or reserves within the earth using statistical sampling techniques. Estimates of any resources or reserves on any of our properties would be made using samples obtained from appropriately placed trenches, test pits and underground workings and intelligently designed drilling. There is an inherent variability of assays between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about our Chandalar property. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating resources or reserves. If these estimates were to prove to be unreliable, we could implement a plan that may not lead to commercially viable operations in the future.

***Government regulation may adversely affect our business and planned operations.***

Our mineral exploration activities are subject to various laws governing prospecting, mining, development, production, taxes, labor standards and occupational health, mine safety, toxic substances, land use, water use, land claims of local residents and other matters in the United States. New rules and regulations may be enacted or existing rules and regulations may be applied in a manner that could limit or curtail exploration at our Chandalar property. The economics of any potential mining operation on our properties would be particularly sensitive to changes in the federal and State of Alaska's tax regimes.

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The generally favorable State of Alaska tax regime could be reduced or eliminated. Such an event could materially hinder our ability to finance the future exploitation of any gold deposit we might prove-up at Chandalar, or elsewhere on State of Alaska lands. Amendments to current laws, regulations and permits governing our operations and the general activities of mining and exploration companies, or more stringent implementation thereof, could cause unanticipated increases in our exploration expenses, capital expenditures or future extraction or production costs, or could result in abandonment or delays in establishing operations at our Chandalar property.

***Our activities are subject to environmental laws and regulation that may materially adversely affect our future operations, in which case our operations could be suspended or terminated.***

We are subject to a variety of federal, state and local statutes, rules and regulations in connection with our exploration activities. We are required to obtain various governmental permits to conduct exploration at and development of our property. Obtaining the necessary governmental permits is often a complex and time-consuming process involving numerous federal, state and local agencies. The duration and success of each permitting effort is contingent upon many variables not within our control. In the context of permitting, including the approval of reclamation plans, we must comply with known standards, existing laws, and regulations that may entail greater or lesser costs and delays depending on the nature of the activity to be permitted and the interpretation of the laws and regulations implemented by the permitting authority. The failure to obtain certain permits or the adoption of more stringent permitting requirements could have a material adverse effect on our business, plans of operation, and property in that we may not be able to proceed with our exploration programs. Compliance with statutory environmental quality requirements may require significant capital investments, significantly affect our earning power, or cause material changes in our intended activities. Environmental standards imposed by federal, state, or local governments may be changed or become more stringent in the future, which could materially and adversely affect our proposed activities. As a result of these matters, our operations could be suspended or cease entirely.

Mineral exploration and mining are subject to potential risks and liabilities associated with pollution of the environment and the disposal of waste products occurring as a result of mineral exploration and production. Insurance against environmental risk (including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration and production) is not generally available to us (or to other companies in the minerals industry) at a reasonable price. To the extent that we become subject to environmental liabilities, the remediation of any such liabilities would reduce funds otherwise available to us and could have a material adverse effect on our financial condition. Laws and regulations intended to ensure the protection of the environment are constantly changing and are generally becoming more restrictive.

Federal legislation and regulations adopted and administered by the U.S. Environmental Protection Agency, Forest Service, Bureau of Land Management ("BLM"), Fish and Wildlife Service, Mine Safety and Health Administration, and other federal agencies, and legislation such as the Federal Clean Water Act, Clean Air Act, National Environmental Policy Act, Endangered Species Act, and Comprehensive Environmental Response, Compensation, and Liability Act, have a direct bearing on U.S. exploration and mining operations within the United States. These regulations will make the process for preparing and obtaining approval of a plan of operations much more time-consuming, expensive, and uncertain. Plans of operation will be required to include detailed baseline environmental information and address how detailed reclamation performance standards will be met. In addition, all activities for which plans of operation are required will be subject to review by the BLM, which must make a finding that the conditions, practices or activities do not cause substantial irreparable harm to significant scientific, cultural, or environmental resource values that cannot be effectively mitigated.

U.S. federal initiatives are often administered and enforced through state agencies operating under parallel state statutes and regulations. Although some mines continue to be approved in the United States, the process is increasingly cumbersome, time-consuming, and expensive, and the cost and uncertainty associated with the permitting process could have a material effect on exploring and mining our properties. Compliance with statutory environmental quality requirements described above may require significant capital investments, significantly affect our earning power, or cause material changes in our intended activities. Environmental standards imposed by federal, state, or local governments may be changed or become more stringent in the future, which could materially and adversely affect our proposed activities. As a result of these matters, our operations could be suspended or cease entirely.

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At this time, our Chandalar property does not include any federal lands and therefore we do not file plans of operations with the BLM. However, we are subject to obtaining watercourse diversion permits from the U.S. Army Corp of Engineers.

***Land reclamation requirements for our properties may be burdensome and expensive.***

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mineral exploration companies (as well as companies with mining operations) in order to minimize long term effects of land disturbance.

Reclamation may include requirements to:

● control dispersion of potentially deleterious effluents; and

● reasonably re-establish pre-disturbance land forms and vegetation.

In order to carry out reclamation obligations imposed on us in connection with our potential development activities, we must allocate financial resources that might otherwise be spent on further exploration and development programs. We plan to set up a provision for our reclamation obligations on our properties, as appropriate, but this provision may not be adequate. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected.

***Future legislation and administrative changes to the mining laws could prevent us from exploring and operating our properties.***

New local, state and U.S. federal laws and regulations, amendments to existing laws and regulations, administrative interpretation of existing laws and regulations, or more stringent enforcement of existing laws and regulations, could have a material adverse impact on our ability to conduct exploration and mining activities. Any change in the regulatory structure making it more expensive to engage in mining activities could cause us to cease operations. We are at this time unaware of any proposed Alaska state or U.S. federal laws and regulations that would have an adverse impact on the future of our Alaska mining properties.

***Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.***

A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, our venture partners and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the political significance and uncertainty around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. These impacts may adversely impact the cost, production and financial performance of our operations.

***We do not insure against all risks.***

Our insurance policies will not cover all the potential risks associated with our operations. We may also be unable to maintain insurance coverage to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurances against risks such as environmental pollution or other hazards as a result of exploration and production are not generally available to us or to other companies in the mining industry on acceptable terms. We might also become subject to liability for pollution or other hazards for which we may not be insured against or for which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause us to incur significant costs that could have a material adverse effect upon our financial condition and results of operations.

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***We compete with larger, better capitalized competitors in the mining industry.***

The mining industry is acutely competitive in all of its phases. We face strong competition from other mining companies in connection with the acquisition of exploration stage properties, or properties capable of producing precious metals. Many of these companies have greater financial resources, operational experience and technical capabilities than us. As a result of this competition, we may be unable to maintain or acquire attractive mining properties on terms we consider acceptable or at all. Consequently, our revenues, operations and financial condition and possible future revenues could be materially adversely affected by actions by our competitors. At our property at Chandalar, Alaska, we face no other competitors at this time.

***We may experience cybersecurity threats.***

We rely on secure and adequate operations of information technology systems in the conduct of our operations. Access to and security of the information technology systems are critical to our operations. Given that cyber risks cannot be fully mitigated and the evolving nature of these threats, we cannot assure that our information technology systems are fully protected from cybercrime or that the systems will not be inadvertently compromised, or without failures or defects. Potential disruptions to our information technology systems, including, without limitation, security breaches, power loss, theft, computer viruses, cyber-attacks, natural disasters, and noncompliance by third party service providers and inadequate levels of cybersecurity expertise and safeguards of third party information technology service providers, may adversely affect our operations as well as present significant costs and risks including, without limitation, loss or disclosure of confidential, proprietary, personal or sensitive information and third party data, material adverse effect on its financial performance, compliance with its contractual obligations, compliance with applicable laws, damaged reputation, remediation costs, potential litigation, regulatory enforcement proceedings and heightened regulatory scrutiny.

***Newly adopted rules regarding mining property disclosure by companies reporting with the SEC may result in increased operating and legal costs.***

On October 31, 2018, the SEC adopted new rules to modernize mining property disclosure in reports filed with the SEC in order to harmonize SEC disclosure requirements with international standards. These rules became effective in the Company's fiscal year beginning on January 1, 2021. The new rules are codified in subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended ("Subpart 1300"). The new rules may require the preparation and filing of technical reports on the Company's properties on a more frequent basis than the Company's historical practice. Such changes to the Company's reporting requirements and the preparation of technical reports and assessments could result in increased compliance costs. The Company completed an initial assessment on its Chandalar property in 2021 in compliance with the new rules.

**Risks related to the Company**

***We are dependent on our key personnel.***

Our success depends in a large part on our key executives: William Schara, our President and CEO, and Ted Sharp, our Corporate Secretary and CFO. The loss of their services could have a material adverse effect on us. Mr. Sharp is a licensed Certified Public Accountant and an independent contractor, with business management and consulting interests that are independent of the consulting agreement he currently has in place with the Company—he is not an employee of the Company.

At such time as we again undertake mineral exploration activities, we will need to fill positions such as Vice President of Exploration, Vice President of Operations and Chandalar Project Manager with persons possessing requisite skills. Our ability to manage our mineral exploration activities at our Chandalar gold property or other locations where we may acquire mineral interests will depend in large part on the efforts of these individuals. We may face competition for qualified personnel, and we may not be able to attract and retain such personnel.

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***Certain of our executive officers do not dedicate 100% of their time on our business.***

William V. Schara, our CEO, devotes 100% of his time to company business. Ted Sharp, our CFO, provides services under a consulting arrangement, which permits him to provide services to other companies. Mr. Sharp dedicates approximately 20% of his business time to Goldrich, and currently provides consulting services to a variety of small business clients, which may detract from the time Mr. Sharp can spend on our business. Mr. Sharp often conducts business remotely by internet communication. In the event of a failure of laptop or telecommunications, or at times of internet connection disruption, Mr. Sharp's ability to communicate with other company personnel or conduct company transactions may be obstructed.

***Our officers and directors may have potential conflicts of interest due to their responsibilities with other entities.***

The officers and directors of the Company serve as officers and/or directors of other companies in the mining industry, which may create situations where the interests of the director or officer may become conflicted. The consulting arrangement of Mr. Sharp allows him to provide services to other companies. The companies to which Mr. Sharp provides services may be potential competitors with the Company at some point in the future. The directors and officers owe the Company fiduciary duties with respect to any current or future conflicts of interest.

**Risks related to our Common Stock**

***The market for our common stock has been volatile in the past and may be subject to fluctuations in the future.***

The market price of our common stock has ranged from a high of $0.095 and a low of $0.022 during the twelve-month period ended December 31, 2021. The market price for our common stock closed at $0.078 on December 31, 2021, the last trading day of 2021. The market price of our common stock may fluctuate significantly from its current level. The market price of our common stock may be subject to wide fluctuations in response to quarterly variations in operating results, announcements of technological innovations or new products by us or our competitors, changes in financial estimates by securities analysts, or other events or factors. In addition, the financial markets have experienced significant price and volume fluctuations for a number of reasons, including the failure of the operating results of certain companies to meet market expectations that have particularly affected the market prices of equity securities of many exploration stage companies that have often been unrelated to the operating performance of such companies. These broad market fluctuations, or any industry-specific market fluctuations, may adversely affect the market price of our common stock. In the past, following periods of volatility in the market price of a company's securities, class action securities litigation has been instituted against such a company. Such litigation, whether with or without merit, could result in substantial costs and a diversion of management's attention and resources, which would have a material adverse effect on our business, operating results and financial condition.

***We have convertible securities and convertible debt outstanding, which if fully exercised could require us to issue a significant number of shares of our common stock and result in substantial dilution to existing shareholders.***

As of December 31, 2021, we had 179,787,595 shares of common stock issued and outstanding. We may be required to issue the following shares of common stock upon exercise of options and warrants or conversion of convertible securities:

● 1,050,000 shares of common stock issuable upon exercise of vested options outstanding as of December 31, 2021;

● 32,190,475 shares of common stock issuable upon conversion of preferred shares outstanding as of December 31, 2021;

● 22,327,894 shares of common stock issuable upon exercise of warrants outstanding as of December 31, 2021; and

● 102,079,934 shares of common stock issuable if Nicholas Gallagher ("Gallagher"), a related party and member of the Company's Board of Directors and a secured note holder, exercises his option to be paid in shares for unpaid interest as of December 31, 2021.

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If these convertible and exercisable securities are fully converted or exercised, we would issue an additional 157,648,303 shares of common stock, and our issued and outstanding share capital would increase to 337,435,898 shares. The convertible securities are likely to be exercised or converted at the time when the market price of our common stock exceeds the conversion or exercise price of the convertible securities. Holders of such securities are likely to sell the common stock upon conversion, which could cause our share price to decline.

***Broker-dealers may be discouraged from effecting transactions in our common stock because they are considered a penny stock and are subject to the penny stock rules.***

Rules 15g-1 through 15g-9 promulgated under the United State Securities and Exchange Act of 1934, as amended (the "Exchange Act") impose sales practice and disclosure requirements on certain brokers-dealers who engage in certain transactions involving a "penny stock." Subject to certain exceptions, a penny stock generally includes any non-NASDAQ equity security that has a market price of less than $5.00 per share. The market price of our common stock on the FINRA OTCBB during the twelve-month period ended December 31, 2021, ranged between a high of $0.095 and a low of $0.022, and our common stock is deemed penny stock for the purposes of the Exchange Act. The additional sales practice and disclosure requirements imposed upon brokers-dealers may discourage broker-dealers from effecting transactions in our common stock, which could severely limit the market liquidity of the stock and impede the sale of our stock in the secondary market.

A broker-dealer selling penny stock to anyone other than an established customer or "accredited investor," generally, an individual with net worth in excess of $1,000,000 or an annual income exceeding $200,000, or $300,000 together with his or her spouse, must make a special suitability determination for the purchaser and must receive the purchaser's written consent to the transaction prior to sale, unless the broker-dealer or the transaction is otherwise exempt. In addition, the penny stock regulations require the broker-dealer to deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the United States Securities and Exchange Commission relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt. A broker-dealer is also required to disclose commissions payable to the broker-dealer and the registered representative and current quotations for the securities. Finally, a broker-dealer is required to send monthly statements disclosing recent price information with respect to the penny stock held in a customer's account and information with respect to the limited market in penny stocks.

***In the event that your investment in our shares is for the purpose of deriving dividend income or in expectation of an increase in market price of our shares from the declaration and payment of dividends, your investment will be compromised because we do not intend to pay dividends, except as required by the terms of the Series A Convertible Preferred Shares.***

We have never paid a dividend to our shareholders, and we intend to retain our cash for the continued growth of our business. We do not intend to pay cash dividends on our common stock in the foreseeable future. As a result, your return on investment will be solely determined by your ability to sell your shares in a secondary market. The terms of the Series A Convertible Preferred Shares require payment of a dividend to the holders at the time they convert their shares; however, this dividend can and likely will be paid in the form of additional shares of common stock sufficient to satisfy the dividend provision.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

Not applicable.

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**ITEM 2. PROPERTIES**

*Map 1 – Location of the Chandalar, Alaska Mining District*

**Chandalar Property, Alaska**

The Chandalar gold property is currently our only mineral property. It is an exploration stage property. We were attracted to the Chandalar district because of its similarities to productive mining districts, its past positive exploration results, and the opportunity to control multiple attractive gold quartz-vein prospects and adjacent unexplored target areas for large bulk tonnage deposits. We believe that our dominant land control eliminates the risk of a potential competitor finding ore deposits located within adjacent claims. Summarily, we believe the scale, number and frequency of the Chandalar district gold-bearing exposures and geochemical anomalies compare favorably to similar attributes of productive mining districts.

***Location, Access & Geography of Chandalar***

Our Chandalar property essentially envelops the entire historic Chandalar mining district and lies approximately 70 miles north of the Arctic Circle at a latitude of about 67°30'. It is about 190 air miles north of Fairbanks, Alaska, a full-service support center for the oil and mining industry, and 48 air miles east of the Dalton Highway, the major all-weather north-south route that links Fairbanks to the Prudhoe Bay oil fields on the Arctic Ocean to the north, and 48 air miles east-northeast of the town of Coldfoot (Map 1). Access to our Chandalar Squaw Lake mining camp and nearby Chandalar Gold Mine is either by aircraft from Fairbanks, or overland during the winter season via a 95-mile-long ice road from Coldfoot through the community of Chandalar Lake to Squaw Lake.

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![(MAP)](gc002_v1.jpg)

*Map 2 – Chandalar Mining Claim Block*

Geographically, our Chandalar property is situated in rugged terrain just within the south flank of the Brooks Range where elevations range from 1,900 feet in the lower valleys to just over 5,000 feet on the surrounding mountain peaks. The region has undergone glaciation due to multiple ice advances originating from the north and, while no glacial ice remains, the surficial land features of the area reflect abundant evidence of past glaciation.

The property is characterized by deeply incised creek valleys that are actively down-cutting the terrain. The steep hill slopes are shingled with frost-fractured slabby slide rock, which is the product of arctic climate mass wasting and erosion. Consequently, bedrock exposure is mostly limited to ridge crests and a few locations in creek bottoms. Vegetation is limited to the peripheral areas at lower elevations where there are relatively continuous spruce forests in the larger river valleys. The higher elevations are characterized by arctic tundra.

Snow melt generally occurs toward the end of May, followed by an intensive, though short, 90-day growing season with 24 hours of daylight and daytime temperatures that range from 60 to 80° Fahrenheit. Freezing temperatures return in late August and freeze-up typically occurs by early October. Winter temperatures, particularly in the lower elevations, can drop to -50° F or colder for extended periods. Annual precipitation is 15 to 20 inches, coming mostly in late summer as rain and during the first half of the winter as snow. Winter snow accumulations are modest. The area is essentially an arctic desert.

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![(MAP)](gc003_v1.jpg)

*Map 3 – Gold Prospects and Geologic Structure of Chandalar*

***Chandalar Mining Claims***

We have a block of contiguous mining claims at Chandalar that cover a net area of about 22,858 acres (approximately 35.7 square miles) (Map 2), and which are maintained by us specifically for the exploration and possible exploitation of placer and lode gold deposits. The mining claims were located to secure most of the known gold bearing zones occurring within an area approximately five miles by eight miles. Within the claim block, we own in fee simple 426.5 acres as twenty-one federal lode claims, one patented federal placer claim, and one patented federal mill site. The 23 federal patented claims cover the most important of the known gold-bearing structures. In addition, there are 197 Traditional and MTRSC 40-acre State of Alaska claims. The 197 Traditional and MTRSC state mining claims provide exploration and mining rights to both lode and placer mineral deposits on an additional 22,432 acres of unpatented claims. Unlike federal mining claims, State of Alaska mining claims cannot be patented, but the locator has the exclusive right of possession and extraction of the minerals in or on the claim.

Alaska state unpatented mining claims are unique property interests in that they are subject to the paramount title of the State of Alaska, and rights of third parties to non-interfering uses of the surface within their boundaries, and are generally considered to be subject to greater title risk than other real property interests. There are few public records that definitively determine the issues of validity and ownership of unpatented state mining claims and possible conflicts with other claims are not always determinable from the descriptions contained in public records. The rights to deposits of minerals lying within the boundaries of the unpatented state claims are subject to Alaska Statues 38.05.185 – 38.05.280, and are governed by Alaska Administrative Code 11 AAC 86.100 – 86.600.

The validity of an Alaska state unpatented mining claim depends on: (1) the claim having been located on state land open to appropriation by mineral location, which is the act of physically going on the land and making a claim by putting stakes in the ground; (2) compliance with all applicable state statutes in terms of the contents of claim location notices or certificates and the timely filing and recording of the same; (3) timely payment of annual claim rental fees; and (4) the timely filing and recording of proof of annual assessment work. In the absence of a discovery of valuable minerals, the ground covered by an unpatented mining claim is open to location by others unless the owner is in actual possession of and diligently working the claim. We are diligently working and are in actual possession of all our claims at Chandalar.

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The locator of a mining claim on land belonging to the State of Alaska does not have an option to patent the claim. Instead, rights to deposits of minerals on Alaska state land that is open to claim staking may be acquired by discovery, location and recording as prescribed in Alaska state statutes, as previously noted. The locator has the exclusive right of possession and extraction of the minerals in or on the claim, subject to state statutes governing mining claims. We are not in default of any annual assessment work filing or annual claim rental payment required by the state of Alaska to keep our title to the mining rights at Chandalar in good standing.

An important part of our Chandalar property is patented federal mining claims owned by us. Patented mining claims, which are real property interests that are owned in fee simple, are subject to less risk than unpatented mining claims. We have done a title chain search of our patented federal mining claims and believe we are the owner of the private property, and that the property is free and clear of liens and other third-party claims except for the 2% mineral production royalty. The 2% mineral production royalty was formerly held by our previous management (Anderson Partnership, also known as Jumbo Basin). During 2012, NyacAU loaned $250,000 to GNP and GNP purchased the royalty from Anderson Partnership. The loan to GNP for the royalty carried interest at the greater of prime plus 2% or 10% and was repaid from Goldrich's portion of production (as defined in the joint venture agreement). The royalty was extinguished when Goldrich paid back the loan.

The Company entered into First Amendment to the Amended and Restated Loan, Security, and Intercreditor Agreement dated November 1, 2019 with Nicholas Gallagher ("Gallagher"), a related party and member of the Company's Board of Directors, in his capacity as Agent for and on behalf of Gallagher and other lenders to amend the Senior Secured Note financing effective as of August 25, 2021. Under the Agreement, the borrower and holders entered into a Deed of Trust whereunder the Notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and similar assets. For more information see *Notes Payable and Notes Payable – Related Party* below.

***Chandalar Geology and Mineralization***

Refer to Maps 3 and 4 for graphic representation of both the hard-rock (lode) prospects and alluvial (placer) fans on which we are focusing varying degrees of exploration effort, as determined by exploration activities already completed in prior years.

The Chandalar lode occurrences are part of a regionally mineralized schist belt that extends east-west across the 600-mile width of Alaska along the south flank of the Brooks Range. The geology and mineralization of the Chandalar lode gold systems are quite similar to many important productive gold deposits that have been variously categorized as greenstone-hosted, orogenic, shear-zone related, low-sulfide, mesothermal, amongst other names and which, collectively, account for a major part of the world's gold production. Although there is a history of past lode and alluvial extraction on our Chandalar property, it currently does not contain any known proven or probable ore reserves as defined in Subpart 1300. The probability that ore reserves that meet Subpart 1300 guidelines will be discovered on an individual hard rock prospect at Chandalar cannot be determined at this time. However, in June 2021, Goldrich released the results of an independent Initial Assessment Report (the "IA"), prepared in accordance with the new SEC Subpart 1300 property disclosure requirements, for the Company's Chandalar placer mine in the Chandalar Gold District in Alaska as discussed below in *Historical Mining and Exploration Activities in the Modern Era.*

***Infrastructure***

We have established a substantial exploration infrastructure at our Chandalar property, including a 25-person camp, heavy and light-duty equipment, a 5,000-foot airstrip, and a network of roads that offer all-weather access to all of the major gold prospects. Current surface access to the camp from the Dalton Highway is restricted to the winter months via a winter trail from Coldfoot along the Dalton Highway. The State of Alaska has a right-of-way to construct a permanent all-season road along this trail which, when built, will allow year-around surface access to the project site. We are not aware of any plans to build this road at the present time.

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**Historical Mining and Exploration Activities in the Modern Era**

We maintain an extensive file of the prospecting and exploration of the Chandalar Mining district, cataloging documents dated as early as 1904. Most of the previous work was by mining companies and individuals who were focused on mining the gold placers and quartz veins but who conducted little organized geologically based exploration. Even less attention was given beyond existing vein exposures.

When new management began exploration in 2004, we ended a twenty-year hiatus of hard-rock exploration on the property and began employing modern exploration techniques. We have spent many millions of dollars in exploration and mining activities of our Chandalar property as discussed below.

**<u>2004</u>**

In 2004, we contracted an independent geological consulting company to review and analyze previous work done on Chandalar. A technical report produced by the consultants recommended an initial exploration program to better assess the gold lodes and the placer gold deposits.

We also commissioned a remote sensing technical study of the Chandalar district by another independent contractor who studied high altitude air photography available for the region. The purpose of the study was to identify geological structures that may be associated with gold occurrences in a schist belt containing greenstones. The lineament study identified fifty-nine sites thought to be favorable for discovery of mineralization. Major linears, especially where they may form a regional rift, are an excellent exploration tool in the search for gold. The consultant recommended making field examinations of known gold occurrences associated with the linears and other structural features identified by the study.

During the 2004 summer field season at Chandalar, using independent certified professional geologists, we followed up on the work recommended by the remote sensing consultant's studies. We also expanded our claim block to cover outlying vein showings and reconnaissance sampling of rocks, soils and stream sediments for geochemical analyses. The objective of the field program was to assess the validity of historic records, refine known drilling targets and identify new drilling targets. Several prospects of previously unevaluated or unknown gold mineralization were found.

**<u>2005</u>**

During 2005, we completed a modest prospecting and geologic mapping program at Chandalar, which was limited by our lack of funds. In all, 189 exploratory samples of stream sediments, soils and rock chips were taken, and mapping was completed on a series of ten prospects. That work was successful in identifying additional gold prospects within our claim block, and also in developing specific drilling targets on several of the prospects.

**<u>2006</u>**

During early 2006, we acquired sufficient funds to undertake a substantial exploration program on the Chandalar property. During the 2006 summer field season, a geological contractor completed a 1:20,000 scale geologic map of the Chandalar district, and we drilled 39 reverse circulation drill holes for 7,763 feet on nine of some thirty gold prospects within our Chandalar claim block. In the process, several miles of old roads were repaired and three miles of new roads were constructed. We established an exploration base camp (Mello Bench camp) capable of housing 20 people, and accomplished environmental clean ups of two abandoned mining campsites that predate our management takeover in 2003.

**<u>2007</u>**

Concerning hard-rock exploration, the 2007 Chandalar exploration program expanded our understanding of several hard-rock gold prospects through trenching and associated sampling. In all, forty prospect areas were mapped in detail and 1,342 samples of rock (including trench and placer drill holes to bedrock) and soil were collected and analyzed. Forty-five trenches for 5,927 feet were accomplished using an excavator, of which 4,954 feet cut into bedrock and were sampled. Some 534 trench samples were taken continuously along the lengths of all trenches. Additionally, ground magnetic surveys on fifteen of the prospects were conducted with survey lines totaling 28 miles.

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Concerning placer exploration, we conducted 15,000 feet (4,572 meters) of reverse circulation drilling on the Little Squaw Creek drainage. Of 107 holes collared, 87 were completed to their targeted depths. We engaged an independent geological contractor to conduct all sampling in our drilling program, complete all drill sample gold recovery, evaluate ore, maintain drill sample security and report the results of their work.

**<u>2008</u>**

The analytical processing of the 3,031 drill samples and report on the final results of the samples gold contents from our 2007 placer drill program was completed by March of 2008. From these results, we concluded that we discovered a relatively large alluvial gold deposit of sufficient grade to be potentially economical to mine under prevailing gold prices. This drill program delineated approximately 10.5 million cubic yards of mineralized material at an average grade of 0.025 ounces (0.78 grams) gold per cubic yard containing an estimated 250,000 ounces of gold (This mineralized material was not a mineral reserve as defined in SEC Industry Guide 7 but, as noted above and detailed below, an Initial Assessment was completed in 2021 according to the new SEC disclosure requirements in Subpart 1300). We believe that with continued drilling, the mineralized body may be substantially increased.

The deposit is geologically characterized as an aggradational placer gold deposit. It is unusual in the sense that it is the only such known alluvial, or placer, gold deposit in Alaska, although many exist in Siberia. Our discovery contrasts to others in Alaska that are commonly known as bedrock placer gold deposits. Aggradational alluvial gold deposits contain gold particles disseminated through thick sections of unconsolidated stream gravels in contrast to bedrock placer deposits where thin but rich gold-bearing gravel pay streaks rest directly on bedrock surfaces. Aggradational placer gold deposits are generally more uniform and thus more conducive to bulk mining techniques incorporating economies of scale. This contrasts with bedrock placer gold deposits where gold distribution tends to be erratic and highly variable. The plan view of our discovery is somewhat funnel-shaped, and as such has been divided into two distinct geomorphological zones: a Gulch, or narrower channel portion, and a Fan, or broad alluvial apron portion.

**<u>2009</u>**

We began a placer gold test mining operation on Little Squaw Creek. We also started to execute on the recommended plan in April 15, 2009 technical report prepared by an independent consultant. Some exploration of the various other placer gold creeks on the Chandalar property took place. Prospecting work on the hard-rock gold deposit possibilities was also accomplished. That work led to some key understandings of the geology. The work also resulted in the generation of an internal Company memorandum by Mr. Barker proposing an exploratory diamond-core drill program of about 40 drill holes aggregating 20,000 feet. The proposed drill program would evaluate the degree of mineralization occurring as a large strata-bound unit nearly 5 miles in length, as explained in the report Interpretation of Exploratory Findings at Chandalar.

In the 2009 test mining operation, we accomplished a major step in assessing the economic potential of this mineralized body. Most importantly, we found that the mineralized material is a continuous but variably mineralized horizon. There are specific horizons within it that are up to 20 feet thick containing the richest gold grades. The mineralized material is about forty percent composed of gravel, cobbles and boulders set in a sixty percent matrix of fine silt. It is nicely compacted and stands well when opened up. Because of the high silt content, the mineralized material, and the overburden as well, expands by over forty percent in volume when it is mined and converted into loose cubic yards. During 2009 mining test, we stripped approximately 40,000 bank cubic yards of waste material and processed about 9,875 bank cubic yards of gold bearing gravels through our wash plant. About 593.5 ounces of alluvial gold were recovered which, when smelted, yielded 497.5 ounces of fine gold.

The 2009 alluvial gold test mining operation successfully yielded valuable geological, mining and engineering data that lead us to the decision to ramp-up the project into gold extraction in the spring of 2010.

**<u>2010</u>**

During the winter of 2009/2010, we raised additional funds to ramp-up the Little Squaw Creek Gold Mine into extraction. The ramp-up process involved substantial infrastructure upgrades, including building a new 30-man mining camp located about two miles from the exploration camp that had been in use since 2004. Infrastructure and mining development at the Little Squaw Creek alluvial gold mine was initiated in late May 2010, with the first gold extraction being delivered to a smelter-refinery on July 15, 2010.

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The 2010 gold extraction was limited by the lack of capital to get a second wash plant on line. The 2009 wash plant was re-modeled with improvements (primarily an enlarged hopper with a wet grizzly style in-feed) and put on line for the 2010 extraction. Unfortunately, the plant turned out to be capable of processing only about 29 bank cubic yards per hour on a consistent basis. Attempts at higher processing rates led to overloading the machine and frequent break downs. The plant ran for 1,094 hours, extracting at an average rate of about 1.45 ounces of fine gold per hour.

While there were no drill holes within 400 feet of the perimeter of the 2009 test pit, there was mineralized material exposed in three walls of the pit which encouraged management's decision to expand the mine by following the mineralized material, using in-pit grade control, and mining material to the physical and economic extent possible. No estimate of metallurgical recovery balances could be made regarding the mined mineralized material in 2010 for lack of sufficient prior data about the gold content in the block of ground that was mined. The gold recovery performance of the plant was checked on a consistent basis by panning its tailings. No significant gold was ever found in the tailings, leading management to conclude that the wash plant, albeit undersized for the job, was working properly.

The mining operation ultimately involved stripping an estimated 131,000 bank cubic yards of waste material and the mining and processing of about 31,680 bank cubic yards of gold bearing gravels. During the 2010 extraction season, 1,503 ounces of fine gold and 259 ounces of silver were recovered at the refinery. Additionally, 24.1 ounces of gold nuggets estimated to contain 19.2 ounces of fine gold were extracted and either sold to jewelers or retained by the Company. Our gross precious metal sales in 2010 came to $1,904,124.

![(MAP)](gc004_v1.jpg)

*Map 4 - Chandalar Exploratory Gold Deposit Drill Target with Holes Proposed in 2009 and Drilled in 2011*

**<u>2011</u>**

Our 2011 hard-rock drilling plan was extrapolated from a 2007 exploration plan that was not undertaken previously due to financial limitations. Independent third-party professionals analyzed the 2006 hard-rock rotary drill results and the surface exploration work performed in intervening years and recommended prioritized hard-rock drill targets for the 2011 exploration season. The 2011 exploration program included a diamond-core drilling exploration program on a series of hard-rock gold targets on our Chandalar claims. These targets contain numerous gold showings which we believed were the source areas of the alluvial gold deposits in the creek drainages. We believe we have accumulated a body of knowledge on the Chandalar claims which points us toward significant areas of interest for discovery of very large tonnages of mineralization, and our drilling program has been designed to further qualify those targets for potential commercialization.

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We completed our 2011 diamond core drilling campaign at Chandalar, Alaska along with a property-wide, grid-based soil sampling and a detailed airborne magnetometer survey. We completed a 25-hole, 4,404-meter (14,444-foot) exploratory program, using HQ size core, tested six prospect areas located along a 4-km (2.5-mile) long northeast trending belt of gold showings. The drilling contractor completed the last hole on September 30, 2011.

The HQ diameter diamond drill holes were generally sampled using a five-foot sample length and overall core recovery averaged greater than 90%. Six quality control samples (one blank and five standards) were inserted into each batch of 120 samples. The drill core was sawn, with half sent to the ALS Minerals sample preparation in Fairbanks, Alaska, where the samples were prepared for assay and then sent to the ALS Minerals Lab in Sparks, Nevada for analyses. Gold was analyzed by fire assay and Atomic Absorption Spectrometry finish and a four-acid sample digestion with Inductively Coupled Plasma Spectrometry method was used to analyze a full suite of elements. Samples were securely transported from the project site to the ALS Minerals preparation laboratory in Fairbanks via chartered aircraft hired by the Company.

Donald G. Strachan, Certified Professional Geologist and Goldrich's contracted project manager for Chandalar, managed the drill program and confirmed that all procedures, protocols and methodologies used in the drill program conform to industry standards.

The results of this first diamond core exploration drilling on our Chandalar gold property have exposed what we believe is a wide-spread system of gold mineralization at intervals from surface to depths of up to 120 meters (about 400 feet). We also believe the mass of rock affected by the mineralizing system to be large, as more than 50 gold showings are scattered over about six square miles (fifteen square kilometers), only a fraction of which has yet been drill-tested. The drill cores contain a total of 56 mineralized intervals of 0.5 or greater grams per tonne gold (g/t Au) that average 2.3 meters (7.5 feet) in length and have a weighted average grade of 1.66 g/t Au. Gold-bearing intercepts were obtained in 72% of the holes, with many having multiple intercepts.

Drilling results draw us to focus on two prospects – Aurora and Rock Glacier – which we believe are geologically associated and related to the same controlling mineralizing features. Intercepts include:

● 1.5 meters (5.0 feet) at 6.57 g/t Au in Hole LS11-0063 on the Aurora prospect;

● 2.1 meters (7.0 feet) at 6.02 g/t Au in Hole LS11-0041 on Rock Glacier

**A map and tables showing drill hole locations, drill depths, data and intercepts can be found in our annual reports filed with the SEC for 2011 and 2012.**

These and other intercepts are associated with much longer core runs of strongly anomalous gold (> 0.10 g/t Au) between 4.3 meters (14 feet) and 21.3 meters (70 feet) in length. Also worth noting, while constructing a road to a proposed drill site, we encountered two zones of shearing with sheeted and stockwork quartz veinlets, approximately 5 meters (16 feet) and 15 meters (49 feet) wide. These zones are located 135 meters vertically above and 200 meters southwest of Aurora drill holes #61 to #64. Representative continuous chip sampling of these zones yielded assays of 2.8 g/t gold and 2.1 g/t gold, respectively. We believe the mineralized Aurora drill hole intercepts may represent an extension of these zones and that additional drilling could extend these zones even further.

While the silver (Ag) values associated with these and most of the other gold intercepts are generally less than 2 g/t, unusually, native silver is observed in one core interval of 0.46 meters (1.5 feet) from 80.01 meters (262.5 feet) to 80.47 meters (264.0 feet) in Hole LS11-0042, which assays greater than 690 g/t Ag (> 20.1 oz/st Ag [st = short ton]) with only a trace of gold. A second curious silver rich interval occurs in Hole LS11-0040 for 2.1 meters (7.0 feet) from 23.47 meters (77.0 feet) to 25.60 meters (84.0 feet), which returned 397 g/t (11.6 oz/st Ag), again accompanied with only a trace of gold. We believe this silver mineralization may represent a separate mineralizing event within a large and complex precious metal bearing mineral system.

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

Chandalar's wide-spread precious metal system is hosted by carbonaceous, pyrrhotite-arsenopyrite-pyrite bearing schist. Significantly, extensive intercepts of hydrothermal alteration manifested by massive chloritization and strong silicification of the schist are associated with the mineralization, and are often geochemically anomalous (> 0.05 g/t) in gold as well. Mineralized intercepts have now been intersected by drilling over a vertical elevation difference of 550 meters (1,800 feet), with the lowest exposure being in the northeast at the Aurora prospect which is close to the Little Squaw alluvial gold deposit.

Additional core drilling is necessary to assess the continuity and extent of outcropping and any projection from the gold-mineralized intercepts as well as determine the limits of the mineralizing system. In addition to drilling, the 2011 Chandalar gold exploration program included a grid soil sampling survey consisting of 1,150 samples for multi-element analyses.

The soil sampling, prioritized to first cover known mineralized trends, consisted of over 1,100 samples collected on a reconnaissance scale grid over approximately 65 percent of the 22,858-acre Chandalar property. In the airborne geophysical survey, approximately 750 line miles (1,246 line kilometers) were flown by an international geophysical contractor over the entire Chandalar property along flight lines 100 meters apart.

The 2011 exploration season was successful in significantly expanding our existing body of geological knowledge about our Chandalar property. The combination of core, soil and magnetic data is expected to provide a solid foundation for going forward with a thorough exploration and evaluation of the numerous gold occurrences on the property.

**<u>2012</u>**

As described below in Joint Venture Agreement, we signed an agreement with NyacAU to form a joint venture, Goldrich NyacAU Placer, LLC ("GNP") for the purpose of mining the alluvial gold deposits within the bounds of our Chandalar property.

**<u>2013</u>**

Achievements included GNP's mobilization of drilling equipment and plant setup, approval of permits to expand mining operations, significant infrastructure improvements and extraction of 680 ounces of fine gold.

**<u>2014</u>**

In 2014, we completed advanced petrographic studies of drill core samples from the Chandalar gold property. The new data refined the orogenic model that has historically guided exploration at Chandalar and redirected our future exploration for intrusion-related mineralization. We also conducted a property-wide airborne radiometric and magnetic survey to generate and further refine exploration targets for bulk-tonnage low-grade mineralization and possible deeper sources of intrusion-related mineralization.

Our geologists concurred the studies are important for exploration as the pegmatite textures in outcrop and drilling and the radiogenic activity from accessory minerals associated with pegmatite-veins may indicate proximity to intrusive-related mineralization and may provide us a highly useful tool for gold mineralization discovery.

The petrologic study involved detailed microprobe examination of samples taken from veins in the Chandalar gold system that exhibit characteristics of pegmatite, an igneous rock deposited during emplacement of a granitic intrusive body. All of the samples contain numerous accessory minerals that commonly derive from magma or late-stage magmatic fluids, including monazite, thorite and xenotime. Some of the accessory minerals co-precipitated with gold, indicating that late intrusive stage hydrothermal fluids migrated upward along shear zones within which the lode gold mineralization is emplaced. Importantly, radiogenic activity is associated with the accessory mineral suite.

We believe rigorous follow-up rock sampling and radiogenic surveys may result in more effective selection of high-priority drill sites, an important factor considering the expansive size of the Chandalar system.

In August 2014, we engaged a contractor and geologists to perform additional airborne magnetic and radiometric studies across the entire Chandalar property. An airborne radiometric and magnetic survey was conducted to test an intrusion-related model for emplacement of lode quartz-gold occurrences. Results of the airborne study demonstrate a broad northwest-trending belt of elevated potassium values with a centrally located, kilometer-scale feature where thorium values are elevated relative to potassium. The potassium/thorium feature anomaly is closely associated with magnetic anomalies to form a circular kilometer-scale feature in the highlands above and adjacent to the Goldrich-NYAC Placer operation consistent with an intrusive body at depth and is central to the northeast-trend of lode quartz-gold occurrences.

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The data obtained from these studies will be compiled with data already derived from sampling, trenching, drilling and geophysical testing to present a comprehensive 3D model of the Chandalar prospects and their geological setting. The results of these studies will assist us in determining methods and targets for exploration.

**<u>2015</u>**

We completed reclamation of mine waste road built in 2010 and received a confirmation of completion and satisfaction from the Army Corps of Engineers. GNP extracted approximately 3,600 ounces of fine gold.

**<u>2016</u>**

GNP extracted approximately 8,200 ounces of fine gold.

**<u>2017</u>**

We performed additional oxygen isotope studies to further confirm intrusion-related mineralization. In addition, GNP completed a sonic drill program and drilled 231 holes totaling 14,271 feet to further define the Chandalar placer deposit and extracted approximately 12,300 ounces of fine gold.

**<u>2018</u>**

GNP extracted approximately 17,100 ounces of fine gold.

**<u>2019</u>**

Due to the failure of the joint venture to meet the minimum production requirements under its Operating Agreement, GNP was dissolved in June 2019 and is in the process of liquidation (see Joint Venture Agreement and Arbitration below). Except for equipment needed for reclamation, most the heavy equipment and the wash plant were removed on a winter trail in March through mid-April 2019. There was no gold production in 2019. NyacAU is the holder of the mine permits and began reclamation of the mine in 2019. NyacAU is responsible for future reclamation costs. Goldrich hired an independent mining engineering firm in 2019 year to formulate a mine plan and complete an Initial Assessment to determine if Goldrich should resume production. Any plan to continue future mining is contingent upon our success in raising sufficient capital to fund these activities or any portion of them.

**<u>2020</u>**

No mining or exploration activities were conducted. We continued our work with the independent mining engineering firm to formulate a mining plan for conducting a future mining operation. Management focus was also directed to moving the arbitration process toward conclusion.

**<u>2021 and plans for 2022 and beyond</u>**

In June 2021, Goldrich released the results of an independent Initial Assessment Report (the "IA"), prepared in accordance with the new SEC Subpart 1300 property disclosure requirements, for the Company's Chandalar placer mine in the Chandalar Gold District in Alaska. The IA was prepared by Global Resources Engineering ("GRE"), a widely-respected mining engineering firm in Denver, Colorado.

Subsequent to release of the IA, a Revised and Amended Initial Assessment Report (the "RAIA") was prepared by GRE and has a revised and amended date of February 24, 2023 and an effective date of May 31, 2021. The RAIA did not change the results of the economic analysis.

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Both the IA and RAIA completed the economic analysis based on a 0.004 raw troy ounce per bank cubic yard cutoff pit constrained mineral resource that utilized a 0.002 raw troy ounce per bank cubic yard grade shell for grade estimation so there was no change in the economic analysis. However, the RAIA reported the pit constrained mineral resources at a 0.004 raw troy ounce per bank cubic yard cutoff while the IA pit constrained mineral resource used a 0.002 raw troy ounce per bank cubic yard cutoff. This difference caused measured and indicated mineral resources to decrease from 120,000 ounces of fine gold in the IA to 119,000 ounces of fine gold in the RAIA and inferred mineral resources to decrease from 17,000 ounces of fine gold in the IA to 16,000 ounces of fine gold in the RAIA. The RAIA was also revised to include additional information requested by the SEC and to add statements of opinions of qualified persons on the adequacy of sample preparation, security, analytical procedures, and the adequacy of the data.

Using a base case gold price of $1,650, the key economic results of the RAIA with a summarized gold price sensitivity analysis were as follows (A complete copy of the RAIA may be downloaded at https://www.goldrichmining.com/chandalar-gold-district/technical-reports.html).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Base Case<br> $1,650 Gold** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** |
| **Parameter** | **Base Case<br> $1,650 Gold** | **$1500** | **$2000** | **$2500** |
| Undiscounted Pre-Tax Net Cash Flow: | $75 million | $57 million | $116 million | $175 million |
| After-tax NPV@5%**<sup>(1)</sup>**: | $64 million | $50 million | $92 million | $129 million |
| After-tax IRR**<sup>(1)</sup>**: | 139% | 112% | 195% | 275% |
| Undiscounted After-tax Net Cash Flow**<sup>(1)</sup>**: | $72 million | $57 million | $103 million | $145 million |
| After-tax Payback Period (years): | 1.3 | 1.4 | 1.2 | 1.1 |
| All-in Sustaining Costs: | $799/Au oz. |  |  |  |
| All-in Costs: | $1,064/Au oz. |  |  |  |
| Total Operating Costs: | $646/Au oz. |  |  |  |

---

The RAIA pit-constrained mineral resources for the Little Squaw Creek Placer deposit at a 0.004 raw troy ounce per bank cubic yard cutoff is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Classification** | **Resource Volume<br> (1000s bcy)** | **Raw Gold<br> Grade<br> (t.oz./bcy)** | **Raw Gold<br> (1000s t. oz)** | **Fine Gold<br> (1000s t. oz)** |
| Measured | 2609 | 0.0302 | 79000 | 69000 |
| Indicated | 2188 | 0.0265 | 58000 | 50000 |
| Measured & Indicated | 4797 | 0.0285 | 137000 | 119000 |
| Inferred | 771 | 0.0245 | 19000 | 16000 |

---

**<sup>(1)</sup>** Raw Gold - Gold as recovered from the placer deposit, historically 84% gold and 16% other metals like silver and copper (referred to as 840 fine). The Mineral Resource is constrained by a 0.002 raw troy ounce per bank cubic yard grade shell and a 0.004 raw troy ounce per bank cubic yard cutoff (840 fineness) at an assumed gold price of 1,600 $/tr oz, assumed mining cost of 4.50 $/bcy, assumed processing and administrative cost of 7.25 $/bcy, an assumed gold purity ofpurity of 84%, and pit slopes of 45 degrees. These costs are preliminary estimates (prior to economic analysis).

**<sup>(2)</sup>** Fine Gold - Gold that is 99.99% pure (referred to as 9999 fine).

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**Figure 1 – Proposed 2022 Drill Pad Sites:**

![(MAP)](gc005_v1.jpg)

A complete copy of the IA may be downloaded at https://www.goldrichmining.com/chandalar-gold-district/technical-reports.html. Goldrich will decide if a preliminary feasibility study should also be prepared for the Chandalar Mine. A preliminary feasibility study would allow Goldrich to disclose any reserves of the Chandalar Mine.

In December 2021, Goldrich submitted a permit application to the Alaska Department of Natural Resources ("DNR") to carry out a multi-year, 25,000-foot diamond core drill program at the Company's Chandalar Property. The permit was received in February 2022. Subject to financing, Goldrich plans to commence an initial 12,000-foot program in May 2022.

The target zone of this hard-rock (lode) drill program, located on the Little Squaw Creek ("LSC") drainage, is immediately above and partially overlapping the LSC placer deposit and mine. The target zone sits at the heart of a zone surrounded by historic placer workings in every creek and four historic hard-rock gold mines. The angularity of the placer gold nuggets also indicates close proximity to a hard-rock source.

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**Interpretation of Exploratory Findings at Chandalar**

Since the 2011 diamond drill coring program, continued processing of prospecting information along with compilation of geophysical survey data, core re-logging and an associated stream of petrographic studies (relevantly referenced to 2014 activities presented above) has resulted in the re-thinking of the geologic model guiding the Chandalar gold exploration program. That model started with a preliminary theory derived from the available evidence of the time that the Chandalar gold mineralization was likely a stratabound indigenous feature of the Mikado phyllite/schist photoliths (parent rocks), enhanced by compressional mountain building activity (orogenesis). That theory has now largely been discarded as evidence builds that the gold mineralization is related to a magmatic-hydrothermal alteration system driven by an underlying pluton (a body of intrusive igneous rock).

There are more than 50 bedrock gold showings are contained in a North-Easterly ("NE") trending zone about 3 km (2 miles) wide and 6 km (4 miles) long. The host rock formation of this distinct zone is mainly pyrrhotitic (magnetic iron sulfide) schist. These prospects are generally associated with the presence of North-Westerly ("NW") fault zones where they transgress the NE zone of prospects. The numerous gold mineralized prospects can be grouped into three distinct populations: A - massive quartz veins, B - shear and fault gouge zones, and C – dikelets of pegmatite (coarsely crystalline igneous rock). Group A are invariably NW striking, repeatedly sheared and boudinized (segmented like a string of sausages) massive quartz veins containing gold, lead, zinc and arsenic sulfide minerals. Group B, also NW striking, are encased in heavily chloritized host schist, contain crushed or pulverized quartz vein and/or dikelet material, all of which have disseminated arsenopyrite with free-milling gold in them. Group C are intensely hydrothermally altered pegmatite dikelets (generally 5 to 50 cm thick) consisting mostly of secondary clay minerals (after original feldspars, micas and other minerals) mixed with iron carbonates (siderite) and by-product or remnant quartz, all of which have some degree of gold and arsenic mineralization, sometimes also with lead and zinc.

The mapped (surface and drill holes) distribution of the different Groups reflects a general zoning pattern of the gold-mineralized magmatic-hydrothermal alteration system. Group A appears to be the result of lower temperature crystallization and deposition which is peripheral to the massively chloritized sheared schist host rocks of Group B and furthermore to what appear to be swarms of hydrothermally altered pegmatitic dikelets of Group C recorded in some of the drilling. It is important to note the altered gold-bearing dikelets are so soft with pervasive clays they rarely survive weathering erosion to form outcrops, which makes it very difficult to determine their distribution, except as noted in drill intercepts. As explained in the 2014 project activities discussion above, these dikelets contain high-temperature accessory minerals and other minerals which give radiometric responses that help identify their aggregated location. Notably, the dikelets intercepted in the drill holes are usually seen to be intruding and/or replacing schist host rock and are not usually in rock faults, although fault zones may be nearby.

The dikelets of Group C are almost certainly the offspring of larger but hidden intrusive igneous bodies yet to be discovered. The metamorphic grade of the region appears to never have been high enough to melt the indigenous rock, and it is also doubtful it could have produced the selective types of rock alterations now recognized. Since virtually all those of Group C exposed by drilling are mineralized to some degree with gold, geologists servicing the Company clearly believe a parent pluton will also be mineralized, most likely as disseminations, fracture fillings or quartz stockworks within its cupola (roof pendant) where fractionated hydrothermal fluids pregnant with gold would crystalize. Such a deposit of gold mineralization is considered by the Company to be an inspiring exploration target as it could host millions of ounces of gold at economically mineable grades as other intrusive-related gold deposits around the world do.

The Company's geologists have compiled and analyzed all available geophysical, geochemical, and geological technical data with the objective of identifying the best spots to proceed with exploratory drilling. The most useful component in the data portfolio is the record of the number and intensity of dikelet intercepts in each drill hole. This is found to be most pronounced in the lowest 62-meter (203 ft.) interval of diamond drill core hole LS 11-0060 drilled at -55° for 263 meters (863 ft.). This drill hole hit a vertical section of a gold bearing dikelet swarm for some 50 meters (164 ft.) and terminated within it at a vertical depth of 180 meters below the surface cover of the Rock Glacier prospect. There are no other drill tests of this location. Combined with other supporting technical data (such as the Little Squaw Creek gold placer deposit about 2.6 km ((1.6 miles)) downstream from it), this site constitutes the best target choice for discovery of a mineralized pluton deeper under or in the immediate vicinity of the Rock Glacier. The next drill test is designed to penetrate 300 meters below the Rock Glacier. The possibility also exists that a more prolific zone of higher density gold-mineralized dikelets could be intersected, which could constitute a gold deposit discovery.

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The Company believes it is progressing step by step in solving the more than century-old puzzle of how the more than 50 scattered gold prospects of the Chandalar gold mining district may be genetically related or what other commonality they may have. It is variously manifested in abundant gold showings within an oval NE-oriented zone some 3 km wide and 6 km long (about 18 km²). The Chandalar magmatic-hydrothermal alteration "system" is recognized as a geological fact by those studying it and is being used as a working model on which to base future explorations. There may be several plutons along this stretch of this zone feeding the "system". In 2021 and onward, the Company will be focused on identifying "hot spots" within this zone for drill testing.

***Joint Venture Agreement***

On April 3, 2012, Goldrich Placer, LLC ("GP"), a subsidiary of Goldrich, entered into a term sheet for a joint venture with NyacAU, LLC ("NyacAU"), an Alaskan private company, to bring Goldrich's Chandalar placer gold properties into production as defined in the joint venture agreement (the "Operating Agreement"), which was subsequently signed and made effective April 2, 2012. In each case as used herein in reference to the JV, 'production' is as defined by the JV agreement. As part of the agreement, Goldrich Placer, LLC ("GP"), a subsidiary of Goldrich and NyacAU (together the "Members") formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC ("GNP"), to operate the Chandalar placer mines, with NyacAU acting as managing partner. Goldrich has no significant control or influence over the JV, and therefore accounts for its investment using the cost less impairment method.

As of December 31, 2018, the JV had not achieved commercial production as required under the Operating Agreement, and as a result the JV was formally dissolved in May 2019 and, as of December 31, 2021, is in the process of being liquidated. The Panel has jurisdiction over the liquidation process and has ruled that NyacAU should continue as the manager of the liquidation. Except for equipment needed for reclamation, most the heavy equipment and the wash plant were removed on a winter trail in March through mid-April 2019.

Under the terms of the joint venture agreement (the "Agreement"), the JV was to make annual Member's Distributions of 10% of the balance of revenue generated by the Joint Venture after deducting Operating Expenses as defined by the GNP Operating Agreement. Related to these distributions, on June 23, 2015, the Company raised net proceeds of $1.1 million through the sale of 12.5% of the cash flows GP, Goldrich's subsidiary, receives in the future from its interest in GNP ("Distribution Interest"), paid in cash, to Chandalar Gold, LLC ("CGL") and GVC Capital, LLC, ("GVC"), both of which are non-related entities. Goldrich retained its ownership of its 50% interest in GNP but, after the transaction, subject to the terms of the GNP operating agreement, Goldrich will effectively receive approximately 44%, CGL will effectively receive 6% (12% of Goldrich's 50% of GNP = 6%) and GVC will effectively receive 0.25% (0.5% of Goldrich's 50% of GNP = 0.25%) of any distributions produced by GNP. At December 31, 2020 and 2019, an amount of $35,794 has been accrued for the distribution which is included in accrued liabilities for distributions to us that were applied to Loan3. No amount was accrued for the 2018 distribution due to the dissolution of the JV, although during arbitration proceedings, Loan3 was determined and agreed to be paid in full (see *Arbitration* below). During the year ended December 31, 2020, Goldrich purchased 595,000 membership units, or approximately 49% of CGL's membership units for $25,000. This provides Goldrich with 49% of any distributions produced by GNP and paid to CGL. The Company accounts for its investment in CGL using the equity method. The Company does not anticipate any distributions from CGL until the placer resumes production.

Concerning Loan3, in 2012, the joint venture purchased, on Goldrich's behalf, a 2% royalty interest, payable on all production from certain Goldrich mining claims at the Chandalar, Alaska property for $250,000 from Jumbo Basin Corporation. This transaction gave rise to Loan3, was carried at an interest rate of the greater of prime plus 2% or 10%, and was to be repaid from distributions to Goldrich as defined in the Operating Agreement, prior to any distributions in cash to Goldrich. The 2016 and 2017 Members Distributions, as adjusted by the rulings of the arbitration Panel, were first applied against Loan3 in accordance with the terms of the Operating Agreement, the distributions were sufficient to pay all of Loan3 principal and interest in full.

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***Arbitration***

In 2017, we, our subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel ("the Panel"), against our JV partner and its affiliates; NyacAU, LLC ("NyacAU"), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against the Company, its subsidiaries and certain members of our current and former management, the counterclaim respondents. The arbitration claim alleged, amongst other things, claims concerning related-party transactions, accounting issues including capital vs. operating leases, interpretation of the joint venture operating agreement, allocation of tax losses between the joint venture partners, and unpaid amounts due Goldrich relating to the Chandalar Mine.

During the years ended December 31, 2019, 2020, and 2021, the Panel has released various awards relating to the allegations of both parties. Some of which have been in favor of our positions and some have been in favor of our JV partner and its affiliates. The arbitration is ongoing and the various parties to the claims and counterclaims continue to disagree on several matters.

On May 25, 2019, the Panel issued an Interim Award, which requested input from the parties on a small number of discrete issues, all input to be supported by references to the arbitration record. On November 30, 2019, the Panel issued the Partial Final Award and concurrently the Second Interim Award regarding Dissolution/Liquidation of GNP and Related Issues ("the Second Interim Award"). On September 4, 2020, the Arbitration Panel (the "Panel") issued the Final Post Award Orders, wherein the Panel issued rulings on multiple material issues. On December 4, 2020, the Panel issued Supplemental Orders 5-8. On April 7, 2021, the Panel issued Order on Respondents' Motion to Preserve Confidentiality of Arbitration Proceedings, wherein the Panel ruled that the Company did not violate confidentiality when it filed the arbitration rulings as exhibits to its public reporting with the Securities and Exchange Commission. On April 7, 2021, the Panel also issued Order on Respondents' Motion to Confirm Judgment. On August 30, 2021, the Panel also issued Second Partial Final Award and Modified Second Interim Award re Dissolution/Liquidation of GNP and Related Issues. A summary of each award is provided below. Matters of minor significance on which the Panel ruled or waived actions on matters over which the Panel had no jurisdiction are not included in the summary.

**The Partial Final Award**

A summary of the various matters addressed in the Partial Final Award is as follows:

*<u>Capital vs. Operating Leases</u>*

In response to a claim made by Goldrich, the Panel ruled that certain leases were capital leases, rather than operating leases, which increased the basis upon which distributions are made to the JV partners. In addition, the Panel modified the interest rates applicable to the leases, which decreased the profitability of the JV for the change in interest on all leases but only decreased the basis upon which distributions are made to Goldrich for leases that were deemed to be operating leases. The net change had no effect on the Company's financial statements. The ruling did, however, affect the amount of interim distributions made from GNP to Goldrich for 2016 and 2017 as noted below.

*<u>Ownership by GNP of Leased Equipment</u>*

The Panel ruled that certain continuing lease payments made by GNP for equipment treated as operating leases, which were subsequently ruled capital leases, represented buy-out payments at the conclusion of the capital lease. Therefore, ownership of the subject equipment was transferred to GNP. As a result of the ruling, certain leased equipment became the property of GNP, but was subsequently transferred to Bear Leasing to satisfy other GNP debts when GNP was dissolved.

*<u>Lease Charges and Ownership of Arctic Camp Purchased by NyacAU related party from Third-Party</u>*

The Panel ruled that lease payments made by GNP to Bear Leasing toward rented Arctic camp facilities that had been purchased from an unrelated third-party from 2012 through 2014 represented purchase consideration. As a result, GNP was deemed the beneficial owner of the camp in connection with the dissolution/liquidation process. Further, LOC1 was reduced by the lease payments GNP was charged beyond the purchase price for the Arctic camp.

*<u>Interim Distributions to Goldrich for 2016 and 2017</u>*

As a result of the awards noted above, the Panel determined that the Company is entitled to an additional $214,797 in distributions for 2016 and an additional $198,644 for 2017, for a total of $413,442. In like manner, the Panel determined that NyacAU is entitled to an additional $413,442 in distributions for these years. As we are uncertain as to the collectability of these distributions, no recognition of these revenues is included in our Statement of Operations for the year ended December 31, 2021.

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*<u>Payment of Interest Earned by LOC1</u>*

The Partial Final Award also addressed our claim for payment of interest earned by LOC 1. The Panel determined that NyacAU should pay the Company 50% of the interest earned on LOC 1 actually received by NyacAU, or $126,666. NyacAU contested the amount of LOC1 interest paid by GNP to NyacAU. The matter is further discussed below in the summary for the *Final Post Award Order and Supplemental Orders*.

*<u>2012 Reclamation Work</u>*

The Panel ruled Goldrich is responsible to pay the full amount charged by GNP for the 2012 reclamation work to NyacAU and NyacAU is also entitled to 5% pre-judgement interest on the award from the date the first invoice was sent to Goldrich. Goldrich has accrued a liability for this ruling, however Goldrich has contested the party to whom payment should be made and whether additional amounts not invoiced by GNP should be included in the award.

*<u>Allocation of Tax Losses</u>*

From 2012 through 2018, NyacAU, as managers of GNP, had allocated net tax losses from GNP totaling $19,888,374 to NyacAU and $839,537 to Goldrich. Goldrich claimed it had a right to 50% of all tax losses under the GNP Operating Agreement and filed Form 8082 for each year with the Internal Revenue Service ("IRS") to correct the GNP K-1's filed by NyacAU. Goldrich claimed a total of $9,946,369, 50% of the total GNP losses for the years 2012 through 2018. The Panel generally agreed with that allocation but only during the periods where actual mining operations were being performed, since those rationally are the only periods in which both parties bore a material economic risk, in terms of the impact of mining operations on processed and unprocessed gold. Based on the evidence before the Panel, mining operations were performed in August-September 2013, and 2015-2018.

Prior to Goldrich receiving the award, the IRS had processed and accepted the Forms 8082, corrected GNP K-1's, and amended tax returns filed by Goldrich for 2012 through 2017. The IRS also notified Goldrich that Goldrich's 2012 through 2014 tax returns were closed for further changes due to the expiration of the statute of limitations for those years. The IRS also conducted an audit of Goldrich's 2014 through 2017 tax returns with a 'no change' determination. Therefore, although Goldrich was not awarded 50% of all GNP 2012 to 2014 tax losses in the arbitration, Goldrich has been allowed to take the full total of its share of GNP tax losses of $9,946,369, which can be used to offset taxable profits Goldrich generates in future years.

In August 2020, the IRS issued an unfavorable ruling as it affects the Company in regard to the audit of the joint venture which, when the individual partners' effects are communicated to us by the IRS, is probable to decrease our net federal and state net operating loss carryforwards by $2.0 million and $1.8 million, respectively, for the years under audit. The JV partners had been instructed by the Panel to take steps to ensure tax losses have been shared equally, as the Operating Agreement requires, but only during the periods where actual mining operations were being performed. In the closing conference, it was evident that GNP had taken positions with the IRS that conflicted with the Panel's direction. The recourse available to us in regard to the audit ruling is a challenge of the IRS ruling before the tax court, should we determine this to be in our best interests.

*<u>Other</u>*

● The arbitration awarded NyacAU's request that an entry be made on GNP's books for unpaid and unbilled interest expense of $66,180 under the appropriate Lease, incurred during the period of construction of the wash plant. In the liquidation process, NyacAU (through Bear Leasing) shall be treated as a third-party creditor with respect to the recovery of this amount from GNP.

● The Panel awarded Dr. James $9,858, plus interest at 5% and legal fees, for personal expenses incurred relating to 2012 Goldrich reclamation costs. The matter is further discussed below in the summary for *Judgements issued by Superior Court*.

● The Partial Final Award found the Company liable for an act of negligent misrepresentation regarding the concealment of certain technical information from NyacAU. We have vigorously disputed the concealment and the finding of negligence. Nevertheless, as a result of the Panel's determination, the Panel awarded Dr. J. Michael James a reimbursement of 17% of his previous $350,000 stock investment in the Company or $59,500 plus interest of 5% and legal fees. The matter is further discussed below in the summary for *Judgements issued by Superior Court*.

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● As requested by Goldrich and NyacAU, the Panel will retain jurisdiction and oversight over the dissolution/liquidation process to its completion. The Panel stated, "there is likely more information the parties will have to provide on certain issues--including, among others, changes in the balance of LOC 1 and the issue of transfer of the permit to Goldrich--before a Final Award on dissolution/liquidation can be made." As of the date of this report, the balance of LOC1 continues to change as a result of on-going rulings by the Panel. Additionally, the Panel has stated it lacks jurisdiction on the transfer of the mining permit, which the Panel has ruled is a matter to be negotiated between the parties.

● The Panel ruled that "there has been no prevailing party in the arbitration to this point, although it reserves judgment as to whether a prevailing party will emerge from the Final Award with regard to issues which are now part of the Revised [Second] Interim Award. Accordingly, as to all issues covered by this Partial Final Award, the parties shall bear their own costs, expenses, and attorneys' fees."

**The Second Interim Award**

The Second Interim Award was necessitated by the fact that the dissolution/liquidation of the joint venture had not yet run its course. A summary of the various matters addressed in the Second Interim Award is as follows:

*<u>Transfer of Mining Permits</u>*

The Panel ordered that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) No
 later than January 15, 2020, NyacAU and Goldrich shall attempt to establish, by agreement,
 a market value for the GNP permit in connection with a transfer of the Permit to Goldrich
 or a third party, taking into consideration the obligation of GNP, or any transferee of the
 permit, to complete reclamation in accordance with NyacAU's government-approved reclamation
 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Reasonably
 prior to May 31, 2020, NyacAU shall perform its obligation to "make provision
 … for reclamation by (1) adding all reclamation expenses actually incurred by
 NyacAU to LOC 1; (2) from GNP's assets, to the extent possible after payment
 of GNP's debts and liabilities and liquidation expenses".

Neither order was successfully executed by the parties on the dates specified by the Panel. The Second Interim Award confirmed the dissolution of GNP and noted that "no provision of the Claims Lease or the Operating Agreement speaks directly to the rights or obligations of GNP to transfer its mining permit, which is held in the name of the manager, NyacAU. Although GNP no longer has the right to mine, GNP and specifically NyacAU have the liability of reclamation. Absent a transfer of the Permit, GNP (through NyacAU) would be obligated to complete reclamation, and obtain final approval from appropriate government authorities, as required by the Claims Lease—a process estimated to take several years."

If NyacAU does not transfer the mining permit to Goldrich as part of the dissolution, they will retain the requirement to reclaim the mine, and Goldrich will be prevented from mining the property, since two mining permits cannot be issued for the same claims. The actual cost of the reclamation will be subject to many variables, not the least of which will be whether the remedial activity is undertaken while the mine is inactive or conversely, when the mine is actively producing gold. If the mining permit were to be transferred to Goldrich or another entity with the reclamation obligation intact, the reclamation activity could be undertaken as a key piece of a mining plan in order to mitigate reclamation costs. If an agreement cannot be reached to transfer the mining permit and the associated reclamation of prior mining activities, Goldrich will be prevented from mining its claims until a new mining permit is acquired after the current mining permit expires in 2024, and will be limited to exploration activities on the hard rock deposits of the Chandalar property.

NyacAU has indicated they will not transfer the permit without also transferring the reclamation obligation, of which they believe to be approximately $3 million. Goldrich has indicated they will not accept transfer of the permit together with the reclamation obligation, which they believe to be substantially greater. Both parties are in discussion to attempt to reach an agreement for the transfer of both the permit and the reclamation obligation, no transfer of either, or some other arrangement.

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*<u>Balance and payment of LOC1</u>*

The Panel calculated a tentative balance of LOC1 at $16,483,271 as of June 2019. This balance will be adjusted for any additional awards and/or adjustments made by the Panel.

As allowed by the Operating Agreement and a separate Security Agreement between GNP, as the debtor, and NyacAU, as the secured party, NyacAU has a security interest in all of GNP's right, title and interest in and to all placer gold located or produced from Goldrich's Chandalar mining claims leased to GNP as collateral for repayment of fifty percent (50%) of GNP's LOC1 to NyacAU. The agreements between GNP and NyacAU are silent concerning what happens if GNP is dissolved and is no longer producing gold, the basis of calculation, timing of remittance and other key factors related to repayment if mining activities were to be undertaken again. If there is no further placer production from these claims, Goldrich does not have a liability to pay LOC1.

The Panel ruled in the Final Post Award, discussed below, that LOC1 cannot be increased for costs incurred after mining operations have ceased, including costs for reclamation. Mining operations ceased on September 21, 2018, but were ruled to have ceased on September 28, 2018 by the Panel. This deprives NyacAU of a security interest in 50% of future placer gold production at the site to repay NyacAU for expenses incurred subsequent to the cessation of mining operations.

If an agreement cannot be reached for the transfer of the mining permit and reclamation liability to Goldrich or an operating company that will harvest the placer gold in the deposit, mining will likely not continue at the mine. Further, in order to operate the mine, Goldrich will be required to raise money to fund replacement equipment, wash plant, infrastructure and initial operating costs to restart the mine, due to the mining assets which have been removed as part of the liquidation of GNP. Goldrich has prepared a new mine plan and an initial assessment to show the mine's potential, as announced in Goldrich's news release dated June 11, 2021. However, at the date of this report, there is no candidate for operating the mine without a settling concession as part of the transfer of the permit and the associated reclamation obligations.

Goldrich may not have a reasonable avenue to pursue in restarting the mine and may be limited to raising investment funds for the sole purpose of exploration of the hard rock deposits.

*<u>Right to Offset Damages or Distributions</u>*

The Panel granted the request that any damages awarded to one party can be an offset to distributions (or damages) due to the other party.

**Judgements issued by Superior Court**

On April 29, 2020, the Superior Court of the State of Alaska issued a judgement in favor of Dr. James, in the total amount of $13,713 (for the 2012 reclamation costs personally incurred, including interest) and $83,588 (for the adjustment to Dr. James' stock purchase, including interest). The Court ordered both Goldrich and NyacAU to submit a status report to the Court in September 2020 regarding the Panel's clarification of the amounts payable for the 2012 reclamation, including interest, and to clarify the correct party for the award, NyacAU or GNP. The status report has been filed by both parties, and these judgements remain unpaid and in force before the Superior Court. In June 2020, the Superior Court awarded additional amounts for attorney's fees and costs. At December 31, 2020, a total of $101,669 is included in accounts payable and interest payable on the consolidated balance sheet for the judgements, additional costs, and interest. During the year-ended December 31, 2021, an additional $5,141 was accrued for interest. At December 31, 2021, a total of $106,810 is included in accounts payable and interest payable on the consolidated balance sheet for the judgements.

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**Final Post Award Orders**

A summary of the various matters addressed in the Final Post Award is as follows:

On September 4, 2020, the Panel issued Final Post Award Orders, wherein the Panel issued rulings on multiple material issues:

*<u>Reclamation:</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) We
 had previously filed a motion to compel NyacAU to correct accruals for certain expenses including
 reclamation, demobilization, equipment rental and utilities. Most notably, we contended that
 an accrual for reclamation liability of approximately $2.1 million was woefully short of
 an $18.4 million estimate prepared by independent professionals as engaged by Goldrich. The
 Panel denied our motion and ruled that Goldrich does not have the authority to compel the
 establishment of any reserves on the GNP financial records; NyacAU having sole authority
 to establish reserves as manager of the joint venture. There was no direct financial consequence
 to us as a result of this ruling. This had no effect on the balance of LOC1 as the Panel
 ruled that costs after mining ended cannot be added to the balance of LOC1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) We
 had previously filed a motion to compel NyacAU to reclaim the disturbed acres as required
 under the Operating Agreement and the mining permit issued to NyacAU in 2013, and to require
 NyacAU to fund the reclamation reserve from cash that had been distributed to NyacAU. The
 Panel denied our motion and ruled that while there was express provision in the Operating
 Agreement to establish reserves necessary for contingent or unforeseen liabilities or obligations,
 which could conceivably include reclamation reserves, the agreement does not impose an express
 obligation to reclaim the project site. The obligation to perform reclamation is imposed
 by the claims lease and the mining permit issued to NyacAU, which requires the permit holder
 to reclaim the site in accordance with government regulations. The ruling also states that
 the determination of the scope of potential obligations to reclaim under the permit is beyond
 the jurisdiction of the Panel. Further, the Panel ruled that the Operating Agreement does
 not impose an obligation on the Company to pay 50% of the reclamation fee, confirming again
 the obligation resides with the permit holder. Still further, the Panel ruled that the reclamation
 fees were not operating expenses to bring the mine to commercial production and therefore
 by definition of the Operating Agreement, precludes reclamation expenses from being added
 to LOC1. This ruling deprives NyacAU of a security interest in 50% of future placer gold
 production at the site to repay reclamation expenses which it advances. There was no direct
 financial consequence to us as a result of this ruling; however, the effect on the future
 balance of LOC1 and our liability for 50% of that balance would be significant now that NyacAU
 is not allowed to pass through reclamation costs to GNP but is required to retain responsibility
 for those costs as holder of the mining permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) NyacAU
 had previously filed a motion to compel the Company to recognize and remit a reclamation
 liability that had been invoiced by GNP to Goldrich in 2014 for reclamation work it performed
 on Goldrich's behalf for violations resulting from our 2012 mining activities. We had
 previously challenged the validity of the invoice, citing back charges to GNP that had not
 been recognized or remitted to it. The Panel denied Goldrich's claim and ruled in favor
 of NyacAU. We asked the Panel to clarify the party to whom the reclamation is payable, the
 specific amount of the payable and the calculation of interest associated with the liability,
 but recorded an accrued liability totaling $421,366 for the year ended December 31, 2019,
 related to this reclamation liability and associated interest thereon, due to the liability
 now being estimable and probable under ASC 450. The total consists of $329,157 for reclamation
 expense and $92,209 for pre- and post-judgement interest expense, calculated at 5%. See *Supplemental Orders 5-8* below.

*<u>Mining Claims:</u>*

All of our mining claims remain the property of the Company.

*<u>Repayment of misappropriation of JV funds</u>*

We had previously filed a motion to compel NyacAU to repay funds we considered to be misappropriated as payments on LOC1 in contravention of the payment priority requirements as outlined in the Operating Agreement (See Note 4 *Joint Venture*). A successful challenge of these cash disbursements would return to GNP funds that we considered to be necessary to pay for 2018 partner distributions that have precedence over repayment of LOC1. The ruling was deferred pending additional information to be determined in the future, such as the profitability of operations in 2018, which has not yet been determined when taking the Panel's ruling into account. In December 2020, the Panel denied the motion, see *Supplemental Orders 5-8* below.

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*<u>Clarification concerning GNP's 2018 Profitability and 2018 Interim Distributions.</u>*

We had made a challenge to the Panel's understanding of facts related to GNP's profitability for 2018 as presented in the arbitration proceedings, with a motion to distribute interim distribution after applying the rulings made to date. The Panel deferred ruling on the matter, retaining jurisdiction to decide the issue of interim distributions for 2018 and requested the parties to present evidence and argument (disregarding any jurisdictional issue) as to (i) whether Goldrich has a right to interim distributions for 2018, and (ii) the amount, if any, of distributions to be paid. Goldrich has submitted a claim for approximately $680,000 plus prejudgment interest thereon at 5%; NyacAU claims that Goldrich is not entitled to any distributions for 2018. In December 2020, the Panel denied the motion, see *Supplemental Orders 5-8* below.

*<u>Clarification of LOC1 Interest Paid and Amounts Owed to Goldrich.</u>*

We had challenged the amount of payment of LOC1 interest by GNP to NyacAU and claimed reimbursement of 50% of the amount remitted as specified by the Operating Agreement. The Panel deferred a ruling and required more information from each party. In December 2020, the Panel ruled in our favor, see *Supplemental Orders 5-8* below.

*<u>Subordination of Mr. Gallagher's Security to NyacAU's Security.</u>*

A challenge to the validity of priority of security interest was ruled in the Company's favor. NyacAU's security interest for LOC1 was reaffirmed to be gold production from the mining claims, while Mr. Gallagher's security is perfected in the mining claims themselves. The Panel determined there was no conflict between the two security interests. There was no direct financial consequence to us as a result of this ruling.

**Supplemental Orders 5-8**

On December 4, 2020, the arbitration Panel issued Supplemental Orders 5-8, wherein the Panel issued rulings on multiple material issues:

● *<u>2018 Profitability and 2018 Interim Distributions</u>* 

Under the GNP Operating Agreement, Goldrich was entitled to receive certain interim distributions based on GNP's profitability. Goldrich received such distributions for 2016 and 2017. Goldrich challenged the Panel's understanding of facts related to GNP's profitability for 2018 as presented in the arbitration proceedings and made a motion for GNP to distribute interim distributions for 2018 after applying the arbitration rulings made to date. Goldrich submitted a claim to the arbitration Panel for approximately $680,000 plus prejudgment interest thereon at 5%. The arbitration Panel denied Goldrich's claim. Based on the Panel's ruling, the paydown by NyacAU, as manager of GNP, of Line of Credit 1 ("LOC1") with GNP funds, rather than the payment of a 2018 interim distribution to Goldrich, is not considered a misappropriation of funds. LOC1 is a related party loan between GNP and NyacAU.

The Panel ruled that GNP was dissolved at the end of the 2018 mining season (September 28, 2018) by failing to meet the Minimum Production Requirement of the GNP Operating Agreement rather than May 2019, when NyacAU published a formal notice of dissolution to the State of Alaska and to creditors. Based on this and other evidence, the Panel found that GNP was dissolved by no later than October 9, 2018, which precedes the date by which any interim distribution would otherwise have been due under the GNP Operating Agreement (October 31 - December 31, 2018). Accordingly, the Panel ruled that Goldrich is precluded from receiving any interim distributions for 2018 under the GNP Operating Agreement, which provides that "[m]embers have a right to Distributions from the Company <u>before</u> the dissolution and winding up of the Company."

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● *<u>Goldrich's Portion of Interest Paid on LOC1</u>* 

Under the GNP Operating Agreement, Goldrich is to receive 50% of any interest on LOC1 paid by GNP to NyacAU. Goldrich made a claim to the arbitration Panel that GNP had paid interest to NyacAU and that Goldrich was entitled to 50% of the amount paid. The Panel ruled that NyacAU is obligated to pay Goldrich 50% of $241,797 in interest "received" by NyacAU up to October 2018, when GNP was dissolved and commenced liquidation, in the total principal amount of $120,883. Goldrich is also entitled to recover 5% prejudgment interest on unpaid LOC1 interest as it fell due. The Panel further ruled that LOC1 interest totaled (cumulatively) $3,394.21 as of December 2012; $22,663.46 as of December 2013; $55,632.71 as of December 2014; $101,823.60 as of December 2015; $155,337.06 as of December 2016; $205,817.76 as of December 2017; and $241,797.20 as of October 1, 2018. Goldrich is awarded 12 months of accrued prejudgment interest at 5% per annum on each of these year-end amounts. Goldrich has no entitlement to a share of LOC1 interest beyond this. As we are uncertain to the collectability of this award, no recognition has been made in the consolidated financial statements.

● *<u>Clarification of Award</u>* 

In the Partial Final Award given in 2019, the arbitration Panel made an award to NyacAU of $377,253 in damages and pre-award interest relating to 2012 reclamation expenses incurred on Goldrich's behalf. Goldrich made an "Application for Modification and Correction of Arbitration Award, for Vacation of Award, or for Resubmission to Arbitration Panel for Clarification", requesting an order from the Alaska court, under the Alaska Arbitration Act, that the damages awarded for unpaid 2012 reclamation expenses were to be paid to GNP, not NyacAU, and that the Panel clarify the appropriate amount of damages and interest to be paid. The Panel ruled on this in "*Orders on Respondents' Motion to Confirm Judgement*" noted below.

**Orders on Respondents' Motion to Confirm Judgment**

On April 7, 2021, the Panel issued Order on Respondents' Motion to Preserve Confidentiality of Arbitration Proceedings, wherein the Panel ruled that the Company did not violate confidentiality when it filed the arbitration rulings as exhibits to its public reporting with the Securities and Exchange. On April 7, 2021, the Panel also issued Orders on Respondents' Motion to Confirm Judgment to correct, clarify, or modify an award made in the Partial Final Award, wherein a claim against the Company for $50,685 for additional reclamation costs, including interest of $2,589 was awarded to GNP. This event constitutes a 'Type 1' event, which required adjustment and recognition to the financial statements for the year ended December 31, 2020. Together, the $421,366 accrued at December 31, 2019, the $16,503 accrued interest during the year ended December 31, 2020, and the aforementioned $50,685, at December 31, 2020, a total of $488,554 has been accrued and is included in accounts and interest payable on the consolidated balance sheet. Additional interest of $18,811 was accrued during the year ended December 31, 2021, bringing the total to $507,365 which is included in accounts and interest payable on the consolidated balance sheet.

In July 2021, both parties to the arbitration requested from the Superior Court an abeyance until July 30, 2021 pending the outcome of settlement discussions. The abeyance deadline has been extended indefinitely to expire at such time as either party notifies the Superior Court that settlement discussions have been successful in removing the questions before the court, or have failed.

**Estimates of Arbitration**

It is possible that there could be either adverse or favorable developments in the arbitration pending with the Company and its JV partner. An unfavorable outcome or settlement of pending arbitration could encourage the commencement of additional legal action by the affected party.

We record provisions in the consolidated financial statements for pending arbitration results when it determines that an outcome is probable, and the amount of the gain or loss can be reasonably estimated. At the present time, except as stated otherwise, while it is reasonably possible that a favorable or unfavorable outcome in the arbitration may occur, after assessing the information available, management is unable to estimate the possible gain or loss, or range of gains or losses, for the pending arbitration; and accordingly, no estimated gains or losses have been accrued in the consolidated financial statements for favorable or unfavorable outcomes. Legal defense costs are expensed as incurred.

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**ITEM 3. LEGAL PROCEEDINGS**

We are subject to legal proceedings and claims, which arise from time to time. These can include, but are not limited to, legal proceedings and/or claims pertaining to environmental or safety matters. With the exception of the arbitration actions detailed below, there are no pending material legal proceedings in which the Company is a party or any of their respective properties is subject. Also, with the exception of the arbitration actions detailed throughout this Annual Report on Form 10-K, there are no pending legal proceedings to which any director, officer or affiliate of the Company, any owner of record or beneficiary of more than 5% of the common stock of the Company, or any security holder of the Company is a party adverse to the Company or has a material interest adverse to the Company.

**ITEM 4. MINE SAFETY DISCLOSURES**

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in exhibit 95.1 to this Annual Report.

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**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

Our common stock was quoted on the FINRA OTCBB but in March 2021, Goldrich qualified to be quoted under the symbol "GRMC" on the OTCQB of the OTC Markets. The OTCQB is a network of security dealers who buy and sell stock. The dealers are connected by a computer network which provides information on current "bids" and "asks" as well as volume information. The OTCQB is not considered a "national securities exchange."

The closing price for our common stock on the OTCQB was $0.050 on March 24, 2022. Goldrich intends to seek a listing of its shares on a recognized stock exchange in Canada, but has not yet filed application to do so as of the date of this Annual Report.

**Holders of Record**

As of March 24, 2022, there were 2,934 shareholders of record of our common stock and an unknown number of additional shareholders whose shares are held through brokerage firms or other institutions.

**Dividends**

We have not paid any dividends and do not anticipate the payment of dividends on our common stock, Series B Convertible Preferred Stock, Series C Convertible Preferred Stock, Series D Convertible Preferred Stock, Series E Convertible Preferred Stock, or Series F Convertible Preferred Stock in the foreseeable future. Our Series A Convertible Preferred Stock (the "Series A Preferred Stock") earns dividends as follows:

● Dividend Rate: The holders of Series A Preferred Stock shall be entitled to receive, when and as declared by the Board, yearly cumulative dividends from our surplus or net profits of the Company at an effective rate of 5% per annum, of the original Series A Preferred Stock purchase price of $1.00 per share. The Series A dividend shall accrue ratably from the date of issuance of the Series A Preferred Stock through the entire period in which shares of Series A Preferred Stock are held and shall be payable to the holder of the Series A Preferred Stock on the conversion date of the Series A Preferred Stock or as may be declared by the Board, with proper adjustment for any dividend period which is less than a full year.

● Preferential and Cumulative. The Series A Dividends shall be payable before any dividends will be paid upon, or set apart for, our common stock and will be cumulative, so that any dividends not paid or set apart for payment for the Series A Preferred Stock, will be fully paid and set apart for payment, before any dividends will be paid upon, or set apart for, the common stock of the Company.

● Payment of Dividend: If we shall have sufficient earnings to pay a dividend on the Series A Preferred Stock, upon declaration of any dividend by our Board of Directors in compliance with the Alaska Code and our Articles of Incorporation and Bylaws, the holder of Series A Preferred Stock may elect to receive payment of Series A dividend on a dividend payment date in cash, or provisionally in gold. Payment of Series A dividends in gold shall be paid only if we are producing gold in sufficient quantities as of the dividend payment date to pay such in-kind dividend and shall be delivered in the form of gold produced from our Chandalar property. We have total dividends in arrears of $100,188 as of December 31, 2021. Total dividends of $30,618 were declared and payable as a result of conversion of preferred stock during 2011 and 2016 and are included in current liabilities on our Balance Sheet.

We issued Series A Preferred Stock to two U.S. Persons (as defined in Regulation S of the Securities Act of 1933, as amended (the "Securities Act") who are accredited investors, relying on the exemptions from registration provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D of the Securities Act. These two U.S. Persons have exercised their conversion privileges and are now holders of our Common Stock. In addition, we issued Series A Preferred Stock to one person who is an "accredited investor" and not a U.S. Person, relying on the exception from the Securities Act registration requirements available under Regulation S of the Securities Act.

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We issued Series B Preferred Stock to one person who is an "accredited investor" and not a U.S. Person, relying on the exception from the Securities Act registration requirements available under Regulation S of the Securities Act.

We issued Series C Preferred Stock to one person who is an "accredited investor" and not a U.S. Person, relying on the exception from the Securities Act registration requirements available under Regulation S of the Securities Act.

We issued Series D Preferred Stock to one person who is an "accredited investor" and not a U.S. Person, relying on the exception from the Securities Act registration requirements available under Regulation S of the Securities Act.

We issued Series E Preferred Stock to five U.S. Persons who are accredited investors, and two person who are "accredited investors" and not U.S. Persons, relying on the exception from the Securities Act registration requirements available under Regulation S of the Securities Act.

We issued Series F Preferred Stock to one person who is an "accredited investor" and not a U.S. Person, relying on the exception from the Securities Act registration requirements available under Regulation S of the Securities Act.

**Securities Authorized for Issuance under Equity Compensation Plans**

A vote of shareholders at our Shareholder Meeting held on November 13, 2020 authorized an increase in the total shares in the Restated 2008 Equity Incentive Plan (the "Plan") to 16,129,304 shares of common stock, an amount that represented 10% of the outstanding shares of our common stock at that time. At December 31, 2021, we have the following options outstanding and available for issuance:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Plan Category** | &nbsp;&nbsp;**Number of securities to<br> be issued upon exercise<br> of outstanding options,<br> warrants and rights<br> (a)** | &nbsp;&nbsp;**Weighted average<br> exercise price of<br> outstanding options,<br> warrants and rights<br> (b)** | &nbsp;&nbsp;**Number of<br> securities<br> remaining<br> available for<br> future issuance<br> (c)** |
| &nbsp;&nbsp;Equity compensation plans approved by security holders | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;8954304 |
| &nbsp;&nbsp;Equity compensation plans not approved by security holders | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;8954304 |

---

The Plan permits the grant of: (i) incentive stock options; (ii) nonqualified stock options; (iii) restricted stock or restricted stock units; and (iv) stock appreciation rights. The Board of Directors administers the Plan and has the authority to interpret the Plan and the awards granted under the Plan and establish rules and regulations for the administration of the Plan. The Compensation Committee of the Board of Directors makes recommendations to the Board regarding the administration of the 2008 Plan.

Unless otherwise provided in the applicable award agreement or any severance agreement, vested awards are granted under the 2008 Plan will expire, terminate, or otherwise be forfeited as follows:

● Ninety (90) days after the date of termination of a participant's continuous status as a participant, other than in the circumstances described below;

○ Immediately upon termination of a participant's continuous status as a participant for cause as defined in a Company subplan or award agreement;

○ Twelve (12) months after the date on which a participant ceased performing services as a result of his or her Disability (as defined in the Plan); and

○ Twelve (12) months after the death of a participant who was a participant whose continues status as a participant terminated as a result of their death.

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**Issuer Purchase of Equity Securities**

We and our affiliates did not repurchase any of our securities during the year ended December 31, 2021.

**Sale of Unregistered Securities**

All sales of unregistered securities during the period covered by this Annual Report were previously disclosed in a quarterly report on Form 10-Q or a current report on Form 8-K.

**ITEM 6. SELECTED FINANCIAL DATA**

Not applicable.

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**General**

***Overview***

Our Chandalar, Alaska gold mining property contains both hard-rock (lode) targets and placer deposits and has seen over a hundred years of intermittent mining exploration and extraction history. There has been extraction of gold from several alluvial, or placer gold streams, and from an array of small quartz veins that dot the property. However, only in very recent times is the primary source of the gold becoming evident. As a result of our exploration, considering structural geology, petrographic, geochemical and geophysical evidence, we have realized that all of the gold is sourced within a system of magmatic hydrothermal alteration features such as small pegmatitic dikes and chloritized schist. We believe these features are common to and link all of the hard-rock (lode) prospects, the weathering of which generated the gold placer deposits, and furthermore are an outlying expression of an underlying gold bearing pluton.

We have defined drilling targets for a hard-rock (lode) gold deposit in an area of interest approximately 1,800 feet wide and over five miles long, possibly underlain by a series of mineralized magmatic intrusions (plutons). Exploration therefore has taken on two directions; one toward defining a low-grade, large tonnage body of mineralization running beneath the headwaters of Little Squaw Creek where dense swarms of gold mineralized pegmatitic dikelets are seen, the other a deeper, larger mineralized plutonic body(ies) from which the district's mineralizing fluids may have emanated and migrated through Chandalar country rock.

In December 2021, Goldrich submitted a permit application to the Alaska Department of Natural Resources ("DNR") to carry out a multi-year, 25,000-foot diamond core drill program at the Company's Chandalar Property. The permit was received in February 2022. The target zone of this hard-rock (lode) drill program, located on the Little Squaw Creek ("LSC") drainage, is immediately above and partially overlapping the LSC placer deposit and mine. The target zone sits at the heart of a zone surrounded by historic placer workings in every creek and four historic hard-rock gold mines. Previous exploration, including drill programs, soil and rock samples, airborne magnetic and radiometric studies, and advanced petrographic studies in addition to the angularity of the placer gold nuggets indicates close proximity to a hard-rock source. Subject to financing, Goldrich plans to commence an initial 12,000-foot program in May 2022. Goldrich's ability to perform exploration is unaffected by the arbitration between Goldrich and NyacAU.

Although our main focus continues to be the exploration of these hard-rock targets, we also endeavor to develop our placer properties as a source of internal cash to protect us from future market fluctuations and to provide funds for future exploration. In 2012, Goldrich and NyacAU formed Goldrich NyacAU Placer LLC ("GNP"), a 50/50 joint-venture company, managed by NyacAU, to mine Goldrich's various placer properties at Chandalar.

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As shown below, the placer gold extracted by GNP increased each year from 2015 through 2018, trending toward production figures that were anticipated by a preliminary economic assessment authored by qualified geologists for us:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Year | &nbsp;&nbsp;Ounces of<br> Placer Gold | &nbsp;&nbsp;Ounces of<br> Fine Gold |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 3900 |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 8200 |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 12300 |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp; 20900 | &nbsp;&nbsp; 17100 |

---

Although GNP's extraction increased over the years, ultimately the extraction numbers attained over those years fell short of the Minimum Production Requirements required in the GNP Operating Agreement. According to the terms of the agreement, GNP was required to pay a Minimum Production Requirement of 1,100 ounces for 2016, 1,200 ounces for 2017, and 1,300 ounces for 2018 to both Goldrich and NyacAU by October 31, 2018. This payment was not made. Under the joint venture Operating Agreement, GNP would be dissolved if GNP failed to meet the Minimum Production Requirement. On August 20, 2018, we announced the intended dissolution of the GNP joint venture. GNP was formally dissolved in May 2019 and is currently being liquidated with NyacAU managing the process. Goldrich and NyacAU are currently in arbitration as noted above.

Subsequent to 2019, Goldrich commissioned an independent third-party mining engineering firm to complete a mining plan and initial assessment for the Company's Chandalar Mine. In June, 2021, Goldrich released the results of an independent Initial Assessment Report (the "IA"), prepared in accordance with the new SEC Subpart 1300 property disclosure requirements, for the Company's Chandalar placer mine. The IA was prepared by Global Resources Engineering ("GRE"), a widely-respected mining engineering firm in Denver, Colorado.

After the release of the IA, a Revised and Amended Initial Assessment Report (the "RAIA") was prepared by GRE and has a revised and amended date of February 24, 2023 and an effective date of May 31, 2021. The RAIA did not change the results of the economic analysis.

Both the IA and RAIA completed the economic analysis based on a 0.004 raw troy ounce per bank cubic yard cutoff pit constrained mineral resource that utilized a 0.002 raw troy ounce per bank cubic yard grade shell for grade estimation so there was no change in the economic analysis. However, the RAIA reported the pit constrained mineral resources at a 0.004 raw troy ounce per bank cubic yard cutoff while the IA pit constrained mineral resource used a 0.002 raw troy ounce per bank cubic yard cutoff. This difference caused measured and indicated mineral resources to decrease from 120,000 ounces of fine gold in the IA to 119,000 ounces of fine gold in the RAIA and inferred mineral resources to decrease from 17,000 ounces of fine gold in the IA to 16,000 ounces of fine gold in the RAIA. The RAIA was also revised to include additional information requested by the SEC and to add statements of opinions of qualified persons on the adequacy of sample preparation, security, analytical procedures, and the adequacy of the data.

Using a base case gold price of $1,650, the key economic results of the RAIA with a summarized gold price sensitivity analysis were as follows (A complete copy of the RAIA may be downloaded at <u>*https://www.goldrichmining.com/chandalar-gold-district/technical-reports.html*</u>*).*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Base Case<br> $1,650 Gold** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** |
| **Parameter** | **Base Case<br> $1,650 Gold** | **$1500** | **$2000** | **$2500** |
| Undiscounted Pre-Tax Net Cash Flow: | $75 million | $57 million | $116 million | $175 million |
| After-tax NPV@5%**<sup>(1)</sup>**: | $64 million | $50 million | $92 million | $129 million |
| After-tax IRR**<sup>(1)</sup>**: | 139% | 112% | 195% | 275% |
| Undiscounted After-tax Net Cash Flow**<sup>(1)</sup>**: | $72 million | $57 million | $103 million | $145 million |
| After-tax Payback Period (years): | 1.3 | 1.4 | 1.2 | 1.1 |
| All-in Sustaining Costs: | $799/Au oz. |  |  |  |
| All-in Costs: | $1,064/Au oz. |  |  |  |
| Total Operating Costs: | $646/Au oz. |  |  |  |

---

The RAIA pit-constrained mineral resources for the Little Squaw Creek Placer deposit at a 0.004 raw troy ounce per bank cubic yard cutoff is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Classification** | **Resource Volume<br> (1000s bcy)** | **Raw Gold<br> Grade<br> (t. oz./bcy)** | **Raw Gold<br> (1000s t. oz)** | **Fine Gold<br> (1000s t. oz)** |
| Measured | 2609 | 0.0302 | 79000 | 69000 |
| Indicated | 2188 | 0.0265 | 58000 | 50000 |
| Measured & Indicated | 4797 | 0.0285 | 137000 | 119000 |
| Inferred | 771 | 0.0245 | 19000 | 16000 |

---

**<sup>(1)</sup>** Raw Gold - Gold as recovered from the placer deposit, historically 84% gold and 16% other metals like silver and copper (referred to as 840 fine). The Mineral Resource is constrained by a 0.002 raw troy ounce per bank cubic yard grade shell and a 0.004 raw troy ounce per bank cubic yard cutoff (840 fineness) at an assumed gold price of 1,600 $/tr oz, assumed mining cost of 4.50 $/bcy, assumed processing and administrative cost of 7.25 $/bcy, an assumed gold purity of 84%, and pit slopes of 45 degrees. These costs are preliminary estimates (prior to economic analysis).

**<sup>(2)</sup>** Fine Gold - Gold that is 99.99% pure (referred to as 9999 fine).

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

Goldrich will decide if a preliminary feasibility study should also be prepared for the Chandalar Mine. A preliminary feasibility study would allow Goldrich to disclose any reserves of the Chandalar Mine. The Company is encouraged by the results of the IA as it helps establish the value of the placer deposit, shows a large geochemical anomaly indicative of a potential large hard-rock (lode) gold source, and may provide financing opportunities.

Looking forward, our ability to develop either hard-rock (lode) targets or placer deposits is subject to financing. The on-going development of the hard-rock gold targets, the recent change in SEC regulations which allow us to release the new information in the IA, and significant increases in the price of gold since 2019 appear to have increased the availability of funds so we are hopeful to secure sufficient funds for a major exploration program and for reopening the placer mine.

**Liquidity and Capital Resources**

We are an exploration stage company and have incurred losses since our inception. We currently do not have sufficient cash to support the Company through 2022 and beyond. We anticipate that we will incur approximately $650,000 for general operating expenses and property maintenance, $674,800 for interest, $1,531,199 for interest – related party, $481,780 for payment of the gold notes, $4,064,211 for payment of notes payable to related party, and $1,088,421 for the payment of senior secured loans over the next 12 months as of December 31, 2021. Additional funds will be needed for any exploration expenditures, should any be undertaken. We also anticipate additional unknown and undeterminable costs for arbitration. We plan to raise the financing through a combination of debt and/or equity placements, sale of mining property interests, and revenue from placer operations.

We have filed an arbitration claim against our joint venture operating partner to challenge certain accounting treatments of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV manager's financing, related-party transactions, and other items of dispute. For recent developments in the arbitration proceedings, see the sections entitled Joint Venture Agreement and Arbitration above and Subsequent Events below. Each of these is disclosed in detail in the Notes to our financial statements included as part of this Annual Report as filed on Form 10-K for 2021. The arbitration is proceeding on the basis that GNP has been dissolved. As noted above, under a Security Agreement between GNP, as the debtor, and NyacAU, as the secured party, NyacAU has recorded a secured interest in all of GNP's right, title and interest in and to all placer gold located or produced from Goldrich's Chandalar mining claims leased to GNP as collateral for repayment of fifty percent (50%) of GNP's LOC1 to NyacAU. Arbitration proceedings may significantly affect the balance of LOC1, the magnitude of which cannot be estimated at the date of this report. The arbitration Panel calculated a tentative balance of LOC1 at $16,483,271 as of June 2019. This balance will be adjusted for any additional awards and/or adjustments made by the arbitration Panel.

The audit opinion and notes that accompany our consolidated financial statements for the year ended December 31, 2021, disclose a 'going concern' qualification to our ability to continue in business. The accompanying consolidated financial statements have been prepared under the assumption that we will continue as a going concern. We are an exploration stage company and we have incurred losses since our inception. We do not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and raising additional funds. We believe that the going concern condition cannot be removed with confidence until the Company has entered into a business climate where funding of its activities is more assured.

We currently have only a brief, recent history of a recurring source of revenue and in 2016 received our first cash distribution from the joint venture. If we profitably execute a production business plan, our ability to continue as a going concern may improve and become less dependent on our ability to raise capital to fund our future exploration and working capital requirements. Our plans for the long-term include the profitable exploitation of our mining properties and financing our future operations through sales of our common stock and/or debt. Additionally, the capital markets and general economic conditions in the United States are constantly changing and may present significant obstacles to raising the required funds. These factors raise substantial doubt about our ability to continue as a going concern.

During the year ended December 31, 2021, we completed financings of $447,000, compared to $375,000 net cash for note financings and placements of our securities during the year ended December 31, 2021. On November 1, 2019, the Company and lenders entered into the Amended and Restated Loan Security and Intercreditor Agreement (the "Agreement"). Under the Agreement, the borrower and holders entered into a Deed of Trust whereunder the Notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and the like.

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If we are unable to timely satisfy our obligations under these secured senior notes payable, the notes payable in gold, originally due November 2018 and subsequently amended to be on demand, and the interest on both the secured senior note due quarterly and the notes payable in gold, and we are not able to re-negotiate the terms of such agreements, the holders will have rights against us, including potentially seizing or selling our assets. The notes payable in gold are secured against our right to future distributions of gold extracted by our joint venture with NyacAU or subsequent gold production. At December 31, 2021, we had outstanding total notes payable in gold of $481,780, representing 266.789 ounces of fine gold due on demand. During the year ended December 31, 2019, the Company renegotiated terms with the holders. The Fourth Delayed Delivery Required Quantity shall be delivered to the Purchaser at the Delivery Point on the date that is sixty (60) days after the date that the Purchaser gives notice to the Company. To date, the gold notes have not been paid, the note holders have not demanded payment and have indicated willingness to work with the Company to extend the due date.

At December 31, 2021, the Company had outstanding Notes payable of $1,088,421 and outstanding Notes payable – related party of $4,064,211. The Notes payable and Notes payable – related party had matured on October 31, 2018. In November 2019, the Company and the holders of the notes amended the notes, and the notes are now due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any holder.

We believe we will be able to secure sufficient financing for further operations and exploration activities of our Company, but we cannot give assurance we will be successful in attracting financing on terms acceptable to us, if at all. Additionally, anticipating continued placer production after dissolution of GNP, we look forward to internal cash flow and additional options for financing. A successful mining operation may provide the long-term financial strength for the Company to remove the going concern condition in future years. To increase its access to financial markets, Goldrich recently qualified to be quoted on the OTCQB of the OTC Markets and intends to also seek a listing of its shares on a recognized stock exchange in Canada.

The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

**Results of Operations**

On December 31, 2021 we had total liabilities of $11,055,037 and total assets of $763,073. This compares to total liabilities of $9,588,289 and total assets of $703,858 on December 31, 2020. As of December 31, 2021, our liabilities consist of $268,677 for remediation and asset retirement obligations, $481,780 of notes payable in gold, $4,064,211 of notes payable to related parties, $1,088,421 of notes payable, $1,857,927 of trade payables and accrued liabilities, $1,017,403 due to related parties, $1,531,199 of interest payable to related parties, $674,800 of interest payable, and $30,618 for dividends payable. Of these liabilities, $10,746,360 are due within 12 months. The increase in liabilities compared to December 31, 2020 is largely due to an increase in the secured senior notes payable and notes payable related party and the interest associated with the notes. The increase in total assets was due to an increase in prepaid expenses.

On December 31, 2021 we had negative working capital of $10,634,714 and a stockholders' deficit of $10,291,963 compared to negative working capital of $9,256,903 and a stockholders' deficit of $8,884,431 for the year ended December 31, 2020. Working capital decreased because of increased deferred compensation to the Company's officers as well as an increase in the notes payable and notes payable related party which are due on demand and classified as current liabilities.

During the year ended December 31, 2021, the Company reported total operating expense of $997,863, compared to $1,289,318 for the year ended December 31, 2020. Exploration expense, professional services, general and administrative, office supplies and other, and directors' fees increased slightly during the year but mine preparation costs, depreciation expense, management fees and salaries, mineral property maintenance, reclamation, and arbitration costs decreased. The most significant decreases were mine preparation costs, reclamation expense and arbitration costs. Total other (income) expense for the year ended December 31, 2021 was $761,296 compared to $880,222 for the same period of 2020, mainly due to a reduction in the fair value of notes payable in gold during 2021 and a gain on forgiveness of CARES Act PPP loan.

During 2021, we used cash from operating activities of $812,583 compared to $878,943 for 2020. Net loss of $1,759,159 for 2021 compared to net loss of $2,169,540 for 2020. At the end of 2021, we have accumulated approximately $47.1 million and $43.7 million in federal and state net operating losses, respectively, which may enable us to generate like amounts in net income prior to incurring any significant income tax obligation. The net operating losses will expire in various amounts from 2022 through 2039, with $10.5 million having no expiration date.

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During 2021, we used cash from investing activities of $nil compared to $25,000 in 2020.

During 2021, cash of $814,414 was provided by financing activities, compared to cash of $904,600 provided during the year ended December 31, 2020. Cash of $422,000 was provided and $20,000 was repaid from notes payable related party, net of offering costs, $25,000 from notes payable, net of offering costs, $347,414 from warrant exercises, and $40,000 from stock subscription payable. This compares to cash of $375,000 provided from notes payable related party, net of offering costs and $40,000 provided from notes payable, net of offering costs, $439,000 from warrant exercises, and $50,600 from the Covid-19 PPP loan in 2020.

**Private Placement Offerings**

No private placement offerings occurred during 2021 and 2020.

**Warrant Exercises**

During the year ended December 31, 2021, the Company received $347,414 cash as a result of the exercise of Class S and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 11,580,467 common shares. Of the warrants exercised, 7,458,303 were formerly owned by Mr. Gallagher and had been transferred to unrelated parties. The unrelated parties then exercised the warrants for cash. The Company received an additional $40,000 for the exercise of Class T warrants which are included in stock subscription payable at December 31, 2021. Once the exercise is complete, the Company will issue 1,333,333 common shares for the exercise.

During September and October 2020, the Company received $439,000 cash as a result of the exercise of Class Q, Class S, and Class T warrants at an exercise price of $0.03 per common share. Ownership of these warrants had been in the hands of a related party and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 14,633,330 common shares.

**Warrant Extensions**

On June 30, 2021, the Company's Board of Directors, voted to extend the expiry dates for all Class R warrants not already expired, by two years. Prior to this change, the Class R warrants were set to expire at various times throughout 2021, with the last one expiring on December 9, 2021. With this change, 11,666,668 Class R warrants were modified to expire on various dates from August 1 to December 9, 2023.

**Notes Payable in Gold, Notes Payable & Notes Payable – Related Party**

At December 31, 2021, we owed $481,780 for Notes payable in Gold, $1,088,421 for Notes payable and $4,064,211 for Notes payable – related party. Interest payable on these borrowings totaled $2,028,104. These borrowings have matured beyond their original due dates and have been amended to be due upon demand.

At December 31, 2020, we owed $503,590 for Notes payable in Gold, $1,062,106 for Notes payable and $3,641,053 for Notes payable – related party. Interest payable on these borrowings totaled $1,258,038. These borrowings have matured beyond their original due dates and have been amended to be due upon demand.

During the year ended December 31, 2021, one holder of the Notes payable, received shares in lieu of cash for interest. A total of 280,752 common shares were issued in exchange for interest payable of $4,211 at $0.015 per share.

During the year ended December 31, 2020, the holders of the Notes payable and Notes payable – related party, received shares in lieu of cash for interest. A total of 13,719,248 common shares with a basis of $0.015 per share, were issued to the lenders, reducing interest payable by $205,787, of which $168,976 was to a related party.

Effective November 1, 2019, we entered into an Amended and Restated Loan, Security, and Intercreditor Agreement (the "Amended Agreement") and effective August 25, 2021, we entered into First Amendment to the Amended and Restated Loan, Security, and Intercreditor Agreement dated November 1, 2019 ("First Amendment") with Nicholas Gallagher, a related party and member of our Board of Directors, in his capacity as agent for and on behalf of the holders of the Notes payable.

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As a result of the borrowings under the Notes payable in gold, Notes payable and Notes payable – related party (collectively, the "Notes"), we are faced with a significant hurdle in financing the Company going forward, whether to conduct exploration programs or initiate a mining program at the Chandalar mine. Our near-term cash requirements are greater than the assets we have available to satisfy them, and the holders of the Notes could choose to exercise their rights to demand payment, which would result in a default situation relative to the Notes. Mr. Gallagher is secured in his lending to the Company by means of the Amended Agreement, and if he were to demand payment, the Company would not be able to pay him the amounts due and he would be entitled to take ownership of our claims and other assets. We believe these holders to be friendly to the Company and that they will refrain from demanding payment, but the Company cannot control the potential demands nor the consequences that would be extracted as a result of default on the Notes.

**Subsequent Events**

Subsequent to December 31, 2021, the Company received $70,000 cash as a result of exercise of Class R warrants at an exercise price of $0.045 per common share. Ownership of these warrants had been in the hands of a related party and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 1,555,555 common shares.

On January 20, 2022, the Company repaid a total of $25,000 in expense reimbursements and Notes payable – related party to Mr. Gallagher.

Subsequent to December 31, 2021, the Company received $33,158 cash as a result of exercise of Class T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 1,105,262 common shares.

**Mining Permit and Future Mining Activities**

The upward movements in the price of gold to a range of $1,800 to $2,000 per ounce or higher during 2020 created renewed interest in gold mining, gold exploration and investments in companies engaging in those activities, including the junior mining/exploration sector in which we participate. Additionally, the fact that we own a mine that has produced over 44,000 ounces in recent years along an annual increasing trend has caught the interest of placer mining companies and investors who support placer mining operations. We believe we have the fundamentals to raise capital and continue our primary strategy of exploration and secondarily placer mining.

If we can attract the type of investor who is comfortable with reinstating the placer mining operation, we may have a viable and productive path forward toward obtaining financing in the short-term to achieve long-term profitability. To effectively pursue this strategy, (1) the mining permit for the Chandalar mine must be transferred to us from NyacAU, our former JV partner and the current holder of the permit, (2) financial concessions and removal of doubt concerning LOC1 must be done, and (3) reclamation costs for the Chandalar mine that currently are the responsibility of NyacAU must be mitigated by a mining plan that accomplishes much of the reclamation costs as part of the ongoing mining activity. We do not believe an investor or group of investors will be willing to step forward to fund the placer mining activity without these three factors aligning themselves as described.

Additionally, without a profitable mining operation, the ability to pay back the Notes may not be available to us. If that is the case, the payback would require us to raise money from placements of equity instruments to raise the cash to satisfy the obligations. Such a use of funds may present a funding effort that receives tepid or little response in the equity markets.

However, we do believe there are investors motivated to provide funding for exploration programs to locate and exploit the hard rock deposits from which the placer mineralization is coming from. This strategy can be pursued independent of any mining activities.

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**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements.

**Inflation**

We do not believe that inflation has had a significant impact on our consolidated results of operations or financial condition.

**Contractual Obligations**

See *Subsequent Events* above.

**Critical Accounting Policies** 

We have identified our critical accounting policies, the application of which may materially affect the financial statements, either because of the significance of the financials statement item to which they relate, or because they require management's judgment in making estimates and assumptions in measuring, at a specific point in time, events which will be settled in the future. The critical accounting policies, judgments and estimates which management believes have the most significant effect on the financial statements are set forth below:

● Estimates of the recoverability of the carrying value of our mining and mineral property assets. We use publicly available pricing or valuation estimates of comparable property and equipment to assess the carrying value of our mining and mineral property assets. However, if future results vary materially from the assumptions and estimates used by us, we may be required to recognize an impairment in the assets' carrying value.

● Estimates of our environmental liabilities. Our potential obligations in environmental remediation, asset retirement obligations or reclamation activities are considered critical due to the assumptions and estimates inherent in accruals of such liabilities, including uncertainties relating to specific reclamation and remediation methods and costs, the application and changing of environmental laws, regulations and interpretations by regulatory authorities.

● Accounting for Investments in Joint Ventures. For joint ventures in which we do not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties and in which we have significant influence, the equity method is utilized whereby our share of the ventures' earnings and losses is included in the statement of operations as earnings in joint ventures and our investments therein are adjusted by a similar amount. We have no significant influence over our joint venture described in Note 4 *Joint Ventures* to the financial statements, and therefore account for our investment using the cost method. For joint ventures where we hold more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of a non-controlling interest. In determining whether significant influence exists, we consider our participation in policy-making decisions and our representation on the venture's management committee. We currently have no joint venture of this nature.

● Estimates of contingent uncertainties. The arbitration rulings and awards have resulted in potential obligations and partially-offsetting potential receivables to and from GNP, some of which must be recognized and recorded, while others cannot be recognized or recorded until the actual realization of the cash benefit. If future results vary materially from the assumptions and estimates used by us, we may be required to recognize material differences from those we have recognized in the financial statements, and those disclosed in Note 12 Commitments and Contingencies.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not applicable.

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**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
|  | Page |
| [Report of Independent Registered Public Accounting Firm](#b001_v1) | 54 |
| [Consolidated Balance Sheets, December 31, 2021 and 2020](#b002_v1) | 56 |
| [Consolidated Statements of Operations for the years ended December 31, 2021 and 2020](#b003_v1) | 57 |
| [Consolidated Statements of Changes in Stockholders' Deficit for the years ended December 31, 2021 and 2020](#b004_v1) | 58 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020](#b005_v1) | 59 |
| [Notes to the Consolidated Financial Statements](#b006_v1) | 60-77 |

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| ![(LOGO)](gc006_v1.jpg) | **Assure CPA, LLC**<br> 7307 N. Division, Suite 222<br> Spokane, WA 99208<br>Main \| 509.535.3503<br> FAX \| 509.535.9391<br> **www.assure.cpa** |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Directors and Stockholders** 

**Goldrich Mining Company**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Goldrich Mining Company (the "Company") as of December 31, 2021 and 2020, the related consolidated statements of operations, changes in stockholders' deficit and cash flows for each of the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**The Company's Ability to Continue as a Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has generated no revenues and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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***Accounting and disclosures of uncertainties and contingencies in arbitration proceedings with a joint venture partner***

Critical Audit Matter Description:

As described in Notes 4, 13 and 14 to the financial statements, the Company is in arbitration with its joint venture partner, NyacAU, LLC ("NyacAU") and has been involved in litigation with a principle of NyacAU in the Superior Court of the State of Alaska ("the Superior Court"). For these matters, management is unable to estimate the possible loss or range of loss beyond the amounts already accrued. Amounts accrued for such contingencies often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments.

The ability to make such estimates and judgments can be affected by various factors, which in turn led to significant auditor judgment, subjectivity, and effort in performing procedures and evaluating management's assessment of the liabilities and disclosures associated with the arbitration and associated legal proceedings.

How the Critical Audit Matter Was Addressed in the Audit:

Our audit procedures related to the accounting and disclosure of the Panel's awards and orders, the related Superior Court judgements and orders included, but were not limited to, the evaluation and assessment of the following:

● We obtained an understanding of management's processes of recording liabilities for the Panel's awards and orders and the Superior Court's rulings on the Company's consolidated financial statements and its disclosure of uncertainties and contingencies related to the various awards and rulings.

● We obtained copies of the various Panel awards and orders, and the Superior Court's rulings, and evaluated the accuracy and completeness of the Company's disclosures in its December 31, 2020 financial statements by comparing the disclosures to the Company's internal analysis of the arbitration and litigation and the relevant facts of the arbitration based on the Panel's and the Court's rulings.

● We held discussions with the Company's external counsel regarding the facts and circumstances of the arbitration and the Superior Court proceeding to understand the basis for management's accounting and disclosure and to evaluate if contradictory evidence existed. We also obtained an understanding of the legally binding effect of arbitration awards and orders on participants to such proceedings per Alaska's "Revised Uniform Arbitration Act of 2000".

● We obtained and evaluated legal representations from the Company's external counsel who represented the Company in the Superior Court claim and is familiar with the details of the arbitration proceedings, confirming facts and circumstances of the Panel's awards and associated rulings by the Superior Court.

We have served as the Company's independent auditor since 2003.

*/s/Assure CPA, LLC*

*Assure CPA, LLC (formerly DeCoria, Maichel & Teague, P.S.)*

*Spokane, Washington*

*March 30, 2022 Firm ID: 444*

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**Goldrich Mining Company** 

**Consolidated Balance Sheets** 

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| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3762 | $1931 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 107883 | 50499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 111645 | 52430 |
| Mineral interests: |  |  |
| &nbsp;&nbsp;&nbsp; Mineral interests | 626428 | 626428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mineral interests | 626428 | 626428 |
| Other assets: |  |  |
| &nbsp;&nbsp;&nbsp;Investment in CGL LLC | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**763073** | $**703858** |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $1857927 | $1838362 |
| &nbsp;&nbsp;&nbsp;Interest payable | 674800 | 452478 |
| &nbsp;&nbsp;&nbsp;Interest payable – related party | 1531199 | 959504 |
| &nbsp;&nbsp;&nbsp;Related party payable | 1017403 | 787789 |
| &nbsp;&nbsp;&nbsp;CARES Act PPP loan |  | 33833 |
| &nbsp;&nbsp;&nbsp;Notes payable | 1088421 | 1062106 |
| &nbsp;&nbsp;&nbsp;Notes payable – related party | 4064211 | 3641053 |
| &nbsp;&nbsp;&nbsp;Notes payable in gold | 481780 | 503590 |
| &nbsp;&nbsp;&nbsp;Dividends payable on preferred stock | 30618 | 30618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 10746359 | 9309333 |
| Long-term liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock subscription payable | 40000 |  |
| &nbsp;&nbsp;&nbsp;Remediation and asset retirement obligation | 268677 | 262189 |
| &nbsp;&nbsp;&nbsp;CARES Act PPP loan | - | 16767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 308677 | 278956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | **11055036** | **9588289** |
| Commitments and contingencies (Notes 4, 9, 10, 12) |  |  |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock; no par value, 8,998,700 shares authorized; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock series A; 5% cumulative dividends, no par value, 1,000,000 shares authorized; 475,000 shares issued and 150,000 outstanding, respectively, $300,000 liquidation preferences | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock series B; no par value, 300 shares authorized, 200 shares issued and outstanding, $200,000 liquidation preference | 57758 | 57758 |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock series C; no par value, 250 shares authorized, issued and outstanding, $250,000 liquidation preference | 52588 | 52588 |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock series D; no par value, 150 shares authorized, issued and outstanding, $150,000 liquidation preference |  |  |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock series E; no par value, 300 shares authorized, issued and outstanding, $300,000 liquidation preference | 10829 | 10829 |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock series F; no par value, 300 shares authorized, 153 shares issued and outstanding, $50,000 liquidation preference |  |  |
| &nbsp;&nbsp;&nbsp;Common stock; $0.10 par value, 750,000,000 shares authorized;179,787,595 and 167,926,376 issued and outstanding, respectively | 17978760 | 16792637 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 10880576 | 11715072 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (39422474) | (37663315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' deficit** | **(10291963)** | **(8884431)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' deficit** | $**763073** | $**703858** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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

**Goldrich Mining Company** 

**Consolidated Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2021** | **Year Ended**<br>**December 31, 2020** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Mine preparation costs | $72711 | $255918 |
| &nbsp;&nbsp;&nbsp;Exploration expense | 7698 |  |
| &nbsp;&nbsp;&nbsp;Depreciation |  | 716 |
| &nbsp;&nbsp;&nbsp;Management fees and salaries | 207219 | 210563 |
| &nbsp;&nbsp;&nbsp;Professional services | 123930 | 111273 |
| &nbsp;&nbsp;&nbsp;General and administrative | 352818 | 346737 |
| &nbsp;&nbsp;&nbsp;Office supplies and other | 23659 | 13883 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 23500 | 13200 |
| &nbsp;&nbsp;&nbsp;Mineral property maintenance | 106010 | 115055 |
| &nbsp;&nbsp;&nbsp;Reclamation expense |  | 48096 |
| &nbsp;&nbsp;&nbsp;Arbitration costs (Note 4) | 80318 | 173877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 997863 | 1289318 |
| Other (income) expense: |  |  |
| &nbsp;&nbsp;&nbsp;CARES Act grant income |  | (2000) |
| &nbsp;&nbsp;&nbsp;Change in fair value of notes payable in gold | (21810) | 97271 |
| &nbsp;&nbsp;&nbsp;Interest expense and finance costs | 249886 | 249239 |
| &nbsp;&nbsp;&nbsp;Interest expense and finance costs – related party | 584355 | 535712 |
| &nbsp;&nbsp;&nbsp;Gain on forgiveness of CARES Act PPP loan | (51135) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (income) expense | 761296 | 880222 |
| Net loss | (1759159) | (2169540) |
| Preferred dividends | (7604) | (7625) |
| Net loss available to common stockholders | $(1766763) | $(2177165) |
| Net loss per common share – basic and diluted | $(0.01) | $(0.01) |
| Weighted average common shares outstanding-basic and diluted | 173356424 | 147251503 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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

**Goldrich Mining Company**

**Consolidated Statements of Changes in Stockholders' (Deficit)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common <br> Stock<br> Shares** | **Common <br> Stock Par <br> Value** | **Preferred <br> Stock Shares** | **Preferred <br> Stock No Par <br> Value** | **Additional <br> Paid-in <br> Capital** | **Accumulated<br> Deficit** | **Total** |
| Balance, December 31, 2019 | 139573798 | $13957380 | 151053 | $271175 | $13905542 | $(35493775) | $(7359678) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercised | 14633330 | 1463333 |  |  | (1024333) |  | 439000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for interest | 13719248 | 1371924 |  |  | (1166137) |  | 205787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | (2169540) | (2169540) |
| Balance, December 31, 2020 | 167926376 | $16792637 | 151053 | $271175 | $11715072 | $(37663315) | $(8884431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants exercised | 11580467 | 1158047 |  |  | (810633) |  | 347414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for interest | 280752 | 28076 |  |  | (23863) |  | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | - | - | - | - | - | (1759159) | (1759159) |
| Balance, December 31, 2021 | 179787595 | $17978760 | 151053 | $271175 | $10880576 | $(39422474) | $(10291963) |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

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

**Goldrich Mining Company** 

**Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31,**<br> **2021**  | **Year Ended <br> December 31,**<br> **2020**  |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(1759159) | $(2169540) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of notes payable in gold | (21810) | 97271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | 6488 | 6238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on forgiveness of CARES Act PPP loan and interest | (51135) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount on notes payable | 22473 | 21842 |
| &nbsp;&nbsp;&nbsp;Change in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (57384) | 46075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 19566 | 181508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 227069 | 228923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable – related party | 571695 | 520382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party payable | 229614 | 187642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used - operating activities | (812583) | (878943) |
| &nbsp;&nbsp;&nbsp;Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of membership units of CGL LLC | - | (25000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used – investing activities | - | (25000) |
| &nbsp;&nbsp;&nbsp;Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock subscription payable | 40000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from CARES Act PPP loan |  | 50600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from warrant exercises | 347414 | 439000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable | 25000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable – related party | 422000 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on notes payable – related party | (20000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided - financing activities | 814414 | 904600 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents | 1831 | 657 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of year | 1931 | 1274 |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalents, end of year** | $**3762** | $**1931** |
| &nbsp;&nbsp;&nbsp;Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $3708 | $3974 |
| &nbsp;&nbsp;&nbsp;Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares of common stock for interest payable | $4212 | $205787 |

---

*The accompanying notes are an integral part of these consolidated financial statements*

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

**1.** **ORGANIZATION AND DESCRIPTION OF BUSINESS** 

Goldrich Mining Company ("Company") was incorporated under the laws of the State of Alaska on March 26, 1959. The Company is engaged in the business of acquiring and exploring mineral properties throughout the Americas, primarily those containing gold and associated base and precious metals. During 2021, all of the Company's activities were focused on the Chandalar property in Alaska. The Company's common stock trades on the OTCQB exchange of the OTC Markets under the ticker symbol GRMC.

Going Concern

The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has incurred losses since its inception and does not have sufficient cash to fund normal operations and meet debt obligations for the next 12 months without deferring payment on certain current liabilities and/or raising additional funds.

The Company currently has no historical recurring source of revenue, an accumulated deficit of $39,422,474, and negative working capital of $10,634,714 at December 31, 2021. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company may profitably execute a production business plan, and thereby, its ability to continue as a going concern may improve and become less dependent on the Company's ability to raise capital to fund its future exploration and working capital requirements. The Company's plans for the long-term return to and continuation as a going concern include the profitable exploitation of its mining properties and financing the Company's future operations through sales of its common stock and/or debt.

The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis were not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

Consolidation of and Accounting for Subsidiaries

The consolidated financial statements include the accounts of the Company and the accounts of its 100% owned subsidiary Goldrich Placer, LLC as of and for the years ended December 31, 2021 and December 31, 2020, with all intercompany balances eliminated.

Accounting for Investments in Joint Ventures

For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, the equity method is utilized whereby the Company's share of the ventures' earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations.

*GNP:*

The Company has an equity method investment in Goldrich NyacAU Placer LLC, a 50%-owned joint venture in which the Company does not have joint control or significant influence. See Note 4 *Joint Venture*. The carrying amount of this investment was $nil as of December 31, 2021 and 2020, respectively.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

Contingencies

In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies for each reporting period. Estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred but not accrued.

Earnings (Loss) Per Share

For the years ended December 31, 2021 and 2020, the effect of the Company's outstanding convertible preferred shares, stock options, and warrants totaling 55,568,369 and 70,507,169 for each of the years ended, respectively, have not been included in the Company's net income (loss) per share as their inclusion would have been anti-dilutive.

Recent Accounting Pronouncements

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The update contains a number of provisions intended to simplify the accounting for income taxes. The Company adopted this update on January 1, 2021. This adoption did not have a material effect on the Company's consolidated financial statements.

In August 2020, the FASB issued ASU No. 2020-06 *Debt – Debt With Conversion And Other Options (Subtopic 470-20) And Derivatives and Hedging – Contracts In Entity's Own Equity (Subtopic 815-40): Accounting For Convertible Instruments And Contracts In An Entity's Own Equity*. The update simplifies the accounting for and disclosures related to company debt that is convertible or can be settled in a company's own equity securities. The update is effective for fiscal years beginning after December 15, 2021. Management is evaluating the impact of this update on the Company's consolidated financial statements.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.

Cash and Cash Equivalents

For the purposes of the statement of cash flows, we consider all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Significant estimates used in preparing these financial statements include those assumed in estimating the recoverability of the cost of mining claims, joint venture distributions, accrued remediation costs, asset retirement obligations, stock-based compensation, deferred tax assets and related valuation allowances and uncertainties regarding the outcome of arbitration proceedings and other contingencies. Actual results could differ from those estimates.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

Mineral Interests

The Company capitalizes costs for acquiring mineral properties, claims and royalty interests and expenses costs to maintain mineral rights and leases as incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method on the basis of periodic estimates of ore reserves. Mineral properties are periodically assessed for impairment of value, and any subsequent losses are charged to operations at the time of impairment. If a property is abandoned or sold, its capitalized costs are charged to operations.

Exploration Costs & Mine Preparation Costs

Exploration costs are expensed in the period in which they occur. Costs to prepare mineral properties for mining, such as economic assessments and mine plans are expensed in the period in which they occur.

Income Taxes

Income taxes are recognized in accordance with Accounting Standards Codification ("ASC") 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized.

Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized.

Revenue Recognition

The Company's revenues from its joint venture have historically been its primary revenues. The Company has determined that its revenue does not arise from contracts with customers, does not involve satisfaction of any performance obligations on the part of the Company, or require Company assets to be recognized or applied to determine costs to obtain or fulfill any contract generating revenue.

Stock-Based Compensation

The Company periodically issues common shares or options to purchase shares of the Company's common shares to its officers, directors or other parties. These issuances are recorded at fair value. The Company uses a Black Scholes valuation model for determining fair value of options to purchase shares, and compensation expense is recognized ratably over the vesting periods on a straight-line basis. Compensation expense for grants that vest immediately is recognized in the period of grant.

Remediation and Asset Retirement Obligation

The Company's operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company records the fair value of an asset retirement obligation as a liability in the period in which the Company incurs a legal obligation for the retirement of tangible long-lived assets. A corresponding asset is also recorded and depreciated over the life of the long-lived asset using a units of production method. After the initial measurement of the asset retirement obligation, the liability will be adjusted at the end of each reporting period to reflect changes in the estimated future cash flows underlying the obligation. Determination of any amounts recognized is based upon numerous estimates and assumptions, including future retirement costs, future inflation rates, time periods and the credit-adjusted risk-free interest rates.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and they are reasonably estimable. Such costs are based on management's estimate of amounts expected to be incurred when the remediation work is performed.

Fair Value Measurements

When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date.

During 2021 and 2020, the Company determined fair value on a recurring basis and non-recurring basis as follows:

Schedule of Fair Value On Recurring and Non-Recurring Basis

---

| | | | |
|:---|:---|:---|:---|
|  | Balance <br> December 31, 2021 | Balance <br> December 31, 2020 | Fair Value <br> Hierarchy level |
| Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Recurring: Notes payable in gold (Note 7) | $481780 | $505590 | 2 |

---

The carrying amounts of financial instruments, including notes payable, approximate fair value at December 31, 2021 and 2020. The inputs to the valuation of Level 2 liabilities are described in Note 7 *Notes Payable in Gold*.

**3.** **MINERAL INTERESTS** 

At December 31, 2021 and 2020, the Company's mining properties claims, and royalty interest were as follows:

---

| | | |
|:---|:---|:---|
|  | **2021** | **2020** |
| Chandalar property and claims | $264000 | $264000 |
| 2003 purchased claims | 35000 | 35000 |
| Unpatented state claims staked | 40400 | 40400 |
| Asset retirement costs | 37028 | 37028 |
| Jumbo Basin royalty interest | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;**Total** | $**626428** | $**626428** |

---

**4.** **JOINT VENTURE** 

On April 3, 2012, Goldrich Placer, LLC ("GP"), a subsidiary of Goldrich, entered into a term sheet for a joint venture with NyacAU, LLC ("NyacAU"), an Alaskan private company, to bring Goldrich's Chandalar placer gold properties into production as defined in the joint venture agreement (the "Operating Agreement") which was subsequently signed and made effective April 2, 2012. In each case as used herein in reference to the JV, 'production' is as defined by the Operating Agreement. As part of the Operating Agreement, GP and NyacAU (together the "Members") formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC ("GNP"), to operate the Chandalar placer mines, with NyacAU acting as managing partner.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

*Arbitration*

In December 2017, the Company filed an arbitration statement of claim against NyacAU and other parties. The claim challenged certain accounting treatment of capital leases, allocations of tax losses, charges to the JV for funding costs related to the JV manager's financing, related-party transactions, and other items of dispute in a previous mediation that was unsuccessful in reaching an agreement. As a result, the Company participated in an arbitration before a panel of three independent arbitrators during 2018 to address these items. Through 2021 and the filing of this report in 2022, the Company has continued to respond to Panel inquiries, make motions to prosecute or defend positions, answer motions made by the opposing JV partner and aggressively support the Company's efforts toward success.

The Company records amounts for loss when it is probable that a liability could be incurred and can be reasonably estimated. To date, the arbitration proceedings are still in progress, with some rulings being issued for and against the Company's positions. No assurance can be given that the arbitration will result in a successful outcome for the Company. Due to uncertainties relating to the pending outcome, the financial statements contain only adjustments for the final results of the arbitration that are estimable and probable. See Note 12 *Commitments and Contingencies* for amounts and additional information. The Company incurred $80,318 and $173,877 in arbitration expenses during the years ended December 31, 2021 and December 31, 2020, respectively. Significant changes to our assessment of likely outcome and related amounts accrued for. Estimates could have a material impact on our consolidated financial statements.

*CGL:*

The Company invested $25,000 in a 49% interest in Chandalar Gold LLC ("CGL") during the year ended December 31, 2020. The Company does not have control or significant influence over CGL and accounts for it using the equity method. During the year ended December 31, 2021 and 2020, CGL had no operating activities. Goldrich has accrued a distribution to CGL of $35,794 in accrued liabilities; if and when that distribution is remitted to CGL, the Company would in turn receive a distribution of approximately 49% of that distribution back from CGL as a result of its ownership.

**5.** **RELATED PARTY TRANSACTIONS** 

In addition to related party transactions described in Notes 6 and 9, the Company has accrued amounts to the Company's Chief Executive Officer ("CEO"), Chief Financial Officer ("CFO") and board of directors fees for amounts earned but not yet paid. Beginning in January 2016 and through December 31, 2021, the CEO's salary has not been paid in full. Salary due to the CFO have been accrued and remain unpaid, as have board of directors fees:

---

| | | |
|:---|:---|:---|
| **CEO** | **Year ended<br> 12/31/21** | **Year ended<br> 12/31/20** |
| Balance at beginning of period | $590851 | $426500 |
| Deferred salary | 180000 | 166000 |
| Deferred expenses | 40220 | 17351 |
| Payments | (17351) | (19000) |
| &nbsp;&nbsp;&nbsp;Ending Balance | 793720 | 590851 |
| **CFO** |  |  |
| Balance at beginning of period | 88736 | 78644 |
| Deferred | 27768 | 27354 |
| Payments | (24523) | (17262) |
| &nbsp;&nbsp;&nbsp;Ending Balance | 91981 | 88736 |
| Board fees payable | 131702 | 108202 |
| &nbsp;&nbsp;&nbsp;Total Related party payables | $1017403 | $787789 |

---

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

**6.** **NOTES PAYABLE & NOTES PAYABLE – RELATED PARTY** 

At December 31, 2021, the Company has outstanding notes payable of $1,088,421 and outstanding notes payable - related party of $4,064,211. At December 31, 2020, the Company had outstanding notes payable of $1,062,106 and outstanding notes payable – related party of $3,641,053. The notes payable and notes payable – related party accrued interest of 15% and are due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any holder.

During the year ended December 31, 2021, the Company received additional notes payable of $469,474 of which $443,158 was received from a related party, Nicholas Gallagher, a shareholder and director of the Company, who also holds the full balance of the notes payable – related party described above and repaid $20,000 to Mr. Gallagher. The notes contained an original discount of $22,474 resulting in net proceeds of $447,000. During the year ended December 31, 2020, the Company received additional tranches of the notes payable for $436,842 discounted at 5%, or $21,842 resulting in net proceeds of $415,000, respectively, of which $375,000, was received from a related party, Nicholas Gallagher. The notes are due upon demand; therefore, all discounts have been immediately expensed to finance costs and the note balances are classified as current.

During the years ended December 31, 2021 and December 31, 2020, the Company incurred finder fees totaling $13,410 and $12,450, respectively, of which $12,660 and $11,250, respectively, were to a related party and are included in interest expense and finance costs, and interest expense and finance costs – related party in the consolidated statement of operations at December 31, 2021. Interest of $732,393 was expensed during the year ended December 31, 2021 of which $571,695 was to related parties and is included in interest expense and finance costs, and interest expense and finance costs – related party in the consolidated statement of operations at December 31, 2021. Interest of $678,119 was expensed during the year ended December 31, 2020 of which $520,382 was to related parties. Interest and finders fees are included in accounts payable and accrued liabilities, interest payable, and interest payable – related party on the consolidated balance sheet at December 31, 2021.

*<u>Inter-Creditor Agreement</u>*

As a result of an Amended and Restated Loan, Security, and Intercreditor Agreement (the "Amended Agreement") dated November 1, 2019 and a First Amendment dated August 25, 2021, for each holder of the notes payable, whether or not a related party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 borrower and holder entered into a Deed of Trust whereunder the notes are secured by
 a security interest in all real property, claims, contracts, agreements, leases, permits
 and the like.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Company entered into a written Guaranty ("Guaranty") whereunder, among other
 conditions, the Company unconditionally guarantees and promises to pay to the order of
 each holder the principal sum and all interest payable on each note payable held by such
 holder when and as the same becomes due, whether at the stated maturity thereof, by acceleration,
 call for redemption, tender, or otherwise. The Company is not in default as no demand
 has been made for payment or delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mr.
 Gallagher, at his option, has the right to convert outstanding but unpaid and future
 interest on his note into shares of the Company's common stock at $0.015 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All
 loans by Mr. Gallagher and any additional loans made by Mr. Gallagher are designated
 as Senior Notes, and accounted for as Notes payable – related party and all loans
 by the other holders made prior to August 25, 2021 were designated as Junior Notes. Additionally,
 notes arising in the future to certain unrelated parties are also designated as Senior
 notes. Senior Notes, which include principal and interest are entitled to be repaid in
 full before any of the Junior Notes are repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Company confirmed that the written Guaranty extends to the repayment of additional loans
 made by the holders.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Company confirmed that repayment of additional loans will be and remain secured by the
 Deed of Trust.

In a separate agreement dated September 10, 2020, the Company and certain note holders, agreed to convert $36,813 of unpaid interest into shares of the Company's common stock at $0.015 per share. During the year ended December 31, 2020, a total of 13,719,248 common shares were issued to the holders in exchange for interest payable of $205,787, of which $168,976 was payable to Mr. Gallagher. During the year ended December 31, 2021, a total of 280,752 common shares were issued to one holder in exchange for interest payable of $4,212.

**7.** **NOTES PAYABLE IN GOLD** 

During 2013, the Company issued notes payable in gold totaling $820,000, less a discount of $205,000, for net proceeds of $615,000. Under the terms of the notes, the Company agreed to deliver gold to the holders at the lesser of $1,350 per ounce of fine gold or a 25% discount to market price as calculated on the contract date and specify delivery of gold in November 2014.

After several amendments to the terms of the note agreements, through the date of the issuance of these financial statements, the gold notes have not been paid and the note holders have not demanded payment or delivery of gold. At December 31, 2021 and 2020, 266.788 ounces of fine gold was due and deliverable to the holders of the Notes. No demand has been made for payment.

The Company estimates the fair value of the notes, based on the market approach with Level 2 inputs of gold delivery contracts based upon previous contractual delivery dates, using the market price of gold on December 31, 2021 of approximately $1,806 per ounce as quoted on the London PM Fix market or $481,780 in total. The valuation resulted in a decrease in gold notes payable of $21,810 during the year ended December 31, 2021. At December 31, 2020, the Company had outstanding total notes payable in gold with a fair value of $503,590 or $1,888 per ounce as quoted on the London PM Fix market.

Interest of $41,884 on the notes was expensed during the year ended December 31, 2021, and $93,407 is accrued at December 31, 2021 and is included in interest payable. Interest of $38,043 on the notes was expensed during the year ended December 31, 2020, and $51,523 is accrued at December 31, 2020 and is included in interest payable.

**8.** **CARES ACT PPP LOAN** 

On April 15, 2020, the Company was granted a loan (the "Loan") from Washington Trust Bank, in the aggregate amount of $50,600, pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I of the Cares Act, which was enacted March 27, 2020.

During May 2021, the Company received loan forgiveness of its Cares Act PPP Loan in the amount of $51,135, which included the principal of $50,600 plus interest. The amount of the loan principal has been accounted as a gain on forgiveness of the CARES Act PPP loan. The interest that was forgiven was recorded within interest expense.

**9.** **STOCKHOLDERS' DEFICIT** 

Common Stock:

At the special shareholders meeting on November 13, 2020, the Company's shareholders approved an increase in the authorized common stock from 250,000,000 to 750,000,000 shares, with par value remaining at $0.10 per share.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

Series A Convertible Preferred Stock:

The Company has 150,000 shares of Series A Convertible Preferred Stock outstanding at December 31, 2021 and 2020. These shares were issued from the designated 1,000,000 shares of Series A Preferred Stock, no par value, with the following rights and preferences:

● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $2.00 per share (adjusted appropriately for stock splits, stock dividends and the like), for a total of $300,000 at December 31, 2021 and 2020, together with declared but unpaid dividends to which the holders of outstanding shares of Series A Preferred Stock are entitled shall be paid prior to liquidation payments to holders of Company securities junior to the Series A Preferred Stock.

● Voting: Each holder of Series A Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holder's shares of Series A Preferred Stock could be converted.

● Conversion: Any share of Series A Preferred Stock may, at the option of the holder, be converted at any time into six shares of common stock. The Company has the right, at its sole option, to convert all Series A Preferred Stock into common stock after the third anniversary of its issuance if the weighted average trading price of the common stock exceeds $1.00 per share for ten consecutive trading days. The Company also has the right, at its sole option, to convert all Series A Preferred Stock into common stock after the tenth anniversary from the date of issuance.

● Dividend Rate: The holders of Series A Preferred Stock shall be entitled to receive, when and as declared by the Board, yearly cumulative dividends from the surplus or net profits of the Company at an effective rate of 5% per annum, of the original Series A Preferred Stock purchase price of $1.00 per share. The Series A dividend shall accrue ratably from the date of issuance of the Series A Preferred Stock through the entire period in which shares of Series A Preferred Stock are held and shall be payable to the holder of the Series A Preferred Stock on the conversion date of the Series A Preferred Stock or as may be declared by the Board, with proper adjustment for any dividend period which is less than a full year.

● Preferential and Cumulative. The Series A dividends shall be payable before any dividends will be paid upon, or set apart for, the common stock of the Company and will be cumulative, so that any dividends not paid or set apart for payment for the Series A Preferred Stock, will be fully paid and set apart for payment, before any dividends will be paid upon, or set apart for, the common stock of the Company.

● Payment of Dividend: If the Company shall have sufficient earnings to pay a dividend on the Series A Preferred Stock, upon declaration of any dividend by the Board in compliance with the Alaska Code and the Company's Articles of Incorporation and Bylaws, the holder of Series A Preferred Stock may elect to receive payment of Series A dividend on a dividend payment date in cash, or provisionally in gold. Payment of Series A dividends in gold shall be paid only if the Company is producing gold in sufficient quantities as of the dividend payment date to pay such in-kind dividend and shall be delivered in the form of gold produced from the Company's Chandalar property. We have total dividends in arrears of $100,188 as of December 31, 2021 and $92,583 as of December 31, 2020. Total dividends of $30,618 were declared and payable as a result of conversion of preferred stock during 2011 and 2016, and have been recorded on the Company's balance sheets at December 31, 2021 and 2020.

Conversion of outstanding shares of Series A Preferred stock would have resulted in dilution of 900,000 common shares for the years ended December 31, 2021 and 2020.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

Series B Convertible Preferred Stock:

The Company has 200 shares of Series B Convertible Preferred Stock outstanding at December 31, 2021 and 2020. These shares were issued from the designated 300 shares of Series B Preferred Stock, no par value, with the following rights and preferences:

● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $1,000 per share (adjusted appropriately for stock splits, stock dividends and the like), for a total of $200,000 at December 31, 2021 and 2020, shall be paid prior to liquidation payments to holders of Company securities junior to the Series B Preferred Stock. Holders of the Company's Series A Preferred Stock shall be paid in advance of holders of the Series B Preferred Stock on the occurrence of a Liquidation Event.

● Voting: Each holder of Series B Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holder's shares of Series B Preferred Stock could be converted. Holders of Series B Preferred Stock vote as a single class with the common shares on an as-if-converted basis. No holder of Series B Preferred Stock is entitled to pre-emptive voting rights.

● Conversion: Shares of Series B Preferred Stock may, at the option of the holder, be converted at any time into a number of fully-paid and non-assessable shares of common stock as is equal to the product obtained by multiplying the Series B shares by $1,000, then dividing by the Series B conversion price of $0.07 per common share. The Series B conversion price is subject to adjustment in accordance with the provisions of the statement of designation.

● Dividend Rate: The holders of Series B Preferred Stock shall not be entitled to receive dividends.

Conversion of outstanding shares of Series B Preferred stock would result in dilution of 2,857,142 common shares for the years ended December 31, 2021 and 2020.

Series C Convertible Preferred Stock:

The Company has 250 shares of Series C Convertible Preferred Stock outstanding at December 31, 2021 and 2020. These shares were issued from the designated 250 shares of Series C Preferred Stock, no par value, with the following rights and preferences:

● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $1,000 per share (adjusted appropriately for stock splits, stock dividends and the like), for a total of $250,000 at December 31, 2021 and 2020, shall be paid prior to liquidation payments to holders of Company securities junior to the Series C Preferred Stock. Holders of the Company's Series A Preferred Stock and Series B Preferred Stock shall be paid in advance of holders of the Series C Preferred Stock on the occurrence of a Liquidation Event.

● Voting: Each holder of Series C Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holder's shares of Series C Preferred Stock could be converted. Holders of Series C Preferred Stock vote as a single class with the common shares on an as-if-converted basis. No holder of Series C Preferred Stock is entitled to pre-emptive voting rights.

● Conversion: Shares of Series C Preferred Stock may, at the option of the holder, be converted at any time into a number of fully-paid and non-assessable shares of common stock as is equal to the product obtained by multiplying the Series C shares by $1,000, then dividing by the Series C conversion price of $0.03 per common share. The Series C conversion price is subject to adjustment in accordance with the provisions of the statement of designation.

● Dividend Rate: The holders of Series C Preferred Stock shall not be entitled to receive dividends.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

Conversion of outstanding shares of Series C Preferred stock would result in dilution of 8,333,333 common shares for the years ended December 31, 2021 and 2020.

Series D Convertible Preferred Stock:

The Company has 150 shares of Series D Convertible Preferred Stock outstanding at December 31, 2021 and 2020. These shares were issued from the designated 150 shares of Series D Preferred Stock, no par value. Conversion of outstanding shares of Series D Preferred stock would result in dilution of 5,000,000 common shares for the years ended December 31, 2021 and 2020.

Series E Convertible Preferred Stock:

The Company has 300 shares of Series E Convertible Preferred Stock outstanding at December 31, 2021 and 2020. These shares were issued from the designated 300 shares of Series E Preferred Stock, no par value. Conversion of outstanding shares of Series E Preferred stock would result in dilution of 10,000,000 common shares for the years ended December 31, 2021 and 2020.

Series F Convertible Preferred Stock:

The Company has 153 shares of Series F Convertible Preferred Stock outstanding at December 31, 2021 and 2020. These shares were issued from the designated 300 shares of Series F Preferred Stock, no par value. Conversion of outstanding shares of Series F Preferred stock would result in dilution of 5,100,000 common shares for the years ended December 31, 2021 and 2020.

Series D, E and F Preferred Stock were issued with the following rights and preferences:

● Liquidation Preference: Upon a liquidation event, an amount in cash equal to $1,000 per share (adjusted appropriately for stock splits, stock dividends and the like), shall be paid prior to liquidation payments to holders of Company securities junior to the Series D, E, and F Preferred Stock. Holders of the Company's Series A, B and C Preferred Stock shall be paid in advance of holders of the Series D, E and F Preferred Stock on the occurrence of a Liquidation Event.

● Voting: Each holder of Series D, E and F Preferred Stock shall be entitled to vote on all matters upon which holders of common stock would be entitled to vote and shall be entitled to that number of votes equal to the number of whole shares of common stock into which such holder's shares of Series D, E and F Preferred Stock could be converted. Holders of Series D, E and F Preferred Stock vote as a single class respectively with the common shares on an as-if-converted basis. No holder of Series D, E and F Preferred Stock is entitled to pre-emptive voting rights.

● Conversion: Shares of Series D, E and F Preferred Stock may, at the option of the holder, be converted at any time into a number of fully-paid and non-assessable shares of common stock as is equal to the product obtained by multiplying the Series D, E and F shares by $1,000, then dividing by the Series D, E and F conversion price of $0.03 per common share. The Series D, E and F conversion price is subject to adjustment in accordance with the provisions of the statement of designation.

● Dividend Rate: The holders of Series D, E and F Preferred Stock shall not be entitled to receive dividends.

● The Series D, E and F Preferred Stock includes a redemption feature as described above.

A related party and member of the Company's board of directors, Nicholas Gallagher, holds and controls all of the outstanding shares of the Series A, B and C Preferred Stock, 50 shares of the Series D Preferred Stock, 280 shares of the Series E Preferred Stock and all of the Series F Preferred Stock.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

**Warrants:**

The following is a summary of warrants at December 31, 2021:

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Exercise<br> Price ($)** | **Expiration Date** |
| **Class R Warrants: (Issued for Private Placement)** | | |  |
| Outstanding and exercisable at January 1, 2020 | 15000001 | .045 | Aug 1 to Dec 9, 2023 |
| Outstanding and exercisable at December 31, 2020 | 15000001 |  |  |
| Warrants expired | (3333333) |  |  |
| Outstanding and exercisable at December 31, 2021 | 11666668 |  |  |
| **Class S Warrants: (Issued for Private Placement of Preferred Stock)** |  |  |  |
| Outstanding and exercisable at January 1, 2020 | 5100000 | .03 | Dec 30, 2021 to Mar 30, 2022 |
| Warrants exercised | (466664) |  |  |
| Outstanding and exercisable at December 31, 2020 | 4633336 |  |  |
| Warrants exercised | (4633336) |  |  |
| Outstanding and exercisable at December 31, 2021 | - |  |  |
| **Class T Warrants: (Issued with Senior Secured Notes Payable)** |  |  |  |
| Outstanding and exercisable at January 1, 2020 | 22608357 | .03 | Dec 22, 2022 to Oct 31, 2024 |
| Warrants exercised | (5000000) |  |  |
| Outstanding and exercisable at December 31, 2020 | 17608357 |  |  |
| Warrants exercised | (6947131) |  |  |
| Outstanding and exercisable at December 31, 2021 | 10661226 |  |  |
| Warrants outstanding at December 31, 2020 were 37,241,694 with a weighted average exercise price of $0.036. <br>Warrants outstanding and weighted average exercise price at December 31, 2021 | 22327894 | .038 |  |

---

**Warrant Exercises**

During the year ended December 31, 2021, the Company received $347,414 cash as a result of the exercise of Class S and T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 11,580,467 common shares. Of that amount, 7,458,303 of the warrants exercised were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash. The Company received an additional $40,000 for the exercise of Class T warrants which are included in stock subscription payable at December 31, 2021. Once the exercise is complete, the Company will issue 1,333,333 common shares for the exercise.

During September and October 2020, the Company received $439,000 cash as a result of the exercise of Class Q, Class S, and Class T warrants at an exercise price of $0.03 per common share. The warrants were owned by Mr. Gallagher and were transferred to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 14,633,330 common shares.

**Warrant Extensions**

On June 30, 2021, the Company's Board of Directors, voted to extend the expiry dates for all Class R warrants not already expired, by two years. Prior to this change, the Class R warrants were set to expire at various times throughout 2021, with the last one expiring on December 9, 2021. With this change, 11,666,668 Class R warrants were modified to expire on various dates from August 1 to December 9, 2023.

**Stock Options and Stock-Based Compensation:**

Under the Company's 2008 Equity Incentive Plan, as amended by shareholder vote on November 13, 2020 (the "Plan"), options to purchase shares of common stock may be granted to key employees, contract management and directors of the Company. The Plan permits the granting of nonqualified stock options, incentive stock options and shares of common stock. Upon exercise of options, shares of common stock are issued from the Company's treasury stock or, if insufficient treasury shares are available, from authorized but unissued shares. Options are granted at a price equal to the closing price of the common stock on the date of grant. The stock options are generally exercisable immediately upon grant and for a period of 10 years.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

In the event of cessation of the holder's relationship with the Company, the holder's exercise period terminates 90 days following such cessation. The Plan authorizes the issuance of up to 16,129,304 shares of common stock, subject to adjustment for certain events, such as a stock split or other dilutive events. As of December 31, 2021, there were a total of 8,954,304 shares available for grant in the Plan, 6,075,000 shares issued, 50,000 options exercised in prior years, and 1,050,000 options exercisable and outstanding.

A summary of stock option transactions for the years ended December 31, 2021 and 2020 are as follows:

Schedule of Stock Option Transactions

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Weighted-<br> Average<br> Exercise Price<br> (per share)** | **Weighted<br> Average<br> Remaining<br> Contractual<br> Term (Years)** | **Aggregate<br> Intrinsic<br> Value** |
| Options outstanding and exercisable at December 31, 2019 | 1075000 | $0.06 | 6.24 | $0 |
| Options outstanding and exercisable at December 31, 2020 | 1075000 | $0.06 | 5.24 | $2125 |
| Options expired | (25000) | $0.21 |  |  |
| Options outstanding and exercisable at December 31, 2021 | 1050000 | $0.05 | 4.35 | $38225 |

---

As of December 31, 2021 and 2020, the intrinsic value of options outstanding and exercisable was $38,225 and $2,125, respectively.

**Interest Payable Satisfied with Common Stock**

During the year ended December 31, 2020, the holders of the notes payable and notes payable related party, agreed to convert a portion of their unpaid interest into stock of the Company at $0.015 per share. A total of 13,719,248 common shares with a basis of $0.015 per share, were issued to the holders, reducing interest payable and interest payable related party, by $205,787, of which $168,976 was to Mr. Gallagher. During the year ended December 31, 2021, a total of 280,752 common shares were issued to one holder in exchange for interest payable of $4,212 at $0.015 per share.

**10.** **REMEDIATION AND ASSET RETIREMENT OBLIGATION** 

On an ongoing basis, management evaluates its estimates and assumptions; however, actual amounts could differ from those based on such estimates and assumptions. Changes to the Company's asset retirement obligation on its Chandalar property are as follows:

Schedule of Assets Retirement Obligation

---

| | | |
|:---|:---|:---|
|  | **December 31, 2021** | **December 31, 2020** |
| Asset Retirement Obligation – beginning balance | $162189 | $155951 |
| Accretion | 6488 | 6238 |
| Asset Retirement Obligation – ending balance | $168677 | $162189 |

---

Due to the uncertainly of the outcome of arbitration, it is not possible at this time to reasonably estimate or quantify what future obligation may be required to be recorded for the Company's prior mining activities (see Note 4 – *Joint Venture; Arbitration*).

The Company is responsible to remediate areas previously disturbed by mining activities, with the exception of certain access roads, airstrips or other amenities that are permanent in nature and improve the general access and maintainability of state lands covered by the Company's mining claims. The Company has accrued $100,000 and $100,000, respectively, for remediation required at a former owner's mine site in addition to the asset retirement obligation as of December 31, 2021 and 2020.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

**11.** **INCOME TAXES** 

The Company did not recognize a tax provision benefit for the years ended December 31, 2021 and 2020.

Following are the components of deferred tax assets, liabilities and allowances at December 31, 2021 and 2020:

Schedule of Deferred Tax Assets and Liabilities

---

| | | |
|:---|:---|:---|
|  | **2021** | 2020 |
| Deferred tax assets arising from: |  |  |
| &nbsp;&nbsp;&nbsp;Capitalized exploration and development costs | $46000 | $57000 |
| &nbsp;&nbsp;&nbsp;Unrecovered promotional and exploratory costs | 112000 | 112000 |
| &nbsp;&nbsp;&nbsp;Accrued remediation costs | 69000 | 68000 |
| &nbsp;&nbsp;&nbsp;Note payable in gold |  | 29000 |
| &nbsp;&nbsp;&nbsp;Share based compensation | 278000 | 278000 |
| &nbsp;&nbsp;&nbsp;Net operating loss carryforwards | 13832000 | 13150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 14337000 | 13694000 |
| &nbsp;&nbsp;&nbsp;Less valuation allowance | (14330000) | (13694000) |
|  | 7000 |  |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities arising from: |  |  |
| &nbsp;&nbsp;&nbsp;Note payable in gold | (7000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (7000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net deferred tax** | $**-** | $- |

---

Management has determined that it is more likely than not that the Company will not realize the benefit of its deferred tax assets. Therefore, a valuation allowance equal to 100% of deferred tax asset has been recognized. The deferred tax assets were calculated based on an effective tax rate of 30% for 2021 and 2020.

At December 31, 2021, the Company had federal and state tax-basis net operating loss carryforwards, prior to giving effect to the probable changes resulting from the IRS audit of the joint venture as described above, totaling $47.1 million and $43.7 million, respectively. Of these net operating losses, $36.6 million will expire in various amounts from 2022 through 2037. Combined federal net operating losses of $10.5 million for the years 2018 through 2021 do not expire, but are limited to 80% of taxable income at the time of usage.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted in response to the COVID-19 pandemic. Management determined that the CARES Act had no impact on the Company.

The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% were as follows:

Schedule of Effective Income Tax Rate Reconciliations

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2021** |  | **2020** |  |
| Federal income tax expense (benefit) based on statutory rate | $(472000) | 21.0% | $(455000) | 21.0% |
| State income tax expense (benefit), net of federal taxes | (196000) | 8.7% | (190000) | 8.7% |
| Revision of NOL estimates, state apportionment factors and state effective tax rates | 32000 | (1.4)% | 2000 | (0.1)% |
| Increase (decrease) in valuation allowance | 636000 | (28.3)% | 643000 | (29.6)% |
| &nbsp;&nbsp;&nbsp;**Total taxes on income (loss)** | $**-** | -% | $- | -% |

---

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

The Company has assessed its tax positions other than the NOL issue above and has determined that it has taken no uncertain tax position that is probable to give rise to an unrecognized tax liability. In the event that the Company is assessed penalties and/or interest, penalties would be charged to other operating expense and interest would be charged to interest expense.

The Company files federal income tax returns in the United States only. Tax attributes, mainly net operating losses after 2014, may be adjusted as a result of a completed audit of 2015, 2016 and 2017, as described above. The Company is no longer subject to federal income tax examination by tax authorities for years before 2018.

**12.** **COMMITMENTS AND CONTINGENCIES** 

The Company has one near-term commitment:

● A $46,500 liability for a consulting contract for which services have not been received.

The Company is subject to Alaska state annual claims rental fees in order to maintain our non-patented claims. In addition to the annual claims rental fees of $125,945 due November 30 of each year, we are also required to meet annual labor requirements of approximately $61,100 due November 30 of each year. The Company is able to carry forward costs for annual labor that exceed the required yearly totals for four years. The Company has significant carryovers to 2022 to satisfy its annual labor requirements. This carryover expires in the years 2022 through 2026 if unneeded to satisfy requirements in those years.

***Arbitration***

In 2017, the Company, its subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel ("the Panel"), against our JV partner and its affiliates; NyacAU, LLC ("NyacAU"), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against the Company, its subsidiaries and certain members of the Company's current and former management, the counterclaim respondents. The arbitration claim alleged, amongst other things, claims concerning related-party transactions, accounting issues including capital vs. operating leases, interpretation of the joint venture operating agreement, allocation of tax losses between the joint venture partners, and unpaid amounts due Goldrich relating to the Chandalar Mine.

It is possible that there could be either adverse or favorable developments in the arbitration pending with the Company and its JV partner. The Company records provisions in the consolidated financial statements for pending arbitration results when it determines that an outcome is probable, and the amount of loss can be reasonably estimated. At the present time, except as stated otherwise, while it is reasonably possible that a favorable or unfavorable outcome in the arbitration may occur, after assessing the information available, management is unable to estimate the possible loss, or range of losses, for the pending arbitration; and accordingly, no estimated losses have been accrued in the consolidated financial statements for favorable or unfavorable outcomes. Legal defense costs are expensed as incurred. Favorable rulings would not result in the recognition of gains prior to offsetting against losses, due to the ruling being an estimate which must be constructively received prior to recognition.

During the year ended December 31, 2019, and through the date of this report, the Panel released various awards relating to the allegations of both parties. Some of which have been in favor of the Company's positions some have been in favor of our JV partner and its affiliates. The arbitration is ongoing and the various parties to the claims and counterclaims continue to disagree on several matters.

On May 25, 2019, the Panel issued an Interim Award, which requested input from the parties on a small number of discrete issues, all input to be supported by references to the arbitration record.

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

**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

On November 30, 2019, the Panel ordered the Partial Final Award and concurrently the Second Interim Award Regarding Dissolution/Liquidation of GNP and Related Issues ("the Second Interim Award").

**The Partial Final Award**

The Partial Final Award addressed several matters including leases and the impact of their characterization on interim distributions. As a result, the Panel determined that the Company is entitled to an additional $214,797 in distributions for 2016 and an additional $198,644 for 2017, for a total of $413,441 from GNP. In like manner, the Panel determined that NyacAU is entitled to an additional $413,441 in distributions for these years. As the Company is uncertain as to the collectability of these distributions, no recognition of these awards are included in its Statement of Operations for the year ended December 31, 2021.

The Partial Final Award also addressed the Company's claim for payment of interest earned by LOC 1. The Panel determined that NyacAU should pay the Company 50% of the interest earned on LOC 1 actually received by NyacAU, or $126,666. NyacAU challenged this award but the Panel issued an additional ruling stating the amount owed to be $120,883 to Goldrich plus 5% prejudgment interest on unpaid LOC1 interest as it fell due, see *Supplemental Orders 5-8* below. As the Company is uncertain as to the collectability of this award, no recognition of this other income is included in its Statement of Operations for the year ended December 31, 2021.

The Panel ruled Goldrich was responsible to pay NyacAU for the 2012 reclamation work and NyacAU is also entitled to 5% interest on the award from the date the first invoice was sent to Goldrich in 2014. During the year ended December 31, 2019, Goldrich accrued a liability for this ruling on its consolidated balance sheet of $421,366 included in accounts payable and interest payable, however, Goldrich has contested the party to whom payment should be made and whether additional amounts not invoiced by GNP should be included in the award. This matter is discussed further in the *Order on Respondents' Motion to Confirm Judgment*.

The Partial Final Award found the Company liable for an act of negligent misrepresentation regarding the concealment of certain technical information from NyacAU. The Company has vigorously disputed the concealment and the finding of negligence. Nevertheless, as a result of the Panel's determination, the Panel awarded Dr. J. Michael James a reimbursement of 17% of his previous $350,000 stock investment in the Company or $59,500 plus prejudgment interest of 5% and legal fees. In addition, the Panel awarded Dr. James $9,858, plus interest at 5% and legal fees, for personal expenses incurred relating to GNP's operations. This matter is discussed further in the *Judgements Issued by Superior Court* below.

**The Second Interim Award**

The Second Interim Award was necessitated by the fact that the dissolution/liquidation of the joint venture had not yet run its course. In the Second Interim Award the Panel ordered that:

&nbsp;&nbsp;&nbsp;&nbsp;a) No
 later than January 15, 2020, NyacAU and Goldrich shall attempt to establish, by agreement,
 a market value for the GNP permit in connection with a transfer of the Permit to Goldrich
 or a third party, taking into consideration the obligation of GNP, or any transferee
 of the permit, to complete reclamation in accordance with NyacAU's government-approved
 reclamation plan.

&nbsp;&nbsp;&nbsp;&nbsp;b) Reasonably
 prior to May 31, 2020, NyacAU shall perform its obligation to "make provision
 … for reclamation by (1) adding all reclamation expenses actually incurred
 by NyacAU to LOC 1; (2) from GNP's assets, to the extent possible after
 payment of GNP's debts and liabilities and liquidation expenses".

Neither order from the Second Interim Award was successfully executed by the parties on the dates specified by the Panel. The Second Interim Award confirmed the dissolution of GNP and noted that "no provision of the Claims Lease or the Operating Agreement speaks directly to the rights or obligations of GNP to transfer its mining permit, which is held in the name of the manager, NyacAU. Although GNP no longer has the right to mine, NyacAU, as holder of the permit and as ruled by the Panel, has the liability of reclamation.

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**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

*Balance and payment of LOC1*

The Panel calculated a tentative balance of LOC1 at $16,483,271 as of June 2019. This balance will be adjusted for any additional costs incurred by GNP in the liquidation or awards and/or adjustments made by the arbitration Panel. If there is no further placer production from these claims, Goldrich will not have a liability to pay 50% of LOC1.

The Panel ruled in the Final Post Award that LOC1 cannot be increased for costs incurred after mining operations have ceased, including costs for reclamation. "This deprives NyacAU of a security interest in 50% of future placer gold production at the site to repay reclamation expenses which it advances." Further, the Panel ruled that the Operating Agreement does not impose an obligation on the Company to pay 50% of the reclamation fee, but that the reclamation obligation resides with the permit holder. See *Final Post Award Orders* below.

*Right to Offset Damages or Distributions*

The Panel granted the request that any damages awarded to one party can be an offset to distributions (or damages) due to the other party.

*Judgements issued by Superior Court*

On April 29, 2020, the Superior Court of the State of Alaska issued a judgement in favor of Dr. James, in the total amount of $13,713 (for the 2012 reclamation costs personally incurred, including interest) and $83,588 (for the adjustment to Dr. James' stock purchase, including interest). On June 9, 2020, and June 20, 2020, the Court awarded additional costs and attorney's fees. The Court ordered both Goldrich and NyacAU to submit a status report to the Court in September 2020 regarding the Panel's clarification of the payable for the 2012 reclamation, including interest, and to clarify the party for the award, NyacAU or GNP. The status report has been filed by both parties, and these judgements remain unpaid and in force before the Superior Court. These amounts related to these judgements were accrued for at December 31, 2019. At December 31, 2020, a total amount of $101,669 is included for the judgement and post judgement interest in accounts payable and interest payable on the consolidated balance sheet. During the year-ended December 31, 2021, an additional $5,141 was accrued for interest. At December 31, 2021, a total of $106,810 is included in accounts payable and interest payable on the consolidated balance sheet for the judgements.

**Final Post Award Orders**

On September 4, 2020, the arbitration Panel issued Final Post Award Orders, wherein the Panel issued rulings on multiple issues, including but not limited to, those discussed below:

*Reclamation*

The Company had previously filed a motion to compel NyacAU to correct accruals for certain expenses including reclamation, demobilization, equipment rental and utilities. Most notably, the Company contended that an accrual for reclamation liability was short of a much larger estimate prepared by independent professionals as engaged by Goldrich. The Panel denied the Company's motion and ruled that Goldrich does not have the authority to compel the establishment of any reserves on the GNP financial records.

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**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

The Company had previously filed a motion to compel NyacAU to reclaim the disturbed acres as required under the Operating Agreement and the mining permit issued to NyacAU in 2013, and to require NyacAU to fund the reclamation reserve from cash that had been distributed to NyacAU. The Panel denied the Company's motion and ruled that while there was express provision in the Operating Agreement to establish reserves necessary for contingent or unforeseen liabilities or obligations, which could conceivably include reclamation reserves, the agreement does not impose an express obligation to reclaim the project site.

*Mining Claims*

All of the Company's mining claims remain the property of the Company; however, NyacAU staked several claims contiguous to the claims owned by the Company. The Company had previously filed a motion to compel the transfer NyacAU's claims from NyacAU to the Company. The motion was granted in part in that the claims held in NyacAU's name were ruled to be owned by the Company but would not be transferred immediately. They would remain in the possession of NyacAU as manager of the liquidation until the property covered by the claims was not being used for liquidation activities and could be transferred without disruption to the liquidation activity.

**Supplemental Orders 5-8**

On December 4, 2020, the arbitration Panel issued Supplemental Orders 5-8, wherein the Panel issued rulings on multiple material issues:

*2018 Profitability and 2018 Interim Distributions*

Under the GNP Operating Agreement, Goldrich was entitled to receive certain interim distributions based on GNP's profitability. Goldrich received such distributions for 2016 and 2017. Goldrich challenged the Panel's understanding of facts related to GNP's profitability for 2018 as presented in the arbitration proceedings and made a motion for GNP to distribute interim distributions for 2018 after applying the arbitration rulings made to date. Goldrich submitted a claim to the arbitration Panel for approximately $680,000 plus prejudgment interest thereon at 5%. The arbitration Panel denied Goldrich's claim. Based on the Panel's ruling, the paydown by NyacAU, as manager of GNP, of Line of Credit 1 ("LOC1") with GNP funds, rather than the payment of a 2018 interim distribution to Goldrich, is not considered a misappropriation of funds. LOC1 is a related party loan between GNP and NyacAU.

The Panel ruled that GNP was dissolved at the end of the 2018 mining season (September 28, 2018) by failing to meet the Minimum Production Requirement of the GNP Operating Agreement rather than May 2019, when NyacAU published a formal notice of dissolution to the State of Alaska and to creditors. Based on this and other evidence, the Panel found that GNP was dissolved by no later than October 9, 2018, which precedes the date by which any interim distribution would otherwise have been due under the GNP Operating Agreement (October 31 - December 31, 2018). Accordingly, the Panel ruled that Goldrich is precluded from receiving any interim distributions for 2018 under the GNP Operating Agreement which provides that "[m]embers have a right to Distributions from the Company before the dissolution and winding up of the Company."

*Goldrich's Portion of Interest Paid on LOC1*

Under the GNP Operating Agreement, Goldrich is to receive 50% of any interest on LOC1 paid by GNP to NyacAU. Goldrich made a claim to the Panel that GNP had paid interest to NyacAU and that Goldrich was entitled to 50% of the amount paid. The Panel ruled that NyacAU is obligated to pay Goldrich 50% of $241,797 in interest "received" by NyacAU up to October 2018, when GNP was dissolved and commenced liquidation, in the total principal amount of $120,883. Goldrich is also entitled to recover 5% prejudgment interest on unpaid LOC1 interest as it fell due through October 1, 2018, after which date no interest would be shared with Goldrich. As we are uncertain as to the collectability of these distributions, no recognition of these revenues is included in our Statement of Operations for the year ended December 31, 2021.

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**Goldrich Mining Company**

**Notes to the Consolidated Financial Statements**

*Clarification of Award*

In the Partial Final Award given in 2019, the arbitration Panel made an award to NyacAU of $377,253 in damages plus pre-award interest relating to 2012 reclamation expenses incurred on Goldrich's behalf. Goldrich made an "Application for Modification and Correction of Arbitration Award, for Vacation of Award, or for Resubmission to Arbitration Panel for Clarification", requesting an order from the Alaska court, under the Alaska Arbitration Act, that the damages awarded for unpaid 2012 reclamation expenses were to be paid to GNP, not NyacAU, and that the Panel clarify the appropriate amount of damages and interest to be paid. The Panel ruled that it will resolve these issues after the parties submit evidence and argument supporting their respective positions on the merits.

On April 7, 2021, the Panel issued two orders:

Order on Respondents' Motion to Preserve Confidentiality of Arbitration Proceedings, wherein the Panel ruled that the Company did not violate confidentiality when it filed the arbitration rulings as exhibits to its public reporting with the Securities and Exchange Commission, and

Order on Respondents' Motion to Confirm Judgement, to correct, clarify or modify an award made in the Partial Final Award. This order confirmed a GNP claim against the Company for $50,685 for additional reclamation costs, including interest of $2,589, and clarified that GNP, not NyacAU, was awarded the 2012 reclamation costs. This event constitutes a 'Type 1' event, which required adjustment and recognition in the financial statements for the year ended December 31, 2020. Together, the $421,366 accrued at December 31, 2019, the $16,503 accrued interest during the year ended December 31, 2020, and the aforementioned $50,685, at December 31, 2020, a total of $488,544 has been included in accounts and interest payable on the Consolidated Balance Sheet. Additional interest of $18,811 was accrued during the year ended December 31, 2021, bringing the total to $507,365 which is included in accounts and interest payable on the Consolidated Balance Sheet.

On August 30, 2021, the Panel issued the Second Partial Final Award and the Modified Second Interim Award re Dissolution/Liquidation of GNP and Related Issues. These Awards were administrative and clarifying in nature, and had no financial effects on the previous rulings.

Finally, if the Superior Court of Alaska determines that GNP or any other entity is the "prevailing party" of the Superior Court proceedings, the Company will likely also be liable for a percentage (most likely 20%) of some or all of the prevailing party's attorney's fees for those matters adjudicated before the Court. The likelihood of such a ruling, the amount thereof and the determination of a percentage of the fees cannot be presently estimated.

**13.** **SUBSEQUENT EVENTS** 

Subsequent to December 31, 2021, the Company received $70,000 cash as a result of exercise of Class R warrants at an exercise price of $0.045 per common share. Ownership of these warrants had been in the hands of a related party and were sold by him personally to unrelated parties. The unrelated parties then exercised the warrants for cash, resulting in the issuance of 1,555,555 common shares.

On January 20, 2022, the Company repaid a total of $25,000 in expense reimbursements to Mr. Gallagher, a related party.

Subsequent to December 31, 2021, the Company received $33,158 cash as a result of exercise of Class T warrants at an exercise price of $0.03 per common share, resulting in the issuance of 1,105,262 common shares.

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**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

There have been no disagreements between the Company and its accountants regarding any matter or accounting principles or practice or financial statement disclosures.

**ITEM 9A. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

At the end of the period covered by this Annual Report on Form 10-K, an evaluation was carried out under the supervision of and with the participation of our management, including the Principal Executive Officer and the Principal Financial Officer of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and the Principal Financial Officer have concluded that our disclosure controls and procedures were not effective in ensuring that: (i) information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

Disclosure controls and procedures were not effective due primarily to a material weakness in the segregation of duties in the Company's internal control of financial reporting as discussed below.

**Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company (including its consolidated subsidiaries) and all related information appearing in our Annual Report on Form 10-K. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes those policies and procedures that:

1. pertain
 to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

2. provide
 reasonable assurance that the transactions are recorded as necessary to permit preparation of financial statements in accordance
 with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the
 authorization of management and/or of our Board of Directors; and

3. provide
 reasonable assurance regarding the prevention or timely detection of any unauthorized acquisition, use or disposition of our assets
 that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness in future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an evaluation of the design and operation of our internal control over financial reporting as of December 31, 2021, based on the criteria in a framework developed by the Company's management pursuant to and in compliance with the criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, walkthroughs of the operating effectiveness of controls and a conclusion on this evaluation. Based on this evaluation, management has concluded that our internal control over financial reporting was not effective as of December 31, 2021, because management identified a material weakness in the Company's internal control over financial reporting related to the segregation of duties as described below.

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While the Company does adhere to internal controls and processes that were designed and implemented by an experienced accounting firm, it is difficult with a very limited staff to maintain appropriate segregation of duties in the initiating and recording of transactions, thereby creating a segregation of duties weakness. Due to: (i) the significance of segregation of duties to the preparation of reliable financial statements; (ii) the significance of potential misstatement that could have resulted due to the deficient controls; and (iii) the absence of sufficient other mitigating controls, we determined that this control deficiency resulted in more than a remote likelihood that a material misstatement or lack of disclosure within the annual or interim financial statements may not be prevented or detected.

*Management's Remediation Initiatives*

Management has evaluated, and continues to evaluate, avenues for mitigating our internal controls weaknesses, but mitigating controls to completely mitigate internal control weaknesses have been deemed to be impractical and prohibitively costly, due to the size of our organization at the current time. Management expects to continue to use reasonable care in following and seeking improvements to effective internal control processes that have been and continue to be in use at the Company. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks.

Management's remediation initiatives include having retained the Company's Chief Financial Officer. He is well-versed in internal control environments, having implemented, documented and tested multiple control environments over 18 years and has served as a CFO in publicly-traded companies for 22 years. The offices of Principal Executive Officer and Principal Financial Officer have remained separate. The Company has only two employees, and management has concluded that minimal staffing continues to inhibit the effectiveness of the Company's internal controls over financial reporting.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)), that occurred during our fourth fiscal quarter ended December 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

None.

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**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE**

**Members of the Board of Directors and Executive Officers**

Our directors hold office until the next annual meeting of the stockholders and the election and qualification of their successors. Officers are elected annually by the Board of Directors and serve at the direction of the Board of Directors. Each member of the Board of Directors was elected to membership on the Board on November 26, 2013. The Board of Directors held four meeting in 2021 and nine meetings in 2020.

The following table and information that follows sets forth, as of December 31, 2021, the names, and positions of our directors and executive officers:

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| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Recent Business and Professional Experience** |
| &nbsp;&nbsp;David S. Atkinson<br> Director<br>| &nbsp;&nbsp;52 | &nbsp;&nbsp;Mr. Atkinson became a Director of the Company on May 7, 2007. Mr. Atkinson spends about 15 hours a month on matters related to Goldrich. He is currently managing FG Investments, a Global Investment Advisor focused on commodities located in the Republic of Mauritius. In April 1999, he co-founded Forza Partners, L.P. and currently serves as portfolio manager. Forza Partners, L.P. is a hedge fund focused on the precious metals sector. In April 1997, he co-founded and, until December 1999, managed Tsunami Partners, LP, a fund located in Fort Worth, Texas. Mr. Atkinson has been an affiliate of the Market Technicians Association (MTA) since March 1994 and received MTA accreditation as a Chartered Market Technician (CMT) in July 2001. Mr. Atkinson received a B.A. in Economics from the University of Texas at Austin. |
| &nbsp;&nbsp;Nicholas Gallagher<br> Director<br>| &nbsp;&nbsp;48 | &nbsp;&nbsp;Mr. Gallagher became a director on November 1, 2016. Mr. Gallagher spends approximately 15 hours per month on matter related to Goldrich. In 2004 to the present, Mr. Gallagher incorporated NGB Capital, a private equity investment firm that manages personal and syndicated private equity and property investments in Europe, the United Kingdom and the United States of America. In 2000, Mr. Gallagher co-founded Powerscourt Capital Partners, a niche investment management firm structured to manage funds on behalf of high net worth individuals in the public and private equity markets. He served there until Powerscourt was acquired in 2004. He obtained a Bachelor of Law degree from the University of Newcastle in 1996. Mr. Gallagher then completed the Legal Practice Course at the College of Law in London and practiced as a solicitor at Memery Crystal, a law firm in the city of London from 1997 to 2000. |

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|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Recent Business and Professional Experience** |
| &nbsp;&nbsp;Garrick A. Mendham<br> Director<br>| &nbsp;&nbsp;61 | &nbsp;&nbsp;Mr. Mendham became a consulting director on August 12, 2013 and was appointed director on November 26, 2013. Mr. Mendham spends about 15 hours a month on matters related to Goldrich. Since February 2017 to the present, Mr. Mendham serves as Executive Director, and from May 2012 to January 2017 was Vice President of Operations and Project Development for RH Mining Resources, a Hong Kong based resources development company. From 2008 to 2012, he served as Director of Technical Services and General Manager of Technical Services for a mine development and investor group, Regent Pacific Group in Hong Kong and Beijing, China, respectively. From 2006 to 2008, Mr. Mendham served as Manager of Technical Services for Rio Tinto Coal Australia, a subsidiary of Rio Tinto Group. From 2004 to 2006, he served as Manager of Mine Technical for Lihir Management Company in Papua, New Guinea. Prior to 2004, Mr. Mendham served in technical, corporate, planning and mining positions with Rio Tinto, BHP Billiton, Bond Corporation, and Queensland Nickel, including two years working in an Australian 20,000-ounces per year placer operation. Mr. Mendham brings over 35 years of mining experience in operations, technical work, and mining finance for both junior and large mining companies. Mr. Mendham was the founding Chairman of the Australasian Institute of Mining and Metallurgy Hong Kong branch. He received a Bachelor of Mine Engineering from the University of New South Wales, a Graduate Diploma in Finance from the Financial Services Institute of Australasia, and holds Mine Manager Certificates in Australia for both New South Wales and Western Australia and is a Fellow of the Australasian Institute of Mining and Metallurgy. |
| &nbsp;&nbsp;William Orchow<br> Director<br>| &nbsp;&nbsp;76 | &nbsp;&nbsp;Mr. Orchow became a director on July 20, 2004. Mr. Orchow spends approximately 10 hours per month on matters related to Goldrich. He is currently a member of the board of directors of Cordoba Minerals Corp, a Canadian public company with projects in Colombia. Mr. Orchow sits on the boards of directors of several private junior mining companies. He served as a director of Revett Minerals, Inc., a Canadian company trading on the Toronto Stock Exchange, from September 2003 to June 2009. He also served as President and Chief Executive Officer of Revett Minerals from September 2003 to October 2008. Prior to Revett, Mr. Orchow took time off, from January 2003 to August 2003. From November 1994 to December 2002, Mr. Orchow was President and Chief Executive Officer of Kennecott Minerals Company, where he was responsible for the operation and business development of all of Kennecott's mineral mines with the exception of its Bingham Canyon mine. From June 1993 to October 1994, he was President and Chief Executive Officer of Kennecott Energy Company, the third largest producer of domestic coal in the United States, and prior to that was Vice President of Kennecott Utah Copper Corporation. Mr. Orchow has also held senior management and director positions with Kennecott Holdings Corporation, the parent corporation of the aforementioned Kennecott entities. He has also been a director and member of the executive committee of the Gold Institute, a director of the National Mining Association and a director of the National Coal Association. Mr. Orchow is currently a member of the board of trustees of Westminster College in Salt Lake City and has been a member of the board of trustees, executive committee and past President of the Northwest Mining Association until December 31, 2011. He graduated from the College of Emporia in Emporia, Kansas with a B.S. in business. |

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|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Recent Business and Professional Experience** |
| &nbsp;&nbsp;Michael G. Rasmussen<br> Director<br>| &nbsp;&nbsp;76 | &nbsp;&nbsp;Dr. Rasmussen became a consulting director on April 15, 2013 and was appointed director on November 26, 2013. Dr. Rasmussen spends about 15 hours a month on matters related to Goldrich. In February 2013 to present, he launched a private consultancy providing geologist services to mining companies, including Goldrich, Kinross Gold Corp, Nevada Milling and Mining LLC and several others. From 2008 to 2013, Dr. Rasmussen served as the Vice President, Exploration and consulting geologist for Mines Management, Inc., a public company trading on the NYSE and TSX. From 2007 to 2008, he served as Vice President, Exploration for Aztec Metals Corp, and concurrently as consulting geologist for Endeavour Silver Corp, a Canadian public company trading on the NYSE and TSX, and Canarc Gold Corp, a Canadian public company trading on the FINRA OTCBB and TSX, From 2005 to 2007, Dr. Rasmussen served as Vice President, Exploration for Endeavour Silver Corporation and from 2004 to 2005 as Vice President, Exploration for International Wayside Gold Mines Ltd, a Canadian public company trading on the TSX. From 1990 to 2004, he held senior geologist roles at Echo Bay Mines and its parent Kinross Gold Corp, a public company trading on the NYSE and TSX. Dr. Rasmussen earned a PhD in Economic Geology from the University of Washington and a Master's Degree in Geological Sciences from Loma Linda University. Dr. Rasmussen is licensed as a Professional Geologist by the Washington State Board of Geologists and the American Institute of Professional Geologists. Dr. Rasmussen has evaluated precious metals prospects and conducted exploration extensively throughout Mexico, Peru, British Colombia, and the western United States, and is credited with the discovery of the Emanuel Creek epithermal gold deposit for Echo Bay Mines. |
| &nbsp;&nbsp;William V. Schara<br> Chief Executive Officer,<br> Director<br>| &nbsp;&nbsp;65 | &nbsp;&nbsp;On October 19, 2009, Mr. Schara was appointed by the Board of Directors as Chief Executive Officer of the Company. From March 14, 2007 to October 19, 2009, Mr. Schara served as Chairman of the Board. Mr. Schara is a Certified Public Accountant, and has a Bachelor of Science Degree in Accounting from Marquette University. Mr. Schara spends fulltime on matters related to Goldrich. He was also appointed to the Company's Audit Committee on February 13, 2006 and relinquished that position concurrent with his appointment as Chief Executive Officer. From October 2007 to September 2009, Mr. Schara served as President, Chief Executive Officer and Director of Nevoro, Inc., a Canadian company trading on the Toronto Stock Exchange. Beginning December 2004, he was employed as a management consultant for, and then from July 2005 to November 2007 as the Chief Financial officer of Minera Andes Inc., a Canadian development stage mining company listed on the Toronto Ventures Exchange and the FINRA OTCBB exchange. He previously worked for Yamana Gold Inc. and its predecessor companies from July 1995 to September 2003, the last four years of which were in the capacity of Vice President of Finance and Chief Financial Officer. Yamana Gold Inc. is a production stage Canadian public company trading on the Toronto Stock Exchange, the NYSE Amex and the London Alternative Investment Market Exchange. From September 2004 through April 2015, Mr. Schara served as a director of Marifil Mines Limited, an exploration stage Canadian public company traded on the Canadian Ventures Exchange. Mr. Schara has more than 35 years of experience in finance and accounting with extensive experience in business start-ups, international business, and managing small public companies and mining company joint ventures. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Recent Business and Professional Experience** |
| &nbsp;&nbsp;Stephen M. Vincent<br> Director<br>| &nbsp;&nbsp;73 | &nbsp;&nbsp;Mr. Vincent became a consulting director on August 12, 2013 and was appointed director on November 26, 2013. Mr. Vincent spends about 15 hours a month on matters related to Goldrich. Mr. Vincent has over 30 years of experience as a finance specialist. From February 2013 to the present, Mr. Vincent is principal of SMV Enterprises, Inc, providing financing services to clients. From 2005 to 2013, he worked at Northland Securities, providing investment bank services and developing a junior mining investment banking practice. From 1992 to 2004, Mr. Vincent worked at Allison Williams Company, providing structures and securitized financings including leasing and corporate debt. Prior to 1992, he held a range of positions with various companies including Moore Juran and Co., Miller and Schroeder Financial, and Piper Jaffray. His roles have included metals distribution, debt instrument structuring, and private equity financing. Mr. Vincent raised capital for companies developing the copper-nickel mining district of northeastern Minnesota. Mr. Vincent completed strategic equity investments for Duluth Metals Ltd., Franconia Minerals and Encampment Minerals. While at Northland Securities, Mr. Vincent completed a private placement financing for Goldrich in 2010. Mr. Vincent received a Bachelor's degree in History from Boston College and attended the William Mitchell School of Law. |
| &nbsp;&nbsp;Ted R. Sharp<br> Chief Financial Officer<br>| &nbsp;&nbsp;65 | &nbsp;&nbsp;Mr. Sharp was appointed as our Chief Financial Officer, Secretary, and Treasurer effective March 2006. We have a management consulting contract with Mr. Sharp, engaging him on a part-time basis. Mr. Sharp spends approximately 20% of his business hours each month on matters related to Goldrich. Mr. Sharp is a Certified Public Accountant, and has Bachelor of Business Administration Degree in Accounting from Boise State University. Since 2003, he has been President of Sharp Executive Associates, Inc., a privately-held accounting firm providing Chief Financial Officer services to clients. Concurrent with his position with Goldrich, from July 2012 through March 2022, Mr. Sharp is a principal and serves part-time as Chief Executive and Financial Officer of US Calcium LLC, a privately-held natural resource company. Concurrent with his position with Goldrich, from August 2018 through the present, Mr. Sharp serves part-time as Chief Financial Officer of Timberline Resources Corporation, a natural resource company trading on the OTCQB and TSX:V exchanges. Also concurrent with his position with Goldrich, from January 2019 through September 2020, Mr. Sharp served part-time as Chief Financial Officer of US Gold Corporation, a natural resource company trading on the NASDAQ exchange. In the past, concurrent with his position with Goldrich, from May 2011 through January 2012, Mr. Sharp served part-time as Chief Financial Officer of Gryphon Gold Corporation, a natural resource company formerly trading on the FINRA OTCBB, and from September 2008 through November 2010, Mr. Sharp served part-time as Chief Executive Officer, President and Chief Financial Officer of Texada Ventures, Inc, a natural resource exploration company formerly trading on the FINRA OTCBB. Also concurrent with his position with Goldrich, from November of 2006 to June 2009, Mr. Sharp served part-time as Chief Financial Officer of Commodore Applied Technologies, Inc., an environmental solutions company formerly trading on the FINRA OTCBB. Prior to 2003, he worked for 14 years in positions of Chief Financial Officer, Managing Director of European Operations and Corporate Controller for Key Technology, Inc., a publicly-traded manufacturer of capital goods. Mr. Sharp has more than 35 years of experience in treasury management, internal financial controls, SEC reporting and Corporate Governance. |

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**Qualification of Directors**

**David S. Atkinson:** Mr. Atkinson's extensive experience in the capital markets and his specific experience in financing exploration stage mining companies as described above along with his current position as Investment Manager of Forza Partners and Forza Partners II, each of which are affiliates of the Company, led the Board to conclude that Mr. Atkinson should continue to serve as a director of the Company given the Company's position as an exploration stage mining company and its need to seek financing to continue its operations in the coming fiscal year.

**Nicholas Gallagher:** Mr. Gallagher's extensive experience in legal matters and as an investment manager, as well as his numerous years as a significant investor and affiliate of the Company, led the Board to conclude that Mr. Gallagher should join the Board and serve as a director of the Company given the Company's position as an exploration stage mining company and its need to seek financing to continue its operations in the coming fiscal year.

**Garrick A. Mendham:** Mr. Mendham's extensive experience as a manager in production companies and his specific experience with mining and exploration plans and analysis for both production and exploration stage mining companies as described above led the Board to conclude that Mr. Mendham should continue to serve as a director of the Company given the Company's position as an exploration stage mining company and its need to work with its joint venture partner at GNP in formulating and executing mining plans to extract gold from its Chandalar placer operations.

**William Orchow:** Mr. Orchow's extensive experience in executive management of large production companies and his specific experience as a director on multiple industry organizations and mining companies as described above along with his current position as Chairman of the Board led the Board to conclude that Mr. Orchow should continue to serve as a director of the Company given the Company's position as an exploration stage mining company and its need to seek financing to continue its operations in the coming fiscal year.

**Michael G. Rasmussen:** Mr. Rasmussen's extensive experience as a geologist with exploration stage companies and his skills in interpreting multifaceted geological data as described above led the Board to conclude that Mr. Rasmussen should continue to serve as a director of the Company given the Company's position as an exploration stage mining company with an extensive property with challenging geological traits.

**Stephen M. Vincent:** Mr. Vincent's extensive experience in the capital markets and his specific experience in financing exploration stage mining companies as described above along with his current position as Chairman of the Audit Committee led the Board to conclude that Mr. Vincent should continue to serve as a director of the Company given the Company's position as an exploration stage mining company and its need to seek financing to continue its operations in the coming fiscal year.

**William A. Schara:** Mr. Schara's extensive experience in finance and accounting and his specific experience in financing for both production and exploration stage mining companies as described above along with his current position as CEO of the Company led the Board to conclude that Mr. Schara should continue to serve as a director of the Company given the Company's position as an exploration stage mining company and its need to seek financing to continue its operations in the coming fiscal year.

**Arrangements Between Directors and Officers**

To our knowledge, there is no arrangement or understanding between any of our officers and any other person pursuant to which the officer was selected to serve as an officer.

**Family Relationships**

There are no family relationships between, or among any of our directors or executive officers.

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**Other Directorships**

No directors of the Company are also directors of issuers with a class of securities registered under Section 12 of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act") (or which otherwise are required to file periodic reports under the Exchange Act).

**Code of Ethics**

The Board of Directors considers and implements our business and governance policies.

On November 7, 2005, our Board of Directors adopted a Code of Business Conduct and Ethics for directors, officers and executive officers of Goldrich Mining Company and its subsidiaries and affiliates. All our directors and employees have been provided with a copy of the Code, and it is posted on our website at <u>www.goldrichmining.com.</u> The document is intended to provide guidance for all directors and employees (including officers) and other persons who may be considered associates of the company to deal ethically in all aspects of its business and to comply fully with all laws, regulations, and company policies. If we make any amendments to this Code other than technical, administrative or other non-substantive amendments, or grant any waivers, including implicit waivers, from a provision of the Code to our chief executive officer, or chief financial officer, we will disclose the nature of the amendment or waiver, its effective date and to whom it applies on our website. A copy of the Code will be sent without charge to anyone requesting a copy by contacting us at our principal office.

The Code is in addition to other detailed policies relevant to business ethics that we may adopt from time to time.

**Committees of the Board of Directors**

The Board of Directors has an Audit Committee, a Compensation Committee, a Corporate Governance and Nominating Committee, a Technical Committee, an Operating Committee, and a Financing Committee.

**Audit Committee**

The Corporation has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee during 2021 were Mr. Orchow and Mr. Vincent. Mr. Vincent is the Chairman of the Committee. Each of the Directors is considered "independent" as defined under Rule 5605(c)(2) of the NASDAQ listing rules and under Rule 10A-3 of the Exchange Act. The Committee operates under a formal written charter approved by the Committee and adopted by the Board of Directors. The Audit Committee held four meetings during 2021 and four meetings in 2020. The responsibilities of the Audit Committee include monitoring compliance with Company policies and applicable laws and regulations, making recommendations to the full Board of Directors concerning the adequacy and accuracy of internal systems and controls, the appointment of auditors and the acceptance of audits, and monitoring management's efforts to correct any deficiencies discovered in an audit or supervisory examination.

**Compensation Committee**

The members of the Compensation Committee during 2021 were Mr. Vincent, and Mr. Orchow; this Committee does not have a charter. Mr. Vincent is the Chairman of the Committee. This Committee receives and considers recommendations from the Chief Executive Officer for compensation for consultants, management and the Directors. Compensation matters regarding Mr. Schara and Mr. Sharp are recommended to the Board of Directors for their consideration. The Committee also is responsible for the administration of all awards made by the Board of Directors pursuant to the Restated 2008 Equity Incentive Plan (the "Plan"). The Compensation Committee makes recommendations to the Board of Directors regarding administration of the Plan. The Board of Directors, however, administers the Plan. The Company does not use compensation consultants. This Committee held no meetings in 2021 and 2020.

**Corporate Governance and Nominating Committee**

The Corporate Governance and Nominating Committee is composed of Mr. Orchow, Mr. Atkinson, and Mr. Schara. Mr. Orchow is the Chairman of this Committee. This Committee adopted a Charter at a meeting held May 7, 2007. The Charter does not include a policy with regard to consideration of director candidates recommended by shareholders. The Committee believes that it is in a better position than the average shareholder to locate and select qualified candidates for the Board of Directors, as the Company is a small gold exploration company that requires its directors to have knowledge regarding the risks and opportunities in the gold mining industry. The Committee did not hold any meetings in 2021 and 2020.

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**Operating Committee**

The Operating Committee is composed of Mr. Orchow, Mr. Mendham, and Mr. Schara. Mr. Schara is the Chairman of this Committee. The Committee oversees the Company's interest in GNP. The Committee held one meeting in 2021 and none in 2020.

**Financing Committee**

The Financing Committee is composed of Mr. Atkinson, Mr. Gallagher, Mr. Orchow, Mr. Schara, and Mr. Vincent. Mr. Schara is the Chairman of this Committee. The Committee advises the Chief Executive Officer on acquiring financing and evaluating financial alternatives. The Committee held three meetings in 2021 and no meetings in 2020.

**Financial Expert**

Stephen M. Vincent is Chairman of the Audit Committee and its designated Financial Expert as set forth in Item 401 of Regulation S-K, as promulgated by the SEC. Mr. Vincent is independent as defined under Rule 5605(c)(2) of NASDAQ listing rules and under Rule 10A-3 of the Exchange Act.

**Recommendations to the Board of Directors** 

There have been no changes in the Company's procedures by which shareholders of the Company may recommend nominees to the Company's Board of Directors.

**Legal Proceedings, Cease Trade Orders and Bankruptcy**

Subsequent to the end of 2017, we filed a claim before an Arbitration panel consisting of 3 independent arbitrators against our joint venture partner to obtain relief from certain accounting practices employed by the manager of the joint venture. In response to our filing, the managing partner, NyacAU LLC, filed an Arbitration Counter Claim against us, naming the officers and directors of the Company as they were constituted in 2012, at the time the JV's Operating Agreement was signed by the respective partners. Notes 4 *Joint Venture*, 13 *Commitments & Contingencies* and 14 *Subsequent Events* to the financial statements disclose in detail the rulings and awards that have been issued to date by the arbitration Panel.

As of the date of this Annual Report, with the exception of the Arbitration Counter Claim described above, no director or executive officer of our Company and no shareholder holding more than 5% of any class of our voting securities, or any associate of any such director, officer or shareholder is a party adverse to us or any of our subsidiaries or has an interest adverse to us or any of our subsidiaries.

During the past ten years, no director, director nominee or executive of Goldrich has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp; filed or has had filed against such person, a petition under the U.S. federal bankruptcy laws or any state insolvency law, nor has a receiver, fiscal agent or similar officer been appointed by a court for the business or property of such person, or any partnership in which such person was a general partner, at or within two years before the time of filing, or any corporation or business association of which such person was an executive officer, at or within two years before such filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp; been convicted or pleaded guilty or *nolo contendere* in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offences);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; been the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting such person's activities in any type of business, securities, trading, commodity or banking activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any U.S. federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any type of business, securities, trading, commodity or banking activities, or to be associated with persons engaged in any such activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; been found by a court of competent jurisdiction in a civil action or by the U.S. Securities and Exchange Commission, or by the U.S. Commodity Futures Trading Commission to have violated a U.S. federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; been the subject of, or a party to, any U.S. federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of: (i) any U.S. federal or state securities or commodities law or regulation; or (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C.78c(a)(26)), any registered entity (as defined in Section 1(a)(29) of the U.S. *Commodity Exchange Act* (7 U.S.C.1(a)(29)), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**Delinquent Section 16(a) Reports**

Section 16(a) of the Securities Exchange Act of 1934, as amended, requires the Company's officers, directors, and persons who beneficially own more than 10% of the Company's common stock ("10% Stockholders"), to file reports of ownership and changes in ownership with the SEC. Such officers, directors, and 10% Stockholders are also required by SEC rules to furnish us with copies of all Section 16(a) forms that they file.

Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that during fiscal year ended December 31, 2021, all filing requirements applicable to its officers, directors and greater than 10% beneficial owners were complied with.

**ITEM 11. EXECUTIVE COMPENSATION**

Executive Compensation Agreements and Summary of Executive Compensation:

***William V. Schara, Principal Executive Officer:***

We entered into an employment arrangement with William V. Schara on October 19, 2009 in conjunction with his appointment as our Chief Executive Officer. Mr. Schara is a Certified Public Accountant, and has a Bachelor of Science Degree in Accounting from Marquette University. His annual salary was fixed at $180,000 and 750,000 options to purchase our common stock were issued to him, with 250,000 vesting immediately, 250,000 vesting on October 19, 2010 and 250,000 vesting on October 19, 2011. These options expired in October 2019. Mr. Schara has a three-year employment contract that is renewed and reviewed on an annual basis by the Board of Directors for appropriate changes in salary, benefits or other employment matters. Mr. Schara received only a partial salary in 2016, 2017, 2018, 2019, and 2020 due to the Company's lack of finances. At December 31, 2021 a total of $753,500 of unpaid salary was accrued and included in payable to related parties, including $180,000 accrued during 2021.

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***Ted R. Sharp, Principal Financial Officer:***

We entered into a written Independent Contractor Agreement, effective March 1, 2006, with Sharp Executive Associates, Inc. and the owner of that firm, Ted R. Sharp CPA, for Mr. Sharp to act as a Management Consultant to serve as Secretary, Treasurer and Chief Financial Officer and to provide through his extended staff and firm all services typical of an accounting department for a small company. Mr. Sharp is a Certified Public Accountant and his firm is an independent contractor, with business management and consulting interests with other companies that are independent of the consulting agreement he currently has in place with the Company. The term of the original Agreement was through December 31, 2006, and has been renewed on an annual basis, with the basis of fees changed from the monthly fee and to terms that would allow Mr. Sharp to bill the activities performed by members of his firm at hourly rates. In 2010, we hired an internal accountant to provide normal accounting functions for the Company and the use of Mr. Sharp's staff was eliminated. Fees paid to Mr. Sharp's firm subsequent to this date are for Mr. Sharp's services only. When the ability to pay under a renewed agreement is assured, the terms of the contract will be reviewed and renewed. Either party may terminate the Agreement upon 15 days written notice. Mr. Sharp also will be reimbursed for reasonable expenses previously approved by us. Mr. Sharp serves on a part time basis. Mr. Sharp billed a total of $27,768 in fees in 2021. At December 31, 2021, a total of $91,981 is accrued and payable to Mr. Sharp.

**<u>Executive Compensation and Related Information</u>**

***Summary Compensation Table***

A summary of cash and other compensation paid in accordance with management consulting contracts for our Principal Executive Officer and the other named executives for the most recent two fiscal years is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**<sup>(1)</sup> **and<br> Principal Position** | **Year** | **Salary<br> ($)** | **Stock<br> Awards<br> ($)** | **Total** |
| **(a)** | **(b)** | **(c)** | **(e)** | **(j)** |
| William V. Schara | 2020 | 180000 |  | 180000 |
| Principal Executive Officer | 2021 | 180000 | - | 180000 |
| Ted R. Sharp | 2020 | 41354 |  | 41354 |
| Principal Financial Officer | 2021 | 27768 | - | 27768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No
other executive or person earned more than $100,000 for the year. Columns for certain forms of compensation have been omitted from the
table because no compensation was paid for those forms of compensation during the period reported.

Material factors necessary to an understanding of the compensation in this table are set forth in the description of the compensation agreements. No performance targets or grants were modified or waived during the last fiscal year.

**Outstanding Equity Awards at Fiscal Year-end (2021)**

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| | | | |
|:---|:---|:---|:---|
| **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Number of<br> Securities<br> Underlying<br> Unexercised<br> Options**<sup>(1)</sup> **(#) Exercisable** | **Option Exercise<br> Price<br> ($)** | **Option<br> Expiration<br> Date** |
| **(a)** | **(b)** | **(e)** | **(f)** |
| William V. Schara<br> Principal Executive<br> Officer | - | - | - |
| Ted R. Sharp<br> Principal Financial Officer | - | - | - |

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**Retirement, Resignation or Termination Plans**

With the exception of the following, we sponsor no plan, whether written or verbal, that would provide compensation or benefits of any type to an executive upon retirement, or any plan that would provide payment for retirement, resignation, or termination as a result of a change in control of our Company or as a result of a change in the responsibilities of an executive following a change in control of our Company.

The employment plan for Mr. Schara includes a two-year severance provision (or a three-year provision under a change in control), wherein the Company would be required to pay him a lump-sum severance equal of two years (or three years under a change of control) of his annual salary at termination due to reasons other than termination for cause.

Director Compensation

The Directors receive $500 for each board meeting and $300 for each committee meeting. Any officer who is also a board member does not receive fees for service on the board.

Stock Awards and Option Awards were made under our Restated 2008 Equity Incentive Plan. The fair values were computed in accordance with ASC 718. The grant, vesting and forfeiture information and assumptions made in valuation may be found in Note 8 to our consolidated financial statements for the year ended December 31, 2021 included in this Annual Report on Form 10-K. Grants to officers and directors under the 2008 Equity Incentive Plan are made as partial compensation for services rendered as well as to retain qualified persons in those positions and provide incentive for involvement and performance. Aggregate awards outstanding at December 31, 2021 are included in the Beneficial Ownership table and notes below.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned**<br> **or Paid in<br> Cash<br> ($)**<sup>(1)</sup> | &nbsp;&nbsp;**All Other<br> Compensation<br> ($)<sup>(2)</sup>** | **Total<br> ($)** |
| **(a)** | **(b)** | &nbsp;&nbsp;**(g)** | **(h)** |
| David S. Atkinson | 3900 | &nbsp;&nbsp;- | 3900 |
| Garrick A. Mendham(3) | 3000 | &nbsp;&nbsp;- | 3000 |
| William Orchow | 5100 | &nbsp;&nbsp;- | 5100 |
| Michael G. Rasmussen(4) | 2500 | &nbsp;&nbsp;- | 2500 |
| Stephen M. Vincent(5) | 5400 | &nbsp;&nbsp;- | 5400 |
| Nicholas Gallagher | 3600 | &nbsp;&nbsp;- | 3600 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Directors receive $500 for each board meeting and $300 for each committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Stock
 Awards and Option Awards, when made, are made under our 2008 Equity Incentive Plan. The fair
 values were computed in accordance with ASC 718.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Mr.
 Mendham holds options to purchase a total of 50,000 shares of common stock, all of which
 are vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr.
 Rasmussen holds options to purchase a total of 350,000 shares of common stock, all of which
 are vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Mr.
 Vincent holds options to purchase a total of 50,000 shares of common stock, all of which
 are vested.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The following table sets forth certain information regarding the beneficial ownership of shares of our common stock as of March 18, 2022 by:

&nbsp;&nbsp;&nbsp;&nbsp;i. each
 director and nominee for director;

&nbsp;&nbsp;&nbsp;&nbsp;ii. each
 of our executive officers named in the Summary Compensation Table under "Executive Compensation
 and Related Information" (the "Named Executive Officers");

&nbsp;&nbsp;&nbsp;&nbsp;iii. all
 our executive officers and directors as a group, and, based on currently available Schedules
 13D and 13G filed with the SEC, the beneficial owners of more than 5% of our common stock.

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iv. ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Title of Class** | &nbsp;&nbsp;**Name of Beneficial<br> Owner** | &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**Amount and Nature of<br> Beneficial Ownership** |  | &nbsp;&nbsp;**Percent<br> of Class<br> (1)** |
| &nbsp;&nbsp;**Directors and Named Executive Officers** | &nbsp;&nbsp;**Directors and Named Executive Officers** | &nbsp;&nbsp;**Directors and Named Executive Officers** | &nbsp;&nbsp;**Directors and Named Executive Officers** | &nbsp;&nbsp;**Directors and Named Executive Officers** | &nbsp;&nbsp;**Directors and Named Executive Officers** |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;David S. Atkinson, Director | &nbsp;&nbsp;Via San Martino, No. 9<br> Feltre, Italy 32032 | &nbsp;&nbsp;8106824 | &nbsp;&nbsp;(2) | &nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Garrick A. Mendham, Director | &nbsp;&nbsp;PO Box 339<br> Gordon, NSW, 2072<br> Australia | &nbsp;&nbsp;1348943 | &nbsp;&nbsp;(3) | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;William Orchow, Chairman, Director | &nbsp;&nbsp;67 P Street<br> Salt Lake City, UT 84103 | &nbsp;&nbsp;2163262 | &nbsp;&nbsp;(4) | &nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Michael G. Rasmussen, Director | &nbsp;&nbsp;3311 S. Grand Blvd.<br> Spokane, WA 99203 | &nbsp;&nbsp;975145 | &nbsp;&nbsp;(5) | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;William V. Schara, Chief Executive Officer, Director | &nbsp;&nbsp;3221 S. Rebecca<br> Spokane, WA 99223 | &nbsp;&nbsp;9397804 | &nbsp;&nbsp;(6) | &nbsp;&nbsp;4.98% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Ted R. Sharp, Secretary, Treasurer and Chief Financial Officer | &nbsp;&nbsp;15148 Pinehurst Way<br> Caldwell, ID 83607 | &nbsp;&nbsp;2170182 | &nbsp;&nbsp;(7) | &nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Stephen M. Vincent, Director | &nbsp;&nbsp;255 Maple Hill Rd.<br> Hopkins, MN 55343 | &nbsp;&nbsp;2212029 | &nbsp;&nbsp;(8) | &nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Nicholas Gallagher, Director | &nbsp;&nbsp;5 Churchfields<br> The K Club, Straffan<br> Kildare, Ireland | &nbsp;&nbsp;58296891 | &nbsp;&nbsp;(9) | &nbsp;&nbsp;28.25% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;All current executive officers and directors as a group | &nbsp;&nbsp;All current executive officers and directors as a group | &nbsp;&nbsp;84671080 |  | &nbsp;&nbsp;42.52% |
| &nbsp;&nbsp;**5% or greater shareholders** | &nbsp;&nbsp;**5% or greater shareholders** | &nbsp;&nbsp;**5% or greater shareholders** | &nbsp;&nbsp;**5% or greater shareholders** | &nbsp;&nbsp;**5% or greater shareholders** | &nbsp;&nbsp;**5% or greater shareholders** |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;NGB Nominees | &nbsp;&nbsp;5 Churchfields<br> The K Club, Straffan<br> Kildare, Ireland | &nbsp;&nbsp;19382138 | &nbsp;&nbsp;(9) | &nbsp;&nbsp;9.96% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Randy Johnson | &nbsp;&nbsp;4111 Heatherton Pl.<br> Minnetonka, MN 55345 | &nbsp;&nbsp;10281427 | &nbsp;&nbsp;(10) | &nbsp;&nbsp;5.64% |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;Chris Johnson | &nbsp;&nbsp;8615 Eagle Creek Cir.<br> Savage, MN 55378 | &nbsp;&nbsp;11324198 | &nbsp;&nbsp;(11) | &nbsp;&nbsp;6.21% |

---

\* Less than 1%.

(1) This
 table is based upon information supplied by officers and directors. Unless otherwise indicated
 in the footnotes to this table and subject to community property laws where applicable, the
 Company believes that each of the stockholders named in this table has sole voting and investment
 power with respect to the shares indicated as beneficially owned. Applicable percentages
 are based on 182,448,412 shares outstanding on March 18, 2022, adjusted on a partially diluted
 basis for each shareholder as required by rules promulgated by the SEC.

(2) Mr.
 Atkinson is general partner and holds positions as director and general manager of Forza
 Partners, L.P. and Forza Partners II, L.P. Mr. Atkinson is the sole investment decision maker
 for Forza Partners, L.P. and Forza Partners II, L.P. The shares total includes 885,694
 shares of common stock, and 66,667 shares of common stock acquirable upon exercise of Class
 R warrants before December 9, 2023 held personally by Mr. Atkinson. Also includes 5,850,308
 shares of common stock, held for the account of Forza Partners II. Mr. Atkinson is also a
 director to the Company.

(3) Includes
 1,165,609 shares of common stock, 2 shares of Preferred E stock convertible into 66,667 shares
 of common stock, 50,000 shares of common stock acquirable upon exercise of vested options
 exercisable before August 12, 2023, and 66,667 shares of common stock acquirable upon exercise
 of Class R warrants before December 9, 2023.

(4) Includes
 2,029,928 shares of common stock, 2 shares of Preferred E stock convertible into 66,667 shares
 of common stock, and 66,667 shares of common stock acquirable upon exercise of Class R warrants
 before December 9, 2023.

(5) Includes
 625,145 shares of common stock, 50,000 shares of common stock acquirable upon exercise of
 vested options exercisable before July 7, 2023, and 300,000 shares of common stock acquirable
 upon exercise of vested options exercisable before December 19, 2024.

(6) Includes
 3,264,470 shares of common stock, 2 shares of Preferred E stock convertible into 66,667 shares
 of common stock, 66,667 shares of common stock acquirable upon exercise of Class R warrants
 before December 9, 2023, and 6,000,000 shares of common stock acquirable upon exercise of
 Class T warrants before October 4, 2024.

(7) Includes
 1,170,182 shares of common stock and 1,000,000 shares of common stock acquirable upon exercise
 of Class T warrants before October 5, 2023.

(8) Includes
 1,362,029 shares of common stock, 12 shares of Preferred E stock convertible into 400,000
 shares of common stock, 50,000 shares of common stock upon exercise of vested options exercisable
 before August 12, 2023, 333,333 shares of common stock acquirable upon exercise of Class
 R warrants before November 2, 2023, and 66,667 shares of common stock acquirable upon exercise
 of Class R warrants before December 9, 2023.

(9) Mr.
 Gallagher is general partner and holds positions as director and general manager of NGB Nominees,
 which is a greater than 5% shareholder. Mr. Gallagher is the sole investment decision maker
 for NGB Nominees. Includes 15,036,975 shares of common stock, 150,000 shares of Preferred
 A stock convertible into 900,000 shares of common stock, 200 shares of Preferred B stock
 convertible into 2,857,142 shares of common stock, 250 shares of Preferred C stock convertible
 into 8,333,333 shares of common stock, 50 shares of Preferred D stock convertible into 1,666,667
 shares of common stock, 280 shares of Preferred E stock convertible into 9,333,333 shares
 of common stock, 153 shares of Preferred F stock convertible into 5,100,000 shares of common
 stock and 7,777,778 shares of common stock acquirable upon exercise of Class R warrants before
 December 9, 2023.

(10) Includes
 10,281,427 shares of common stock.

(11) Includes
 7,406,637 shares of common stock.

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We have no knowledge of any other arrangements, including any pledge by any person of our securities, the operation of which may at a subsequent date result in a change in control of our company.

We are not, to the best of our knowledge, directly or indirectly owned or controlled by another corporation or foreign government.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

In October 2009, we employed one of our existing directors, Mr. Schara, to serve as our President and Chief Executive Officer. In connection with his employment the Company issued 750,000 options as described in Note 9 to our consolidated financial statements contained in Item 8 of this Annual Report. Subsequent to 2012, those options were canceled and reissued under the same terms, except the life of the new options is now 6 years and 8 months, effectively resulting in a total option life of 10 years, similar to the lives of options granted to other officers and directors. At December 31, 2021, $753,500 has been accrued for deferred compensation and $40,219 has been accrued for expenses to Mr. Schara, of which $180,000 and $40,219, respectively, was accrued during the year ended December 31, 2021.

At December 31, 2020, a total of $88,736 had been accrued for fees due to Mr. Sharp, the Company's Chief Financial Officer. During the year ended December 31, 2021, fees of $27,768 were accrued and fees of $24,523 were paid to Mr. Sharp. At December 31, 2021, a total of $91,981 has been accrued for fees due to Mr. Sharp.

At December 31, 2021, $1,302 has been accrued for expenses due to related parties for expenses, of which $nil was accrued during the year ended December 31, 2021.

A total of $130,400 has been accrued for directors and related party consultants, of which $23,500 was accrued during the year ended December 31, 2021.

At December 31, 2021, the Company had outstanding Notes payable of $4,064,211 to Nicholas Gallagher, a shareholder and director of the Company. At December 31, 2020, the Company had outstanding Notes payable of $3,641,053 to Mr. Gallagher. The Notes payable to Mr. Gallagher had matured on October 31, 2018. Effective November 1, 2019, the Company entered into an Amended and Restated Loan, Security, and Intercreditor Agreement (the "Amended Agreement") with Mr. Gallagher, in his capacity as agent for and on behalf of himself and other holders of the Notes payable. No compensation was paid or accrued for Mr. Gallagher, either in cash or warrants, for his services as agent for other holders. Under the Amended Agreement, the Company and Mr. Gallagher and the other holders entered into a Deed of Trust whereunder the Notes are secured by a security interest in all real property, claims, contracts, agreements, leases, permits and the like and the notes are now due within 10 days of a demand notice of the holders. There has been no notice of default or demand issued by any holder. See *Note 6 - Notes Payable & Notes Payable – Related Party* in the financial statements for details concerning the note payable. During the year ended December 31, 2021, $nil was paid for finders fees to a related party.

In an agreement separate from the Amended Agreement, Goldrich and Mr. Gallagher agreed that Mr. Gallagher, at his option, has the right to convert outstanding but unpaid and future interest on his note payable into stock of the Company at $0.015 per share. If Mr. Gallagher were to convert his outstanding interest, at December 31, 2021, the Company would issue 102,079,934 additional shares of common stock in exchange for $1,531,199 interest payable – related party

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**Director Independence**

Our Board of Directors has analyzed the independence of each director and nominee and has determined that the members of our Board of Directors listed below are independent as that term is defined under Rule 5605(a)(2) of the NASD listing rules. Each director is free of relationships that would interfere with the individual exercise of independent judgment. Based on these standards, the Board determined that each of the following non-employee directors, including nominated and continuing directors, is independent and has no relationship with us, except as a director and shareholder:

● &nbsp;&nbsp;&nbsp;&nbsp; William Orchow ●&nbsp;&nbsp;&nbsp;&nbsp; Michael G. Rasmussen <br>●&nbsp;&nbsp;&nbsp;&nbsp; Stephen M. Vincent ●&nbsp;&nbsp;&nbsp;&nbsp; Garrick A. Mendham

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

The Board of Directors selected Assure CPA, LLC (formerly "DeCoria, Maichel & Teague, P.S."), 7307 N. Division, Suite 222, Spokane, WA 99208 as the independent registered public accounting firm to examine the consolidated financial statements of the Company and its subsidiary for the fiscal year ending December 31, 2021. Assure CPA, LLC have audited the financial statements of the Company since the fiscal year ended December 31, 2003.

The following table summarizes the fees that Assure charged the Company for the listed services during 2021 and 2020:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type of fee: | &nbsp;&nbsp;2021 | &nbsp;&nbsp;2020 | &nbsp;&nbsp;Description |
| &nbsp;&nbsp;Audit fees: | &nbsp;&nbsp;$88886 | &nbsp;&nbsp;$74956 | Services in connection with the audit of the annual financial statements and the review of the financial statements included in our reports on Forms 10-Q and 10-K. |
| &nbsp;&nbsp;Audit related fees: | &nbsp;&nbsp;-0- | &nbsp;&nbsp;-0- | For assurance and related services that were reasonably related to the performance of the audit or review of financial statements and not reported under "Audit Fees". |
| &nbsp;&nbsp;Tax fees: | &nbsp;&nbsp;-0- | &nbsp;&nbsp;-0- |  |
| &nbsp;&nbsp;All other fees | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 4620 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$89786 | &nbsp;&nbsp;$79576 |  |

---

All of the services described above were approved by the Audit Committee.

The Audit Committee is responsible for appointing, setting compensation for and overseeing the work of the independent registered public accounting firm. The Audit Committee requires its pre-approval of all audit and permissible non-audit services provided by the independent registered public accounting firm. The Audit Committee considers whether such services are consistent with the rules of the SEC on auditor independence.

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

**PART IV**

**ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

**Documents Filed as Part of Report**

***Financial Statements***

The following Consolidated Financial Statements of the Company are filed as part of this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report
 of Independent Registered Public Accounting Firm.

2. Consolidated
 Balance Sheets – At December 31, 2021 and 2020.

3. Consolidated
 Statements of Operations – Years ended December 31, 2021 and 2020.

4. Consolidated
 Statements of Changes in Stockholders' (Deficit) – Years ended December 31, 2021 and 2020.

5. Consolidated
 Statements of Cash Flows– Years ended December 31, 2021 and 2020.

6. Notes
 to Consolidated Financial Statements.

See "Item 8. Financial Statements and Supplementary Data".

***Financial Statement Schedules***

No other financial statement schedules are filed as part of this report because such schedules are not applicable or the required information is shown in the Consolidated Financial Statements or notes thereto. See "Item 8. Financial Statements and Supplementary Data".

***Exhibits***

The following exhibits are filed as part of this Annual Report:

---

| | |
|:---|:---|
| Exhibit<br> Number | Description |
| 3.1 | [Amended and Restated Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/59860/000091228213000588/goldrich_def14a-102013.htm), incorporated by reference to Appendix C of the Company's Definitive Proxy Statement on Schedule 14A (001-06412), as filed on October 23, 2013 |
| 3.2 | [Amended Bylaws](https://www.sec.gov/Archives/edgar/data/59860/000105291814000114/ex32.htm) incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 15, 2014 |
| 4.1 | [Statement of Designation of Shares of Series A Preferred Stock](https://www.sec.gov/Archives/edgar/data/59860/000105291809000004/ex4.htm), dated November 30, 2008, incorporated by reference to exhibit 4.1 to Form S-1/A (333-140899), as filed January 6, 2009 |
| 4.2 | [Statement of Designation of Shares of Series B Preferred Stock](https://www.sec.gov/Archives/edgar/data/59860/000091228214000040/ex3_1.htm), incorporated by reference to exhibit 3.1 the Current Report on Form 8-K, as filed January 27, 2014 |
| 4.3 | [Form of Class L Warrant](https://www.sec.gov/Archives/edgar/data/59860/000091228214000040/ex4_1.htm), incorporated by reference to exhibit 4.1 to the Current Report on Form 8-K, as filed January 27, 2014 |
| 4.4 | [Form of Class M Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291818000117/ex4-7.htm), incorporated by reference to Exhibit 4.7 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 16, 2018 |
| 4.5 | [Statement of Designation of Shares of Series C Preferred Stock](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex410.htm), incorporated by reference to exhibit 4.10 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.6 | [Form of Class N Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex411.htm), incorporated by reference to exhibit 4.11 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.7 | [Form of Class N-2 Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex412.htm), incorporated by reference to exhibit 4.12 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.8 | [Form of Class O Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex413.htm), incorporated by reference to exhibit 4.13 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.9 | [Form of Class P Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291818000117/ex4-12.htm), incorporated by reference to Exhibit 4.12 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 16, 2018 |
| 4.10 | [Form of Class P-2 Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex415.htm), incorporated by reference to exhibit 4.15 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |

---

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

---

| | |
|:---|:---|
| 4.11 | [Form of Class Q Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex416.htm), incorporated by reference to exhibit 4.16 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.12 | [Form of Class Q-2 Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex417.htm), incorporated by reference to exhibit 4.17 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.13 | [Statement of Designation of Shares of Series D Preferred Stock](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex418.htm), incorporated by reference to exhibit 4.18 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.14 | [Form of Class R Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex417.htm), incorporated by reference to exhibit 4.19 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.15 | [Form of Class R-2 Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex420.htm), incorporated by reference to exhibit 4.20 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 4.16 | [Form of Class S Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291817000015/ex4.htm), incorporated by reference to exhibit 4.1 to the Current Report on Form 8-K, as filed January 11, 2017 |
| 4.17 | [Statement of Designation of Shares of Series E Preferred Stock](https://www.sec.gov/Archives/edgar/data/59860/000105291816001317/ex31.htm), incorporated by reference to exhibit 3.1 to the Current Report on Form 8-K, as filed October 5, 2016 |
| 4.18 | [Statement of Designation of Shares of Series F Preferred Stock](https://www.sec.gov/Archives/edgar/data/59860/000105291817000015/ex3.htm), incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, as filed January 10, 2017 |
| 4.19 | [Form of Class T Warrant](https://www.sec.gov/Archives/edgar/data/59860/000105291817000015/ex4.htm), incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, as filed herewith <sup>(a)</sup> |
| 4.20<sup>(1)</sup> | [Description of the Registrant's Securities](grmc-ex4_20.htm) |
| 10.1<sup>+</sup> | [Goldrich Mining Company 2008 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/59860/000105291808000149/litsdef14aapr1508.htm), incorporated by reference to Appendix B to Form DEF 14A (001-06412), as filed April 16, 2008 |
| 10.2<sup>+</sup> | [Independent Contractor Agreement](https://www.sec.gov/Archives/edgar/data/59860/000105291809000158/ex1036.htm), dated as of January 1, 2009, among Goldrich Mining Company, Ted Sharp, CPA and Sharp Executive Associates, Inc., incorporated by reference to exhibit 10.36 to Form 10-K (001-06412), as filed April 3, 2009 |
| 10.3<sup>+</sup> | [Oral agreement to extend Independent Contractor Agreement](https://www.sec.gov/Archives/edgar/data/59860/000105291810000122/ex1038.htm), dated February 10, 2010, among Goldrich Mining Company, Ted R. Sharp, CPA and Sharp Executive Associates, Inc., incorporated by reference to exhibit 10.38 to Form 10-K (001-06412), as filed April 6, 2010 |
| 10.4<sup>+</sup> | [Employment Agreement](https://www.sec.gov/Archives/edgar/data/59860/000105291811000002/ex1046.htm), dated as of December 20, 2010, between Goldrich Mining Company and William V. Schara, incorporated by reference to exhibit 10.46 to Form S-1 (333-171550), as filed January 4, 2011 |
| 10.5 | [Form of Alluvial Gold Forward Sales Contract Conversion Agreement](https://www.sec.gov/Archives/edgar/data/59860/000105291811000044/ex101.htm), incorporated by reference to exhibit 10.1 to Form 8-K (001-06412), as filed February 8, 2011 |
| 10.6 | [Form of First Amendment to Alluvial Gold Forward Sales Contract](https://www.sec.gov/Archives/edgar/data/59860/000105291811000044/ex102.htm), incorporated by reference to exhibit 10.2 to Form 8-K (001-06412), as filed February 8, 2011 |
| 10.7 | [Form of Fine Gold Forward Sales Contract Conversion Agreement](https://www.sec.gov/Archives/edgar/data/59860/000105291811000044/ex103.htm) - October 2010 Delivery, incorporated by reference to exhibit 10.3 to Form 8-K (001-06412), as filed February 8, 2011 |
| 10.8 | [Form of Fine Gold Forward Sales Contract Conversion Agreement](https://www.sec.gov/Archives/edgar/data/59860/000105291811000044/ex104.htm) - October 2011 Delivery, incorporated by reference to exhibit 10.4 to Form 8-K (001-06412), as filed February 8, 2011 |
| 10.9 | [Form of Binding Letter of Intent dated April 3, 2012](https://www.sec.gov/Archives/edgar/data/59860/000105291812000156/ex9911.htm), incorporated by reference to exhibit 99.1to the Form 8-K (001-06412), as filed April 10, 2012 |
| 10.10 | [Definitive Operating Agreement dated April 2, 2012](https://www.sec.gov/Archives/edgar/data/59860/000105291812000224/ex101.htm), incorporated by reference to exhibit 10.1 for the Form 8-K (001-06412), as filed May 10, 2012 |
| 10.11 | [Mining Claims and Lease Assignment Agreement dated April 2, 2012](https://www.sec.gov/Archives/edgar/data/59860/000105291812000224/ex102.htm), incorporated by reference to exhibit 10.2 for the Form 8-K (001-06412), as filed May 10, 2012 |
| 10.12 | [Form of Alluvial Gold Forward Sales Contract for Notes payable in gold dated March 13, 2013](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex417.htm), incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 16, 2018 |
| 10.13 | [Form of Note Purchase Agreement by and between the Company and Gold Rich Asia Investment Limited dated effective January 24, 2014](https://www.sec.gov/Archives/edgar/data/59860/000105291814000114/ex1013.htm), incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 15, 2014 |
| 10.14 | [Form of Note by and between the Company and Gold Rich Asia Investment Limited](https://www.sec.gov/Archives/edgar/data/59860/000105291814000114/ex1014.htm), incorporated by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 15, 2014 |
| 10.15 | [Form of Finder's Agreement dated effective January 24, 2014](https://www.sec.gov/Archives/edgar/data/59860/000105291814000114/ex1015.htm), incorporated by reference to Exhibit 10.15 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 15, 2014 |
| 10.16 | [Addendum to Note Purchase Agreement dated January 29, 2014](https://www.sec.gov/Archives/edgar/data/59860/000105291814000114/ex1016.htm), incorporated by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 15, 2014 |
| 10.17 | [Form of Guaranty dated January 24, 2014](https://www.sec.gov/Archives/edgar/data/59860/000105291814000114/ex1017.htm), incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K (001-06412), as filed on April 15, 2014 |
| 10.18 | [Purchase Agreement between the Company](https://www.sec.gov/Archives/edgar/data/59860/000105291815000307/ex101.htm), its subsidiary Goldrich Placer LLC, and Chandalar Gold LLC, incorporated by reference to exhibit 10.1 to the Current Report on Form 8-K, as filed July 02, 2015 |

---

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

---

| | |
|:---|:---|
| 10.19 | [Form of Second Amendment to Gold Forward Sales Contract](https://www.sec.gov/Archives/edgar/data/59860/000105291816000955/ex1019.htm), incorporated by reference to exhibit 10.19 to the Company's Annual Report on Form 10-K (001-06412), as filed April 14, 2016 |
| 10.20 | [Form of Third Amendment to Gold Forward Sales Contract](https://www.sec.gov/Archives/edgar/data/59860/000105291817000309/ex1020.htm), incorporated by reference to exhibit 10.20 to the Company's Annual Report on Form 10-K (001-06412), as filed June 9, 2017 |
| 10.21 | [Form of Fourth Amendment to Gold Forward Sales Contract](https://www.sec.gov/Archives/edgar/data/59860/000105291817000591/ex10.htm), incorporated by reference to Exhibit 8.1 to the Current Report on Form 8-K, as filed December 11, 2017 |
| 10.22 | [Amended 2019 Loan Agreement](https://www.sec.gov/Archives/edgar/data/59860/000105291820000063/ex10-1.htm), incorporated by reference to exhibit 10.1 to the Current Report on Form 8-K, as filed March 24, 2020 |
| 10.23 | [Senior Secured Promissory Note](https://www.sec.gov/Archives/edgar/data/59860/000105291820000063/ex10-2.htm), incorporated by reference to exhibit 10.2 to the Current Report on Form 8-K, as filed March 24, 2020 |
| 10.24 | [Guarantee](https://www.sec.gov/Archives/edgar/data/59860/000105291820000063/ex10-3.htm), incorporated by reference to exhibit 10.3 to the Current Report on Form 8-K, as filed March 24, 2020 |
| 10.25 | [Deed of Trust](https://www.sec.gov/Archives/edgar/data/59860/000105291820000063/ex10-4.htm), incorporated by reference to exhibit 10.4 to the Current Report on Form 8-K, as filed March 24, 2020 |
| 10.26 | [Initial Assessment Report authored by Global Resource Engineering Ltd](https://www.sec.gov/Archives/edgar/data/59860/000105291821000213/report_ex96z1.htm), incorporated by reference to exhibit 96.1 to the Current Report on Form 8-K, as filed June 17, 2021 |
| [10.27<sup>(1)</sup>](grmc_ex10-27.htm) | [Revised and Amended Initial Assessment Report authored by Global Resource Engineering Ltd](grmc_ex10-27.htm) |
| [10.28<sup>(1)</sup>](grmc-ex10_28.htm) | [Technical Report Summary authored by Terre Lane, Principal Mining Engineer, Global Resource Engineering Ltd](grmc-ex10_28.htm) |
| [10-29<sup>(1)</sup>](grmc-ex10_29.htm) | [Consent of the Author by Terre Lane, Principal Mining Engineer, Global Resource Engineering Ltd](grmc-ex10_29.htm) |
| 21.1<sup>(1)</sup> | [Subsidiaries of the Corporation](https://www.sec.gov/Archives/edgar/data/59860/000105291821000126/subs_ex21z1.htm) |
| 31.1<sup>(1)</sup> | [Certification of the Chief Executive Officer pursuant to Rule 13a-14 of the Exchange Act](grmc-ex31_1.htm) |
| 31.2<sup>(1)</sup> | [Certification of the Chief Financial Officer pursuant to Rule 13a-14 of the Exchange Act](grmc-ex31_2.htm) |
| 32.1<sup>(1)</sup> | [Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](grmc-ex32_1.htm) |
| 32.2<sup>(1)</sup> | [Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](grmc-ex32_2.htm) |
| 95.1<sup>(1)</sup> | [Mine Safety Disclosure pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act](grmc-ex95_1.htm) |
| 99.1 | [Interim Award](https://www.sec.gov/Archives/edgar/data/59860/000105291820000283/ex99-1.htm), issued by Arbitration Panel, dated May 25, 2019, incorporated by reference to exhibit 99.1 to the Company's Annual Report on Form 10-K (001-06412), as filed on November 4, 2020 |
| 99.2 | [Partial Final Award](https://www.sec.gov/Archives/edgar/data/59860/000105291820000283/ex99-2.htm), issued by Arbitration Panel, dated November 30, 2019, incorporated by reference to exhibit 99.2 to the Company's Annual Report on Form 10-K (001-06412), as filed on November 4, 2020 |
| 99.3 | [Second Interim Award RE Dissolution/Liquidation of GNP and Related Issues](https://www.sec.gov/Archives/edgar/data/59860/000105291820000283/ex99-3.htm), issued by Arbitration Panel, dated November 30, 2019, incorporated by reference to exhibit 99.3 to the Company's Annual Report on Form 10-K (001-06412), as filed on November 4, 2020 |
| 99.4 | [Final Post Award Orders](https://www.sec.gov/Archives/edgar/data/59860/000105291820000283/ex99-4.htm), issued by Arbitration Panel, dated September 4, 2020, incorporated by reference to exhibit 99.4 to the Company's Annual Report on Form 10-K (001-06412), as filed on November 4, 2020 |
| 99.5 | [Ruling of State of Alaska Superior Court](https://www.sec.gov/Archives/edgar/data/59860/000105291820000283/ex99-5.htm), dated April 29, 2020, incorporated by reference to exhibit 99.5 to the Company's Annual Report on Form 10-K (001-06412), as filed on November 4, 2020 |
| 99.6<sup>(1)</sup> | [Order on Respondents' Motion to Confirm Judgment, issued by Arbitration Panel, dated April 7, 2021](https://www.sec.gov/Archives/edgar/data/59860/000105291821000126/motiontoconfirm_ex99z6.htm) |
| 99.7<sup>(1)</sup> | [Order on Respondents' Motion to Preserve Confidentiality of Arbitration Proceedings, issued by Arbitration Panel, dated April 7, 2021](https://www.sec.gov/Archives/edgar/data/59860/000105291821000126/motionforconf_ex99z7.htm) |
| 99.8<sup>(1)</sup> | [Second Partial Final Award, issued by Arbitration Panel, dated August 30, 2021](grmc-ex99_8.htm) |
| 99.9<sup>(1)</sup> | [Modified Second Interim Award re Dissolution/Liquidation of GNP and Related Issues, issued by Arbitration Panel, dated August 30, 2021](grmc-ex99_9.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH<sup>(1)</sup> | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL<sup>(1)</sup> | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF<sup>(1)</sup> | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB<sup>(1)</sup> | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE<sup>(1)</sup> | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Filed
 herewith.

+ - Management Contract or Compensatory Plan

**ITEM 16. FORM 10-K SUMMARY**

None.

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

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Exchange Act, we caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

GOLDRICH MINING COMPANY

---

| |
|:---|
| By: /s/ William V. Schara |
| William V. Schara, Chief Executive Officer, Principal Executive Officer |

---

Date: March 1, 2023

In accordance with Section 13 or 15(d) of the Exchange Act, we caused this report to be signed on our behalf by the undersigned thereunto duly authorized.

GOLDRICH MINING COMPANY

---

| |
|:---|
| By: /s/ Ted R. Sharp |
| Ted R. Sharp, Chief Financial Officer, Principal Accounting Officer |

---

Date: March 1, 2023

In accordance with the Exchange Act, this report has been signed below by the following persons on our behalf and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ David S. Atkinson* |
|  |  | David S. Atkinson, Director |
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ Nicholas Gallagher* |
|  |  | Nicholas Gallagher, Director |
| Date: |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Resigned from the Board on August 5, 2022* |
|  |  | Garrick A. Mendham, Director |
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ William Orchow* |
|  |  | William Orchow, Director |
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ Michael G. Rasmussen* |
|  |  | Michael G. Rasmussen, Director |
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ William V. Schara* |
|  |  | William V. Schara, Director and Chief Executive Officer |
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ Stephen M. Vincent* |
|  |  | Stephen M. Vincent, Director |
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*/s/ Ted R. Sharp* |
|  |  | Ted R. Sharp, Chief Financial Officer |

---

## Exhibit 4.20

**Exhibit 4.20**

**Goldrich Mining Company**

**DESCRIPTION OF REGISTRANT'S SECURITIES**

Goldrich Mining Company (the "Company") is authorized to issue 750,000,000 shares of common stock, $0.10 par value, and 10,000,000 shares of preferred stock, no par value.

**Common Stock**

Each holder of the Company's common stock is entitled to one vote per share in the election of directors and on all other matters submitted to the vote of shareholders. No holder of the Company's common stock may cumulate votes in voting for our directors.

Subject to the rights of the holders of any the Company's preferred stock that may be outstanding from time to time, each share of common stock will have an equal and ratable right to receive dividends as may be declared by the Company's board of directors out of funds legally available for the payment of dividends, and, in the event of liquidation, dissolution or winding up of the Company, will be entitled to share equally and ratably in the assets available for distribution to the Company's shareholders. No holder of the Company's common stock will have any preemptive right to subscribe for any of the Company's securities.

We have not paid any dividends and do not anticipate the payment of dividends on our common stock.

The Company's common stock is quoted under the symbol "GRMC" on the OTCQB of the OTC Markets. The OTCQB is a network of security dealers who buy and sell stock. The dealers are connected by a computer network which provides information on current "bids" and "asks" as well as volume information. The OTCQB is not considered a "national securities exchange."

## Exhibit 10.27

**Exhibit 10.27**

![(LOGO)](gc008_v1.jpg)

Chandalar Mine, Chandalar Gold District Page ii <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Date and Signature Page**

This Technical Report on the Chandalar Project is submitted to Goldrich Mining Company and is effective May 31, 2021, revised and amended February 24, 2023.

The Qualified Persons and Responsible Report Sections follow:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Q**ualified Person** | &nbsp;&nbsp;**Responsible for Report Sections** |
| &nbsp;&nbsp;Hamid Samari, PhD | &nbsp;&nbsp;All of 1.4, 1.5, 1.6, 1.7, 1.8, 1.9, 7, 8, 9, 10, 11, and 12 |
| &nbsp;&nbsp;J. Todd Harvey, PhD | &nbsp;&nbsp;All of 1.10, 1.13, 13, and 17 |
| &nbsp;&nbsp;Terre Lane, MMSA QP, registered member SME | &nbsp;&nbsp;All of 1.1 - 1.3, 1.11, 1.12 1.14, 1.15, 1.18, 1.19, 1.20, 2, 3, 4.1 - 4.4, 5, 6, 14, 15, 16, 18, 19, and 21 - 27 |
| &nbsp;&nbsp;Richard Hughes, PE |  |
| &nbsp;&nbsp;Larry Breckenridge, PE | &nbsp;&nbsp;All of 1.16, 1.17, 4.5, 4.6, and 20 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; (Signed) "Hamid Samari" | &nbsp;&nbsp; 2/24/2023 |
| &nbsp;&nbsp;Signature Hamid Samari | &nbsp;&nbsp;Date |
| &nbsp;&nbsp; (Signed) "J. Todd Harvey" | &nbsp;&nbsp; 2/24/2023 |
| &nbsp;&nbsp;Signature J. Todd Harvey | &nbsp;&nbsp;Date |
| &nbsp;&nbsp; (Signed) "Terre Lane" | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/24/2023 |
| &nbsp;&nbsp;Signature Terre Lane |  |
| &nbsp;&nbsp;<br>(Signed) "Richard Hughes" | &nbsp;&nbsp; 2/24/2023 |
| &nbsp;&nbsp;Signature Richard Hughes |  |
| &nbsp;&nbsp; (Signed) "J. Larry Breckenridge" | &nbsp;&nbsp; 2/24/2023 |
| &nbsp;&nbsp;Signature J. Larry Breckenridge |  |

---

---

| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

---

Chandalar Mine, Chandalar Gold District Page iii <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**<u>**Table of Contents**</u>**

---

| | | |
|:---|:---|:---|
| 1.0 EXECUTIVE SUMMARY | 1.0 EXECUTIVE SUMMARY | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | Property Description and Location | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 | Arbitration | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 | Environmental Liability | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | Accessibility, Climate, Infrastructure, and Physiography | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 | History | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.4 | Geological Setting and Mineralization | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.5 | Deposit Types | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.6 | Exploration | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.7 | Drilling | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.8 | Sampling Preparation, Analyses, and Security | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.9 | Data Validation | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | Mineral Processing and Metallurgical Testing | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | Mineral Resource Estimate | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | Mining Methods | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | Recovery Methods | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | Project Infrastructure | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | Market Studies and Contracts | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | Environmental Studies, Permitting, and Social or Community Impact | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | Reclamation Plan | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | Costs and Economics | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | Interpretations and Conclusions | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19.1 | Risks | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19.2 | Opportunities | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | Recommendations | 30 |
| 2.0 INTRODUCTION | 2.0 INTRODUCTION | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | Purpose of the Technical Report | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | Qualified Persons and Personal Inspection | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | Sources of Information | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | Units | 33 |
| 3.0 RELIANCE ON OTHER EXPERTS | 3.0 RELIANCE ON OTHER EXPERTS | 34 |

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Chandalar Mine, Chandalar Gold District Page iv <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| 4.0 PROPERTY DESCRIPTION AND LOCATION | 4.0 PROPERTY DESCRIPTION AND LOCATION | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | Location | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | Property Description | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | Mineral Title, Taxes, Royalties, and Fees | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 | Litigation | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.5 | Permits and Water Rights | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.6 | Environmental Liabilities | 40 |
| 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | Access | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 | Climate and Physiography | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 | Infrastructure | 42 |
| 6.0 HISTORY | 6.0 HISTORY | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 | Ownership History | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 | Placer Gold Exploration History | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 | Historical Gold Production | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 | District-Wide Production | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 | Chandalar Mine Production | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 | Historical Mineral Resource Estimates | 46 |
| 7.0 GEOLOGICAL SETTING AND MINERALIZATION | 7.0 GEOLOGICAL SETTING AND MINERALIZATION | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 | Regional Geology | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 | Geologic and Tectonic History | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 | Regional Tectonic Setting | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 | Local Geology | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 | Lower Plate Sequence | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 | Upper Plate Sequence | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 | Local Structural Setting | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.4 | Surficial Geology | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.5 | Mineralization | 58 |
| 8.0 DEPOSIT TYPES | 8.0 DEPOSIT TYPES | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | Lode Deposits | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 | Differing Theories of Ore Genesis | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 | GRE's Opinion Based on the Existing Data | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 | Placer Deposits | 64 |

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Chandalar Mine, Chandalar Gold District Page v <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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|:---|:---|:---|
| 9.0 EXPLORATION | 9.0 EXPLORATION | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | Pan Sampling | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 | Trenching | 71 |
| 10.0 DRILLING | 10.0 DRILLING | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | Hard-Rock (Lode) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 | Reverse Circulation Drill Program | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 | HQ Core Drill Program | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | Placer | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 | Reverse Circulation Drill Program | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 | Sonic Drill Program | 72 |
| 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY | 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 | Pan Sampling | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 | Trench Sampling | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 | Drill Sampling | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1 | Process | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2 | Panning | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.3 | Storage and Transport Security | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 | Laboratory Analysis | 87 |
| 12.0 DATA QUALITY AND VERIFICATION | 12.0 DATA QUALITY AND VERIFICATION | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.1 | Database Validation | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 | Collar Coordinate Validation | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 | Down-Hole Survey Validation | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3 | Check Gold Grade | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.2 | Geological Data Verification and Interpretation | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 | Geological Map Accuracy | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 | Geological Logging Accuracy | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.3 | QP Opinion on Adequacy | 97 |
| 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING | 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.1 | Metallurgy Summary | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;13.2 | Historical Production | 98 |
| 14.0 MINERAL RESOURCE ESTIMATE | 14.0 MINERAL RESOURCE ESTIMATE | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.1 | Definitions | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.2 | Resource Estimation Procedures | 101 |

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;14.3 | Data Used for the Estimation | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.1 | Drill Holes | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2 | Assay Data | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.3 | Lithology | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.4 | Domain Analysis | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.5 | Existing Topography and Mined-Out Volumes | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.6 | Assay Compositing and Outliers | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.7 | Density | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.8 | Block Model Parameters | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.9 | Variography | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.10 | Estimation Methodology | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.11 | Block Model Validation | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.12 | Production reconciliation using the mined-out surfaces from 2016 through 2018 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12.1 | Visual Comparison | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12.2 | Statistical Comparison | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12.3 | Swath Plots | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12.4 | Production Reconciliation | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.13 | Mineral Resource Classification | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.14 | Constrained Mineral Resource | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.15 | Grade Sensitivity to Gold Cutoff | 114 |
| 15.0 MINERAL RESERVE ESTIMATES | 15.0 MINERAL RESERVE ESTIMATES | 116 |
| 16.0 MINING METHODS | 16.0 MINING METHODS | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.1 | Designed Pit | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.2 | Reported Resources | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.3 | Options Evaluated | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.4 | Evaluation | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.5 | Mine Schedule | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.6 | Processing Schedule | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.7 | Mine Operation and Layout | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.8 | Mine Equipment Productivity | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.9 | Mine Haul Roads | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.10 | Bench Height | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.11 | Access Road Width | 126 |

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| &nbsp;&nbsp;&nbsp;&nbsp;16.12 | Waste Rock Dump | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.13 | Mine WRD Development Schedule | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;16.14 | Interim Mine Plans | 127 |
| 17.0 RECOVERY METHODS | 17.0 RECOVERY METHODS | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;17.1 | Process Plant Description | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 | Wash Plant | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 | Feed System | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 | Coarse Tailings | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.4 | Fine Tailings | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.5 | Water Pumps | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.6 | Concentrate Clean Up | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;17.2 | Unique Issues Related to Placer Mining | 141 |
| 18.0 PROJECT INFRASTRUCTURE | 18.0 PROJECT INFRASTRUCTURE | 143 |
| 19.0 MARKET STUDIES AND CONTRACTS | 19.0 MARKET STUDIES AND CONTRACTS | 144 |
| 20.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT | 20.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;20.1 | Prior ACOE Permits | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1 | Reclaiming the Stream Channel | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2 | Reclaiming Waste Dumps | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3 | Revegetation | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.4 | Closure Cost Estimation | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;20.2 | Water Considerations | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;20.3 | Other Environmental and Social Considerations | 148 |
| 21.0 CAPITAL AND OPERATING COSTS | 21.0 CAPITAL AND OPERATING COSTS | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;21.1 | Capital Costs | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;21.2 | Operating Costs | 151 |
| 22.0 ECONOMIC ANALYSIS | 22.0 ECONOMIC ANALYSIS | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.1 | Sensitivity Analyses | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.2 | CONCLUSIONS OF ECONOMIC MODEL | 160 |
| 23.0 ADJACENT PROPERTIES | 23.0 ADJACENT PROPERTIES | 161 |
| 24.0 OTHER RELEVANT DATA AND INFORMATION | 24.0 OTHER RELEVANT DATA AND INFORMATION | 162 |
| 25.0 INTERPRETATION AND CONCLUSIONS | 25.0 INTERPRETATION AND CONCLUSIONS | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.1 | Interpretation | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.2 | Conclusions | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;25.3 | Risks | 164 |

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Chandalar Mine, Chandalar Gold District Page viii <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| 26.0 RECOMMENDATIONS | 165.0 |
| 27.0 REFERENCES | 166.0 |
| CERTIFICATE OF QUALIFIED PERSON | 170.0 |
| CERTIFICATE OF QUALIFIED PERSON | 171.0 |
| CERTIFICATE OF QUALIFIED PERSON | 172.0 |
| CERTIFICATE OF QUALIFIED PERSON | 173.0 |
| CERTIFICATE OF QUALIFIED PERSON | 174.0 |
| **<u>LIST OF TABLES</u>** |  |
| Table 1-1: Chandalar Mine Pit-Constrained Resources | 22.0 |
| Table 1-2: Processing Ramp Up | 23.0 |
| Table 1-3: Key Economic Results | 28.0 |
| Table 2-1 List of Contributing Authors | 32.0 |
| Table 4-1: Approximate Claim Block Boundaries | 36.0 |
| Table 4-2: State Claim List | 37.0 |
| Table 4-3: Federal Claims | 37.0 |
| Table 6-1: 2009 to 2018 Gold Production at Chandalar Mine | 45.0 |
| Table 6-2: Historical In-Place Lode Gold Resource Estimates Compiled by Strandberg (1990) | 46.0 |
| Table 6-3: Summary of Semi-Variogram for Range (Ao), Chandalar Deposit | 48.0 |
| Table 6-4: 2009 Measured and Indicated Resources | 48.0 |
| Table 10-1: Results of 2007, 2013, and 2017 Placer Drilling | 74.0 |
| Table 12-1: Range of Gold Grade in Drill Samples from Chandalar Mine | 90.0 |
| Table 12-2: Check Samples Submitted to RDi Labs | 94.0 |
| Table 12-3: Summary Table of RDi Results | 95.0 |
| Table 12-4: Pure Gold Grade of Five Panned Concentrated Samples by QPs | 95.0 |
| Table 13-1: 2013 to 2018 Gold Production at Chandalar Mine | 99.0 |
| Table 14-1: Sample Statistics for Uncomposited and Composited Intervals | 105.0 |
| Table 14-2: Chandalar Mine Block Model Parameters | 106.0 |
| Table 14-3: Chandalar Mine Estimation Ellipsoid Parameters | 107.0 |
| Table 14-4: Statistical Comparison, Composites, NN, & ID3 (raw oz/bcy) | 109.0 |
| Table 14-5: Reconciliation of Mine Block Model to Actual Gold Production | 111.0 |
| Table 14-6: Chandalar Mine Resource Parameters for Conceptual Open Pit Optimization | 113.0 |
| Table 14-7: Mineral Resource Statement for the Chandalar Mine | 114.0 |
| Table 14-8: Chandalar Mine Deposit Mineral Resource Sensitivity | 115.0 |
| Table 16-1: Chandalar Mine Base Case Designed Pit Resource | 120.0 |
| Table 16-2: Processing Ramp Up | 120.0 |
| Table 16-3: Chandalar Mine Base Case Mine Schedule Summary | 121.0 |

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Chandalar Mine, Chandalar Gold District Page ix <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| Table 16-4: Chandalar Mine Base Case Measured, Indicated, and Inferred Mined Resource Schedule | 122.0 |
| Table 16-5: Chandalar Mine Material Processing Schedule | 125.0 |
| Table 16-6: Chandalar Mine Waste Movement During Mine Production Periods (1000s bcy) | 127.0 |
| Table 16-7: Chandalar Mine Waste Movement During Reclamation Period (1000s bcy) | 127.0 |
| Table 21-1: Summary of Chandalar Mine Capital Costs (millions) | 151.0 |
| Table 21-2: Chandalar Mine Drilling and Blasting Parameters | 151.0 |
| Table 21-3: Summary of Chandalar Mine Estimated Reagent Usage | 152.0 |
| Table 21-4: Summary of Chandalar Mine Manpower Requirements | 153.0 |
| Table 21-5: Summary of Chandalar Mine Operating Costs (millions) | 154.0 |
| Table 21-6: Summary of Chandalar Mine Unit Operating Costs | 154.0 |
| Table 22-1: Summary of Gold Revenues | 155.0 |
| Table 22-2: Summary of Economic Model | 156.0 |
| Table 22-3: Summary of Economic Results | 158.0 |
| Table 22-4: Key Economic Results | 158.0 |
| Table 22-5: NPV@7% Sensitivity to Gold Price, Capital Costs, and Operating Costs | 159.0 |
| Table 22-6: IRR Sensitivity to Gold Price, Capital Costs, and Operating Costs | 159.0 |
| Table 25-1: Key Economic Results | 163.0 |
| **<u>LIST OF FIGURES</u>** |  |
| Figure 1-1: Chandalar Project Location | 13.0 |
| Figure 1-2: General Facility Arrangement | 25.0 |
| Figure 1-3: Chandalar Process Flow Diagram | 26.0 |
| Figure 4-1: Location of Chandalar Mining District, Alaska | 35.0 |
| Figure 4-2: Chandalar Gold Project – Goldrich Mining Claims, Significant Historical Mines, Access Roads | 36.0 |
| Figure 6-1: Regional Mine Prospect Map | 44.0 |
| Figure 6-2: Typical Cross-Section Showing Drill Hole Fence Line with Placer Resource Polygons | 48.0 |
| Figure 7-1: Major Lithologic-Tectonic Terranes, Subterranes and Other Structural Elements of the Brooks Range and North Slope Geological Provinces | 49.0 |
| Figure 7-2: Geologic and Structural Map of the Chandalar District and Project Area, 1:20,000 Scale Map | 52.0 |
| Figure 7-3: Simplified Geologic Map of the Chandalar District | 54.0 |
| Figure 7-4: Geologic Map of the Upper and Lower Plates in the Little Squaw Catchment | 55.0 |
| Figure 7-5: Gold-Bearing Quartz Veins-Fault Zones of the Chandalar Mining District with Geology Map of the Chandalar Catchment | 61.0 |
| Figure 8-1: Gold Placer Locations of the Chandalar Mining District | 67.0 |
| Figure 8-2: Overview of the Little Squaw, Big Squaw, and Nugget Pre-glacial Fluvial Deposits Buried by Glacial Sediments | 69.0 |
| Figure 10-1: Placer Geology and Drill Hole Locations in 2007 at Chandalar Mine | 73.0 |
| Figure 10-2: Drill Holes Location Map | 83.0 |
| Figure 11-1: In-field Placer Sampling Protocol for Drilling | 85.0 |

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Chandalar Mine, Chandalar Gold District Page x <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| Figure 12-1: GRE Sample Locations at Chandalar Mine | 92.0 |
| Figure 12-2: View of Two Horizons of Sediments (Permafrost) in the Chandalar Mine | 97.0 |
| Figure 14-1: Comparison of Available Lithology with Estimation Domain | 102.0 |
| Figure 14-2: Boundary Analysis, Pay Gravel Wireframe | 103.0 |
| Figure 14-3: Method for Estimating Bottom of Mined-out Volumes at Chandalar Mine Project | 104.0 |
| Figure 14-4: Sample Interval Lengths, Uncomposited and Composited | 105.0 |
| Figure 14-5: Cumulative Probability Plot of Composited Sample Values at Chandalar Mine | 106.0 |
| Figure 14-6: Chandalar Mine Block Model and Composite Sample Gold Values, Long Section | 108.0 |
| Figure 14-7: Chandalar Mine Block Model and Composite Sample Gold Values, Cross Section | 108.0 |
| Figure 14-8: Swath Plot along X-axis (raw oz/bcy) | 110.0 |
| Figure 14-9: Swath Plot along Y-axis (raw oz/bcy) | 110.0 |
| Figure 14-10: Swath Plot along Z-axis (raw oz/bcy) | 111.0 |
| Figure 14-11: Measured, Indicated, and Inferred Resources with Composite Samples | 112.0 |
| Figure 16-1: Chandalar Mine $1,400/oz Raw Gold Whittle Pit Shell | 117.0 |
| Figure 16-2: Chandalar Mine Designed Pit | 118.0 |
| Figure 16-3: Chandalar Mine Mine Schedule Summary | 122.0 |
| Figure 16-4: Chandalar Mine Base Case Measured, Indicated, and Inferred Mined Resource Schedule | 124.0 |
| Figure 16-5: Chandalar Mine Material Processing Schedule | 125.0 |
| Figure 16-6: Chandalar Mine Year 1 Interim Mine Plan | 128.0 |
| Figure 16-7: Chandalar Mine Year 2-1 Interim Mine Plan | 129.0 |
| Figure 16-8: Chandalar Mine Year 2-2 Interim Mine Plan | 130.0 |
| Figure 16-9: Chandalar Mine Year 2-3 Interim Mine Plan | 131.0 |
| Figure 16-10: Chandalar Mine Year 2-4 Interim Mine Plan | 132.0 |
| Figure 16-11: Chandalar Mine Year 3 Interim Mine Plan | 133.0 |
| Figure 16-12: Chandalar Mine Year 4 Interim Mine Plan | 134.0 |
| Figure 16-13: Chandalar Mine Year 5 Interim Mine Plan | 135.0 |
| Figure 16-14: Chandalar Mine Year 6 Final Mine Plan | 136.0 |
| Figure 17-1: Chandalar Mine Process Flow Diagram | 138.0 |
| Figure 20-1: Stream Hierarchy | 145.0 |
| Figure 20-2: Typical Reclaimed Stream Transverse Profile | 146.0 |
| Figure 20-3: Plan View Map of the Reclaimed Mine | 147.0 |
| Figure 22-1: NPV@7% Sensitivity to Gold Price, Capital Costs, and Operating Costs | 159.0 |
| Figure 22-2: IRR Sensitivity to Gold Price, Capital Costs, and Operating Costs | 159.0 |
| Figure 22-3: NPV@7% and IRR Sensitivity to Gold Price | 160.0 |
| **<u>LIST OF PHOTOS</u>** |  |
| Photo 7-1: 100-Level Ore Shoot of Little Squaw Quartz Vein, Looking West | 60.0 |
| Photo 12-1: Field Evaluation of Part of Chandalar Mine | 88.0 |
| Photo 12-2: QP Data Validation Sampling from the Chandalar Mine | 91.0 |
| Photo 12-3: GRE Panning at the Chandalar Mine and Collecting the Fine Size in the Vial | 93.0 |
| Photo 12-4: Sample Verification at GRE's Denver Office | 94.0 |

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Chandalar Mine, Chandalar Gold District Page xi <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| Photo 12-5: A general view of the Chandalar Mine (view to the southwest) | 96 |
| Photo 17-1: Typical Trommel Gold Recovery System | 137 |
| Photo 17-2: MACON – SD600m "Slucifer" Gravity Recovery System | 139 |
| Photo 17-3: SD600m Schematic | 139 |
| Photo 17-4: T-150 Clean Up Plant | 141 |
| Photo 17-5: DHPE Solar Water Heater | 142 |

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Chandalar Mine, Chandalar Gold District Page xii <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**<u>Abbreviations and Acronyms</u>**

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| | |
|:---|:---|
| ACOE | US Army Corps of Engineers |
| ADEC | Alaska Department of Environmental Conservation |
| ADNR | Alaska Department of Natural Resources |
| APMA | Alaska Placer Mining Authorization |
| Au | gold |
| bcy | bank cubic yards |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| CSAMT | Controlled-source Audio-Frequency Magnetotellurics |
| GNP | Goldrich NyacAU Placer, LLC |
| Goldrich | Goldrich Mining Company |
| gpm | gallons per minute |
| GRE | Global Resource Engineering, Ltd. |
| GPS | global positioning system |
| ha | hectare |
| hp | horsepower |
| IA | Initial Assessment |
| IRR | internal rate of return |
| km | kilometer |
| LOC | Line of Credit |
| LSGMC | Little Squaw Gold Mining Company |
| Ma | million years |
| mg | milligrams |
| MTRSC | Meridian-Township-Range-Section-Claim |
| NAD | North American Datum |
| NI | National Instrument |
| NPV | net present value |
| opy | ounces per cubic yard |
| oz | troy ounce |
| oz/bcy | ounces per bank cubic yard |
| IA | Initial Assessment |
| ppm | parts per million |
| QP | Qualified Person |
| Raw Gold | Gold as recovered from the placer deposit, historically 84% gold and 16% other metals like silver and copper (referred to as 840 fine) |
| RC | reverse circulation |
| RDi | Resource Development Inc. |
| UTM | Universal Trans Mercator |
| ZTEM | z-Axis Tipper electromagnetic System |

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Chandalar Mine, Chandalar Gold District Page 13 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

1.0 Executive
Summary

Goldrich Mining Company (Goldrich) is a U.S. based mineral resource company focused on developing the Chandalar gold district in Alaska, USA. Goldrich has retained Global Resource Engineering, Ltd. (GRE) to prepare this Initial Assessment (IA) for the Chandalar deposit within the greater Chandalar Gold Project area, located along the southern flank of the Brooks Range in north east Alaska (Figure 1-1).

**Figure 1-1: Chandalar Project Location**

![(MAP)](gc010_v1.jpg)

This report presents the results of the IA based on data collected from 2007 through 2018, including a mineral resource estimate updated to incorporate drilling completed in 2013 and 2017, as well as mining completed from 2015 through 2018. This report is intended to fulfill 17 Code of Federal Regulations (CFR) §229, "*Standard Instructions for Filing Forms Under Securities Act of 1933, Securities Exchange Act of 1934 and Energy Policy and Conservation Act of 1975 – Regulation S-K*," subsection 1300, "*Disclosure by Registrants Engaged in Mining Operations*." The mineral resource estimate presented herein is classified according to 17 CFR §229.1300 – (Item 1300) Definitions.

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Chandalar Mine, Chandalar Gold District Page 14 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

This IA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves under 17 CFR §229.1300 – (Item 1300). Readers are advised that there is no certainty that the results projected in this IA will be realized.

The Qualified Persons (QPs) responsible for the preparation of this Technical Report are:

● Hamid Samari, PhD

● J. Todd Harvey, PhD

● Terre A. Lane

● Richard Hughes, PE

● Larry Breckenridge, PE

1.1 Property
Description and Location

The Chandalar Gold Project is located in north-central Alaska, north of the Arctic circle, on Alaska state land surface along the southern flank of the Brooks Range. The property is situated at approximately 67°33'N latitude and 148°10'W longitude, roughly 190 air miles (306 kilometers [km]) north of Fairbanks and 48 air miles (77 km) east-northeast of the community of Coldfoot.

Goldrich (formerly the Little Squaw Gold Mining Company) holds approximately 23,000 acres (9,300 hectares [ha]) of minerals rights covering much of the Chandalar Mining District. The property consists of 23 patented federal mining claims and 197 Traditional and MTRSC 40-acre State of Alaska unpatented mining claims. The claim block covers all or portions of:

● Sections 1, 12 and 13 of R4W, T31N

● Sections 1-11, 15, 16 and 21 of R3W, T31N

● Sections 4-6 of R2W, T31N

● Sections 22-28 and 31-36 of R3W, T32N

● Sections 28-33 of R2W, T32N

1.1.1 Arbitration

Prior to August 8, 2019, the Chandalar mine surface placer deposit was leased by Goldrich NyacAU Placer, LLC (GNP), a 50/50% joint venture between Goldrich and NyacAU, to mine the various placer deposits that occur throughout Goldrich's 17,100-acre Chandalar gold project in Alaska. NyacAU was the manager of the joint venture.

On August 8, 2019, Goldrich announced that the joint venture was dissolved because GNP failed to meet the Minimum Production Requirements. According to the terms of the joint venture operating agreement, GNP was required to pay a contractual Minimum Production Requirement of 1,100 ounces for 2016, 1,200 ounces for 2017, and 1,300 ounces for 2018 to Goldrich by October 31, 2018. The Minimum Production Requirement for each year was determined based on the spot price of gold on December 1 of the preceding year.

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Chandalar Mine, Chandalar Gold District Page 15 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

NyacAU filed the formal Notice of Dissolution in May 2019 and received the certificate of dissolution in July with an effective date of June 3, 2019. GNP's lease to mine the placer properties terminated upon dissolution of GNP, and GNP has no further rights to mine the placer properties located on Goldrich's mining claims. The claims remain the property of Goldrich.

GNP is now in the liquidation process, and NyacAU, as the manager of GNP, shall act as liquidator to wind up the joint venture. Most of the equipment used by the joint venture has already been moved off the mine site. The joint venture parties agreed to the Panel retaining jurisdiction and oversight over the liquidation process to its conclusion. Further details of matters relating to the mining claims and the arbitration are discussed in Section 4.4.

1.1.2 Environmental
Liability

The Chandalar project includes several sites of historical mining activity, including both placer gold operations along local creek valleys and lode gold mines in higher elevations. There are few non-reclaimed placer tailings remaining at surface, and no outstanding reclamation is required in those areas. Tailings impoundment ponds from a permitted load mine and milling operation in the late 1980s were sealed in the early 1990s with approval of the Alaska Department of Environmental Conservation (ADEC).

Several minor issues related to historical lode gold mining and processing activities, specifically at the Tobin Creek mill site, were identified in the 1980s by the ADEC. The property lessee declared bankruptcy soon thereafter and did not perform the clean-up; Goldrich carries a current $100,000 accrued remediation cost to execute the approved plan.

Mr. Breckenridge completed a first principal estimate for reclamation of the Chandalar mining area disturbed by GNP's mining activities to the US Army Corps of Engineers (ACOE) permit-approved reclamation plan, which included backfilling all waste into the existing mining pits and re-establishing pre-mining ground contours. The estimate showed reclamation costs of approximately $18.0 million. GRE has proposed a new reclamation plan that will include concurrent backfilling of the new pits to new contours that would include ponds and would not bring the pits to pre-mining contours. In addition, some waste material would remain on waste piles. The costs and work to complete the new reclamation plan are included in this IA and the results reported are net of all costs for reclamation.

1.2 Accessibility,
Climate, Infrastructure, and Physiography

Air access to the project area is available year-round via aircraft from Fairbanks to Goldrich's 5,000-foot (1,520-meter) airstrip at Squaw Lake. Overland access is available only during the winter season and is provided by a 78-mile-long (126-km-long) ice road from Coldfoot to the state-owned airport at Chandalar Lake. From Chandalar Lake, the project is accessed either by a 17-mile (27-km) winter dozer trail to Goldrich's airstrip and camp at Squaw Lake or by a 7-mile (11-km) pioneer road along Tobin Creek to the Tobin Creek mill and mine camp. The Squaw Lake and Tobin Creek camps are connected to all major prospects in the district via a 27.5-mile (44-km) network of all-season mine roads.

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Chandalar Mine, Chandalar Gold District Page 16 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Local terrain is rugged and steep, consisting of talus-covered hill slopes and deeply incised, alluvium-filled valleys. The higher elevations are barren of vegetation except for moss, lichen, and some grasses, and the lower country is mantled by relatively continuous spruce forests. Permafrost in the area is continuous and extends to depths of several hundred feet.

Snowmelt generally occurs toward the end of May and is followed by an intensive 90-day growing season with more than 20 hours of daylight and daytime temperatures ranging from 60 to 80°F (15.6 to 26.7°C). Freezing temperatures return in late August, with freeze-up typically occurring by early- to mid-October. Winter temperatures, particularly in the lower elevations, can drop to -50°F (-45.6°C) or colder for extended periods. Annual precipitation is 15 to 20 inches (38 to 51 centimeters), occurring mostly as late summer rain and early winter snowfall.

Infrastructure includes a 5,000-foot (1.5 km) airstrip and adjoining 25-person camp at Squaw Lake and a 27.5-mile (44-km) network of mine roads. The mine roads provide all-season access to all major gold prospects in the project area and to older camps and airstrips at the Tobin Creek mill site and Big Creek placer site. The Squaw Lake airstrip can readily handle multi-engine cargo aircraft up to C-130 size. The adjoining camp consists of various equipment repair facilities, storage units, office buildings, and sleeping and kitchen facilities.

As there is no electrical grid in northern Alaska, the project relies on diesel generators to power operations.

Goldrich maintains a State of Alaska water right, issued in 1985, allowing the withdrawal of up to 3,000 gallons (11,360 liters) of water per minute for placer mining, and 72,000 gallons (272,550 liters) per day for lode mining. The water can be withdrawn from any of the local streams specified in the permit for use from April through October. The water right is maintained by paying an annual $50 administrative fee and by demonstrating some beneficial use of the water at least once in any 5-year period.

Potable water is sourced from a natural spring located on a patented 5-acre (2-ha) mill site claim at the Squaw Lake camp and airstrip site. The spring flows 140 gallons (530 liters) per minute (gpm) at a year around temperature of 40°F (4.4°C). Water for gravel washing and sluicing is obtained from the Big Squaw Creek.

Goldrich surface rights and land holdings are sufficient for all planned operations and placer and lode gold exploration and production within the Chandalar Gold project area.

1.3 History

The Chandalar district has gone through numerous owners beginning in 1909 up to the present-day ownership by Goldrich.

The long and storied history of prospecting and mining in the Chandalar district is described in detail in several reports: Wolff (1997); Barker and Bundtzen (2004); Strandberg (1990); Barker et.al. (2009). Rich gold placer deposits were first discovered in the district in 1905 along Little Squaw Creek, within the present day Chandalar project area, which was followed by a flurry of prospecting activity, ultimately leading to the discovery of bedrock lode deposits. Maddren (1910) reports that by 1909, four principal auriferous quartz veins had been identified. To date, more than 30 lode deposits and historic lode prospects are known to occur within the Chandalar project area alone.

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Chandalar Mine, Chandalar Gold District Page 17 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Placer gold discoveries in the Chandalar district were relatively deep under frozen overburden. By 1916, shallow, open-cut placer gold mines were playing out and attention shifted to developing placer drift mines (underground operations). Most notable was the Little Squaw Bench, including the Mello Bench, where about 30,000 troy ounces (oz) of gold (Au) were reportedly recovered from gravel averaging 0.96 oz Au/cubic yard (Strandberg, Jr., 1990). The Mello Bench is located on the lower portion of Little Squaw Creek in the southwest quarter of Section 26, T32N, R3W of the Fairbanks Meridian. Drift mining continued through the 1920s but declined in the 1930s as the remaining ground was deeper or lower grade, or in many cases not frozen.

Mining and exploration activity have been carried out in the Chandalar project area sporadically since 1967, when the Tobin Creek placer mine was expanded by the Chandalar Gold Mining and Milling Company. A 100 ton per day (tpd) crush/grind/gravity mill was constructed in 1969, and further exploration, including drilling on both lode and placer targets, was completed throughout the property by a variety of lease holders through 2003, when Goldrich (as LSCMG) acquired the project.

Total documented historical gold production from the entire Chandalar Mining District is approximately 112,000 troy ounces gold, mostly placer gold (Walters, 2020). In 2007, Goldrich discovered and partially drilled out a large placer gold deposit in the Little Squaw Creek drainage, and in 2009, opened the Chandalar Mine as a test project. Favorable results led to the expansion of the mine in 2010. Total production from 2009 to 2018 was approximately 44,209 ounces of fine gold.

1.4 Geological
Setting and Mineralization

The Chandalar district is largely or entirely underlain by the Coldfoot subterrane, which consists mainly of Proterozoic to Lower Paleozoic metasedimentary schist intruded and overlain by bimodal metavolcanics and granitic rocks of Devonian age. In the Chandalar district, metamorphic rocks of the Coldfoot subterrane include schist, phyllite, and slate, with minor amounts of meta-gabbro and meta-diabase. The metamorphic rocks in the Chandalar project area are divided into Upper Plate (Mikado phyllite, Quartz-chlorite-muscovite schist, light grey, blocky, quartz-rich, muscovite-oligoclase schist) and Lower Plate (black schist, phyllite, slate, and quartzite) sequences that are separated by a major low-angle thrust fault plane. (Barker, et al., 2009; Mendham, et al., 2018)

Prior to the Pleistocene glacial advances, ground surface in the project area was low relief. Ancestral drainages, like Little Squaw Creek, were immature second-order streams that formed relatively large alluvial fans on the base level lowland to the north. Pre-glacial surficial features were buried under ice and, ultimately, lateral moraines and meltwater silt, clay, and glaciofluvial marginal deposits. There, the sedimentary section can be divided into a barren upper glacial till section and a lower gold-bearing fluvial section. Locally, the contact between the two is sharp, but typically there is a mixed zone between the two and, overall, the contact is gradational. (Barker, et al., 2009; Mendham, et al., 2018)

Lode mineralization has been identified in veins, one with an exposed length of 150 feet and with widths from 2 to 10 feet. Most vein systems are closely situated within or in the adjacent hanging wall of the major shear faults, but there are exceptions. The Chandalar vein systems sort into two groups. The first group (e.g., Mikado, Eneveloe, Pioneer) is discontinuously mineralized major quartz veins also associated with subparallel gold-bearing lenses, parallel veins, and stringer and sheeted zones, within enveloping zones of alteration, shearing, and gouge. The second group of vein systems (e.g., the Little Squaw, Crystal, Grubstake East and West, the Jackpot, and perhaps the Star) is found in east-west-trending fractures in relatively close proximity to the major shear zones, but more distal than those described above. This type of deposit occurs in subparallel splay faults or fractures that horsetail off the major shear zones. This series of gold-bearing quartz veins-fault zones are likely the source of the gold within the placer deposits in Little Creek catchment. (Barker, et al., 2009; Mendham, et al., 2018)

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Chandalar Mine, Chandalar Gold District Page 18 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

1.5 Deposit
Types

Lode gold occurs throughout the Chandalar property in definable systems of veins, veinlets, disseminations, and auriferous lenses of quartz within or adjacent to northwest-trending shear zones. Lode gold deposits of the Chandalar mining district were previously classified as low-sulfide, quartz-sulfide-gold epithermal vein deposits (Ashworth, 1983). However, Bolin (1984) and Rose et al. (1988) concluded that evidence of boiling did not exist and that the veins were apparently mesothermal, implying deep-seated mineralized systems. A 2004 data review for LSGMC (Barker, et al., 2004) concurred with a mesothermal classification. Data from four exploration seasons support interpretation of the Chandalar veins as metasediment-hosted, orogenic, low-sulfide mesothermal deposits.

Placer gold in the Chandalar Mining district was liberated from lode sources of the former highland weathering surface. The Little Squaw Creek is a second-order stream with valuable gold deposits concentrated in placers in its upper reach and in a wide alluvial fan placer where it exits the canyon. This deposit is geologically characterized as an aggradational placer gold deposit. It is unusual in the sense that it is the only such known alluvial, or placer, gold deposit in Alaska, although many exist in Siberia.

1.6 Exploration

Other than drilling, exploration activities carried out by Goldrich include: local mapping of about 40 identified prospect areas; collection and geochemical analyses of approximately 1,350 soil, 1,305 rock, 67 stream sediment, and 11 water samples; preparation of anomaly maps; a trenching program of 45 trenches with collection of about 550 trench-wall channel samples; and ground magnetometer survey grids of 15 prospect areas and survey lines totaling 28 miles.

To date, Goldrich has collected and assayed a total of 3,431 surface samples covering approximately 65% of Goldrich's property and analyzed approximately 4,500 drill samples.

Two airborne geophysical surveys have also been completed. In 2011, approximately 770 line-miles (1,246 line-kilometers) were flown by an international geophysical contractor over the entire Chandalar property along flight lines 100 meters apart. In 2014, Goldrich completed another airborne radiometric and magnetic survey, also approximately 770 line-miles (1,234 line-kilometers) to test an intrusion-related model for emplacement of lode quartz-gold occurrences.

1.7 Drilling

In 2006, Goldrich conducted a 7,763-foot reverse circulation, 39-hole reconnaissance-level lode exploration drill program on nine of some thirty gold load prospects.

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Chandalar Mine, Chandalar Gold District Page 19 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

In 2007, Goldrich conducted a 15,304-foot, 107-hole reverse circulation (RC) placer evaluation drill program totaling 14,856.5 feet. Of the 107 holes collared, 87 were completed to bedrock, and 20 holes were either abandoned due to ground caving or swelling or were terminated at the full extent (210 feet) of the available drill rod without reaching bedrock.

In 2011, Goldrich completed a 25-hole, 14,444-foot (4,404-meter) exploratory program, using HQ size core, tested six prospect areas located along a 4-km (2.5-mile) long northeast trending belt of gold showings.

Subsequent to GNP leasing the placer claims from Goldrich, in 2013, 72 sonic dill holes totaling 6,253.7 feet were completed and in 2017, 230 sonic drill holes totaling 14,303 feet were drilled.

1.8 Sampling
Preparation, Analyses, and Security

Pan and trench sampling were performed as early-phase exploration to collect sufficient information on which to base future drilling. Drilling on placer targets was performed in 2007, 2013, and 2017, and the collective results were used to support the mineral resource estimate.

Sample preparation included the following:

● Samples were collected from the surface to bedrock every five feet in 2007 and 2013, and every two feet in 2017.

● Typically, two to three buckets of placer material were collected per sample interval. The volume of each sample was measured with a measuring stick, recorded in the inventory notebook, and re-entered into the field panning log.

● Standard panning techniques, including double panning, reduced the sample to a high-grade pan concentrate. The pan concentrate was rinsed into a labelled plastic bag with a zip-lock closure.

● Placer sample concentrates, stored in U.S. Army ammunition cans, were placed into a heavy-duty aluminum strong box in the drill geologist's office. Placer concentrates received in the Fairbanks laboratory were immediately entered into the laboratory's Sample Inventory Log to check for missing sample intervals.

● Samples were then organized and double-panned into a tub in which all pan tailings were accumulated (composited) for a discreet drill hole.

● A high-grade pan concentrate was produced, from which all visible gold was extracted using a pipette. The gold was transferred to a labelled glass vial for further analysis.

● The remaining pan concentrates were transferred to an aluminum weighing boat and dried over low temperature heat. When dry, the heavy minerals were described by relative abundance with the aid of a binocular microscope.

● The pan concentrate was weighed and placed in a labelled paper envelope for storage.

● The accumulated pan tailings for each hole were dried and saved in a labelled, sealed plastic bag.

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Chandalar Mine, Chandalar Gold District Page 20 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

● In skilled hands, a nearly clean separation of gold from gangue can be made, and the resultant fractions were dried in the finishing pan over low-temperature heat.

● Gold particles were classified visually into five weight categories in order to conduct a color count.

● A digital image of each sample with visible gold was captured, edited, and saved on electronic media.

● The sample was then weighed with an Ohaus™ digital analytical balance. Nuggets were weighed and recorded individually.

● All the sample vials for a hole were bundled in a labelled cloth sample bag.

● The gold particles (vials), pan concentrates (paper envelopes), and pan tailings (plastic bag) were then placed in a custom, high strength, labelled cardboard box for storage. These smaller boxes were then placed into larger, heavy-duty labelled cardboard boxes, organized by drill line.

● Finally, all quantitative and descriptive data were entered onto the Weigh-Up Log. A unique label was created at every stage of sample transfer so that the integrity of sample identity was secure.

1.9 Data
Validation

GRE QPs Dr. Samari and Ms. Lane visited the property on September 4 and 5, 2019. In addition to visiting the Chandalar placer area, the party toured all existing facilities and observed all equipment remaining from previous phases of exploration and mining activities. Drill hole collars had been obliterated by mining activity, making it impossible to confirm drill hole locations. Instead, GRE checked the approximate locations of the drilling lines at Chandalar from line 1.2 in the north to line 10 in the south.

GRE's QPs collected five 5-gallon buckets from the lower gold bearing fluvial section of the Chandalar deposit for panning at the site. The QPs also selected two chip rocks samples for assay analysis. Only one of the five bucket samples had a gold bead, which weighed 28.35 mg. The assay results from two chip samples were negative and did not show gold. The other sample, from quartz vein in schist, showed that not all quartz veins are gold-bearing quartz veins in the Little Squaw catchment.

Field observations made during the site visit generally confirm previous reports and maps of the geology of the project area. Based on the results of GRE's review of the sampling effort, verification of drilling lines and their profiles in the field, gold grade check sample analysis, the results of the QP's on-site sampling and panning, and the results of both manual and mechanical database audit efforts, the QP considers the gold grade data contained in the project database to be reasonably accurate and suitable for use in estimating mineral resources.

1.10 Mineral
Processing and Metallurgical Testing

Chandalar project is a placer deposit that uses gravity recovery. Any gold contained within the rock matrix of the gravel that is not recovered in a gravity concentrate is not included in the estimation of head grade or incorporated in the recovery. The gold recovered in the gravity concentrate is the recoverable gold, i.e., gold recovery of the concentrate is 100%. Historical mining validates this observation.

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Chandalar Mine, Chandalar Gold District Page 21 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Mining operations in 2009 and 2010 at Chandalar employed a traditional wash plant consisting of a feed hopper with water sprays to move the material into a rotating trommel, after which the undersize reported to a series of sluice boxes fitted with riffles and miner's moss. Mining operations from 2013 through 2018 used a feed hopper and screens with water sprays instead of a trommel. The process method, gravity concentration, recovers gold particles that have been liberated from the host rock. The sampling method similarly recovers the liberated gold particles, thus gold recovery during operations is estimated to be 100 percent of the sampled grade. Historical refinery records show the gold from the Chandalar placer are 84% pure (840 fine); GRE applied the 84% purity factor in the economic analysis.

1.11 Mineral
Resource Estimate

The Chandalar resource database includes 395 drill holes, totaling 35,930 feet (104 2007 drill holes totaling 15,373.4 feet, 61 2013 drill holes totaling 6,253.7 feet, and 230 2017 drill holes totaling 14,303 feet). The Goldrich-provided database contained several grade fields, including one named "Grade_HL" and another named "composite au 2013, 2017." The 2007 and 2013 drilling samples (5,042 samples) were analyzed by Goldrich (contained in the Grade_HL field) and 7,671 (contained in the composite au 2013, 2017 field) were analyzed by NyacAU, of which 5,632 were used, resulting in 10,674 assay values in the complete data set.

Gold grades from the 2007 campaign were provided as 999 fine gold values. Grades for the 2013 and 2017 drilling were provided in raw gold with an 870 fineness. GRE converted the 2007 values to raw gold (870 fineness) to create a consistent data set of raw gold for the resource estimation. Drill intervals with missing assay values were set to 0 under the assumption that they were deemed unmineralized intervals by the geologist during the sample selection.

A Goldrich consulting geologist, Cherrie Lam, created a pay gravel wire frame solid using a 0.002 oz Au/bank cubic yard (bcy) cutoff to describe the mineralized volume of the pay gravel. GRE reviewed the wire frame solid and used it to constrain the resource estimate and to prevent excessive dilution from material outside the pay gravel.

Because the project has been previously mined and partially backfilled, current ground topography does not represent the mined-out areas of the project. Ms. Lane created a surface representing the mined-out bottom from a series of topography contour files conducted at various times throughout the mining.

The assay data was composited to a length of 10 feet. Ms. Lane analyzed the composite values and determined that capping was not necessary.

Block grades were estimated by a single pass estimator using the inverse distance cubed (ID3) method. Remaining mineral resources are classified as Measured, Indicated, or Inferred based on the minimum distance to a composite value as follows:

● Measured: 0-75 feet

● Indicated: 76-150 feet

● Inferred: 151-400 feet

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Chandalar Mine, Chandalar Gold District Page 22 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

The pit-constrained Mineral Resource Estimate for the Chandalar Deposit is presented in Table 1-1.

**Table 1-1: Chandalar Mine Pit-Constrained Resources**

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| **Classification** | **Resource Volume<br> (1000s bcy)** | **Raw Gold Grade (t.oz./bcy)** | **Raw Gold <br> (1000s t. oz)** | **Fine Gold <br> (1000s t. oz)** |
| Measured | 2609 | 0.0302 | 79 | 69 |
| Indicated | 2188 | 0.0265 | 58 | 50 |
| Measured & Indicated | 4797 | 0.0285 | 137 | 119 |
| Inferred | 771 | 0.0245 | 19 | 16 |

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1) The effective date of the Mineral Resource is May 31, 2021.

2) The Qualified Person for the estimate is Terre Lane of GRE.

3) Mineral Resources are inclusive of Mineral Reserves; Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

4) Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

5) The Mineral Resource is constrained by a 0.002 raw troy ounce per bank cubic yard grade shell and a 0.004 raw troy ounce per bank cubic yard cutoff (840 fineness) at an assumed gold price of 1,600 $/tr oz, assumed mining cost of 4.50 $/bcy, assumed processing and administrative cost of 7.25 $/bcy, an assumed gold purity of 84%, and pit slopes of 45 degrees. These costs are preliminary estimates (prior to economic analysis).

1.12 Mining
Methods

The deposit is a frozen (permafrost) placer that requires conventional open pit mining methods using drill, blast, load, and haul mining methods to mine the frozen gravels, rather than more conventional placer mining methods. Previous operators used the conventional open pit mining methods.

Ms. Lane generated pit shells using Whittle Lerchs-Grossman software using reasonable mining assumptions of $4.50/bcy mining cost, $7.25/ore bcy processing and G&A cost, fineness of 84%, and pit slopes of 45 degrees. Twenty-eight pit shells were generated using gold prices ranging from $300/Au raw ounce to $3,000/Au raw ounce, in increments of $100/Au raw ounce. After a preliminary review of the pit shell data economics, Ms. Lane focused on the $1,400/Au raw ounce pit shell. The pit shell was imported into Geovia GEMS software, where it was segregated into six separate pits or pit pushbacks designated as Lower Pit A, Lower Pit B, Lower Pit C, Upper Pit A, Upper Pit B, and Upper Pit C. Each pit/pushback was designed with haul roads.

In a Multi-Scenario Economic Model, GRE evaluated 30 cases:

● Three phasing options:

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| **Phasing Sequence<br> Designation** | **Phase 1** | **Phase 2** | **Phase 3** | **Phase 4** | **Phase 5** | **Phase 6** |
| 1 | Lower Pit A | Upper Pit A | Upper Pit B | Lower Pit B | Lower Pit C | Upper Pit C |
| 2 | Upper Pit A | Upper Pit B | Upper Pit C | Lower Pit A | Lower Pit B | Lower Pit C |
| 3 | Upper Pit A | Lower Pit A | Lower Pit B | Lower Pit C | Upper Pit B | Upper Pit C |

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● Five cutover grades (the grade that distinguishes high-grade material from low-grade material): 0.004 opy, 0.006 opy, 0.008 opy, 0.010 opy, and 0.012 opy

● Two production rates:

○ The "ramp-up" production option: 4,000 bcy/day for the first year and 8,000 bcy/day for all subsequent years (a single wash plant can process 4,000 bcy/day)

○ 4,000 bcy/day for the project duration

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Chandalar Mine, Chandalar Gold District Page 23 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

For cutover grades higher than 0.004 opy, which is considered the economic cutoff grade (see equation below), low-grade material would be stockpiled for processing following completion of all high-grade material processing.

To calculate the economic cutoff grade, GRE used typical placer mining costs of $3.25/bcy processing + $3.00/bcy G&A.

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| Economic Cutoff Grade: | ![(IMAGE)](gc076_v1.jpg) | 0.005 opy, which GRE rounded down to 0.004 |

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The economic cutoff grade is the marginal cutoff grade, i.e., processing and G&A costs are applied, but mining costs are not applied. The costs used in this calculation are preliminary estimates (prior to economic analysis).

Based on the economic analysis of all 30 cases, GRE selected phasing option 2 at a cutover grade of 0.012 opy, and the ramp-up production option, from a rate of 4,000 bcy/day year one, to 8,000 bcy/day year two and after.

Mine scheduling included the production rate, a two 12-hour shift per day, seven-day per week schedule of 120 days between May 17 and September 13 each year. Ms. Lane included a gradual ramp-up to full production during the first year, as shown in Table 1-2.

**Table 1-2: Processing Ramp Up**

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| | |
|:---|:---|
| **Year/Month** | **Percent of Production** |
| Year 1/first month | 25% |
| Year 1/second month | 50% |
| Year 1/third month | 75% |
| Year 1/remaining months | 100% |

---

In addition, for the ramp-up production options, GRE included gradual ramp-up from 4,000 bcy/day to 8,000 bcy/day for the first two months of the second year.

High-grade material stockpiled during the first-year ramp-up to full production and low-grade stockpiled material was scheduled to be processed after completion of regularly scheduled high-grade material processing. The schedule resulted in a project life of five years.

A final reclamation plan was developed that provides for partial backfilling of the pits. As much as possible, waste material will be backfilled into the pits concurrent with mining activities.

The mine layout would include a process wash site, high-grade and low-grade ore material stockpiles, interim waste dumps required to store waste that cannot be directly backfilled into the pits, and final waste dumps for material not scheduled to be returned to the pits.

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The process material and waste would be drilled and blasted using a rotary crawl driller and ammonium nitrate fuel oil (ANFO). Processable material would be hauled using dump trucks from the pit to the wash plant, while waste rock would be hauled using dump trucks to the interim waste dumps or previously mined pit.

The evaluation uses Caterpillar 745G trucks, with a heaped capacity of 32.7 loose cubic yards, and Caterpillar 982M loaders, with a bucket capacity of 5 loose cubic yards.

Surface and in-pit haul roads are designed with a width of 45 feet. The maximum road grade in pit is 10%.

Ms. Lane used a 20-foot bench height with a 68.2-degree batter angle for the Chandalar pit designs. The 20-foot bench height was selected to satisfy the degree of selectivity anticipated for the grade control effort and to minimize dilution. Catch benches would occur on every bench with a width of 12 feet. This results in overall inter-ramp pit slopes of 45 degrees.

A conceptual General Facility Arrangement is shown in Figure 1-2.

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**Figure 1-2: General Facility Arrangement**

![(MAP)](gc011_v1.jpg)

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1.13 Recovery
Methods

Dr. Harvey has recommended the use of two mobile wash plants shaker systems combined with a feed hopper with a side dumping grizzly, a belt feeder, and plant feed conveyor. The plant consists of a feed receiver with water sprays, a vibrating screen deck, and a double sluice box. The coarse tailings are transported via a series of portable conveyors to a slewing stacker. Having a feed hopper with a grizzly reduces oversize damage to the screen and hopper damage from the mobile equipment. The use of portable conveyors and a stacking conveyor reduce the rehandling of coarse tailings and allow strategic placement in a single handle, reducing rehandle and closure costs. A small gold cleanup system has also been provided that includes a trommel, sluice, and table to produce final doré for sale. Figure 1-3 shows the conceptual process flow sheet for the project.

**Figure 1-3: Chandalar Process Flow Diagram**

![(MAP)](gc012_v1.jpg)

1.14 Project
Infrastructure

The project has been successfully explored and has supported mining and washing plant operations since 2012. The current infrastructure includes:

● 27.5-mile (44-km) network of all-season mine roads

● 5,000-foot airstrip capable of landing C-130s ("Hercs") plus a 4,400-foot abandoned airstrip

● Camp facilities (some owned by NyacAU)

● Generators for the camp and shops

● Shops

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● Existing haul roads, pits, waste rock piles,

● Water supply for camp

● Water supply for washing plant

● Gold panning equipment and building

1.15 Market
Studies and Contracts

Placer gold is readily marketable and market studies are not needed.

1.16 Environmental
Studies, Permitting, and Social or Community Impact

The Chandalar mine has been permitted by the ACOE for reclamation work required to return the property to pre-mining conditions after completion of mining activity.

Permit number POA-2009-366, now on its third modification, was issued on April 8, 2019, and was modified to require the permittee to conduct reclamation on the Upper and Lower Mine Pits, discharging approximately 2,700,000 cubic yards of overburden material into mine pits that were excavated in wetlands and uplands, re-contouring the landscape, and restoring approximately 6,070 linear feet of stream channel. The time limit for completing the work authorized ends on April 30, 2024; however, request for a time extension may be submitted up to one month before permit expiration.

1.17 Reclamation
Plan

Mr. Breckenridge reviewed the prior reclamation plan and found that it required significant modification to match the requirements of the future project. As a result, Mr. Breckenridge prepared a revised reclamation plan in accordance with what are believed to be acceptable governmental environmental requirements. The current reclamation plan includes the reclamation to modified streambed topography, and the formation of a post-mining pond. Mine waste piles, stream channels, roads, plant areas, the airstrip, and other impacted ground will be reclaimed and revegetated in accordance with existing laws. Concurrent reclamation will be prioritized in the mining operation.

1.18 Costs
and Economics

Capital costs for the project include mining production and support equipment leases that assume 25% down payment of the purchase price and a lease term varying from 20 to 26 quarters, depending on the piece of equipment and when it is needed on the project at 5% interest, a heavy equipment shop and fuel station, process equipment, camp, and site development. Facilities such as dry, cap magazine, guard house, office, and warehouse are either already available on site or will be outfitted from shipping containers. The estimated capital costs total $25.6 million, with initial capital of $15.1 million. GRE obtained vendor quotes for much of the capital costs. Other costs were estimated based on GRE's experience, GNP historical cost data for the project, and InfoMine resources (InfoMine, 2018; InfoMine, 2020).

Operating cash costs are based on a surface mine plan, haul cycle analysis, drill and blast cost analysis, with delivery to the remote mining site by either air (landing strip at the mine site) or by Cat train. Remote labor rates and burdens were used that are consistent with other remote mining operations in the arctic region of Alaska. Power costs for the camp and wash plants is based on generated power using diesel fuel. The estimated operating costs total $95.2 million, with a cash operating cost of $646/fine Au oz and an all-in sustaining cost of $799/fine Au oz.

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Ms. Lane prepared an economic evaluation of the project using a 24-month trailing average gold price of $1,650/Au oz, as stipulated in 17 Code of Federal Regulations (CFR) §229, "*Standard Instructions for Filing Forms Under Securities Act of 1933, Securities Exchange Act of 1934 and Energy Policy and Conservation Act of 1975 – Regulation S-K*," subsection 1300, "*Disclosure by Registrants Engaged in Mining Operations,*" and assuming a raw gold recovery of 100% and ratio of fine gold to raw gold of 84%. The 100% recovery from the wash plants is based on the use of recoverable gold assays for the feed material; recovery losses are accounted for in the feed grade calculations as is typical of placer mining. Smelter charges of 3.6% were applied. Ms. Lane included an order of magnitude, generalized tax calculation that included five-year straight-line depreciation, depletion allowance calculated as 15% of revenues up to a maximum of 50% of before-tax income minus depreciation, Federal tax at 21% applied to the taxable income, and Alaska corporate tax, mining license tax, and production royalty applied to the taxable income.

Note: Ms. Lane is not an expert in taxes and relied on information provided by Goldrich and obtained from on-line searches of U.S. and Alaska tax codes to generate a tax model for the project. The calculations are based on the tax regime as of the date of this 2022 Revised and Amended IA. The tax calculations should be considered approximations because actual tax estimates involve complex calculations that can be accurately determined only during operations.

Sensitivity analyses indicate extreme sensitivity to gold price and moderate sensitivity to both capital and operating costs. A positive valuation, however, was maintained across a wide range of sensitivities on key assumptions. Key economic results with a summarized gold price sensitivity analysis are shown in Table 1-3.

**Table 1-3: Key Economic Results**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Base Case<br> $1,650 Gold** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** |
| **Parameter** | **Base Case<br> $1,650 Gold** | **$1500** | **$2000** | **$2500** |
| State Royalties: | 3% | 3% | 3% | 3% |
| Undiscounted Pre-Tax Net Cash Flow: | $75 million | $57 million | $116 million | $175 million |
| Pre-tax NPV@5%: | $67 million | $51 million | $104 million | $158 million |
| Pre-tax NPV@7%: | $64 million | $49 million | $100 million | $151 million |
| Pre-tax NPV@9%: | $61 million | $47 million | $963 million | $146 million |
| Pre-tax IRR: | 256.0% | 187.8% | 482.7% | 1243.4% |
| After-tax NPV@5%: | $64 million | $50 million | $92 million | $129 million |
| After-tax NPV@7%: | $61 million | $48 million | $88 million | $123 million |
| After-tax NPV@9%: | $58 million | $45 million | $84 million | $118 million |
| After-tax IRR: | 138.8% | 112.4% | 195.5% | 275.0% |
| Undiscounted After-tax Net Cash Flow: | $72 million | $57 million | $103 million | $145 million |
| After-tax Payback Period: | 1.33 | 1.44 | 1.19 | 1.08 |
| All-in Sustaining Costs: | $799/Au ounce | $799/Au ounce | $799/Au ounce | $799/Au ounce |
| All-in Costs: | $1064/Au ounce | $1064/Au ounce | $1064/Au ounce | $1064/Au ounce |
| Total Operating Costs: | $646/Au ounce | $646/Au ounce | $646/Au ounce | $646/Au ounce |

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The project economics shown in this IA are favorable, providing positive NPV at varying gold prices, capital costs, and operating costs.

1.19 Interpretations
and Conclusions

The Chandalar district is located in a remote portion of Alaska in the Brooks Range. The district has hosted both placer and lode gold production since the early 1900s. The remote location and harsh winters have limited access, making large scale exploration and mine production difficult. This moderated the success of past efforts. The more recent access to the site via winter road and modern air strips have opened up the area to modern exploration and mining production methods. The Chandalar project hosts both placer and lode gold mineralization; the full potential of each have not been fully tested.

Sensitivity analyses indicate extreme sensitivity to gold price and moderate sensitivity to both capital and operating costs. A positive valuation, however, was maintained across a wide range of sensitivities on key assumptions.

1.19.1 Risks

This IA is preliminary in nature and includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves under 17 CFR §229.1300 – (Item 1300). Readers are advised that there is no certainty that the results projected in this initial assessment will be realized. There is inherent engineering and metallurgical risk in all projects at this early stage of development, which are reduced as metallurgical test work and engineering studies, including the prefeasibility and feasibility studies, progress. This project, as with others, would be negatively impacted should gold recovery prove to be less than that used in the study (due to clay or other factors) or positively impacted higher grades are encountered. Similarly, if further geotechnical or reclamation requirements change, the project could be impacted positively or negatively. The largest likely impact would be future changes in the price of gold.

The site has low environmental and permitting risk; however, prior reclamation plans had nearly-complete backfilling. There is a small probability that similar backfilling would be required. This would result in higher closure costs.

The final topographic surface GRE used for the resource estimate stitched together the final 2018 survey completed by GNP on 21 September 2018, which is limited to the areas immediately surrounding the mined areas, and the translated 2019 LIDAR survey. This stitched together surface constitutes a small risk to the estimated resources, but because the 2018 surface would be lower than the 2019 surface due to backfilling that may have occurred in 2019 and due to the fact that there was no mining conducted in 2019, GRE believes the estimated remaining in-situ resource would not change with the 2019 topographic surface but that there could be additional waste backfilled above the estimated resource.

Similarly, the stitched together mining extents of mining could represent a risk if the surfaces provided to GRE do not fully encompass the mining completed by GNP.

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1.19.2 Opportunities

Ms. Lane has identified the following opportunities:

● Lode exploration potential

● Other placer deposits on Goldrich controlled ground

● Additional placer gold potential downstream of the currently explored area

● Variable cutoff grade strategies

● Winter pre-stripping of waste

● Mine plan optimization

1.20 Recommendations

The Chandalar placer deposit has been successfully mined, and approximately 156,000 raw ounces of gold remain and appear to be recoverable with conventional mining and placer gold wash plant operation. In order to begin operations, permits need to be acquired, either through negotiation with NyacAU, or new operating permits must be obtained.

A detailed mining plan should be created to carefully plan material movement to concurrently reclaim the mine with operations.

A geologic model of lithology and clays would be helpful to optimize the mine plan.

Ms. Lane recommends the company proceed to a Pre-Feasibility Study (PFS) concurrent with obtaining new operating permits. Once the operating permits are in place and the PFS has been published, Ms. Lane recommends the company proceed with plans to restart operations.

The mine will require modified permits with the ACOE. These should commence as soon as possible to avoid delays.

Ms. Lane recommends compiling all existing geologic data, property-wide, and conducting new mapping and geophysical surveys of high priority targets in preparation for drill campaigns.

The coordinate system for the project is a local Imperial coordinate system; some surveying has been conducted in this local coordinate system while others have been performed in UTM NAD83. Ms. Lane recommends adding the UTM coordinates to the drill hole database and using that grid and metric measurements for all project work going forward.

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2.0 Introduction

This Technical Report was revised and amended on February 24, 2023 from the original Report issued on May 5, 2021 and the Revised and Amended Report issued on November 10, 2022.

Goldrich Mining Company (Goldrich) is a U.S. based mineral resource company focused on developing the Chandalar gold district in Alaska, USA. Goldrich has retained Global Resource Engineering, Ltd. (GRE) to prepare this Initial Assessment (IA) for the Chandalar deposit within the greater Chandalar Gold Project area, located along the southern flank of the Brooks Range in north-central Alaska.

2.1 Purpose
of the Technical Report

This report presents the results of the IA based on data collected from 2007 through 2017, including a mineral resource estimate updated to incorporate drilling completed in 2013 and 2017, as well as mining completed from 2009 through 2018. This report is intended to fulfill 17 Code of Federal Regulations (CFR) §229, "*Standard Instructions for Filing Forms Under Securities Act of 1933, Securities Exchange Act of 1934 and Energy Policy and Conservation Act of 1975 – Regulation S-K*," subsection 1300, "*Disclosure by Registrants Engaged in Mining Operations*." The mineral resource estimate presented herein is classified according to 17 CFR §229.1300 – (Item 1300) Definitions.

This IA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves under 17 CFR §229.1300 – (Item 1300). Readers are advised that there is no certainty that the results projected in this IA will be realized.

2.2 Qualified
Persons and Personal Inspection

The Qualified Persons (QPs) responsible for this report are:

● Hamid Samari, PhD, MMSA 01519QP, Senior Geologist, GRE

● J. Todd Harvey, PhD, SME 4144120RM, Director of Process Engineering, GRE

● Terre A. Lane, MMSA 01407QP, SME 4053005RM, Principal Mining Engineer, GRE

● Richard Hughes, PE (AK EM-5531), Goldrich

● J. Larry Breckenridge, PE, (CO 38048) Principal Environmental Engineer, GRE

Ms. Lane and Dr. Samari conducted a personal inspection of the Chandalar deposit on September 4 and 5, 2019. Dr. Samari, Dr Harvey, Ms. Lane, and Mr. Breckenridge are collectively referred to as the authors of this IA.

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Table 2-1 identifies QP responsibility for each section of this report.

**Table 2-1 List of Contributing Authors**

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| | | |
|:---|:---|:---|
| **Section** | **Section Name** | **Qualified Person** |
| 1.1 – 1.3 | Summary | Terre Lane |
| 1.4 – 1.9 | Summary | Hamid Samari |
| 1.10 | Summary | J. Todd Harvey |
| 1.11 – 1.12 | Summary | Terre Lane |
| 1.13 | Summary | J. Todd Harvey |
| 1.14 – 1.15 | Summary | Terre Lane |
| 1.16 – 1.17 | Summary | Larry Breckenridge |
| 1.18 – 1.20 | Summary | Terre Lane |
| 2 | Introduction | Terre Lane |
| 3 | Reliance on Other Experts | Terre Lane |
| 4 | Property Description and Location | Terre Lane and Larry Breckenridge |
| 5 | Accessibility, Climate, Local Resources, Infrastructure, and Physiography | Terre Lane |
| 6 | History | Terre Lane |
| 7 | Geological Setting and Mineralization | Hamid Samari |
| 8 | Deposit Types | Hamid Samari |
| 9 | Exploration | Hamid Samari |
| 10 | Drilling | Hamid Samari |
| 11 | Sample Preparation, Analyses and Security | Hamid Samari |
| 12 | Data Verification | Hamid Samari |
| 13 | Mineral Processing and Metallurgical Testing | J. Todd Harvey |
| 14 | Mineral Resource Estimates | Terre Lane |
| 15 | Mineral Reserve Estimates | Terre Lane |
| 16 | Mining Methods | Terre Lane |
| 17 | Recovery Methods | J. Todd Harvey |
| 18 | Project Infrastructure | Terre Lane |
| 19 | Market Studies and Contracts | Terre Lane |
| 20 | Environmental Studies, Permitting and Social or Community Impact | Larry Breckenridge |
| 21 | Capital and Operating Costs | Terre Lane |
| 22 | Economic Analysis | Terre Lane |
| 23 | Adjacent Properties | Terre Lane |
| 24 | Other Relevant Data and Information | Terre Lane |
| 25 | Interpretation and Conclusions | Terre Lane |
| 26 | Recommendations | Terre Lane |
| 27 | References | Terre Lane |

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Note: Where multiple authors are cited, refer to author certificate for specific responsibilities.

2.3 Sources
of Information

The following information was provided by Goldrich:

● Drill hole records

● Project history

● Sampling protocols

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● Geological and mineralogical data and interpretations

● Data, reports, and opinions from third-party entities

● Prior permitting documents and reclamation plans

● Gold assays from original records and reports

● Claim information and land position

● Royalty agreements

A portion of the background information and technical data presented in this report was obtained from a previous Technical Report on the Chandalar Gold Project (Barker, et al., 2009), and from a recent, unpublished technical report specific to the Chandalar deposit (Mendham, et al., 2018). Historical documents and data sources used during the preparation of this report are cited in the text, as appropriate, and are summarized in current report Section 27.

2.4 Units

Unless otherwise stated, all measurements are reported in U.S. imperial units, volumes are presented as bank cubic yards, and grade is reported as troy ounces per bank cubic yard (opy).

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3.0 Reliance
on Other Experts

GRE QPs have fully relied upon and disclaims responsibility for information provided by Goldrich regarding property ownership, mineral tenure, and permitting and environmental aspects of the project. Such information is presented in Sections 4 and 5 of this report.

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4.0 Property
Description and Location

4.1 Location

The Chandalar Gold Project is located in north-central Alaska, north of the Arctic circle, on Alaska state land surface along the southern flank of the Brooks Range. The property is situated at approximately 67°34'N latitude and 148°10'W longitude (Figure 4-1), roughly 190 air miles (306 kilometers [km]) north of Fairbanks and 48 air miles (77 km) east-northeast of the community of Coldfoot.

**Figure 4-1: Location of Chandalar Mining District, Alaska**

![(MAP)](gc013_v1.jpg)

Source: <u>https://www.sec.gov/Archives/edgar/data/59860/000105291812000312/grmcs1jun2812.htm</u>

Coldfoot is the community nearest to the Chandalar district and offers basic municipal amenities such as lodging, food, fuel, and communications, as well as a state-maintained airport. Coldfoot is an important service center along the Dalton Highway, which parallels the Trans Alaska Pipeline and provides the only road access to the Prudhoe Bay oil fields on Alaska's North Slope.

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4.2 Property
Description

Goldrich (formerly the Little Squaw Gold Mining Company [LSGMC]) holds approximately 23,000 acres (9,300 hectares [ha]) of minerals rights covering much of the Chandalar Mining District. The property consists of 23 patented federal mining claims and 197 unpatented state mining claims (Figure 4-2). The claim block covers all or portions of:

● Sections 1, 12, 13 and 24 of R4W, T31N

● Sections 1-11, 15-22, 27, 28, 34 and 35 of R3W, T31N

● Sections 4-6 of R2W, T31N

● Sections 22-28 and 31-36 of R3W, T32N

● Sections 28-33 of R2W, T32N

Map coverage of the project area is provided by the Chandalar C-3 15-minute topographic quadrangle. Approximate boundaries of the claim block are as presented in Table 4-1 as Universal Trans Mercator (UTM) coordinates using North American Datum (NAD) 27.

**Figure 4-2: Chandalar Gold Project – Goldrich Mining Claims, Significant Historical Mines, Access Roads**

![(MAP)](gc014_v1.jpg)

**Table 4-1: Approximate Claim Block Boundaries**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Boundary** | &nbsp;&nbsp;**Lat-Long** | &nbsp;&nbsp;**UTM NAD 27** |
| &nbsp;&nbsp;North boundary | &nbsp;&nbsp;67° 35' 28" N | &nbsp;&nbsp;7,497,644 meters N |
| &nbsp;&nbsp;South boundary | &nbsp;&nbsp;67° 29' 24" N | &nbsp;&nbsp;7,486,406 meters N |
| &nbsp;&nbsp;West boundary | &nbsp;&nbsp;148° 21' 11" W | &nbsp;&nbsp;442,448 meters E |
| &nbsp;&nbsp;East boundary | &nbsp;&nbsp;147° 58' 52" W | &nbsp;&nbsp;458,298 meters E |

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The 23 patented claims are comprised of 22 Federal mineral claims plus one mill site claim, together totaling 426.5 acres (172.6 ha), clustered in four separate tracts that cover most of the known historical lode gold system. The unpatented claims include 59 Alaska state claims of 40 acres (16.2 ha) each and 138 Alaska state claims of 160 acres (64.8 ha) each.

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The 197 state claims, identified by state ADL/Serial numbers, are listed in Table 4-2.

**Table 4-2: State Claim List**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**State ADL/Serial #s** | &nbsp;&nbsp;**Number of Claims** | &nbsp;&nbsp;**Comments** |
| &nbsp;&nbsp;40-acre state claims | &nbsp;&nbsp;40-acre state claims | &nbsp;&nbsp;40-acre state claims |
| &nbsp;&nbsp;319523 - 319533 | &nbsp;&nbsp;11 |  |
| &nbsp;&nbsp;515440- 515445 | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;515447 | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;515452 | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;515468 - 515474 | &nbsp;&nbsp;7 | &nbsp;&nbsp;purchased 2003 |
| &nbsp;&nbsp;641349 - 641368 | &nbsp;&nbsp;20 | &nbsp;&nbsp;court award |
| &nbsp;&nbsp;645852 | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;649584 - 649592 | &nbsp;&nbsp;9 | &nbsp;&nbsp;purchased 2010 |
| &nbsp;&nbsp;663873-663874 | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;667284 | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;**total 40-acre claims** | &nbsp;&nbsp;**59** |  |
| &nbsp;&nbsp;160-acre state claims | &nbsp;&nbsp;160-acre state claims | &nbsp;&nbsp;160-acre state claims |
| &nbsp;&nbsp;553169 | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;641504 – 641558 | &nbsp;&nbsp;55 |  |
| &nbsp;&nbsp;645239 – 645246 | &nbsp;&nbsp;8 |  |
| &nbsp;&nbsp;653068 – 653091 | &nbsp;&nbsp;24 |  |
| &nbsp;&nbsp;657650 – 657652 | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;661131 – 661132 | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;663875 - 663886 | &nbsp;&nbsp;12 |  |
| &nbsp;&nbsp;709124 – 709156 | &nbsp;&nbsp;33 |  |
| &nbsp;&nbsp;**Total 160-acre claims** | &nbsp;&nbsp;**138** |  |

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Twenty-nine of the 40-acre claims were located prior to September 2003; the remaining 30 of the 40-acre claims together with all 138 of the 160-acre claims were located between September 2003 and 2011 under new Alaska state Meridian-Township-Range-Section-Claim (MTRSC) staking regulations. These newer claims were purposely staked to overlap parts of the older claims to cover any fractional land segments. For this reason, the total area of the unpatented claims is not exactly known but is thought to be approximately 22,858 acres (9,250 ha).

The 23 patented Federal claims are identified by U.S. Patent number in Table 4-3.

**Table 4-3: Federal Claims**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Claim Group** | &nbsp;&nbsp;**No. of Claims** | &nbsp;&nbsp;**U.S. Patent No.** | &nbsp;&nbsp;**Acres** | &nbsp;&nbsp;**Dates** |
| &nbsp;&nbsp;Little Squaw lode | &nbsp;&nbsp;5 | &nbsp;&nbsp;1022769 | &nbsp;&nbsp;96.215 | &nbsp;&nbsp;1929 |
| &nbsp;&nbsp;Little Squaw lode | &nbsp;&nbsp;1 | &nbsp;&nbsp;1036360 | &nbsp;&nbsp;20.102 | &nbsp;&nbsp;1930 |
| &nbsp;&nbsp;Little Squaw lode | &nbsp;&nbsp;1 | &nbsp;&nbsp;1036361 | &nbsp;&nbsp;19.582 | &nbsp;&nbsp;1930 |
| &nbsp;&nbsp;Little Squaw lode | &nbsp;&nbsp;2 | &nbsp;&nbsp;1088433 | &nbsp;&nbsp;41.101 | &nbsp;&nbsp;1937 |
| &nbsp;&nbsp;Bonanza Gold lode | &nbsp;&nbsp;3 | &nbsp;&nbsp;1036358 | &nbsp;&nbsp;61.446 | &nbsp;&nbsp;1930 |
| &nbsp;&nbsp;Bonanza Gold lode | &nbsp;&nbsp;2 | &nbsp;&nbsp;1085903 | &nbsp;&nbsp;37.209 | &nbsp;&nbsp;1936 |
| &nbsp;&nbsp;Bonanza Gold lode | &nbsp;&nbsp;1 | &nbsp;&nbsp;1085904 | &nbsp;&nbsp;20.655 | &nbsp;&nbsp;1936 |
| &nbsp;&nbsp;Mikado lode | &nbsp;&nbsp;3 | &nbsp;&nbsp;1024558 | &nbsp;&nbsp;58.964 | &nbsp;&nbsp;1929 |
| &nbsp;&nbsp;Star lode | &nbsp;&nbsp;3 | &nbsp;&nbsp;1036359 | &nbsp;&nbsp;50.553 | &nbsp;&nbsp;1930 |
| &nbsp;&nbsp;Squaw Creek placer | &nbsp;&nbsp;1 | &nbsp;&nbsp;1036362 | &nbsp;&nbsp;15.718 | &nbsp;&nbsp;1930 |
| &nbsp;&nbsp;Spring Creek millsite | &nbsp;&nbsp;1 | &nbsp;&nbsp;1091946 | &nbsp;&nbsp;4.961 | &nbsp;&nbsp;1938 |

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Chandalar Mine, Chandalar Gold District Page 38 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

4.3 Mineral
Title, Taxes, Royalties, and Fees

The State of Alaska recognizes mining claim locations according to a state-wide township-range-section grid, with the claim location positions filed with the state having legal priority over locations staked in the field. The Chandalar state mining claims are recorded at the Fairbanks Recording District and at the Alaska Division of Mining, Land, and Water in the Alaska Department of Natural Resources, Fairbanks, Alaska. The patented claims are located relative to two mineral location monuments established at the time of the mineral surveys; these documents are on file with the U.S. Bureau of Land Management office in Fairbanks.

Alaska state mining claims are maintained by payment of annual rentals and the performance of assessment work. Annual rental costs are based on the number of years of continuous activity since a mining claim was first located, a sliding scale for the first 10 years ranging from $40 to $205 for each 40-acre claim and from $165 to $825 for each 160-acre claim. The state offers a 50% claim rental rebate after the first year of location as an incentive to stake 160-acre MTSRC claims; this rental rebate does not apply to Goldrich's Chandalar Mine, all of which are more than one year old. Annual assessment work expenditures are $100 for each 40-acre claim and $400 for each 160-acre claim. Work expenditures exceeding the required annual amount are bankable for up to four years. The total costs to maintain Goldrich's state mining claims for 2020 at Chandalar are US $187,845 consisting of US $125,945 for claim rentals and US $61,100 for assessment work. Exploration expenditures by the company from 2006 to 2020 applicable against future annual assessment work requirements total US $20.1 million.

Alaska's tax and regulatory policy is widely viewed by the mining industry as offering favorable environment for establishing new mines in the United States. The mining taxation regimes in Alaska have been stable for many years. There is regular discussion of taxation issues in the legislatures, but no changes have been proposed that would significantly alter their current state mining taxation structures. The economics of any potential mining operation on Goldrich's properties would be particularly sensitive to changes in the State of Alaska's tax regimes. Amendments to current laws, regulations, and permits governing Goldrich's operations and the general activities of mining and exploration companies, or more stringent implementation thereof, could cause unanticipated increases in exploration expenses, capital expenditures, or future production costs, or could result in abandonment or delays in establishing operations at Goldrich's Chandalar property. Although management has no reason to believe that new mining taxation laws that could adversely impact the Chandalar property will materialize, such an event could happen in the future.

At present, Alaska has a 7% net profits mining license tax on all mineral production (AS 43.65), a 3% net profits royalty on minerals from state lands (AS 38.05.212) (where Goldrich holds unpatented state mining claims), and a graduated annual mining claim rental beginning at $1.03/acre. Alaska state corporate income tax is 9.4% if net profit is more than a set threshold amount. Alaska has an exploration incentive credit program (AS 27.30.010) whereby up to $20 million in approved accrued exploration credits can be deducted from the state mining license tax, the state corporate income tax, and the state mining royalty. All qualified new mining operations are exempt from the mining license tax for 3 1/2 years after production begins. The Chandalar mine does not qualify for this exemption.

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Chandalar Mine, Chandalar Gold District Page 39 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

4.4 Litigation

In April 2012, Goldrich Placer, LLC ("GP"), a subsidiary of Goldrich, and NyacAU, LLC ("NyacAU"), an Alaskan private company, entered into a joint venture agreement (the "Operating Agreement") and formed a 50:50 joint venture company, Goldrich NyacAU Placer LLC ("GNP"), to bring Goldrich's Chandalar placer gold properties into production with NyacAU acting as managing partner.

According to the terms of the Operating Agreement, NyacAU was to fund GNP with a line of credit (LOC1) to bring the placer gold properties into commercial production as defined in the agreement. Under a separate Security Agreement between GNP and NyacAU, NyacAU was entitled to record a security interest in all placer gold production from the placer claims as collateral for repayment of fifty percent (50%) of LOC1.

In 2017, Goldrich, its subsidiary and the joint venture, as claimants, filed an arbitration statement of claim before a three-member Arbitration Panel ("the Panel"), against NyacAU and its affiliates; NyacAU, LLC ("NyacAU"), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. In 2018, the respondents filed a counter-claim against Goldrich, its subsidiaries and certain members of the Company's current and former management, the counterclaim respondents. The arbitration claim alleged, amongst other things, claims concerning related-party transactions, accounting issues including capital vs. operating leases, interpretation of the joint venture operating agreement, allocation of tax losses between the joint venture partners, and unpaid amounts due Goldrich relating to the Chandalar Mine.

The arbitration is still in process. Some of the on-going matters and Panel's rulings that affect the mine are as follows:

● As of December 31, 2018, GNP had not achieved commercial production as required under the Operating Agreement. GNP was deemed by the Panel to have been dissolved during 2018 and, as of December 31, 2020, GNP was in the process of liquidation. The Panel ruled that NyacAU was to continue as manager of the liquidation. Except for equipment needed for reclamation, most of the heavy equipment and the wash plant were removed in March through mid-April 2019.

● Goldrich owns all its claims, but NyacAU is the holder of the mine permits. However, GNP no longer has the right to mine, and NyacAU, as holder of the mine permits, only has the obligation and liability of reclamation. NyacAU began reclamation of the mine in 2019 and is responsible for future reclamation costs. NyacAU has indicated they will not transfer the permit without also transferring the reclamation obligation, of which they believe to be approximately $3 million. Goldrich has indicated they will not accept transfer of the permit together with the reclamation obligation, which Goldrich believes to be substantially greater, unless the reclamation obligation is reconciled with any obligation to pay LOC1. Both parties are in discussion to attempt to reach an agreement for the transfer of both the permit and the reclamation obligation, no transfer of either, or some other arrangement.

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Chandalar Mine, Chandalar Gold District Page 40 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

● The Panel calculated a tentative balance of LOC1 at $16,483,271 as of June 2019. This balance will be adjusted for any additional awards and/or adjustments made by the Panel. The Panel ruled that LOC1 cannot be increased for costs incurred after mining operations have ceased, including costs for reclamation. Mining operations ceased on September 21, 2018. This deprives NyacAU of a security interest in 50% of future placer gold production at the site to repay NyacAU for expenses incurred subsequent to the cessation of mining operations. Concerning LOC1, the agreements between GNP and NyacAU are silent concerning what happens if GNP is dissolved and is no longer producing gold, the basis of calculation, timing of remittance and other key factors related to repayment if mining activities were to be undertaken again.

Additional details concerning the arbitration and the rulings by the Panel are contained in Goldrich's form 10-K and exhibits for the year ended December 31, 2019 and Goldrich's forms 10-Q for the first, second, and third quarters of 2020 that have been filed with the U.S. Securities and Exchange Commission (SEC).

Related to the arbitration and GNP, in June 2015, Goldrich raised net proceeds of $1.1 million through the sale of 12.5% of the cash flows of GP, that would be received in the future from its interest in GNP, to Chandalar Gold, LLC ("CGL") and GVC Capital, LLC, ("GVC"), both of which are non-related entities. Goldrich retained its ownership of its 50% interest in GNP but, after the transaction, subject to the terms of the GNP Operating Agreement, GP would have effectively received approximately 44%, CGL would have effectively received 6% (12% of Goldrich's 50% of GNP = 6%), and GVC would have effectively received 0.25% (0.5% of Goldrich's 50% of GNP = 0.25%) of any distributions produced by GNP. During the nine months ended September 30, 2020, Goldrich purchased 595,000 membership units, or approximately 49% of CGL's membership units, for $25,000. This provides Goldrich with 49% of any distributions produced by GNP and paid to CGL; however, Goldrich and CGL have not decided how distributions are to be made now that GNP is dissolved.

4.5 Permits
and Water Rights

Goldrich maintains a State of Alaska water right, issued in 1985, allowing the withdrawal of up to 3,000 gallons (11,360 liters) of water per minute for placer mining, and 72,000 gallons (272,550 liters) per day for lode mining. The water can be withdrawn from any of the local streams specified in the permit for use from April through October. The water right is maintained by paying an annual $50 administrative fee and by demonstrating some beneficial use of the water at least once in any 5-year period.

4.6 Environmental
Liabilities

The Chandalar project includes several sites of historical mining activity, mainly placer gold operations along local creek valleys. Most of the placer material was exploited by underground drift mines driven in frozen ground at depth, and as a result there are few non-reclaimed placer tailings remaining at surface, and no outstanding reclamation is required. Tailings impoundment ponds from a permitted lode mining and milling operation in the late 1980s were sealed in the early 1990s with approval of the Alaska Department of Environmental Conservation (ADEC).

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Chandalar Mine, Chandalar Gold District Page 41 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Several minor issues related to historical lode gold mining and processing activities, specifically at the Tobin Creek mill site, were identified in the 1980s by the ADEC. In 1993, the ADEC approved plans to have the property lessee at the time reprocess about 200 cubic yards (153 cubic meters) of fill contaminated with low levels of mercury in a small area adjoining the old Tobin mill and assay lab. The lessee declared bankruptcy soon thereafter and did not perform the clean-up; Goldrich carries a current $100,000 accrued remediation cost to execute the approved plan.

Mr. Breckenridge completed a first principal estimate for reclamation of the Chandalar mining area disturbed by GNP's mining activities to the ACOE permit-approved reclamation plan, which included backfilling all waste into the existing mining pits and re-establishing pre-mining ground contours. The estimate showed reclamation costs of approximately $18.0 million. GRE has proposed a new reclamation plan that will include concurrent backfilling of the new pits to new contours that would include ponds and would not bring the pits to pre-mining contours. In addition, some waste material would remain on waste piles. The costs and work to complete the new reclamation plan are included in this IA and the results reported are net of all costs for reclamation.

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Chandalar Mine, Chandalar Gold District Page 42 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

5.0 Accessibility,
Climate, Local Resources, Infrastructure and Physiography

5.1 Access

Air access to the project area is available year-round via aircraft from Fairbanks to Goldrich's 4,400-foot (1,220-meter) airstrip at Squaw Lake. Overland access is available only during the winter season and is provided by a 55-mile-long (88.5-km-long) trail from Coldfoot to the state-owned airport at Chandalar Lake. From Chandalar Lake, the project is accessed either by a 17-mile (27-km) winter dozer trail to Goldrich's airstrip and camp at Squaw Lake or by a 7-mile (11-km) pioneer road along Tobin Creek to the Tobin Creek mill and mine camp. The Squaw Lake and Tobin Creek camps are connected to all major prospects in the district via a 27.5-mile (44-km) network of all-season mine roads.

During the winter months, heavy equipment and bulk supplies for use in the project are hauled by truck from Fairbanks over the Dalton Highway to Coldfoot, and then by Cat train over the winter trail to Goldrich's Squaw Lake camp (Figure 4-1). The winter road season usually extends from mid-January through late-March. Goldrich obtains an annual permit from ADNR to secure use of the overland route.

In January 2007, the State of Alaska obtained a right-of-way access into the Chandalar area via the Coldfoot-Chandalar Lake winter trail. This right-of-way gives the state sole management authority over the access route and allows the construction of a permanent all-season road along the trail. All-season road access into the Chandalar area would improve year-round access to the Chandalar Gold Project and positively impact exploration and development activities throughout the Chandalar district.

5.2 Climate
and Physiography

The Chandalar district covers a portion of the south flank of the Brooks Range. The area is bounded to the west by Chandalar Lake and the North Fork of the Chandalar River, and to the east by the valley of the Middle Fork of the Chandalar River. Both rivers drain south out of the Brooks Range. Elevations range from 2,000 feet (610 meters) in the Squaw Lake lowland, the site of Goldrich's exploration camp, to more than 5,000 feet (1,520 meters) in the adjacent mountain peaks.

Local terrain is rugged and steep, consisting of talus-covered hill slopes and deeply incised, alluvium-filled valleys. The higher elevations are barren of vegetation except for moss, lichen, and some grasses, and the lower country is mantled by relatively continuous spruce forests. Bedrock exposures are largely limited to ridge crests and creek bottoms. The ubiquitous talus slope cover is a product of repeated freezing and thawing, a process known as solifluction, which causes a down-slope creep of soil and rock in the form of rock lobes and rock glaciers. Permafrost in the area is continuous and extends to depths of several hundred feet.

Snowmelt generally occurs toward the end of May and is followed by an intensive 90-day growing season with more than 20 hours of daylight and daytime temperatures ranging from 60 to 80°F (15.6 to 26.7°C). Freezing temperatures return in late August, with freeze-up typically occurring by early- to mid-October. Winter temperatures, particularly in the lower elevations, can drop to -50°F (-45.6°C) or colder for extended periods. Annual precipitation is 15 to 20 inches (38 to 51 centimeters), occurring mostly as late summer rain and early winter snowfall.

5.3 Infrastructure

Since 2004, Goldrich has made several significant improvements to project infrastructure, including construction of a 4,400-foot (1.3 km) airstrip, which was later replaced with a 5,000-foot (1.5 km), and adjoining 25-person camp at Squaw Lake and repair and upgrade of most of the existing 27.5-mile (44-km) network of mine roads. The mine roads provide all-season access to all major gold prospects in the district area and to older camps and airstrips at the Tobin Creek mill site and Big Creek placer site. The Squaw Lake airstrip can readily handle multi-engine cargo aircraft up to C-130 size. The adjoining camp consists of various equipment repair facilities, storage units, office buildings, and sleeping and kitchen facilities. The camps at Tobin Creek and Big Creek contain several serviceable structures for use as temporary exploration camps.

As there is no electrical grid in northern Alaska, the project relies on diesel generators to power operations. Water is sourced from a natural spring located on a patented 5-acre (2-ha) mill site claim at the Squaw Lake camp and airstrip site. The spring flows 140 gallons (530 liters) per minute (gpm) at a year around temperature of 40°F (4.4°C). Water for the wash plant and sluicing operation is from Big Squaw Creek.

The land holdings and surface rights held by Goldrich are sufficient for all planned operations and cover most potential placer or lode exploration targets.

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Chandalar Mine, Chandalar Gold District Page 43 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

6.0 History

6.1 Ownership
History

William Sulzer, a former Governor of New York and owner of Chandalar Mines Company, became the major lode claim owner in the Chandalar district in 1909, effectively establishing the modern day Chandalar project. In 1926, he merged with Chandalar Gold Mines, Inc., and in 1937, the project was acquired by Chandalar Gold Mines, Ltd., of Toronto. Sulzer continued to maintain a significant interest in the project and helped to finance exploration and development throughout the district until his death in 1942.

In 1946, Eskil Anderson acquired the Chandalar interests of the Sulzer estate, and, in 1959, incorporated the holdings as Little Squaw Mining Company. In 1968, the company was renamed Little Squaw Gold Mining Company (LSGMC), and in 1972 merged with Chandalar Gold Mines, Ltd., effectively giving LSGMC control of most of the Chandalar project. In 2003, Anderson sold his interests in LSGMC and the Chandalar project to LSGMC and other outside interests. In 2008, the company was renamed Goldrich Mining Company, as it remains today. In 2012, Goldrich and NyacAU formed Goldrich NyacAU Placer, LLC (GNP), a 50/50% joint-venture company, managed by NyacAU, to mine the various placer deposits located within the Chandalar project area.

6.2 Placer
Gold Exploration History

The long and storied history of prospecting and mining in the Chandalar district is described in detail in several recent reports: Wolff (1997); Barker and Bundtzen (2004); Strandberg (1990); Barker et.al. (2009). Rich gold placer deposits were first discovered in the district in 1905 along Little Squaw Creek, within the present day Chandalar project area. The initial discovery of placer gold was followed by a flurry of prospecting activity, ultimately leading to the discovery of bedrock lode deposits. Maddren (1910) reports that by 1909, four principal auriferous quartz veins had been identified. To date, more than 30 lode deposits and historic lode prospects are known to occur within the Chandalar project area alone.

Placer gold discoveries in the Chandalar district were relatively deep under frozen overburden. By 1916, shallow, open-cut placer gold mines were playing out and attention shifted to developing placer drift mines (underground operations). Most notable was the Little Squaw Bench, including the Mello Bench, where about 30,000 troy ounces (oz) of gold (Au) were reportedly recovered from gravel averaging 0.96 oz Au/cubic yard (Strandberg, Jr., 1990). The Mello Bench is located on the lower portion of Little Squaw Creek in the southwest quarter of Section 26, T32N, R3W of the Fairbanks Meridian. Elsewhere within the Chandalar District, by 1916, gold placers were similarly developed on Big Creek and St. Mary's Creek (see Figure 6-1). Drift mining continued through the 1920s but declined in the 1930s as the remaining ground was deeper or lower grade, or in many cases not frozen. In 1933, a rich pay streak on Tobin Creek was discovered. Mechanized mining was not introduced to the Chandalar District until after World War II, when Chandalar Mining Company began mining Big Creek.

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Chandalar Mine, Chandalar Gold District Page 44 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 6-1: Regional Mine Prospect Map**

Mining and exploration activity have been carried out in the Chandalar project area sporadically since 1967, when the Tobin Creek placer mine was expanded by the Chandalar Gold Mining and Milling Company. A 100 ton per day (tpd) mill was constructed in 1969, and further exploration, including drilling on both lode and placer targets, was completed throughout the property by a variety of lease holders through 2003, when Goldrich (as LSGMC) acquired the project.

Early expeditions into the Chandalar region by the U.S. Geological Survey specific to the Chandalar district included Mertie (1925), who mapped much of the Chandalar Quadrangle and visited many of the mines. The U.S. Geological Survey published geologic maps of the Chandalar Quadrangle (Brosgé, et al., 1964; Brosgé, et al., 1970), which presented stratigraphy and structural interpretations and provided the first modern isotopic age dates of plutonic and metamorphic rocks in the southern Brooks Range. In 1970, the Alaska Division of Mines and Minerals provided the first detailed geologic map of the Chandalar district at 1:40,000 scale (Chipp, 1970). Fluid inclusion studies by Ashworth (1983; 1984) were followed by the Rose et al. (1988) study of the mineralizing fluids responsible for the gold deposition in the Chandalar.

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Chandalar Mine, Chandalar Gold District Page 45 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

6.3 Historical
Gold Production

6.3.1 District-Wide
Production

Estimates of historical production given by Strandberg (1990), as updated by Barker and Bundtzen (2004) and Walters (2020), include documented lode gold production of 8,223 ounces, primarily attributed to the Mikado (6,699 ounces) and Summit (1,462 ounces) mines. Records exist only for lode production from 1971 through 1987, so the actual total District-wide production is likely larger. The Alaska State Department of Natural Resources estimates that the district has produced 17,400 ounces of gold from lodes (Szumigala, et al., 2005).

The documented District-wide placer gold production is 104,913 ounces, including 44,209 ounces of production by Goldrich and NyacAU from the Chandalar open-pit placer operation from 2009 to 2018. Approximately 60% of the placer production has been from Chandalar, 26% from Big Creek, with the remaining 14% from Tobin Creek. The District's actual historical placer production could be considerably larger as the quantity of gold taken from early open-cut hand mining in the upper drainage areas of these creeks (some of very high grade) is only partially known.

6.3.2 Chandalar
Mine Production

In 2009, Goldrich completed an alluvial gold mining test on Chandalar Mine. The pilot program involved a mining test that extracted approximately 594 "raw" ounces of placer gold, equivalent to about 488 ounces of fine gold. The test mining yielded valuable geologic, mining, and engineering data that encouraged Goldrich to ramp-up the project into extraction in the spring of 2010. The major findings of the test indicated that the mineralized material is a continuous but variably mineralized horizon. There are specific horizons within it that are up to 20 feet thick containing the richest gold grades. The mineralized material is about forty percent composed of gravel, cobbles, and boulders set in a sixty percent matrix of fine silt. It is not frozen below twelve to fifteen feet of depth but is nicely compacted and stands well when opened. Because of the high silt content, the mineralized material and overburden expands by over forty percent in volume when it is mined and converted into loose cubic yards.

During the summer of 2010, Goldrich started a small mining operation at the Chandalar Mine, the site of their previous test mining operation, known as the Chandalar Mine. Full realization of the intended project was inhibited by a shortage of working capital. By the end of the 2010 mining season, Goldrich had extracted 1,906 ounces of gold concentrate, from which approximately 1,522 ounces of fine gold and 259 ounces of fine silver were extracted.

Since 2009, the Chandalar Mine has produced approximately 44,209 ounces of fine gold, as summarized in Table 6-1.

**Table 6-1: 2009 to 2018 Gold Production at Chandalar Mine**

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|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Approximate Ounces of Placer Gold** | &nbsp;&nbsp;**Ounces of Fine Gold** |
| &nbsp;&nbsp;2009 | &nbsp;&nbsp;594 | &nbsp;&nbsp;488 |
| &nbsp;&nbsp;2010 | &nbsp;&nbsp;1924 | &nbsp;&nbsp;1509 |
| &nbsp;&nbsp;2011 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2012 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2013 | &nbsp;&nbsp;936 | &nbsp;&nbsp;694 |
| &nbsp;&nbsp;2014 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;4697 | &nbsp;&nbsp;3852 |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;10203 | &nbsp;&nbsp;8227 |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;14676 | &nbsp;&nbsp;12339 |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;20357 | &nbsp;&nbsp;17100 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;53387 | &nbsp;&nbsp;44209 |
| &nbsp;&nbsp;2009 | &nbsp;&nbsp;594 | &nbsp;&nbsp;488 |
| &nbsp;&nbsp;2010 | &nbsp;&nbsp;1924 | &nbsp;&nbsp;1509 |
| &nbsp;&nbsp;2011 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

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Chandalar Mine, Chandalar Gold District Page 46 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

6.4 Historical
Mineral Resource Estimates

Estimates of lode gold resources for unmined portions of the Mikado, Little Squaw, Summit, and Eneveloe lodes were compiled by Strandberg (1990). He based the estimates on polygonal blocks measured from longitudinal sections constructed from all available historical surface and underground mapping, sampling, drill data and other information collected by many previous operators in the district. He provides almost no details regarding the specific parameters used in the estimations other than a tonnage factor of 12 cubic feet/ton (equivalent to a specific gravity of 2.86).

Cautionary statement: The mineral resource estimates presented in the following table pre-date 17 Code of Federal Regulations (CFR) §229, "*Standard Instructions for Filing Forms Under Securities Act of 1933, Securities Exchange Act of 1934 and Energy Policy and Conservation Act of 1975 – Regulation S-K*," subsection 1300, "*Disclosure by Registrants Engaged in Mining Operations*.". These historical results describe mineralization relevant to ongoing exploration but have not been verified by the authors of this current report and should not be relied upon. They are reported here for historical purposes only.

The historical in-place lode gold resource estimates compiled by Strandberg (1990), a Registered Professional Engineer (# 1613-E), are summarized in Table 6-2.

**Table 6-2: Historical In-Place Lode Gold Resource Estimates Compiled by Strandberg (1990)**

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|:---|:---|:---|:---|:---|
| **Mine** | **Short Tons** | **Au oz/ton** | **Au total oz** | **Classification** |
| Mikado | 110 | 1.10 | 121 | Measured |
| Mikado | 5200 | 1.05 | 5439 | Indicated |
| Little Squaw | 1986 | 1.55 | 3084 | Indicated |
| Summit | 1375 | 3.52 | 4835 | Indicated |
| Summit | 3615 | 2.13 | 7695 | Inferred |
| <u>Eneveloe</u> | 5360 | 1.00 | 5360 | Inferred |
| **Total** | **8671** | **1.55** | **13479** | **Measured + Indicated** |
| **Total** | **8975** | **1.45** | **13055** | **Inferred** |

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Strandberg (1990) additionally tabulated conceptual estimates of "Lode Exploration Targets" for these areas totaling 630,000 ounces of gold at grades like those in his resource table. These conceptual estimates appear to be based on various questionable assumptions and are reported here for historical purposes only.

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Chandalar Mine, Chandalar Gold District Page 47 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Following Goldrich's 2007 to 2009 exploration along Little Squaw Creek, a mineral resource estimate was prepared by Paul L. Martin, P.E., specific to unmined Chandalar Mine placer gold resources (Barker, et al., 2009). Martin's mineral resource classifications are considered consistent with 17 CFR §229.1300 – (Item 1300) reporting standards (although for clarity are not defined or reported as Item 1300 resources).

The 2009 mineral resource estimate for the Chandalar deposit was calculated by standard sectional resource-polygon methods and tested for accuracy using semi-variograms for grade and grade multiplied by thickness. The mineralized fluvial section within the proposed resource area was estimated to average 82 feet thick, and the overburden was estimated to average 50 feet thick along a pay channel strike distance of 5,129 feet. The resource calculation method used is a common resource estimate technique that was used successfully at the Valdez Creek Operations (located south of Fairbanks, Alaska) to determine resources, mine plans, and reserves. The cross-sectional method is described in detail in the SME Mining Engineering Handbook, Volume 1, pages 352 and 353 (SME, 2011) and in the Open Pit Mine Planning and Design, Volume 1, Fundamentals, pages 176 to 196 (Hulstulid, et al., 2006). A cross section was prepared for each drill fence line and on section, the pay and overburden areas were determined based on the drill hole assays. Within the pay zone, pay polygons were drawn to define the limits of influence for a drill hole and were usually drawn one-half the distance between holes. To determine the appropriate search criteria and number of holes for measured, indicated, and inferred resources, a detailed Data Analysis (geostatistical evaluation) was prepared (Martin, et al., 2010).

For the purpose of estimating placer resources, the gold-bearing section, including two to three feet of bedrock of each drill hole (or the maximum depth of 210 feet), was composited and treated as a bulk deposit. This gave two mine sections: 1) the barren overburden section and 2) the potentially economic gold-bearing or pay section. Profiles for each drill line were created, and the top-of-pay and base-of-pay was drawn using a nominal fine gold cut-off grade of 0.004 ounces per cubic yard (opy). Barren and sub-economic intervals within the pay section were included to derive the average grade for the drill hole, giving the bulk amount of gold potentially available for extraction. Right and left limits to the resource blocks were selected where a clear truncation of the pay streak was observed on a drill fence due to diminished values of gold or a geologic feature such as steeply rising bedrock, otherwise they were inferred 50 feet beyond the end of a line that was open to further continuity of mineralization.

To determine the corresponding overburden volume and stripping ratio for each fence line, a 45-degree highwall was drawn to the surface on the lateral extents of each section. The interception point of the highwall to the surface was then plotted on plan view, and a crest or pit limit was drawn on plan view.

A typical cross section of a drill hole fence line with polygons between drill holes is shown in Figure 6-2.

The experimental variography analysis presented in Table 6-3 was used to establish a basis for resource influences for measured, indicated, and inferred resource classification and to demonstrate continuity of pay section grade and thickness of the deposit. A reduced percentage of the calculated variography ranges for measured and indicated was used.

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The 2009 mineral resource estimate, as completed by Paul Martin, for measured and indicated volumes in bank cubic yards (bcy) and fine gold ounces per bcy for mineralized gravel is summarized in Table 6-4.

**Figure 6-2: Typical Cross-Section Showing Drill Hole Fence Line with Placer Resource Polygons**

**Table 6-3: Summary of Semi-Variogram for Range (Ao), Chandalar Deposit**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Variogram** | **Range Major**<br> **(feet)** | **Minor**<br> **(feet)** | **Percent Major**<br> **(feet)** | **Minor**<br> **(feet)** | **Resource<br> Range Major<br> (feet)** | **Minor<br> (feet)** | **Resource<br> Class** |
| Grade | 121.00 | 121.00 | 83% | 83% | 100.00 | 100.00 | Measured |
| Thickness | 361.00 | 180.50 | 0% | 0% | - | - |  |
| Grade X Thickness | 680.00 | 340.00 | 74% | 74% | 500.00 | 250.00 | Indicated |
| Grade X Thickness | 680.00 | 340.00 | 100% | 100% | 680.00 | 340.00 | Inferred |

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Major axis = 0 degrees = North/South Minor Axis = 90 degrees = East/West

**Table 6-4: 2009 Measured and Indicated Resources**

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| **Resource Status** | **Total Pay Gravel<br> (bcy)** | **Grade Pay Gravel<br> (Au Oz/bcy)** | **Total Au Fine<br> (Troy Ozs)** |
| Fan | Fan | Fan | Fan |
| Measured | 1136376 | 0.0243 | 27622 |
| Indicated | 5308654 | 0.0239 | 126857 |
| Measured + Indicated | 6445030 | 0.0240 | 154479 |
| Inferred | 830750 | 0.0196 | 16271 |
| Canyon | Canyon | Canyon | Canyon |
| Measured | 453130 | 0.0272 | 12316 |
| Indicated | 2203440 | 0.0247 | 54481 |
| Measured + Indicated | 2656570 | 0.0251 | 66797 |
| Inferred | 570916 | 0.0365 | 20822 |
| Total | Total | Total | Total |
| Measured | 1589506 | 0.0251 | 39938 |
| Indicated | 7512094 | 0.0241 | 181338 |
| Measured + Indicated | 9101600 | 0.0243 | 221276 |
| Inferred | 1401666 | 0.0265 | 37093 |

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Chandalar Mine, Chandalar Gold District Page 49 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

7.0 Geological
Setting and Mineralization

Portions of this report section are adapted from Barker, et al. (2009) and Mendham et al. (2018). The author has reviewed this information in detail and finds it reasonably accurate and suitable for use in this report.

7.1 Regional
Geology

7.1.1 Geologic
and Tectonic History

Most of Alaska's North Slope, including the Brooks Range, is underlain by a complex assemblage of Late Proterozoic to Cretaceous, composite tectono-stratigraphic bedrock units collectively known as the Arctic Alaska terrane (Figure 7-1).

**Figure 7-1: Major Lithologic-Tectonic Terranes, Subterranes and Other Structural Elements of the Brooks Range and North Slope Geological Provinces**

Source: Mendham and Lam (2018)

In the southern Brooks Range, the Arctic Alaska terrane is composed of five subterranes, which are (from north to south) the Coldfoot, Hammond, Endicott, Delong Mountains, and North Slope subterranes. Each of the five subterranes is bounded by regional, east-west trending, northerly-directed, low-angle thrust faults. These thrust faults are compressional features formed by the collision of an ancient continental landmass to the north with an assemblage of oceanic rocks (known as the Angayucham Terrane) to the south. The southern outcrop boundary of the Arctic Alaska terrane lies along the Kobuk suture zone, where the continental rocks were overthrust by the southerly oceanic rock assemblage in late-Jurassic time, roughly 160-140 million years (Ma) (Moore, et al., 1994).

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The Chandalar district is largely or entirely underlain by the Coldfoot subterrane, which consists mainly of Proterozoic to Lower Paleozoic metasedimentary schist intruded and overlain by bimodal metavolcanics and granitic rocks of Devonian age. The Coldfoot subterrane contains the Ambler sequence, which hosts world class volcanogenic massive sulfide deposits west of the Dalton Highway corridor (Hitzman, et al., 1982). In the Chandalar district, metamorphic rocks of the Coldfoot subterrane include schist, phyllite, and slate, with minor amounts of meta-gabbro and meta-diabase. Based on sparse fossil control found west of Wiseman, Brosgé and Reiser (1964) assign a Devonian age to meta-sedimentary rocks in the Chandalar quadrangle, though without better local constraint a potential age range of Late Proterozoic to Devonian is considered. Based on geologic map coverage to date, all of the gold-quartz deposits in the Chandalar district are hosted in the Coldfoot subterrane, as are gold-quartz vein deposits in the Nolan-Wiseman and Wild Lake areas.

7.1.2 Regional
Tectonic Setting

Northeast, east-west, and to a lesser extent, northwest trending structures are the major features on the south flank of the Brooks Range (Dillon, 1989; Moore, et al., 1994; Chipp, 1970; Brosgé, et al., 1964). Large fold structures with 5- to 15-mile wave lengths generally trend northeast across the central Chandalar quadrangle. The Baby Creek batholith, about ten miles west of the Chandalar project, forms the core of a large northeast-trending anticlinorium (Duke, 1975; Dillon, et al., 1996). The structural deformation of the region is typified by several stacked thrust panels that successively overlie a basement of unknown composition and age. According to Dillon (1982; 1989), two or possibly three periods of regional dynamo-thermal metamorphism have affected the layered rocks in the Coldfoot and Hammond subterranes, imprinting S<sub>1-3</sub> cleavage surfaces. The first prograde metamorphism, which increases in intensity in a southerly direction, resulted in the development of regionally penetrative layer-parallel cleavage (S<sub>1</sub>) and development of upper greenschist to lower amphibolite facies metamorphic conditions. Till (1992) and Dusel-Bacon (1994) cite evidence for Proterozoic and possibly Paleozoic pro-grade blueschist and retrograde amphibolite facies metamorphism in the Brooks Range, mainly west of the project area in the Ambler River area. During Jurassic to mid-Cretaceous time (K-Ar ages 154-172 Ma), the entire Brooks Range schist belt was subjected to low-pressure, high-temperature amphibolite facies conditions (Hitzman, et al., 1982; Dillon, 1989; Dusel-Bacon, 1994). During a second prograde metamorphism, the Hammond subterrane was subjected to two periods of progressive deformation producing northward-verging folds, semi-penetrative cleavage (S<sub>2-3</sub>), and development of the lower greenschist facies retrograde metamorphism. Biotite and muscovite developed in this last period of metamorphism, having cooling ages ranging from 90-120 Ma (Turner, et al., 1979; Dillon, et al., 1989).

The major period of crustal shortening, thrust faulting, and isoclinal folding has been determined by faunal and isotopic control ages to be the Neocomian (130-140 Ma), which coincided with the collision of the Arctic Alaska terrane along the Kobuk suture zone and proto-Pacific "Angayuchum Ocean" (Mull, 1989). A much younger Albian to Turonian (80-110 Ma) uplift and plutonic event post-dated the Neocomian crustal shortening event and resulted in "gravity slide" tectonism that may have taken place during the late phase of regional greenschist facies, retrograde metamorphism (Dillon, 1989). The prominent S<sub>2-3 </sub>foliation surfaces observed in the phyllite and schist of the Coldfoot subterrane in the Chandalar area were likely developed during one or more of the Cretaceous dynamo-thermal events.

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7.2 Local
Geology

The Chandalar district occurs near the central part of the 1:250,000 Chandalar topographic quadrangle, the geology of which was first mapped by the U.S. Geological Survey in 1964 (Brosgé, et al., 1964). Detailed, district-wide geology was mapped in 1970 at 1:40,000 scale by the Alaska Division of Mines and Minerals (Chipp, 1970). In 2006, Goldrich commissioned a detailed geologic and structural map of the Chandalar project area itself at 1:20,000 scale (Figure 7-2) (Bundtzen, et al., 2007; Pacific Rim Geological Consulting, Inc., 2007).

Metasedimentary and meta-igneous rocks of the Coldfoot subterrane underlie the Chandalar district, trending roughly N50-60ºW. These rocks have been subjected to several periods of regional metamorphism, ranging from lower greenschist to lower amphibolite facies, most recently during Cretaceous time. Large intrusive centers containing several batholith-sized igneous bodies, mostly also of Devonian age, are located 10 to 12 miles (16 to 19 km) west of the project area. According to published maps and reports, there are no post-metamorphic igneous rocks present in the Chandalar district. The metamorphic rocks in the Chandalar project area are divided into Upper Plate and Lower Plate sequences that are separated by a major low-angle thrust fault plane (Figure 7-2). Most of the known gold occurrences in the district are in rocks of the Upper Plate Sequence.

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**Figure 7-2: Geologic and Structural Map of the Chandalar District and Project Area, 1:20,000 Scale Map**

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7.2.1 Lower
Plate Sequence

Rocks of the Lower Plate crop out across the southern and northern flanks of the property, as shown in green on Figure 7-2 and Figure 7-3. The rocks have all been regionally metamorphosed to upper greenschist facies. The Lower Plate is comprised of several lithologic units consisting of black schist, phyllite, slate, and quartzite. The dominant unit is a quartz-graphite-chlorite black schist that lies in thrust contact with the overlying schist section of the Upper Plate. Other distinctive units are green calcareous tuffaceous schist, quartzite, meta-felsite tuff, and a small unit of agglomerate.

The Lower Plate rocks are locally intruded by weakly foliated to non-foliated greenstone sills or dikes of diorite-gabbro composition and igneous bodies of felsic to intermediate composition. The igneous bodies in the Lower Plate sequence have been assigned a Devonian age (Brosgé, et al., 1964), although age-dates from similar bodies elsewhere in the southern Brooks Range often return much younger metamorphic ages (Turner, et al., 1979).

7.2.2 Upper
Plate Sequence

Rocks of the Upper Plate crop out at the higher elevations on the property and are therefore better exposed than rocks of the Lower Plate (Figure 7-3 and Figure 7-4). The Upper Plate sequence has been locally subdivided into five metamorphic units, as follows (Pacific Rim Geological Consulting, Inc., 2007):

● Mikado phyllite – sheared grey-to-black, highly carbonaceous and micaceous, pyrrhotite-bearing fissile schist and phyllite near the base of the Upper Plate. Weathers readily, rarely crops out, often forms slippery scree slopes. It is the principle constituent of rock glacier and landslide block deposits in the area. May be relatively thin, possibly no more than 300 feet (± 90 meters) thick but is more extensive than mapped and apparently underlies much of the area of the Upper Plate. It possibly represents a chlorite-altered, structurally pulverized lithologic horizon, i.e. a "mylonite." Closely associated with much of the gold-quartz vein mineralization in the project area and likely source of much of the placer gold.

● Quartz-chlorite-muscovite schist, locally a meta-turbidite schist – resistant to weathering, dominates outcrops and detrital debris in the area. Comprises about 65% of the Upper Plate in the project area.

● Quartzose meta-turbidite schist – distinctive fine- to coarse-grained layered unit, gradational with the quartz-chlorite-muscovite schist (above). Resistant to weathering, often occurs along ridge crests. Comprises about 15% of the Upper Plate in the project area.

● Distinctive light-colored, often green, actinolite-bearing, calcareous, meta-sandstone – locally forms resistant massive fine-grained outcrops. Found in the footwall of several disparate vein systems, e.g., Little Squaw Mine and Mikado Mine.

● Light grey, blocky, quartz-rich, muscovite-oligoclase schist, locally garnet-bearing – of higher metamorphic grade than the other Upper Plate units, found in the eastern part of the project area.

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**Figure 7-3: Simplified Geologic Map of the Chandalar District**

Source of Aerial Photo: Google Earth

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Chandalar Mine, Chandalar Gold District Page 55 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 7-4: Geologic Map of the Upper and Lower Plates in the Little Squaw Catchment**

Source of Aerial Photo: Google Earth

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7.2.3 Local
Structural Setting

The dominant trend of local fold axes is east-west to northwest. These folds range from outcrop scale to regional scale and open to overturned isoclinal folds. North-northeast trending folds with open large wavelengths and amplitude occur in both plates due to east-west compression.

There is a pronounced low-angle compositional discordance between the Upper and Lower Plates in the southern portion of the project area, which is illustrated by the occurrence of numerous greenstone sills and dikes and extensive graphitic black schist in the Lower Plate. Age of the décollement surface separating the Upper and Lower Plates is uncertain but may pre-date the orogenic gold-quartz veins if associated with the Neocomian period of crustal shortening and thrust faulting. A K-Ar date of 111 Ma on sericite separated from an auriferous quartz lens from the Mikado Mine is available (Newberry, written communication, 2006) and is similar to reported mineralization dates from the Wiseman area. It remains unclear if the gold-quartz veins cut across the décollement surface or have been displaced by the low-angle fault movement.

A system of west-northwest, northwest, and northeast trending, high-angle and deep-seated faults transect the district and dominate deformation. Known gold-quartz veins generally are subparallel to the west-northwest faults, although several lower grade veins (e.g., Big Tobin) have been found associated with the northeast faults.

Most northwest-trending faults with associated mineralization have had recurrent movement (see Figure 8-1), as best seen on the Summit Fault. Mapping by Chipp (1970) indicates that the Mikado Fault displaces the Mikado Phyllite more than 500 vertical feet on its southwest footwall. A similar structural horst juxtaposes Lower Plate black schist against quartz-rich blocky schist of the Upper Plate in lower McLellan Creek valley.

Textures observed in mineralized veins along fault structures provide some of the best evidence of recurrent movement history along the northwest-striking faults. Multiple laminae of slickensides at the Chandalar mine 100 Level and at the Crystal vein give the vein a ribbon appearance. The Mikado vein-fault system typically consists of highly pulverized pinching and swelling veins/lenses due to recurrent movement along the fault zone. The veins splay, and several subparallel mineralized zones are generally present. The Mikado fault has apparently had a complex history of movement that occurred before, during, and after injection of hydrothermal gold-bearing quartz lodes.

There is evidence of post mineralization movement and shearing on the Summit fault and likely the Kiska vein systems. At the Summit, the mineralization along 4,000 feet of strike length has been off-set by repeated right-lateral northeast faults, yet the well-defined Summit shear zone shows no similar displacement, indicating significant movement since the auriferous veins were emplaced.

7.2.4 Surficial
Geology

Prior to the Pleistocene glacial advances, ground surface in the project area was low-relief, ranging in elevation from 5,000- to 5,500 feet. This paleo-surface is evidenced by remnants in small areas near the Summit and Kiska prospects, a broad ridge above the old Mikado Mine, and a series of adjoining sculptured knife ridges that divide the local watersheds. Ancestral drainages, including Big Squaw and Little Squaw Creeks and Little McLellan and Nugget Creeks, were immature second-order streams that formed relatively large alluvial fans on the base level lowland to the north. At the onset of the Pleistocene period, glaciation initially resulted in trunk glaciers that followed the ancestral river valleys of the upper forks of the Chandalar River southward out of the high elevations of the Brooks Range. The glacial advances bifurcated, and lower energy branches of the glaciers encroached on the north flank of the Chandalar district.

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Pre-glacial surficial features were buried under ice and, ultimately, lateral moraines and meltwater silt, clay, and glaciofluvial marginal deposits. The pre-glacial fluvial fan on Little Squaw Creek is well defined on drill lines 1.2 to 4. The ancient fan lies immediately north, where the stream exits a buried canyon. There, the sedimentary section can be divided into a barren upper glacial till section and a lower gold-bearing fluvial section. Locally, the contact between the two is sharp, but typically there is a mixed zone between the two and, overall, the contact is gradational. Within the mixed zone, interlayered fluvial gravel and glacial till are interpreted to be thin fan and/or delta deposits laid down as glaciers advanced and retreated in the Lake Creek valley, probably multiple times. As the climate continued to cool, Pleistocene glacial effects on the different drainages varied. Valley glaciers formed cirques above 4,500 feet and scoured fluvial gravel out of some sections of Big Squaw Creek, McNett Fork, Tobin Creek, Woodchuck Creek, Squirrel Creek, and both McLellan Creek forks. However, Little Squaw Creek, and possibly the lower reaches of Big Squaw Creek, McLellan, and Nugget Creek where they extend into the Lake Creek Valley, were not scoured. Instead, these creeks were partially backfilled with glacial till when glaciers moved into the Lake Creek Valley. On Little Squaw Creek, glacial till containing exotic clasts overlies pre-glacial gravel as far upstream as the 2,800-foot elevation. Previous exploration, confirmed by the results of 2007 drilling, showed that the gold-bearing pre-glacial fluvial gravel in the lower reaches of Little Squaw Creek was not removed by the glaciers; rather, it is preserved under the till. Consequently, below the 2,800-foot elevation there are two distinct ages of placer deposits, the pre-glacial fluvial system and the overlying Pleistocene till and complex interglacial sediment deposition.

The glacial section in Little Squaw, Nugget, and Big Squaw Creeks includes, along with schist varieties seen in the fluvial gravel, a variety of clasts not found in bedrock within the district. Slate, marble, biotite- and muscovite-bearing granite, conglomerate, and quartzite are variably abundant, commonly as cobbles and boulders. A distinctive gray quartzite with abundant well-rounded black chert clasts is particularly abundant in the glacial till and is a good marker, along with the gray color of clay, for the glacial section. Clay is abundant in the glacial section. In some drill holes, clay layers up to 15 feet thick were encountered. Ice lenses up to 20 feet thick are present in the upper part of the glacial section on the left limit of Little Squaw Creek below about 2,350 feet elevation.

At the end of each Pleistocene glacial advance, gold-bearing placer deposits formed as channels cut into the top of the resultant lag of glacial till. The rich, gold-bearing gravel mined from the Mello Bench and gravel mined in the modern stream between the 2,500-foot and 2,700-foot elevations were in perched fluvial channels in the upper glacial section.

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7.2.5 Mineralization

7.2.5.1 Lode
Mineralization

Most high-grade mineralized zones within vein systems are less than 150 feet long and 2 to 10 feet wide. Vertical extents are unknown but probably exceed 200 feet. Individual prospects discovered at various points along major shear zones were originally thought to be discrete discoveries, but groups of prospects have since been determined to be related along a common structure. The Summit vein system, for instance, includes several other discoveries now believed related to the same system traceable for about 5,800 feet, over which mineralization is relatively continuous but varies widely from low-grade (0.20 parts per million [ppm] Au) to high-grade (>35 ppm Au). Over this strike length, the Summit system also spans a vertical range of 1,000 feet.

Some degree of lithologic control of mineralization has been suggested. Duke (1975) and Chipp (1970) believed gold mineralization may be preferentially hosted in carbonaceous phyllite and gray to black schist. There is an inferred lithologic control of the Chiga prospect that extends down dip and is tentatively projected to underlie the Summit footwall area, where it was intersected in RC drill hole SUM 12. At Aurora Gulch, differing lithologies host differing mineralization styles.

Most vein systems are closely situated within or in the adjacent hanging wall of the major shear faults, but there are exceptions. The Chandalar vein systems sort into two groups. The first group (e.g., Mikado, Eneveloe, Pioneer) are discontinuously mineralized major quartz veins also associated with subparallel gold-bearing lenses, parallel veins, and stringer and sheeted zones, within enveloping zones of alteration, shearing, and gouge. Because of the close proximity of deep-seated shear zones, the recurrent movement along these shears has consequently brecciated and deformed these vein structures. Alteration in gouge zones includes various clay minerals, predominantly kaolinite, black-to-green chlorite, granulated quartz, lesser albite, alunite, and carbonate as siderite and ferroan dolomite. Graphite is commonly associated with higher grade mineralization. Commonly, there is both banding and cross-cutting evidence of multiple stages of quartz precipitation, and each stage features varying mineralization, including gold as flakes and wires, arsenopyrite, pyrite, and accessory galena. Quartz veins with similar mineral assemblages, but without significant gold, are also found in the district and occur in the same vein system as mineralized quartz.

The second group of vein systems (e.g., the Little Squaw, Crystal, Grubstake East and West, the Jackpot, and perhaps the Star) is found in east-west-trending fractures in relatively close proximity to the major shear zones, but more distal than those described above. This type of deposit occurs in subparallel splay faults or fractures that horsetail off the major shear zones. Similarly, the distal segments of the Summit and Pioneer shear-hosted mineralization become more vein-like as the systems verge slightly (2 to 5°) from the main shear structure. There is little evidence of major post vein movement on the host fractures and no significant gouge development; however, smaller-scale recurrent movements result in banded- to ribbon-pattern laminae and slickenside within the veins. These veins have sharply defined footwall and hanging wall contacts with minor wall rock alteration, and quartz readily breaks free of wall rock. They have more continuity than the shear-hosted type but generally lack the enveloping alteration and associated low-grade auriferous zones. High-grade gold mineralization is often concentrated in the fine-grained ribbon banded zones that may occur along either contact, but the high-grade gold tends to favor softer wall rock of carbonaceous phyllite. Such zones can occur as ore shoots. Gold in ribbon banded quartz occurs as wires and flakes commonly up to several millimeters in size. These veins generally will also include wider bands of massive lower-grade, coarser grain quartz. Quartz veins with similar mineral assemblages, but without significant gold, are also found in the district and occur in the same vein system as mineralized quartz. For instance, the Grubstake West veins are excellent examples of composite veins with scorodite-stained ribbon banding on the footwall, yet samples (to-date) contain no significant gold values.

Some prospects, such as the Bonanza-Jupiter and the Kiska, appear gradational between the two vein styles. Similarly, the distal segments of the Summit and Pioneer shear-hosted mineralization become more vein-like as the systems verge slightly (2-5°) from the main shear structure. For example, the Pioneer exhibits highly sheared lenses of vein quartz where the vein system crosses over the shear but becomes distinctly vein-like at the Grubstake East prospect about one mile to the west and 200 feet north of the shear zone.

When first explored in 1909, the Little Squaw vein was estimated to have a small resource of 2,000 tons grading 1.55 oz Au/ton within a high-grade shoot of auriferous vein quartz containing visible gold (resource given as a non-compliant historic reference only). The shoot is exposed at the surface and at the 100 Level. Uncertain records account for no more than 625 oz of Au production. Ore would have been included with Mikado ore going to the Tobin mill. Workings include two levels, each about 300 feet long, connected by a winze and a 76-foot raise to the discovery outcrop. In 2006, ten reverse-circulation holes were drilled to explore the known and suspected side veins.

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Quartz vein mineralization is localized in an ore shoot along a south-dipping fault on the 100 Level, where gold in the shoot is confined to the footwall zone of a composite vein. A 9- to 12-inch banded ribbon gold-quartz zone commonly contains 50 or more ppm Au as well as disseminated and thin seams of arsenopyrite, mica, scorodite, pyrite, and trace galena (Photo 7-1). Slickenside is common on many of the laminar planes that form the banding. Small clots of wire gold occur in vugs and on band surfaces and are very loosely attached to the rock. Veins can be traced westerly about 1,800 feet from the 100 Level and are open beyond that. On the east slope to Gold Creek, float quartz with visible gold was found. The Little Squaw vein zone is projected along a 110° strike eastward to the Crystal prospect, about 1.0 mile east. The vein at the Crystal prospect closely resembles the ribbon-banded 100 Level vein.

Two or possibly three veins are present at the Chandalar mine; the principal veins are the 100 Level vein to the north and a south vein about 125 feet south of the 100 Level vein. Ten holes were drilled in 2006 from six sites along the Little Squaw structure to test the known vein system at depth. Reconstruction of fault movement suggests that auriferous intercepts in 2006 (holes LS-2, 4) and intercepts in the 1982 drill holes correlate to the 100 Level vein; however, several fault orientations complicate interpretation. The best intercept was Hole LS-2, which cut 4.21 ppm Au over 20 feet, including 5 feet of 10.75 ppm Au. The1982 hole LS45N reported 0.46 oz Au/ton on another 100 Level vein 10 foot-intercept. The south vein was found in the 1982 holes 45S and LS3 and was also cut by 2006 holes LS-5 and -36.

It is apparent from the combined 1982 and 2006 drill data that the vein on the 100 Level and the south vein may be mineralized over a longer strike length and depth than previously known, but the structure is highly complicated by offset faults.

Two drill holes at the Crystal in 2006 failed to intercept the vein seen in outcrop; however, hole CRY-30 did cut 35 feet of low-grade, steeply dipping sheeted veining. Flat-lying faults are believed to have displaced the Crystal vein.

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**Photo 7-1: 100-Level Ore Shoot of Little Squaw Quartz Vein, Looking West**

This series of gold-bearing quartz veins-fault zones (red) are likely the source of the gold within the placer deposits in Little and Big Squaw Creek catchment (Figure 7-5). GRE believes these quartz veins have excellent potential to host a significant lode deposit. The larger placer deposit in the Little Squaw basin indicate more gold mineralization is likely to be found in the Little Squaw valley.

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**Figure 7-5: Gold-Bearing Quartz Veins-Fault Zones of the Chandalar Mining District with Geology Map of the Chandalar Catchment**

7.2.5.2 Placer
Mineralization

Placer gold occurs within the pre-glacial fluvial, interglacial glaciofluvial, and post-glacial fluvial, permafrost deposits on Little Squaw Creek. The gold is coarse, crystalline, and bright, indicating that it was transported only a short distance from its sources. Small nuggets are common, and there is little fine-grained gold (-80 mesh). Quartz inclusions and attachments are common on gold particles but make up only a few percent by volume.

The pay streak on Little Squaw Creek is subdivided into the "canyon" placer upstream of a bedrock constriction underlying Lines 4.8 through 6, and an "alluvial fan" placer downstream of the buried constriction that extends at least as far north as Line 1.2., a distance of about 2,000 feet. Fluvial gravel hosting the placer is mostly composed of gray to black chloritic schist, which is commonly seen in the surrounding hills.

Gold-bearing gravels composing the alluvial fan range from 15 to 137 feet thick and average 80 feet thick over a width of up to 1,262 feet. The pay streak within the fluvial gravel on the canyon section varies from 50 to 136 feet thick over a width from 240 to 570 feet. The placer deposit is open to further mineralization to the east, west, and north. Figure 7-6 shows the stratigraphic column.

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**Figure 7-6: Goldrich Stratigraphic Column**

Other heavy minerals occur in sparse to minor amounts and include, in general order of abundance: magnetite, magnetic pyrrhotite, locally abundant pyrite, hematite/goethite, ilmenite, scheelite, and galena with trace amounts of garnet, stibnite, and arsenopyrite.

Fine galena cubes are relatively abundant in drill samples recovered from bedrock and overlying gravel on Line 1.2, Hole 1. This may present a lode exploration target.

Overburden on the fan is composed of frozen, clay-rich glacial till. Ice is moderately abundant in the overburden of the alluvial fan and may compose 10% of the total volume. Ice is particularly prevalent under the western end of Line 1.2, where it forms massive lenses 15 to 20 feet thick in Hole 18. Thawing ice appears to be responsible for the actively subsiding thermokarst pond east of the road. The barren till overburden averages 65 feet thick. Overburden on the canyon placer is mixed glaciofluvial sediments and can carry minor concentrations of gold at the surface and disseminated throughout. The overlying barren sections have a highly variable thickness, ranging from 0 to 75 feet with a 41-foot average.

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8.0 Deposit
Types

Portions of this report section are adapted from Barker, et al. (2009), Mendham et al. (2018), Gillerman (2012), Kuehner (2013), Rasmussen (2013), and Walter (2020). The author has reviewed this information in detail and finds it reasonably accurate and suitable for use in this report.

At Chandalar, both lode (Section 8.1) and placer (Section 8.2) gold exist within the district. The placer deposit is the focus of this report, but a significant exploration potential exists to find and develop the lode deposits that were the source of the placer deposit.

8.1 Lode
Deposits

Lode gold occurs throughout the Chandalar property in definable systems of veins, veinlets, disseminations, and auriferous lenses of quartz within or adjacent to northwest-trending shear zones. Figure 6-1 shows the location of all known lode prospects and placers with past production.

For more than a century, prospectors have explored the Chandalar property for high-grade gold-quartz veins. Numerous veins have been found, and several have seen minor production. The largest historical mine was the Mikado mine which produced 6,700 oz Au from 10,500 tons at a head grade of 0.99 oz Au/ton. The schist-hosted Mikado mineralization occurs in discontinuous elongate lenses and veins that pinch and swell as border zones of stockwork and sheeted veinlets. The Mikado shear zone, generally found in the hanging wall, contains the majority of the mineralization. Recurrent movement along the shear explains the discontinuous nature of the mineralization, the pulverization of quartz to a clayey sugary texture, and the numerous ragged inclusions of host rock.

Elsewhere, veins such as the Little Squaw, Crystal, Kiska, Prospector, and Grubstake are hosted in splay faults and are more competent and continuous, but gold values still tend to be discontinuous, and mineralization primarily occurs as pods and ore shoots. Overall, auriferous and subparallel quartz veins of the Chandalar district occur across a five-mile width and a northwest-trending four-mile strike length (see Figure 8-1).

8.1.1 Differing
Theories of Ore Genesis

Studies are not conclusive as to the ore genesis present in the Chandalar lode deposits. Despite early theories that the deposit could be epithermal, subsequent geologic investigation has the lode deposits narrowed down to either an orogenic or magmatic gold mineralization system or a combination of the two.

Dr. Samari's review of all available data and documents indicates that it is impossible to consider only one of the orogenic or magmatic models for the gold mineralization with high certainty at Chandalar district due to existing evidence for two models.

8.1.1.1 Evidence
of an Orogenic Model

Dillon and others (1989) described the placer and lode deposits in the upper Koyukuk and Chandalar Districts. In their studies, they noted the presence of abundant stibnite at Koyukuk but more abundant arsenopyrite at Chandalar, along with anomalous tungsten (W), molybdenum (Mo), and mercury (Hg). They speculated that the gold was remobilized (in Cretaceous times) from Devonian granite cupolas in the region. This geochemical signature of Sb, As, W, and Hg in late gold quartz veins is somewhat reminiscent of mineralization at the Stibnite District in central Idaho. Gold ore at Stibnite is located in a late orogenic shear and fault zone near horsetail and cymoid loop structures. In summary, Dillion found evidence that the age, mineralogy, host rocks, and geochemistry are compatible with an orogenic gold model.

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Goldfarb and others (2005) provided a comprehensive review of these "epigenetic gold deposits in metamorphic terranes," which they noted typically form during the late stages of orogeny and may also be called "orogenic gold deposits." Archean greenstone hosted deposits are one type of orogenic gold deposits but will not be considered further in this discussion. More relevant to the Chandalar District are a few gold-quartz vein orogenic deposits that are hosted in metamorphosed sedimentary rocks within Phanerozoic fold belts. These seem more similar and analogous to the samples, structure, and geologic setting of the Chandalar District.

Petrographic studies were carried out by Gillerman (2012) on eight HQ drill core samples from the property support an orogenic gold model. Gillerman believed mineralogy, host rocks, timing, and geochemistry are compatible with an orogenic deposit, though she noted in her report "the exact origin of the gold is unknown without more study."

8.1.1.2 Evidence
for a Magmatic Model

Lamal (1984) carried out the fluid inclusion that provides data regarding the homogenization temperature during mineralization. The fluid inclusion study showed evidence of a magmatic genesis for the Chandalar district. A summary of Lamal's work is shown below:

Five samples from quartz veins at the Chandalar district were analyzed and fluid salinity was calculated from the depression of the H<sub>2</sub>O melting temperature in this study was from 3-6 % NaCl. Furthermore, this study shows that the homogenization temperature for four samples is from a minimum of 252<sup>○</sup> to a maximum of 320<sup>○</sup> degrees. This temperature range is consistent with a magmatic ore genesis model. Only one sample shows the lower range of homogenization temperature, which is 207-285<sup>○</sup>. As a summary of fluid inclusion study, it was found that gold-bearing quartz veins in the little Squaw are crystallized at about 275<sup>○</sup> and 825 bars with fluids containing an average of 0.18 mole % CO2. Although Lamal (1984) mentioned "such an extreme gradient would only be encountered in areas of igneous activity, and, since there is no evidence of igneous activity at the time of mineralization in this part of Alaska, then it is concluded that boiling and consequent mineral deposition took place when lithostatic conditions switched to hydrostatic conditions after the peak of metamorphism during uplift", Based on newer studies that have been carried out so far, which present hereafter, the fluid inclusion study by Lamal (1984) emphasizes that the quartz veins are mesothermal deposits.

Rasmussen (2013) added to the magmatic genesis theory of the lode gold quartz veins at Chandalar based on the following:

● high-power electron microprobe microscopy at the University of Washington

● oxygen isotope method at Washington State University and

● data from radiometric/magnetic airborne surveys over Chandalar

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Microprobe studies is another method of identifying genetic sources of lode deposits. Microprobe study by Kuehner (2013) on six core samples was reported by Rasmussen to show several characteristics consistent with magmatic ore genesis. All sampled sections contain accessory phases rich in incompatible elements, such as Zr, P, Rare Earth Elements (REE), Th, U, Y, F and Ti. These elements are hosted in phases such as monazite, zircon, baddeleyite, F-apatite, thorite, W-rich rutile, and possibly xenotime. Backscattered electron imaging used in conjunction with wavelength and energy dispersive spectroscopy was employed. Using these tools, it is clear that the euhedral W-zoned rutile grains in DDH20-747 coprecipitated with the sulfides. Inclusions of a variety of these incompatible element rich phases, including thorite, in the sulfides of sample DDH41-256 confirms the coprecipitation of these phases with the sulfide linked to granitic magma source.

Rasmussen (2013) also described that the oxygen isotopic study results from Washington State University reflecting a magmatic source for lode gold-quartz veins in the Chandalar district. GRE's evaluation of the oxygen isotopic study Larson (2014) prepared at Washington State University, shows Chandalar quartz is more associated with metamorphic rocks and metamorphic water instead of granitic rocks. A magmatic model must have a pluton, but to date there is no drilling evidence of a pluton in the region. Rasmussen mentions an aeromagnetic survey and map from the area prepared by USGS MF 878C (1956) that clearly shows a magnetic anomaly just in the south and beneath of the Chandalar Mine. GRE agrees that this anomaly has a characteristic ring structure indicative of an intrusive body (pluton).

In 2012, Richard Walters recognized that the Chandalar load deposits have intense quartz-carbonate hydrothermal alteration of pegmatitic dikes. He described these dikeletes as follows:

● All dikelets encountered in the drilling are mineralized. None of the wall rocks, unless completely chloritized, are.

● Most of the pegmatites are not associated with fault structures, but a few are. These are unlike the mineralized quartz veins which seemingly all occur as multiple sheared (seven or more episodes) and boudinized pockets along major NW faults where intersected by NE structures over the sub-regional NE oriented airborne magnetic anomaly.

● Three cross cutting phases of quartz veins and two phases of cross cutting dikelets were recorded. The injection timing sequence of the quartz veins verses the dikelets - prior, coeval or later - was not known.

Associated with these mineralization events along the dikelets, Walters mentioned Au-bearing quartz-feldspar-muscovite-kaolinite-siderite veins with monazite, xenotime, thorite all of which suggest a magmatic contribution to the mineralizing hydrothermal fluids at Chandalar.

In October 2020, Richard Walter noted:

"because of our exploration considering structural geology, petrographic, geochemical and geophysical evidence we have realized that all of the gold is sourced within a system of magmatic hydrothermal alteration features (like small pegmatitic dikes and chloritized schist). We believe these features are common to and link all the hard-rock (lode) prospects (the weathering of which generated the gold placer deposits), and furthermore are an outlying expression of an underlying gold bearing pluton. Goldrich is currently defining drilling targets for a hard-rock gold deposit in an area of interest approximately 1,800 feet wide and over five miles long, possibly underlain by a series of mineralized magmatic intrusions (plutons)."

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8.1.2 GRE's
Opinion Based on the Existing Data

Dr. Samari believes existing data for the area supports both models of the orogenic and magmatic gold mineralization for non-placer deposits.

Therefore, Dr. Samari surmises that there could be at least three different timing sequences of gold mineralization including:

&nbsp;&nbsp;&nbsp;&nbsp;1. At
 least one phase of mineralization before the Devonian (before the pluton's intrusion)

&nbsp;&nbsp;&nbsp;&nbsp;2. One
 phase associated to the intrusion

&nbsp;&nbsp;&nbsp;&nbsp;3. A
 post-intrusion mineralization phase

In 2008, Richard Walters mentioned that disseminated gold mineralization in schist boulders found on St. Mary's Pass prospect. This is strong evidence for a nearby mineralization even before the Devonian period (see No.1 above).

In this scenario, gold mineralization in Proterozoic to lower Paleozoic metasedimentary schist and greenstones might have an orogenic source (see No. 1 above) while the gold-bearing quartz veins and gold-bearing pegmatite dikeletes have magmatic source (see No. 2 and 3 above).

For example, it appears that pegmatitic dikelete (which crosscut schists) are associated with the first phase of intrusive activity (No. 2 above). During a later phase of intrusive activity (No. 3 above), hydrothermal fluids caused silica and chlorite alterations. These two alterations synchronously were the source of both Au-bearing cross-cutting quartz veins and Au-bearing pegmatite dikeletes.

In summary, the preponderance of the data from exploration to date support interpretation of the Chandalar veins and dikelets as metasediment-hosted, magmatic, low-sulfide mesothermal deposit. If this is the case, this theory places Chandalar in a category with other important gold deposits of the Yukon-Alaska territory such as Fort Knox (8 M oz.) and Donlin Creek (25 M oz.). Therefore, it is possible that Chandalar's vein lode deposits may be an expression of a deeper, larger gold system worthy of substantial exploration.

8.2 Placer
Deposits

Placer gold in the Chandalar Mining district was liberated from lode sources of the former highland weathering surface that rose more than 3,000 feet (914 meters) above the surrounding lowlands during several episodes of erosion and concentration and was further complicated by repeated advances of Quaternary glaciation from the north. Subsequent downcutting on each glacial retreat occurred in response to newly established base levels along the wide valleys to the north and west of the district. These glacial events scoured the upper placer streams of Tobin, Boulder, Woodchuck, McLellan, and Big Squaw Creeks but did not destroy pre-glacial pay streaks at the lower valleys of Little Squaw, Tobin (above Woodchuck Creek), and probably not Big Squaw and McLellan Creeks. These pre-glacial placer deposits were preserved during glaciation, and significant targets remain (Figure 8-1).

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The complex glacial-fluvial history of the Chandalar region formed placers and placer exploration targets that exhibit several differing deposit types. On the north and east side of the district, the placers are a combination of stacked sequences of normal fluvial and glaciofluvial channel deposits that have formed in second order streams and feature bedrock and false bedrock pay channels. On Little Squaw Creek, and possibly on Big Squaw and Nugget Creeks, resistant bedrock along the north margin of the hills has influenced rapid stream gradient changes that created ancestral canyons below which paleo-fluvial and modern glaciofluvial fans have formed.

**Figure 8-1: Gold Placer Locations of the Chandalar Mining District**

The glacial aspects of several of the Chandalar placer deposits, notably Chandalar Mine, where drill data are now available, can be approximately compared to the glaciofluvial deposits in the Valdez Creek (south-central Alaska) (Reger, et al., 1990), Porcupine (southeast Alaska), and the Kolyma (Russian Far East) placer gold districts. The Valdez Creek deposit yielded 514,000 oz Au from glaciofluvial and fluvial gravels, including both bedrock and perched auriferous channels as deep as nearly 200 feet.

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The Little Squaw placer model is viewed as:

● aggradational pre-glacial channel, terrace, and fluvial fan deposits

● intra- glacial and post-glacial aggradational, stacked, truncated channel-segments that composite into placer deposits

● most of the deposit is permanently frozen (permafrost).

The later type is formed by combined fluvial and glaciofluvial processes and is deposited on glacial false-bedrock. These processes result in deposition of significant thickness of auriferous sediment as exhibited at Little Squaw Creek and possibly within other drainages along the north side of the district.

The distribution of Coldfoot sub-terrane rocks as favorable auriferous source rock and various historical accounts of placer gold suggest this general model should also be the focus of exploration at McLellan, Nugget, and several small creeks southeast of the Company's property that are tributaries to Middle Fork, including Rock, Tribley, Day, Dictator, and Agitator Creeks.

Little Squaw Creek is a second-order stream with gold concentrated in placers in its upper reach and in a wider alluvial fan placer where it exits the canyon (Figure 8-2).

This deposit is geologically characterized as an aggradational placer gold deposit. It is unusual in the sense that it is the only such known alluvial, or placer, gold deposit in Alaska, although many exist in Siberia. Goldrich's discovery contrasts to others in Alaska that are commonly known as bedrock placer gold deposits. Aggradational alluvial gold deposits contain gold particles disseminated through thick sections of unconsolidated stream gravels in contrast to bedrock placer deposits where thin but rich gold-bearing gravel pay streaks rest directly on bedrock surfaces. Aggradational placer gold deposits are generally more uniform and thus more conducive to bulk mining techniques incorporating economies of scale. This contrasts with bedrock placer gold deposits where gold distribution tends to be erratic and highly variable. The plan view of the Chandalar Mine deposit is somewhat funnel-shaped, and because of this has been divided into two distinct geomorphological zones: the Gulch, or narrower channel portion, and the Fan, or broad alluvial apron portion.

Similar geologic settings are inferred at other northeast-flowing streams draining the district. A paper by Russian placer geologist Yuri Goldfarb (2007) proposes to reclassify placer deposits found in northern latitudes based on source, morphology, and dynamic (lithomorphodynamic) processes that influence the character of placer gold particles and placer gold deposits. His classification can be extrapolated to generalize about size and grade and, thus, to economic parameters of placer deposit classes. A large body of field data from exploration and mining projects, mostly Russian, but some Alaskan, served as his basis. Under his scheme, the Little Squaw placer deposit would be classified as an aggradational placer due to its close proximity to source rock, steep gradient, high variability of gold grain size, great thickness of gold-bearing gravel, and stacked, complex lithofacies with an overprint of an erosional placer, which is actively eroding through the aggradational placer. Examples of this type of placer deposit where productive mining has occurred include the Hogum, Osceola, and Manhattan placers of Nevada (Vanderberg, 1936) and the Greater Kuranakh placer in the Aldan gold province of north-eastern Russia (Goldfarb, 2007).

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**Figure 8-2: Overview of the Little Squaw, Big Squaw, and Nugget Pre-glacial Fluvial Deposits Buried by Glacial Sediments**

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9.0 Exploration

Portions of this report section are adapted from Barker, et al. (2009) and Mendham et al. (2018). The authors have reviewed this information in detail, finding it reasonably accurate and suitable for use in this report.

Since 2003, in addition to drilling programs, as detailed in Section 10.0 *Drilling*, exploration activities carried out by Goldrich include:

● local mapping of about 40 identified prospect areas

● collection and geochemical analyses of approximately 1,350 soil, 1,305 rock, 67 stream sediment, and 11 water samples, and preparation of anomaly maps

● a trenching program of 45 trenches consisting of 5,937 feet, of which 4,954 feet was exposed bedrock, and collection of about 550 trench-wall channel samples

● ground magnetometer survey grids of 15 prospect areas and survey lines totaling 28 miles.

To date, Goldrich has collected and assayed a total of 3,431 surface samples and analyzed approximately 4,500 drill samples.

In addition, two airborne geophysical surveys have been completed. In 2011, approximately 770 line-miles (1,246 line-kilometers) were flown by an international geophysical contractor over the entire Chandalar property along flight lines 100 meters apart. Preliminary magnetic data revealed known mineralized structures with good clarity and, more importantly, identifies sharp new prospect-scale and district-scale anomalies and mineralized trends.

In 2014, Goldrich completed another airborne radiometric and magnetic survey, also approximately 770 line-miles (1,234 line-kilometers) to test an intrusion-related model for emplacement of lode quartz-gold occurrences. Results of the airborne study demonstrate a broad northwest-trending belt of elevated potassium values with a centrally located, kilometer-scale feature where thorium values are elevated relative to potassium. The potassium/thorium feature anomaly is closely associated with magnetic anomalies to form a circular kilometer-scale feature in the highlands above and adjacent to the Little Squaw Placer deposit consistent with an intrusive body at depth and is central to the northeast-trend of lode quartz-gold occurrences.

9.1 Pan
Sampling

Reconnaissance exploration on Chandalar Mine was carried out by collecting pan samples from dumps associated with old prospect and production shafts, and from sites within old open cuts. Sample locations and site characteristics were recorded at each sample site, and weighable amounts of gold recovered from the pans were saved and weighed. The results of the pan sampling indicate widespread occurrence of potentially economic amounts of placer gold. Surficial evidence (relief and projection) suggests the possibility of buried fluvial channels pre-dating most recent glaciation or ice-marginal channels during glaciation, draining to the northeast from Little Squaw Creek.

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9.2 Trenching

In 2006, a limited trenching program was performed to verify the results of two holes drilled at Chandalar Mine by Daglow Exploration, Inc., in 1997. Each of the drill holes (LS97-7 and -11) encountered gold within 20 feet of ground surface. A trench was excavated to 17 feet adjacent to each drill hole collar to sample the reported gold-bearing intervals. Trench samples measuring one bank cubic foot were panned in a nearby stream, and the results confirmed the presence of placer gold at shallow depths.

Verifying the earlier drilling program results by trenching suggests that drilling the deeper placer deposits can yield reliable exploration data. The 2007 drilling program did locate valuable placer gold deposits at Chandalar Mine in perched pay streaks concentrated on clay-rich "false bedrock" within the fluvial gravel section and variably enriched deposits of gold in deeper pay streaks found on bedrock. Minor, probably sub-economic, amounts of placer gold were found in erratic locations within the overlying glacial sediments.

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10.0 Drilling

10.1 Hard-Rock
(Lode)

10.1.1 Reverse
Circulation Drill Program

In 2006, Goldrich completed a reverse circulation drill program consisting of 39 drill holes for 7,763 feet (2,366 meters) on nine of some thirty gold load prospects (Little Squaw Mining Co., 2006). The results from four prospects, Little Squaw, Summit, Eneveloe and Ratchet Ridge, showed the need for follow-up diamond core drilling. The results included a quartz vein intercept on the Eneveloe Prospect of 25 feet of 5.85 grams per tonne (g/t) gold (0.171 ounces per ton [oz/ton]), including 5 feet of 25.40 g/t (0.742 oz/ton) gold.

10.1.2 HQ
Core Drill Program

In 2011, Goldrich completed a 25-hole, 14,444-foot (4,404-meter) exploratory program, using HQ size core, tested six prospect areas (see accompanying map) located along a 4-km (2.5-mile) long northeast trending belt of gold showings. The drill cores contain a total of 56 mineralized intervals of 0.5 or greater grams per tonne gold (g/t Au) that average 2.3 meters (7.5 feet) in length and have a weighted average grade of 1.66 g/t Au (see accompanying table). Gold-bearing intercepts were obtained in 72% of the holes, with many having multiple intercepts.

10.2 Placer

10.2.1 Reverse
Circulation Drill Program

In 2007, Goldrich discovered and partially drilled out a large placer gold deposit in the Little Squaw Creek drainage with a conventional, air-rotary reverse circulation (RC) drilling program targeting bench deposits at Chandalar Mine with 101 drill holes. Drilling in the 101 valid drill holes totaled 14,856.5 feet. The program included four exploration holes on Spring Creek and two on Big Squaw Creek, and all together totaled 15,303.5 feet of drilling. Drill lines were on 500-foot spacing, with holes 50- to 100-feet apart. All holes were drilled vertically into horizontal placer targets, and all intercepts are considered representative of the true thickness of mineralization. A plan map showing the location of drill lines and drill holes at Chandalar Mine is presented as Figure 10-1, and the results of the drilling are summarized in Table 10-1.

Of the 107 holes collared, 87 were completed to bedrock, and 20 holes were either abandoned due to ground caving or swelling or were terminated at the full extent (210 feet) of the available drill rod without reaching bedrock. All holes were drilled "open," without casing.

In 2009, as a result of the 2007 placer drill program, Goldrich opened the Chandalar Mine as a test project. Favorable results from the test project led to the expansion of the mine in 2010. Total production from 2009 to 2018 was approximately 44,209 ounces of fine gold.

10.2.2 Sonic
Drill Program

In 2013, 72 sonic dill holes were completed, of which 11 have no assay data, to infill the 2007 drilling program to a line spacing of 250 feet, with one line infilled to 125 feet. Drilling in the 61 valid drill holes totaled 6,253.7 feet (Figure 10-2).

In 2017, 230 sonic drill holes totaling 14,303 feet were drilled. The drill lines were spaced at 125 to 250 feet on and around the southwestern canyon portion of the deposit (Figure 10-2).

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Chandalar Mine, Chandalar Gold District Page 73 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 10-1: Placer Geology and Drill Hole Locations in 2007 at Chandalar Mine**

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| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 74 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 10-1: Results of 2007, 2013, and 2017 Placer Drilling**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| 2007 Drill Holes | 2007 Drill Holes | 2007 Drill Holes | 2007 Drill Holes | 2007 Drill Holes | 2007 Drill Holes |
| L1.2H1 | 65964.64 | 48303.92 | 2310.62 | 135 | RC |
| L1.2H18 | 65200.38 | 48686.35 | 2323.7 | 95 | RC |
| L1.2H1E | 66058.51 | 48256.83 | 2309.96 | 145 | RC |
| L1.2H3E | 66152.67 | 48215.68 | 2308.23 | 135 | RC |
| L1.2H5E | 66247.66 | 48181.12 | 2304.86 | 115 | RC |
| L1.2H7E | 66336.02 | 48138.15 | 2304.18 | 105 | RC |
| L1.2H9E | 66429.55 | 48096.6 | 2304.39 | 105 | RC |
| L2H8 | 65476.5 | 48071.48 | 2341.05 | 210 | RC |
| L2H10 | 65388.75 | 48130.36 | 2344.29 | 210 | RC |
| L2H12 | 65302.39 | 48154.78 | 2352.41 | 210 | RC |
| L2H14 | 65206.48 | 48204.85 | 2353.73 | 206 | RC |
| L2H15 | 65161.94 | 48228.61 | 2354.36 | 210 | RC |
| L2H19 | 64975.83 | 48300.1 | 2362.57 | 210 | RC |
| L2H2E | 65930.67 | 47866.03 | 2335.08 | 130 | RC |
| L2H4E | 66035.45 | 47861.15 | 2331.36 | 110 | RC |
| L2H6E | 66087.82 | 47703.03 | 2350.48 | 90 | RC |
| L3H1 | 65442.46 | 47566.54 | 2366.96 | 165 | RC |
| L3H3 | 65342.61 | 47596.64 | 2383.93 | 185 | RC |
| L3H5 | 65250.93 | 47627.69 | 2385.71 | 180 | RC |
| L3H7 | 65163.65 | 47656.81 | 2384.31 | 180 | RC |
| L3H9 | 65049.55 | 47727.55 | 2384.64 | 200 | RC |
| L3H12 | 64922.94 | 47758.17 | 2390.78 | 210 | RC |
| L3H15.5 | 64744.11 | 47799.14 | 2403.86 | 210 | RC |
| L3H3E | 65587.75 | 47513.67 | 2368.14 | 155 | RC |
| L3H5E | 65681.36 | 47476.34 | 2373.52 | 145 | RC |
| L3H7E | 65777.4 | 47427.88 | 2386.19 | 135 | RC |
| L3H9E | 65865.25 | 47401.67 | 2387.46 | 120 | RC |
| L3H12E | 66005.62 | 47346.32 | 2388.53 | 105 | RC |
| L4H1 | 65276.45 | 47057.82 | 2413.55 | 153 | RC |
| L4H2 | 65233.18 | 47078.17 | 2414.22 | 150 | RC |
| L4H3B | 65164.18 | 47070.95 | 2416.74 | 160 | RC |
| L4H4 | 65135.73 | 47116.12 | 2419.18 | 159.5 | RC |
| L4H5 | 65090.42 | 47133.52 | 2420.07 | 180 | RC |
| L4H6 | 65040.55 | 47150.34 | 2426.43 | 180 | RC |
| L4H7 | 64999.39 | 47171.88 | 2428.81 | 195 | RC |
| L4H8 | 64944.86 | 47188.19 | 2429.63 | 210 | RC |
| L4H9 | 64907.88 | 47206.89 | 2430.2 | 210 | RC |
| L4H10 | 64858.05 | 47225 | 2429.77 | 210 | RC |
| L4H11 | 64802.74 | 47226.06 | 2432.25 | 155 | RC |
| L4H12 | 64765.35 | 47261.06 | 2433.86 | 175 | RC |
| L4H13 | 64718.73 | 47280.98 | 2436.96 | 170 | RC |
| L4H14 | 64667.76 | 47296.9 | 2438.78 | 180 | RC |
| L4H15 | 64617.99 | 47315.52 | 2440.08 | 165 | RC |

---

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| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

---

Chandalar Mine, Chandalar Gold District Page 75 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L4H1East | 65371.2 | 47020.8 | 2408.6 | 95 | RC |
| L4H5East | 65559.34 | 46951.33 | 2444.45 | 90 | RC |
| L4.4H3 | 65049.59 | 46940.24 | 2435.42 | 195 | RC |
| L4.6H3 | 65007.11 | 46844.64 | 2451.3 | 190 | RC |
| L4.6H5 | 64918.59 | 46879.99 | 2455.37 | 125 | RC |
| L4.6H7 | 64829.41 | 46941.39 | 2451.13 | 95 | RC |
| L4.6H9 | 64701.03 | 46967.16 | 2452.04 | 85 | RC |
| L4.7H3 | 64978.14 | 46795.57 | 2449.33 | 210 | RC |
| L4.8H3 | 64961.36 | 46751.04 | 2454.54 | 210 | RC |
| L5H1 | 65014.98 | 46632.93 | 2451.77 | 43 | RC |
| L5H1B | 65014.99 | 46645.86 | 2451.37 | 135 | RC |
| L5H2 | 64962.03 | 46648.74 | 2457.87 | 55 | RC |
| L5H2B | 64962.39 | 46658.24 | 2456.79 | 120 | RC |
| L5H3 | 64919.39 | 46667.87 | 2469.37 | 67 | RC |
| L5H3B | 64922.42 | 46662.69 | 2469.3 | 115 | RC |
| L5H4 | 64876.54 | 46687.71 | 2473.13 | 68 | RC |
| L5H4B | 64869.28 | 46702.64 | 2473.2 | 100 | RC |
| L5H5 | 64830.22 | 46706.59 | 2477 | 100 | RC |
| L5H6 | 64776.65 | 46724.76 | 2475.2 | 67 | RC |
| L5H7 | 64731.76 | 46740.87 | 2479.69 | 65 | RC |
| L5H3E | 65207.33 | 46557.53 | 2479.41 | 160 | RC |
| L5H5E | 65292.83 | 46516.1 | 2489.56 | 120 | RC |
| L6H1 | 64896.28 | 46152.23 | 2494.48 | 135 | RC |
| L6H2 | 64829.38 | 46157.95 | 2527.13 | 150 | RC |
| L7H1 | 64871.57 | 45621.38 | 2554.55 | 105 | RC |
| L7H2 | 64823.75 | 45639.87 | 2560.54 | 105 | RC |
| L7H3 | 64754.4 | 45682.98 | 2585.38 | 130 | RC |
| L7H4 | 64725.74 | 45682.39 | 2586.74 | 130 | RC |
| L7H1E | 64958.99 | 45585.81 | 2559.63 | 135 | RC |
| L7H2E | 65000.53 | 45564.18 | 2564.07 | 112 | RC |
| L7H3E | 65038.19 | 45529.86 | 2566.73 | 120 | RC |
| L8H1 | 64915.94 | 45038.86 | 2626.82 | 150 | RC |
| L8H2 | 64866.75 | 45055.92 | 2656.74 | 160 | RC |
| L8H3 | 64804.46 | 45095.08 | 2670.14 | 190 | RC |
| L8H4B | 64761.39 | 45102.96 | 2682.45 | 205 | RC |
| L8H5 | 64717.32 | 45121.88 | 2692.73 | 210 | RC |
| L8H6B | 64663.73 | 45113.22 | 2695.6 | 210 | RC |
| L8H7 | 64630.15 | 45155.26 | 2695.36 | 210 | RC |
| L8.6H1 | 64831.1 | 44716.05 | 2658.44 | 120 | RC |
| L8.6H1B | 64833.36 | 44709.54 | 2661.43 | 130 | RC |
| L8.6H2 | 64785.52 | 44734.07 | 2666.55 | 105 | RC |
| L8.6H3 | 64738.94 | 44748.55 | 2684.41 | 105 | RC |
| L9H1 | 64775.54 | 44531.61 | 2684.44 | 120 | RC |
| L9H2 | 64729.05 | 44546.82 | 2695.49 | 130 | RC |
| L9H3 | 64691.59 | 44562.33 | 2704.35 | 145 | RC |

---

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| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 76 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L9H4 | 64638.96 | 44581.52 | 2719.29 | 145 | RC |
| L9.9H1 | 64751.99 | 44195.42 | 2704.42 | 135 | RC |
| L10H1 | 64598.21 | 44058.39 | 2724.93 | 100 | RC |
| L10H2 | 64533.68 | 44078.61 | 2756.47 | 145 | RC |
| L10H3 | 64477.52 | 44091.89 | 2772.72 | 160 | RC |
| L10H4 | 64446.45 | 44128.46 | 2788.76 | 190 | RC |
| L10H5 | 64407.97 | 44118.75 | 2792.39 | 175 | RC |
| L10H6 | 64350.66 | 44154.08 | 2804.92 | 167 | RC |
| L10H7 | 64298.48 | 44171.28 | 2818.14 | 200 | RC |
| L10H8 | 64266.95 | 44195.7 | 2821.47 | 199 | RC |
| L10H9 | 64230.49 | 44232.56 | 2824.3 | 90 | RC |
| L10H10 | 64156.78 | 44220.67 | 2838.68 | 135 | RC |
| L11H2 | 64121.33 | 43707.74 | 2812.15 | 130 | RC |
| **Total** |  |  |  | **14856.5** |  |
| 2013 Drill Holes | 2013 Drill Holes | 2013 Drill Holes | 2013 Drill Holes | 2013 Drill Holes | 2013 Drill Holes |
| L2H0 | 65830.63 | 47901.92 | 2336.71 | 124 | Sonic |
| L2H2B | 65739.54 | 47942.7 | 2339.59 | 150 | Sonic |
| L2H8E | 66152.55 | 47630.55 | 2353 | 80 | Sonic |
| L2.5H0 | 65691.12 | 47702.37 | 2354.03 | 144 | Sonic |
| L2.5H2 | 65600.04 | 47742.85 | 2355.24 | 153 | Sonic |
| L2.5H2E | 65783 | 47661.88 | 2351.54 | 140 | Sonic |
| L2.5H4 | 65508.39 | 47783.74 | 2356.81 | 156.5 | Sonic |
| L2.5H4E | 65874.18 | 47620.67 | 2361.68 | 110 | Sonic |
| L2.5H6 | 65416.99 | 47824.34 | 2358.12 | 153 | Sonic |
| L2.5H6E | 65965.53 | 47580 | 2366.66 | 110 | Sonic |
| L2.5H8 | 65325.78 | 47865.39 | 2360.77 | 160 | Sonic |
| L2.5H8E | 66056.76 | 47539.74 | 2364.81 | 90 | Sonic |
| L2.5H10E | 66130.85 | 47527.05 | 2361 | 90 | Sonic |
| L2.75H4E | 65763.4 | 47569.7 | 2380 | 110 | Sonic |
| L2.75H6E | 65865.1 | 47523.77 | 2376 | 110 | Sonic |
| L2.75H8E | 65953.69 | 47484.4 | 2376 | 100 | Sonic |
| L2.75H10E | 66042.27 | 47441.75 | 2375 | 100 | Sonic |
| L2.75H12E | 66140.69 | 47399.1 | 2370 | 75 | Sonic |
| L3H3EB(twin) | 65573.26 | 47524.33 | 2368.14 | 155.2 | Sonic |
| L3H11E | 65937.1 | 47360.1 | 2387 | 105 | Sonic |
| L3H14E | 66074.89 | 47304.33 | 2384 | 110 | Sonic |
| L3H17 | 64698.82 | 47877.4 | 2402 | 110 | Sonic |
| L3H19 | 64613.52 | 47926.61 | 2405 | 110 | Sonic |
| L3H21 | 64551.19 | 47952.86 | 2401 | 110 | Sonic |
| L3H23 | 64459.32 | 48008.64 | 2389 | 110 | Sonic |
| L3H25 | 64351.05 | 48057.85 | 2376 | 110 | Sonic |
| L3.5H0 | 65371.9 | 47298.97 | 2390.58 | 144 | Sonic |
| L3.5H2 | 65280.64 | 47339.78 | 2404.38 | 124 | Sonic |
| L3.5H2E | 65463.11 | 47258.2 | 2388.72 | 144 | Sonic |
| L3.5H4 | 65189.02 | 47380.85 | 2411.47 | 104 | Sonic |

---

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| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 77 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L3.5H4E | 65554.67 | 47217.47 | 2396.89 | 110 | Sonic |
| L3.5H6 | 65097.84 | 47421.28 | 2413.4 | 104 | Sonic |
| L3.5H6E | 65646.03 | 47176.96 | 2416.38 | 110 | Sonic |
| L3.5H8 | 65006.15 | 47462.19 | 2412.41 | 104 | Sonic |
| L3.5H8E | 65737.5 | 47135.96 | 2419.72 | 110 | Sonic |
| L3.5H10E(B) | 65837.1 | 47131.8 | 2403 | 57 | Sonic |
| L4H19 | 64456.07 | 47341.64 | 2441.85 | 115 | Sonic |
| L4H21 | 64355.78 | 47369.47 | 2443.17 | 130 | Sonic |
| L4H23 | 64261.56 | 47407.5 | 2440.31 | 110 | Sonic |
| L4H25 | 64160.77 | 47445.19 | 2433.77 | 100 | Sonic |
| L4H27 | 64057.36 | 47469.57 | 2428.34 | 105 | Sonic |
| L4H29 | 63985.15 | 47528.49 | 2422.38 | 110 | Sonic |
| L4.6H11 | 64612.48 | 46971.32 | 2462 | 75 | Sonic |
| L7AH2 | 61050.28 | 47951.93 | 2386.91 | 104 | Sonic |
| L7AH4 | 61085.02 | 48045.98 | 2383.54 | 104 | Sonic |
| L7AH6 | 61094.64 | 48115.68 | 2381.57 | 94 | Sonic |
| L7AH8 | 61118.85 | 48222.37 | 2386.45 | 94 | Sonic |
| Ln12H1 | 63823.76 | 43328.29 | 2850 | 64 | Sonic |
| Ln12H2 | 63934.91 | 43347.11 | 2831 | 64 | Sonic |
| Ln12H3 | 63884.08 | 43374.21 | 2836 | 54 | Sonic |
| Ln12H4 | 63798.23 | 43376.46 | 2882 | 42 | Sonic |
| Ln12.5H2 | 63843.62 | 43131.46 | 2865 | 50 | Sonic |
| LnAWP-0H0 | 63951.22 | 44452.05 | 2870.48 | 94 | Sonic |
| LnAWP-0H2 | 63903 | 44363.9 | 2878.58 | 75 | Sonic |
| LnAWP-0H4 | 63867.59 | 44283 | 2884.7 | 74 | Sonic |
| LnAWP-0H14 | 63727.93 | 43791.42 | 2901.97 | 50 | Sonic |
| LnAWP-0H16 | 63722.61 | 43702.17 | 2897.61 | 74 | Sonic |
| Pit1 | 65745.81 | 47898.58 | 2480.36 | 30 | Sonic |
| Pit2 | 65809.7 | 47938.1 | 2465.87 | 30 | Sonic |
| Pit3 | 65700.3 | 47886.37 | 2484.31 | 75 | Sonic |
| Pit4 | 65633.31 | 47971.93 | 2489.69 | 150 | Sonic |
| **Total** |  |  |  | **6253.7** |  |
| 2017 Drill Holes | 2017 Drill Holes | 2017 Drill Holes | 2017 Drill Holes | 2017 Drill Holes | 2017 Drill Holes |
| L2H12E | 66380.37 | 46764.19 | 2356.36 | 61 | Sonic |
| L2H13E | 66418.95 | 47629.63 | 2354.86 | 85 | Sonic |
| L2H14E | 66466.32 | 47609.94 | 2352.23 | 70 | Sonic |
| L2H15.5E | 66543.93 | 47583.98 | 2348.36 | 63 | Sonic |
| L2H18E | 66668.35 | 47538.15 | 2346.13 | 79 | Sonic |
| L2H20E | 66749.31 | 47476.44 | 2353.9 | 59 | Sonic |
| L2.25H13E | 66336.37 | 47555.42 | 2360.96 | 71 | Sonic |
| L2.25H15E | 66412.47 | 47508.98 | 2359.19 | 65 | Sonic |
| L2.25H19E | 66585.71 | 47417.91 | 2359.74 | 61 | Sonic |
| L2.25H21E | 66712.4 | 47368.58 | 2370.7 | 73 | Sonic |
| L2.5H14E | 66333.68 | 47420.35 | 2368.64 | 95 | Sonic |
| L2.5H17E | 66456.09 | 47364.05 | 2367.98 | 90 | Sonic |

---

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| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 78 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L2.5H18E | 66517.94 | 47338.25 | 2371.88 | 70 | Sonic |
| L2.5H19E | 66548.17 | 47294.5 | 2377.82 | 72 | Sonic |
| L2.5H20E | 66605.02 | 47309.46 | 2376.77 | 76 | Sonic |
| L2.75H15E | 66299.26 | 47343.56 | 2375.2 | 92 | Sonic |
| L2.75H16E | 66313.41 | 47316.69 | 2376.21 | 82 | Sonic |
| L2.75H18E | 66418.64 | 47258.47 | 2381.2 | 68 | Sonic |
| L2.75H20E | 66523.15 | 47247.67 | 2384.94 | 71 | Sonic |
| L3H18E | 66246.64 | 47218.46 | 2388.39 | 74 | Sonic |
| L4H4E | 65528.5 | 46939.44 | 2451.18 | 82 | Sonic |
| L4H7E | 65651.74 | 46912.46 | 2448.56 | 46 | Sonic |
| L4H9E | 65729.39 | 46899.38 | 2443.64 | 46 | Sonic |
| L4.6H2E | 65239.14 | 46754.02 | 2449.21 | 127 | Sonic |
| L4.6H5E | 65351.12 | 46708.69 | 2473.2 | 108 | Sonic |
| L5H1E | 65116.78 | 46586.79 | 2458.17 | 65 | Sonic |
| L5.25H0.5 | 64963.93 | 46492.94 | 2470.93 | 100 | Sonic |
| L5.5H1 | 64933.02 | 46379.46 | 2483.76 | 130 | Sonic |
| L5.5H1E | 65013.57 | 46363.06 | 2474.05 | 91 | Sonic |
| L5.5H5E | 65169.8 | 46269.08 | 2514.4 | 74 | Sonic |
| L5.75H0.5 | 64917.55 | 46242.22 | 2494.59 | 130 | Sonic |
| L6H0.5 | 64905.48 | 46154.69 | 2500.62 | 120 | Sonic |
| L6H2E | 65027.26 | 46063.22 | 2529.86 | 210 | Sonic |
| L6H4.5 | 64735.34 | 46207.85 | 2555.68 | 85 | Sonic |
| L6H5.5 | 64672.07 | 46219.27 | 2568.93 | 75 | Sonic |
| L6.25H2.5E | 64995.61 | 45954.61 | 2544.46 | 148 | Sonic |
| L6.25H5 | 64715.52 | 46111.87 | 2568.31 | 105 | Sonic |
| L6.25H6 | 64656.07 | 46093.01 | 2581.36 | 107 | Sonic |
| L6.5H2E | 65009.2 | 45848.14 | 2561.61 | 146 | Sonic |
| L6.5H6.5 | 64623.64 | 45999.38 | 2596.82 | 83 | Sonic |
| L6.75H3E | 65024.69 | 45691.9 | 2579.89 | 145 | Sonic |
| L6.75H6 | 64610.2 | 45850.05 | 2615.78 | 89 | Sonic |
| L7H3.5E | 65112.95 | 45499.59 | 2601.64 | 155 | Sonic |
| L7H6.5 | 64665.16 | 45738.21 | 2613.55 | 84 | Sonic |
| L7H7.5 | 64613.27 | 45757.16 | 2625.89 | 97 | Sonic |
| L7.15H7 | 64646.65 | 45682.62 | 2630.18 | 104 | Sonic |
| L7.25H2 | 64904.92 | 45448.08 | 2610.3 | 147 | Sonic |
| L7.25H8 | 64628.49 | 45608.18 | 2648.39 | 100 | Sonic |
| L7.5H0.5 | 64980.46 | 45273.2 | 2605.71 | 171 | Sonic |
| L7.5H5.5 | 64738.28 | 45348.24 | 2663.55 | 117 | Sonic |
| L7.5H7.5 | 64644.25 | 45442.33 | 2664.6 | 85 | Sonic |
| L7.75H0 | 64936.22 | 45145.09 | 2624.67 | 168 | Sonic |
| L7.75H4B | 64809.18 | 45193.59 | 2655.28 | 90 | Sonic |
| L7.75H6 | 64707.68 | 45264.27 | 2670.9 | 90 | Sonic |
| L7.75H8 | 64603.07 | 45303.12 | 2684.74 | 90 | Sonic |
| L8H9 | 64543.43 | 45201.39 | 2702.07 | 108 | Sonic |
| L8.3H2 | 64853.15 | 44886.29 | 2653.54 | 141 | Sonic |

---

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| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 79 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L8.3H3 | 64814.44 | 44887.54 | 2665.55 | 70 | Sonic |
| L8.3H6 | 64688.86 | 44949.56 | 2701.44 | 70 | Sonic |
| L8.3H8 | 64594.47 | 45003.4 | 2713.88 | 110 | Sonic |
| L8.6H6 | 64601.77 | 44805.43 | 2720.6 | 70 | Sonic |
| L8.6H8 | 64502.44 | 44861.08 | 2744.32 | 100 | Sonic |
| L8.8H1.5 | 64780.82 | 44626.37 | 2673.72 | 93 | Sonic |
| L8.8H2.5 | 64740.24 | 44647.07 | 2672.64 | 80 | Sonic |
| L8.8H3.5 | 64702.1 | 44663.38 | 2672.31 | 60 | Sonic |
| L9H5 | 64601.11 | 44607.55 | 2695.47 | 92 | Sonic |
| L9H7 | 64511.56 | 44646.29 | 2744.09 | 70 | Sonic |
| L9H9 | 64408.73 | 44696.34 | 2770.83 | 100 | Sonic |
| L9H12 | 64286.75 | 44756.54 | 2805.71 | 102 | Sonic |
| L9.25H1 | 64778.3 | 44375.9 | 2681.69 | 64 | Sonic |
| L9.25H3 | 64691.89 | 44415.82 | 2685.53 | 84 | Sonic |
| L9.25H4 | 64637.77 | 44451.22 | 2679 | 75 | Sonic |
| L9.25H5 | 64604.28 | 44460.51 | 2678.84 | 70 | Sonic |
| L9.25H6 | 64567.3 | 44473.12 | 2694.32 | 90 | Sonic |
| L9.25H8 | 64487.7 | 44534.57 | 2757.61 | 75 | Sonic |
| L9.25H10 | 64371.15 | 44549.92 | 2782.74 | 110 | Sonic |
| L9.25H12.5 | 64266.26 | 44621.41 | 2809.65 | 110 | Sonic |
| L9.4H2 | 64753.88 | 44307.9 | 2685.76 | 42 | Sonic |
| L9.4H4.5 | 64687.89 | 44342.7 | 2689.04 | 70 | Sonic |
| L9.4H5.5 | 64642.51 | 44372.16 | 2672.67 | 51 | Sonic |
| L9.5H3 | 64685.63 | 44285.53 | 2679.53 | 52 | Sonic |
| L9.5H4 | 64638.21 | 44296.86 | 2694.91 | 102 | Sonic |
| L9.5H4.5 | 64613.6 | 44315.47 | 2678.71 | 50 | Sonic |
| L9.5H5 | 64584.33 | 44326.32 | 2695.83 | 30 | Sonic |
| L9.5H6.5 | 64525.12 | 44353.69 | 2680.45 | 56 | Sonic |
| L9.5H9.5 | 64352.39 | 44430.31 | 2793.08 | 59 | Sonic |
| L9.5H9.5B | 64369.22 | 44470.45 | 2786.48 | 163 | Sonic |
| L9.5H13 | 64232.99 | 44495.35 | 2817.55 | 130 | Sonic |
| L9.8H2.5 | 64539.33 | 44124.7 | 2699.84 | 30 | Sonic |
| L9.9H0 | 64789.83 | 44172.02 | 2702.89 | 9 | Sonic |
| L9.9H2 | 64712.46 | 44214.11 | 2692.59 | 43 | Sonic |
| L9.9H3E | 64927.15 | 44117.31 | 2777.36 | 47 | Sonic |
| L9.9H4 | 64617.08 | 44260.82 | 2698.33 | 76 | Sonic |
| L9.9H5 | 64575.11 | 44276.4 | 2690.06 | 57 | Sonic |
| L9.95H1 | 64649.95 | 44193.95 | 2690.65 | 46 | Sonic |
| L9.95H1E | 64748.02 | 44100.09 | 2717.13 | 30 | Sonic |
| L9.95H2 | 64606.71 | 44173.76 | 2683.33 | 50 | Sonic |
| L9.95H2.5 | 64581.52 | 44185.67 | 2694.82 | 45 | Sonic |
| L9.95H3.5 | 64535.52 | 44206.63 | 2700 | 52 | Sonic |
| L9.95H5E | 64927.24 | 44019.49 | 2793.37 | 60 | Sonic |
| L9.95H5.5 | 64443.87 | 44250.86 | 2735.37 | 70 | Sonic |
| L9.95H7.5 | 64368.49 | 44284.71 | 2741.96 | 97 | Sonic |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 80 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L9.95H10.5 | 64248.06 | 44340.26 | 2812.66 | 119 | Sonic |
| L9.95H11 | 64235.29 | 44366.01 | 2813.19 | 141 | Sonic |
| L9.97H1 | 64617.51 | 44108.96 | 2699.11 | 53 | Sonic |
| L9.98H3.5 | 64488.49 | 44140.49 | 2699.87 | 57 | Sonic |
| L10H1E | 64651.43 | 43972.74 | 2748.39 | 85 | Sonic |
| L10H2E | 64731.48 | 43984.77 | 2756.76 | 55 | Sonic |
| L10H5E | 64843.95 | 43912.81 | 2798.95 | 52 | Sonic |
| L10H6.5 | 64329.69 | 44167.01 | 2738.16 | 70 | Sonic |
| L10H11 | 64128.38 | 44253.29 | 2835.37 | 126 | Sonic |
| L10H13 | 64043.26 | 44313.27 | 2849.74 | 93 | Sonic |
| L10.15H0.5 | 64525.06 | 43981.91 | 2707.15 | 51 | Sonic |
| L10.15H1.5 | 64462.08 | 44034.68 | 2712.43 | 50 | Sonic |
| L10.15H2.5 | 64430.91 | 44032.34 | 2713.22 | 30 | Sonic |
| L10.15H3.5 | 64380.27 | 44056.83 | 2706.89 | 41 | Sonic |
| L10.25H0.5 | 64473.69 | 43961.3 | 2704.56 | 33 | Sonic |
| L10.25H2 | 64406.44 | 43992.28 | 2715.09 | 30 | Sonic |
| L10.25H3 | 64360.43 | 44011.26 | 2723.03 | 53 | Sonic |
| L10.25H4 | 64303.88 | 44029.33 | 2696.72 | 24 | Sonic |
| L10.25H4.0E | 64687.24 | 43843.78 | 2786.42 | 67 | Sonic |
| L10.25H5A | 64267.18 | 44054.3 | 2747.67 | 45 | Sonic |
| L10.25H5B | 64264.26 | 44049.45 | 2747.67 | 73 | Sonic |
| L10.25H6E | 64770.64 | 43815.79 | 2803.71 | 54 | Sonic |
| L10.25H6.5 | 64209.46 | 44082.94 | 2760.73 | 103 | Sonic |
| L10.25H8 | 64117.3 | 44135.21 | 2838.81 | 104 | Sonic |
| L10.25H9.5 | 64060.2 | 44158.31 | 2848.98 | 110 | Sonic |
| L10.4H2 | 64299.45 | 43958.94 | 2718.34 | 30 | Sonic |
| L10.5H0 | 64327.94 | 43876.61 | 2707.87 | 21 | Sonic |
| L10.5H2 | 64259.76 | 43932.99 | 2705.12 | 21 | Sonic |
| L10.5H2E | 64405.28 | 43854.38 | 2711.48 | 27 | Sonic |
| L10.5H3.5 | 64153.19 | 43973.42 | 2777.56 | 75 | Sonic |
| L10.5H5.5 | 64053.81 | 44018.78 | 2837.17 | 119 | Sonic |
| L10.5H7 | 63991.7 | 44045.55 | 2854.04 | 111 | Sonic |
| L10.5H7.0E | 64596.76 | 43759.64 | 2800.3 | 61 | Sonic |
| L10.5H8E | 64689.15 | 43716.86 | 2814.27 | 46 | Sonic |
| L10.7H0.5E | 64304.25 | 43779.12 | 2715.88 | 21 | Sonic |
| L10.7H1.5E | 64342.15 | 43770.13 | 2715.95 | 22 | Sonic |
| L10.75H1.5 | 64196.06 | 43803.4 | 2713.56 | 29 | Sonic |
| L10.75H4 | 64075.56 | 43868.49 | 2797.64 | 56 | Sonic |
| L10.75H4.5E | 64469.47 | 43698.79 | 2806.1 | 91 | Sonic |
| L10.75H5.5 | 64002.62 | 43915.3 | 2838.16 | 90 | Sonic |
| L10.75H5.5E | 64524.54 | 43657.71 | 2813.98 | 69 | Sonic |
| L10.75H6.5 | 63921.28 | 43943.69 | 2860.96 | 75 | Sonic |
| L10.75H7.5E | 64655.93 | 43679.54 | 2816.93 | 49 | Sonic |
| L11H5 | 63989.87 | 43779.35 | 2811.42 | 71 | Sonic |
| L11H5.5E | 64411.43 | 43584 | 2823.29 | 93 | Sonic |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 81 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L11H6.5 | 63924.63 | 43792.13 | 2840.88 | 63 | Sonic |
| L11H6.5E | 64498.3 | 43526.39 | 2843.27 | 59 | Sonic |
| L11H7.5 | 63859.15 | 43833.41 | 2872.77 | 80 | Sonic |
| L11.25H1E | 64187.15 | 43576.19 | 2744.07 | 25 | Sonic |
| L11.25H4.5 | 63944.79 | 43690.3 | 2833.23 | 66 | Sonic |
| L11.25H5.0E | 64361.6 | 43488.97 | 2836.45 | 89 | Sonic |
| L11.25H5.5 | 63889.42 | 43691.12 | 2853.28 | 80 | Sonic |
| L11.25H6E | 64420.64 | 43459.39 | 2849.57 | 60 | Sonic |
| L11.25H7 | 63831.04 | 43736.24 | 2878.81 | 106 | Sonic |
| L11.3H0 | 64129.77 | 43562.49 | 2758.6 | 30 | Sonic |
| L11.3H1 | 64093.7 | 43571.06 | 2753.49 | 31 | Sonic |
| L11.5H0 | 64085.54 | 43513.39 | 2764.5 | 17 | Sonic |
| L11.5H4.5 | 63868.99 | 43601.25 | 2854.82 | 55 | Sonic |
| L11.5H5.5E | 64352.73 | 43396.92 | 2856.69 | 57 | Sonic |
| L11.75H0 | 64035.34 | 43411.18 | 2782.61 | 19 | Sonic |
| L11.75H3.5 | 63861.68 | 43516.16 | 2858.73 | 62 | Sonic |
| L11.75H4.5E | 64202.31 | 43351.15 | 2853.67 | 80 | Sonic |
| L11.75H5.5E | 64234.82 | 43325.02 | 2863.94 | 69 | Sonic |
| L12H1E | 64016.81 | 43309.41 | 2795.18 | 14 | Sonic |
| L13.25H0 | 63776.29 | 42740.62 | 2890.42 | 31 | Sonic |
| L13.5H0 | 63756.15 | 42609.79 | 2904.27 | 24 | Sonic |
| L13.5H1 | 63704.87 | 42659.53 | 2907.22 | 44 | Sonic |
| L13.5H1E | 63790.56 | 42591.86 | 2917.59 | 50 | Sonic |
| L13.5H2 | 63557.3 | 42658.22 | 2914.73 | 33 | Sonic |
| L14H0 | 63614.74 | 42384.96 | 2927.07 | 29 | Sonic |
| L14H1 | 63578.96 | 42445.88 | 2920.67 | 29 | Sonic |
| L14H1E | 63660.21 | 42372.13 | 2938.45 | 35 | Sonic |
| L14H2 | 63529.14 | 42432.56 | 2933.2 | 42 | Sonic |
| L14H3 | 63493.05 | 42462.38 | 2945.7 | 33 | Sonic |
| L14.5H0 | 63470.86 | 42207.6 | 2945.34 | 23 | Sonic |
| L14.5H1 | 63404.84 | 42220.88 | 2946.72 | 30 | Sonic |
| L14.5H1E | 63503.44 | 42167.93 | 2954.33 | 24 | Sonic |
| L14.5H2 | 63371.34 | 42236.66 | 2957.48 | 37 | Sonic |
| L14.5H2E | 63558.97 | 42173.28 | 2963.45 | 26 | Sonic |
| L14.5H3 | 63335.97 | 42258.51 | 2969.75 | 15 | Sonic |
| L14.75H0 | 63414.58 | 42082.93 | 2955.64 | 18 | Sonic |
| L14.75H1 | 63362.88 | 42127.49 | 2952.49 | 27 | Sonic |
| L14.75H1E | 63456.99 | 42062.26 | 2963.68 | 28 | Sonic |
| L14.75H2 | 63309.56 | 42138.05 | 2975.39 | 43 | Sonic |
| L14.75H2E | 63494.22 | 42037.71 | 2971.62 | 17 | Sonic |
| L14.75H3E | 63545.47 | 42017.53 | 2984.38 | 15 | Sonic |
| L15H0 | 63354.2 | 41963.96 | 2964.21 | 18 | Sonic |
| L15H1 | 63309.8 | 41951.94 | 2969.19 | 27 | Sonic |
| L15H1E | 63413.88 | 41933.97 | 2971.95 | 20 | Sonic |
| L15H2 | 63281.3 | 42002 | 2975.46 | 35 | Sonic |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 82 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Hole #** | **Easting<br> (feet)** | **Northing<br> (feet)** | **Elevation<br> (feet)** | **Total Depth<br> (feet)** | **Hole<br> Type** |
| L15H2E | 63471.64 | 41922.11 | 2982.81 | 34 | Sonic |
| L15H3 | 63236.05 | 42024.2 | 2990.03 | 40 | Sonic |
| L15.25H1 | 63284.2 | 41857.34 | 2977.17 | 16 | Sonic |
| L15.5H0 | 63304.99 | 41713.83 | 2991.21 | 19 | Sonic |
| L15.5H1 | 63250.52 | 41753.81 | 2985.79 | 26 | Sonic |
| L15.5H1E | 63351.25 | 41693.65 | 3002.3 | 23 | Sonic |
| L15.5H2 | 63211.62 | 41764.83 | 2993.64 | 36 | Sonic |
| L15.5H2E | 63386.5 | 41667.58 | 3008.53 | 25 | Sonic |
| L15.5H3 | 63160.1 | 41797.47 | 2997.7 | 36 | Sonic |
| L15.5H4 | 63111.83 | 41818.06 | 3008.92 | 37 | Sonic |
| L15.5H5 | 63074.82 | 41823.06 | 3020.8 | 30 | Sonic |
| L15.75H0 | 63223.1 | 41625.12 | 2995.54 | 13 | Sonic |
| L15.75H1 | 63163.42 | 41668.1 | 3005.28 | 30 | Sonic |
| L16H0 | 63128.22 | 41524.67 | 3006.69 | 10 | Sonic |
| L16H1 | 63079.01 | 41549.33 | 3011.55 | 19 | Sonic |
| L16H1E | 63180.69 | 41496.54 | 3017.26 | 15 | Sonic |
| L16H2 | 63041.15 | 41572.13 | 3026.48 | 24 | Sonic |
| L16H2E | 63214.83 | 41491.43 | 3021.23 | 18 | Sonic |
| L16H3 | 62979.01 | 41589.67 | 3039.83 | 28 | Sonic |
| L16H3E | 63256.89 | 41462.83 | 3029.17 | 12 | Sonic |
| L16.25H1 | 63040.42 | 41443.12 | 3014.76 | 12 | Sonic |
| L16.5H0 | 63049.39 | 41279.05 | 3026.97 | 11 | Sonic |
| L16.5H1 | 63005.54 | 41295.62 | 3033.2 | 17 | Sonic |
| L16.5H1E | 63103.6 | 41261.98 | 3044.55 | 18 | Sonic |
| L16.5H2 | 62970.43 | 41327.76 | 3040.12 | 26 | Sonic |
| L16.5H3 | 62933.59 | 41350.09 | 3047.31 | 28 | Sonic |
| L16.5H4 | 62871.66 | 41367.24 | 3059.22 | 27 | Sonic |
| L17H0 | 62906.38 | 41079.37 | 3045.9 | 13 | Sonic |
| L17H1 | 62859.22 | 41116.89 | 3055.68 | 24 | Sonic |
| L17H1E | 62948.7 | 41072.78 | 3049.7 | 17 | Sonic |
| L17H2 | 62823.16 | 41127.73 | 3063.85 | 25 | Sonic |
| L17H3 | 62788.63 | 41158.16 | 3073.65 | 18 | Sonic |
| L17.25H0 | 62788.79 | 40998.4 | 3059.68 | 13 | Sonic |
| L17.5H0 | 62717.42 | 40887.18 | 3075.66 | 18 | Sonic |
| L17.5H1E | 62772.97 | 40866.72 | 3092.45 | 17 | Sonic |
| L17.5H2E | 62809.81 | 40851.3 | 3094.78 | 22 | Sonic |
| L17.5H3E | 62865.89 | 40825.24 | 3101.31 | 29 | Sonic |
| L17.5H4E | 62899.64 | 40806.37 | 3108.96 | 18 | Sonic |
| **Total** |  |  |  | **14303.0** |  |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 83 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 10-2: Drill Holes Location Map**

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 84 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

11.0 Sample
Preparation, Analyses and Security

Pan and trench sampling were performed as early-phase exploration in order to collect sufficient information on which to base future drilling. Drilling was performed in 2007, 2013, and 2017, and the collective results were used to support the mineral resource estimate presented in Section 14 of this report.

11.1 Pan
Sampling

Reconnaissance pan samples of placer material collected from old works and newer excavations (grab and channel samples) were measured by counts of heaped pans and converted to equivalent cubic units. Weighable amounts of gold that were found in the pan samples were saved in glass vials for later analysis.

11.2 Trench
Sampling

Trenches were sampled by placing overburden and waste material on one side of the trench and placing sample intervals in segregated stockpiles on the other side of the trench. Targeted placer sections were sampled on two-foot vertical intervals. Samples were collected from the stockpiles by cutting a trench through the stockpile to expose the interior, then shoveling small amounts of gravel from the cut stockpile to generally represent all the material in the interval. Trench samples measuring approximately one bank cubic foot were estimated by filling two 5-gallon buckets to level and panning; the concentrated samples were saved in glass vials for later analysis.

11.3 Drill
Sampling

An independent contractor, Metallogeny, was employed to perform the 2007 drill hole sampling and processing. Conventional sampling methods were used to collect samples from all drill holes. An air-rotary, reverse-circulation drill (Alsinco A-80) driving 5 7/8-inch, 6-inch, and 6 1/8-inch tri-cone bits was used with an air compressor (Sullair) having a capacity of 750 cubic feet per minute and 350 pounds per square inch. Samples were collected from the surface to bedrock every five feet in 2007 and 2013, and every two feet in 2017. A sample of bedrock chips from the last drill interval was assigned a separate sample number and submitted for gold assay plus a multi-element analysis. A split of the chips of each bedrock intercept was retained in standard chip trays for a permanent bedrock record. Metallogeny adhered to a formal, in-field sampling protocol during all sample collection (Figure 11-1). The NyacAU program also adhered to an in-field sampling protocol which was carried out by in-house geologists.

Drill samples were collected at the underflow of a hydrocyclone in 5-gallon buckets placed in a small tub to catch the overflow of turbid water. Slimes recovered in the tub were added back to the sample buckets. Typically, two to three buckets of placer material were collected per sample interval. Lids were snapped on the buckets, and labels tied to the bails indicated deposit, hole number, sample number, and number of buckets per sample (i.e., "LS-L4-H3-S22, 1 of 3"). Notes on stratigraphy were made as drilling progressed down-hole. Initially, holes were drilled without water, which caused a problem with dust. To alleviate the health hazard and erratic sample volumes caused by drilling dry, water was injected. Adding water improved recovery and mitigated the excessive dust. The placer sample buckets were transported to a central processing site with a Bombardier tracked vehicle and trailer. Samples were unloaded and sorted according to hole, and an inventory was made to account for all sample material. Wet samples settled and clarified overnight so that a more accurate measurement of the volume of solids could be made. The volume of each sample was measured with a measuring stick, recorded in the inventory notebook, and re-entered into the Field Panning Log.

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 85 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 11-1: In-field Placer Sampling Protocol for Drilling**

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 86 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

11.3.1 Process

Interval samples were processed continuously for an entire hole. Sample reduction required a field hydraulic concentrator: a slickplate, a vibrating screen with ¼-inch openings, and a riffled sluice box. Placer samples were slurried onto the slickplate, then screened. Screen vibration was activated using a pelton wheel turning an off-balance shaft. A manifold provided the high-pressure water jets to the feed, disaggregating (slurrying) the sample, and to the pelton wheel. The sluice was cleaned by removing the heavy expanded metal riffle set and sliding the un-backed Nomad carpeting into a plastic tub. The entire test plant was washed to mitigate contamination and to remove particles trapped in the weaving. It was visually inspected for gold nuggets, then the sluice was re-assembled for the next sample. The sluice concentrate was poured into a bucket, and the original labels from the drill sample were tied to the bucket's bail. The sluice concentrate buckets were organized in preparation for panning. Sluice tailings were occasionally checked by collecting a full gold pan of tailing sands, just below the outfall, then panned to look for gold colors.

11.3.2 Panning

Sluice concentrates were panned over 18-gallon tubs using large, plastic gold pans. Standard panning techniques, including double-panning, reduced the sample to a high-grade pan concentrate. A plunge-magnet removed the magnetic material, such as minor amounts of magnetite and pyrrhotite and occasionally abundant amounts of tramp iron (shards and threads of drill tooling). The magnetic concentrates were described in the Field Panning Log by composition and relative abundance, checked for any gold possibly entrained between magnetic particles, then discarded. Further panning reduced the concentrate to reveal visible gold. A count of all visible gold colors was made according to a visual classification scheme based on estimated gold particle weight. The color count and estimated weight were recorded in the Field Panning Log, along with a description and relative abundance of the other heavy minerals. The placer gold was not removed from the pan concentrate. The pan concentrate was rinsed into a labelled plastic bag with a zip-lock closure. Most of the water was decanted, the bags were rolled to squeeze out the air, then sealed and placed into a larger, heavy-duty, plastic Ziplock bag. When the entire hole had been panned and the individual samples accumulated, they were sealed together into yet another bag and placed in a U.S. Army ammunition steel can for secure transport.

11.3.3 Storage
and Transport Security

Placer sample concentrates, stored in U.S. Army ammunition cans, were placed into a heavy-duty aluminum strong box in the drill geologist's office. On a purposely semi-regular basis, the pan concentrates were re-inventoried by drill line and by hole, then re-packed into the ammunition cans with copies of the corresponding Field Drill Logs and Field Panning Logs. The cans were sealed with a heavy-duty steel strap and sent to Fairbanks via chartered air taxi. A representative from the contractor (Metallogeny, Inc.) met the aircraft at touchdown in Fairbanks or soon after if the samples were in the possession of supervisory company personnel. The sample containers were then transported to the laboratory and stored for analysis.

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 87 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

11.4 Laboratory
Analysis

Placer concentrates received in the Fairbanks laboratory were immediately entered into the laboratory's Sample Inventory Log to check for missing sample intervals. Samples were then organized and double-panned into a tub in which all pan tailings were accumulated (composited) for a discreet drill hole. A high-grade pan concentrate was produced, from which all visible gold was extracted using a pipette. The gold was transferred to a labelled glass vial for further analysis. The remaining pan concentrates were transferred to an aluminum weighing boat and dried over low temperature heat. When dry, the heavy minerals were described by relative abundance with the aid of a binocular microscope. The pan concentrate was weighed and placed in a labelled paper envelope for storage. The accumulated pan tailings for each hole were dried and saved in a labelled sealed plastic bag.

The sample vials containing the placer gold particles were organized and analyzed by transferring the gold into a finishing pan for a final concentration and rinse under ethanol. In skilled hands, a nearly clean separation of gold from gangue can be made, and the resultant fractions were dried in the finishing pan over low-temperature heat. The gold particles were picked out with a razor blade (or toothpick) and placed on a formed piece of gridded paper in groups according to particle mass. Any remaining gangue minerals were added to the accumulated pan tailings for the drill hole. Gold particles were classified visually into five weight categories in order to conduct a color count. The mass of each gold color was estimated and grouped according to the color table:

● Nuggets -- >150 milligrams (mg)

● C -- 5 to 150 mg

● B -- 2 to 5 mg

● A -- 1 to 2 mg

● f -- <1 mg ("flyspeck")

A digital image of each sample with visible gold was captured, edited, and saved on electronic media. The sample was then weighed with an Ohaus™ digital analytical balance, sensitive to 0.1 mg. Nuggets were weighed and recorded individually. The sample was recombined with the nuggets and placed in a clean, labelled glass 2-dram vial. All the sample vials for a hole were bundled in a labelled cloth sample bag. The gold particles (vials), pan concentrates (paper envelopes), and pan tailings (plastic bag) were then placed in a custom, high strength, labelled cardboard box for storage. These smaller boxes were then placed into larger, heavy-duty labelled cardboard boxes, organized by drill line.

Significant measures were taken to mitigate sample contamination, whether by carrying of very fine grains of gold and other heavy minerals from one sample to the next or by exotic material introduced from the laboratory environment. All quantitative and descriptive data were entered onto the Weigh-Up Log. A unique label was created at every stage of sample transfer so that the integrity of sample identity was secure.

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 88 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

12.0 Data
Quality and Verification

GRE QPs Terre Lane and Hamid Samari were accompanied by Dick Walters, a consulting economic geologist, during an on-site inspection of the project on September 4 and 5, 2019. In addition to visiting the Chandalar Mine placer area, the party toured all existing facilities and observed all equipment remaining from previous phases of exploration and mining activities.

12.1 Database
Validation

12.1.1 Collar
Coordinate Validation

The locations of drill holes in 2007 and 2013 were originally collected in NAD83 grid while that 2017 in WGS84 latitude, longitude, and elevation.

Both phases of surveying used differential GPS. Year 2007 used Magellan Mobile Mapper Pro global positioning system (GPS) instrument, consisting of a stationary base unit and a rover unit equipped with external antennas, with post-processed location accuracy of 70 cm for horizontal and vertical datum. Year 2017 used high-precision GPS of unknown model with accuracy <1 cm to collect the location data.

The 2007 and 2013 drill hole locations were converted from NAD83 to a local mine grid by site and presented in autoCAD format; the 2017 drill hole locations were converted from WGS84 lat/long to the local mine grid by site, using the Carlson data collection and drawing software and were presented in excel format.

Drill hole collar locations and orientations are typically ground-truthed in the field using a hand-held GPS unit and a Brunton compass, but this was not possible at the Chandalar project because drill hole collars have been obliterated by mining activity. In lieu of checking the individual collar locations, the QPs checked the approximate locations of the drilling lines at Chandalar Mine from line 1.2 in the north to line 10 in the south (Photo 12-1).

**Photo 12-1: Field Evaluation of Part of Chandalar Mine**

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Chandalar Mine, Chandalar Gold District Page 89 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

The QPs recommend that future drill holes, especially in lode deposits, be surveyed using a differential GPS in UTM WGS84 coordinates and that all previously completed drill holes be converted to UTM WGS84 coordinates. These coordinates should then be compared to the digital topography in areas where LIDAR data is available. In areas where only topography data was generated during the magnetic ZTEM survey, the differential GPS would likely provide a more accurate representation of the terrain.

12.1.2 Down-Hole
Survey Validation

Down-hole survey data are typically validated by identifying any significant discrepancies between sequential dip and azimuth readings; however, there is no mention or indication of this process in the data and documents provided by Goldrich. Down-hole surveys were not completed on the holes drilled at Chandalar Mine because all were drilled vertically and without casing. Given the shallow depth of the holes in general, the lack of down-hole survey is considered unimportant.

12.1.3 Check
Gold Grade

In 2007, the mass of gold and the sample volume was recorded, and the gold grade was calculated with a factor of volume recovery as follows:

,

which gave fine gold in ounces per bank cubic yard (oz/bcy). The 870/1000 gold purity was inverted to give the raw gold grade for resource estimation.

In 2013 and 2017, the mass of gold and either sample height in bucket or sample volume was recorded on the field sheet. The raw gold grade was then calculated from the formula:

Conversion of sample volume from the sample height in the bucket for some of the samples was not shown.

This formula was used to calculate the final gold grade and was shown on the excel spreadsheet for 2007 but not for 2013 and 2017 samples. The 2007 data appears to be of good quality, in terms of calculation of gold grade. For 2013 and 2017, the conversion from bucket height to sample volume was calculated, but a small amount of missing data on both bucket height and sample volume makes it difficult to verify all the calculations.

The QPs checked and evaluated all gold grade (oz/bcy) results from drill samples from the Little Squaw placer mine through 2017, as recorded in the Goldrich data base. The sample results are summarized in Table 12-1.

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Chandalar Mine, Chandalar Gold District Page 90 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 12-1: Range of Gold Grade in Drill Samples from Chandalar Mine**

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| &nbsp;&nbsp;**Range of Gold Grade (oz/bcy)** | &nbsp;&nbsp;**Number of Sample<br> Intervals** |
| &nbsp;&nbsp;> 2.3 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2.3 to 1 | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;1 to 0.5 | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;0.5 to 0.1 | &nbsp;&nbsp;258 |
| &nbsp;&nbsp;0.1 to 0.05 | &nbsp;&nbsp;242 |
| &nbsp;&nbsp;0.05 to 0.01 | &nbsp;&nbsp;1017 |
| &nbsp;&nbsp;0.01 to 0 | &nbsp;&nbsp;1716 |
| &nbsp;&nbsp;0 | &nbsp;&nbsp;7505 |
| &nbsp;&nbsp;**Total Number of Sample Intervals** | &nbsp;&nbsp;**10756** |

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In all drilling campaigns, no blank, standard, or duplicate samples were inserted into the sample stream which would be typical for hard rock lode deposits. This is common practice for placer gold deposits where the coarse free gold requires large samples to be representative. The entire sample is processed to a pan concentrate revealing the gold specs, flakes, and nuggets which are removed and weighed. The purpose of a blank is to ensure there is not contamination in the laboratory resulting in grade occurring where there is none. Inserting a blank (gravel known to not contain placer gold) would tell nothing. Standards (samples with known grade) are inserted into a sample stream to ensure the accuracy of the analysis. Creating a standard for a placer deposit might involve taking gravel known to be barren and adding a few flakes of gold of known mass to each sample. This might give one information about panning efficiency but tells us nothing about the accuracy of the analysis. Dividing a sample in two, to create a duplicate would create other problems. A small nugget might report to one sample and nothing reports to the other. Coarse free gold also presents problems due to gravity segregation even at a sample prep stage.

The sample grade can only be verified by drill holes in close proximity, like twin holes, and statistical analysis.

GRE's QPs collected five 5-gallon buckets from the lower gold bearing fluvial section of the Chandalar Mine deposit for panning at the site (Photo 12-2). Samples were selected from different parts of the deposit, longitudinally through the placer (Figure 12-1), and were collected by hand shovel. The samples were panned at the site, and the resultant fine size portions were collected into vials as panned concentrates for laboratory testing (Photo 12-3).

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Chandalar Mine, Chandalar Gold District Page 91 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Photo 12-2: QP Data Validation Sampling from the Chandalar Mine**

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Chandalar Mine, Chandalar Gold District Page 92 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 12-1: GRE Sample Locations at Chandalar Mine**

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Chandalar Mine, Chandalar Gold District Page 93 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Photo 12-3: GRE Panning at the Chandalar Mine and Collecting the Fine Size in the Vial**

The QPs also selected two chip rocks samples for assay analysis. One sample was taken from the contact of schist and greenstone and the other from the contact of schist with quartz veins. A total of seven samples, including the five panned samples and two chip samples, were packed and transported by the QPs to Resource Development Inc. (RDi) in Golden, Colorado, USA, for analysis (Table 12-2, Photo 12-4). Analytical results are summarized in Table 12-3.

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Chandalar Mine, Chandalar Gold District Page 94 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 12-2: Check Samples Submitted to RDi Labs**

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| **Sample No.** | **GPS<br> Location<br> No.** | **Sample ID** | **Type of Sample** | **Vial No.** | **Analysis Requested** | **Analysis Requested** |
| **Sample No.** | **GPS<br> Location<br> No.** | **Sample ID** | **Type of Sample** | **Vial No.** | **Weight of Au/Ag<br> Bead** | **Fire Assay-Au/ICP** |
| 1 | 49 | G-GRE001 | Panned Concentrate | 1 | ✔ |  |
| 2 | 50 | G-GRE002 | Panned Concentrate | 2 | ✔ |  |
| 3 | 51 | G-GRE003 | Panned Concentrate | 1 | ✔ |  |
| 4 | 52 | G-GRE004 | Panned Concentrate | 2 | ✔ |  |
| 5 | 55 | G-GRE005 | Panned Concentrate | 2 | ✔ |  |
| 6 | 53 | G-GRE-SFA-01 | Chip surface sample |  |  | ✔ |
| 7 | 53 | G-GRE-SFA-02 | Chip surface sample |  |  | ✔ |

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**Photo 12-4: Sample Verification at GRE's Denver Office**

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Chandalar Mine, Chandalar Gold District Page 95 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 12-3: Summary Table of RDi Results**

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| **Sample No.** | **GPS Location No.** | **Sample ID** | **Type of Sample** | **Results of the Analysis** | **Results of the Analysis** |
| **Sample No.** | **GPS Location No.** | **Sample ID** | **Type of Sample** | **Weight of Gold Bead (mg)** | **Assay (ppm)** |
| 1 | 49 | G-GRE001 | Panned Concentrate | <0.01 |  |
| 2 | 50 | G-GRE002 | Panned Concentrate | <0.01 |  |
| 3 | 51 | G-GRE003 | Panned Concentrate | 28.35 |  |
| 4 | 52 | G-GRE004 | Panned Concentrate | <0.01 |  |
| 5 | 55 | G-GRE005 | Panned Concentrate | <0.01 |  |
| 6 | 53 | G-GRE-SFA-01 | Chip surface sample |  | 0.007 |
| 7 | 53 | G-GRE-SFA-02 | Chip surface sample |  | 0.007 |

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To calculate gold grades, the QPs used both of the formulas previously applied through drilling campaigns in 2007, 2013, and 2017. Results for the five pan samples are presented in Table 12-4.

**Table 12-4: Pure Gold Grade of Five Panned Concentrated Samples by QPs**

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| **Sample No.** | **Sample ID** | **Type of Sample** | **Weight of Gold<br> Bead (mg)** | **Pure Gold<br> Grade (oz/bcy)** |
| 1 | G-GRE001 | Panned Concentrate | <0.01 | 1.63E-05 |
| 2 | G-GRE002 | Panned Concentrate | <0.01 | 1.63E-05 |
| 3 | G-GRE003 | Panned Concentrate | 28.35 | 0.046 |
| 4 | G-GRE004 | Panned Concentrate | <0.01 | 1.63E-05 |
| 5 | G-GRE005 | Panned Concentrate | <0.01 | 1.63E-05 |

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GRE QPs collected five 5-gallon bucket samples from different horizons of the Chandalar Mine for panning and analysis. The samples were taken near drilling lines L9, L7, L8, L1.2, and L2 (see Figure 12-1). After panning and preparing concentrate samples, Ms. Lane sent the five pan concentrates to the RDi laboratory in Golden to be melted, which produced a gold bead that was then weighed.

Table 12-3 shows the weight of the gold bead for all five samples. Only one of the five samples had a measurable gold bead, and it weighed 28.35 mg. A small nugget (or large flake) was seen in that pan during panning (Photo 12-3). GRE applied the gold fineness for Chandalar gold (840 fine) and the bucket volume and determined the sample contained about 0.05 (oz/bcy) of gold (Table 12-4).

The other four panned concentrate samples were barren of gold. The lack of gold can be attributed to two things:

● Sampling within the placer pit was challenging. The pit walls are high, and the exposed gravel is located at current pit boundary, which is presumably the mineralized limit, there are many areas within the pit that have exposed glacial till on the bench, and the pay gravel is many feet below the current bench.

● The sampling theory and sampling practice described in detail by Pitard (1993) are problematic. Large samples are needed when the size of the sampled payable particles is large. Placer deposit gold has gold particles measured in tenths of an inch, where disseminated gold deposits have gold particles measured in microns. The small samples (5-gallon buckets) GRE took are too small to be representative in a placer deposit, and taking larger samples was not feasible with the equipment available. When samples are too small in coarse gold, one gets many very low-grade results and an occasional high-grade result. Each of these results are not representative, the low grade is too low, and the high grade is too high. The real grade of the sampled material is likely an average all of the samples.

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Chandalar Mine, Chandalar Gold District Page 96 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Ms. Lane also took two chip rock samples to help understand the nature of the lode mineralization (Figure 12-1 and Photo 12-4), and its relation to the placer gold. One sample was a quartz vein and schist, where the quartz vein was parallel to the schistosity, and the other sample was schist.

The assay results were negative and did not show gold in these two chip samples. The result from the schist sample confirmed that there is no gold associated with schists (see mineralization section). The other sample, quartz vein in schist, shows that all quartz veins are not gold-bearing quartz veins in the Little Squaw catchment. As mentioned in the load mineralization section of this report, at least two or three different types of the quartz veins in the Chandalar Mine catchment exist; only some of them are associated with gold.

Dr. Samari believes there is an excellent potential for lode deposits at Chandalar Gold Project property. An exploration program for lode deposit should consist of detailed mapping and geophysics studies to help identify the gold-bearing quartz veins and fault zones. This work should be followed by exploration drilling of the quartz vein and fault zones eventually over the entire Chandalar property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Geological
Data Verification and Interpretation

**12.2.1** **Geological Map Accuracy** 

Field observations made during the site visit generally confirm previous reports and maps of the geology of the project area. The Chandalar Mine, from drilling line 1.2 in the north to line 10 in the south, was inspected, and the QPs did not see any evidence in the field that might significantly alter or refute the current interpretation of the local geologic setting of the Little Squaw placer deposit (Photo 12-5). Placer location, sedimentary horizons, and structural and morphologic features are all consistent with descriptions provided in previous project reports (Barker, et al., 2009; Mendham, et al., 2018).

**Photo 12-5: A general view of the Chandalar Mine (view to the southwest)**

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Chandalar Mine, Chandalar Gold District Page 97 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

12.2.2 Geological
Logging Accuracy

In addition to the Chandalar Mine placer area, the QPs visited dump areas to check waste material gold content by panning. Most of the material in the dump areas consist of the schists, though fragments of quartz and lesser greenstone were also observed.

While there are no intact drill samples to use for validation purposes, the Ms. Lane and Dr. Samari did check the different horizons of the placer deposit as described in previous technical reports (Barker, et al., 2009; Mendham, et al., 2018). As shown in Figure 12-2, two different horizons of the deposit are apparent: a barren upper glacial till section and a lower, gold-bearing fluvial section. In all cases, the field evidence supports previous descriptions of placer horizons in the Chandalar Mine deposit.

**Figure 12-2: View of Two Horizons of Sediments (Permafrost) in the Chandalar Mine**

Located between drilling lines of 7 and 8 (view to the west)

12.3 QP
Opinion on Adequacy

Based on the results of the Ms. Lane and Dr. Samari's review of the sampling effort, verification of drilling lines and their profiles in the field, gold grade check sample analysis, the results of the QPs' on-site sampling and panning, and the results of both manual and mechanical database audit efforts, Ms. Lane considers the gold grade data contained in the project database to be reasonably accurate and suitable for use in estimating mineral resources.

Although some parts of the deposit were removed in the previous mining and operating periods of 2015, 2016, 2017, and 2018, all exploration data for the remaining un-mined portions of the placer are still useful and valid.

Ms. Lane finds the mining methods, operating and capital costs suitable for use in economic analysis. Dr. Harvey finds the recovery methods, process operating and capital costs suitable for use in economic analysis.

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Chandalar Mine, Chandalar Gold District Page 98 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

13.0 Mineral
Processing and Metallurgical Testing

13.1 Metallurgy
Summary

There is no conventional metallurgical test work associated with the Chandalar Mine. Typically, placer deposits are analyzed by drill hole, test pit, or trench sampling. The material from these samples is subjected to gravity gold recovery usually using a portable trommel and sluice system. The recovered concentrate is typically cleaned on a shaking table and the doré assayed. From this test work, a recovered grade is calculated and applied to the deposit, normally measured in oz/bcy. Figure 11-1 shows the In-Field Placer Sampling Protocol. Through geologic methods, this recovered grade is translated to the mining units. At this stage of the project, historic mining (see Section 6.0 History) provides greater detail on the processing methods and metallurgical performance than laboratory test work can.

The placer gold occurs within the pre-glacial fluvial, interglacial glaciofluvial, and post-glacial fluvial deposits. The gold is generally coarse, crystalline, and bright, indicating that it was transported only a short distance from its sources. Small nuggets are common, and there is little fine-grained gold (-80 mesh). Quartz inclusions and attachments are common on gold particles but make up only a few percent by volume.

The process method, gravity concentration, recovers gold particles that have been liberated from the host rock. The sampling method similarly recovers the liberated gold particles, thus gold recovery during operations is estimated to be 100 percent of the sampled grade. Historical refinery records show the gold from the Chandalar placer are 84% pure (840 fine); GRE applied the 84% purity factor in the economic analysis.

13.2 Historical
Production

In 2009, Goldrich completed an alluvial gold mining test at Chandalar Mine. The pilot program involved a mining test that extracted approximately 594 "raw" ounces of placer gold, equivalent to about 488 ounces of fine gold. The extracted material averaged approximately 835 fine or 83.5% gold and 16.5% silver.

These results lead to the development of the project and the start of larger scale mining in the summer of 2010. The project has specific horizons within it that are up to 20 feet thick containing the richest gold grades. The mineralized material is about forty percent composed of gravel, cobbles, and boulders set in a sixty percent matrix of fine silt. It is not frozen below twelve to fifteen feet of depth.

The full potential of the initial project was not realized due to a shortage of working capital. At the end of the 2010 mining season, Goldrich had extracted 1,924 ounces of gold concentrate, from which approximately 1,509 ounces of fine gold and 259 ounces of fine silver were extracted. Since 2010, the Chandalar Mine has produced approximately 42,212 ounces of fine gold, as summarized in Table 13-1 (rounded).

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Chandalar Mine, Chandalar Gold District Page 99 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

The gold recovery methods employed for the documented mining above was through gravity means. The most recent operation employed a traditional wash plant consisting of a feed hopper with water sprays to move the material into the associated trommel. The rotating trommel was also equipped with water sprays, the oversize material was transported out the end of the trommel, and the undersize reported to a series of sluice boxes fitted with riffles and miner's moss. The placer materials collected in the sluice and were periodically recovered, further upgraded on a shaking table, dried, and sold to a refinery.

**Table 13-1: 2013 to 2018 Gold Production at Chandalar Mine**

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| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Ounces of Placer<br> Gold** | &nbsp;&nbsp;**Ounces of Fine<br> Gold** | &nbsp;&nbsp;**Tonnage Treated<br> (bcy)** | &nbsp;&nbsp;**Recovered Grade<br> (oz/bcy)** |
| &nbsp;&nbsp;2013 | &nbsp;&nbsp;937 | &nbsp;&nbsp;694 | &nbsp;&nbsp;? | &nbsp;&nbsp;? |
| &nbsp;&nbsp;2014 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;4697 | &nbsp;&nbsp;3853 | &nbsp;&nbsp;104620 | &nbsp;&nbsp;0.0372 |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;10203 | &nbsp;&nbsp;8226 | &nbsp;&nbsp;329050 | &nbsp;&nbsp;0.0249 |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;14676 | &nbsp;&nbsp;12339 | &nbsp;&nbsp;358266 | &nbsp;&nbsp;0.0343 |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;20900 | &nbsp;&nbsp;17100 | &nbsp;&nbsp;? | &nbsp;&nbsp;? |

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Chandalar Mine, Chandalar Gold District Page 100 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

14.0 Mineral
Resource Estimate

Ms. Lane and Dr. Samari updated the April 15, 2009 mineral resource for the Chandalar Project (Barker, et al., 2009) to incorporate drilling completed in 2013 and 2017, as well as mining undertaken from 2009 through 2018.

The mineral resource estimate was completed under the direction of Hamid Samari, Senior Geologist, and Terre Lane, Principal of GRE and Qualified Persons. Resource modeling and estimation was carried out using Seequent Leapfrog® software.

14.1 Definitions

The mineral resource estimate presented herein conforms with US Guide 7 and the definitions adopted by the U.S. Securities and Exchange Commission (SEC) Item 102 of Regulation on S-K February 25, 2019, and Committee for Mineral Reserves International Reporting Standards (Sept. 23, 2016) ("CRIRSCO"), whereas:

Mineral resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.

Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

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Chandalar Mine, Chandalar Gold District Page 101 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

14.2 Resource
Estimation Procedures

The gold resource estimate is based on the current drill hole database and estimated mined-out volumes. Three-dimensional (3D) modeling of the mined-out volumes was completed with Leapfrog Geo, and estimation of mineral resources was completed using Leapfrog EDGE (Version 5.1).

Geostatistical analysis, block model estimation, and block model validation were completed using Leapfrog EDGE.

14.3 Data
Used for the Estimation

14.3.1 Drill
Holes

The mineral resource estimate incorporates assay results from 2007, 2013, and 2017 drilling on the project. Drill data provided by Goldrich and verified by Hamid Samari, included collar coordinates, lithology, and assay data. All holes were drilled vertically. This study uses 395 drill holes totaling 35,930 feet (104 2007 drill holes totaling 15,373.4 feet, 61 2013 drill holes totaling 6,253.7 feet, and 230 2017 drill holes totaling 14,303 feet), with an average depth of 90 feet per hole. The collar locations are projected in the local project coordinate system with planar and elevation units in feet. All downhole intervals are in feet.

Ms. Lane believes the drill hole assay data are sufficiently reliable to support the estimation of gold mineral resources.

14.3.2 Assay
Data

The Goldrich-provided database contained several grade fields, including one named "Grade_HL" and another named "composite au 2013, 2017." The assay data included hole ID and gold grade in oz/bcy. Samples from the 2007 and 2013 drill campaigns were conducted on 5-foot intervals. Samples from the 2017 drill campaign were conducted on 2-foot intervals. The 2007 and 2013 drilling samples (5,042 samples) were analyzed by Goldrich (contained in the Grade_HL field), and the 2017 drilling samples (7,671 samples contained in the composite au 2013, 2017 field) were analyzed by NyacAU, of which 5,632 were used, resulting in 10,674 assays values in the complete data set.

Gold grades from the 2007 campaign were provided as 999 fine gold values. Grades for the 2013 and 2017 drilling were provided in raw gold with an 870 fineness. Ms. Lane converted the 2007 values to raw gold (870 fineness) to create a consistent data set of raw gold for the resource estimation. Drill intervals with missing assay values were set to 0 under the assumption that they were deemed unmineralized intervals by the geologist during the sample selection. Ms. Lane used raw gold in the resource modeling and used 840 fineness in the economic model (Section 21.0).

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Chandalar Mine, Chandalar Gold District Page 102 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

14.3.3 Lithology

The drill database contains a lithology field describing the formations as overburden, pay gravel, and bedrock for 143 of the 395 drill holes. This information was not used in the geologic model. However, Ms. Lane visually verified that the available lithology information compared well with the domain of the pay gravel provided by Goldrich. Figure 14-1 shows a typical cross-section where the lithology categories indicate that the pay gravel wireframe does not include overburden or bedrock.

**Figure 14-1: Comparison of Available Lithology with Estimation Domain**

14.4 Domain
Analysis

A Goldrich consulting geologist created a pay gravel wire frame solid using a 0.002 oz Au/bcy cutoff to describe the mineralized volume of the pay gravel. Ms. Lane reviewed the wire frame solid and used it to constrain the resource estimate and to prevent excessive dilution from material outside the pay gravel. Figure 14-2 shows the boundary analysis for the pay gravel, clearly showing a hard boundary outside of the wireframe with elevated gold values contained within.

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Chandalar Mine, Chandalar Gold District Page 103 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 14-2: Boundary Analysis, Pay Gravel Wireframe**

14.5 Existing
Topography and Mined-Out Volumes

Goldrich provided Ms. Lane with a detailed FODAR survey of the Little Squaw project area completed in 2019, subsequent to all previous GNP mining activity, which ceased after the 2018 season. The FODAR survey was completed in UTM WGS84 coordinates. Surveys conducted by GNP during operations were completed in a local coordinate system. Goldrich was unable to provide Ms. Lane with a conversion from UTM coordinates to the locate coordinate system used by GNP. GRE does not have licensed surveyors on staff but attempted to use available software to translate the FODAR survey to the local coordinate system, which involved converting it from meters to feet and translating x, y, and z coordinates to the local system. The translation is approximate. The final topographic surface Ms. Lane used stitched together the final 2018 survey completed by GNP on 21 September 2018, which is limited to the areas immediately surrounding the mined areas, and the translated LIDAR survey. This stitched together surface constitutes a small risk to the estimated resources, but because the 2018 surface would be lower than the 2019 surface due to backfilling that may have occurred in 2019 and due to the fact that there was no mining conducted in 2019, Ms. Lane believes the estimated remaining in-situ resource would not change with the 2019 topographic surface but that there could be additional waste backfilled above the estimated resource.

Ms. Lane was notified that GNP had previously backfilled some mined-out areas; therefore, neither the 2018 nor 2019 topographic survey would accurately establish mined-out areas of the project. Goldrich provided GRE with a series of AutoCAD dwg files showing contours within the mined areas representing as-built topography as of the following dates:

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 9 September 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 26 June 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 24 September 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 6 October 2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 19 August 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 2 October 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 8 October 2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 9 September 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 15 October 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 10 October 2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 18 September 2017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 21 September 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 13 June 2017 |  |  |

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Goldrich indicated to GRE that these contour files represented the extents of mining as of those dates. Ms. Lane created a surface from each of the contour files, then created a consolidated minimum surface to approximate the total mined extents of the Project. Figure 14-3 illustrates the method used to define the previous bottom of mining extents.

**Figure 14-3: Method for Estimating Bottom of Mined-out Volumes at Chandalar Mine Project**

14.6 Assay
Compositing and Outliers

The assay data was composited to a length of 10 feet. Any residual end composite samples less than five feet in length were added to the previous composite sample interval. The maximum assay interval was 10 feet, which eliminates the risk of dividing single assays into multiple composites. Figure 14-4 shows histograms of the uncomposited and composited sample interval lengths.

The statistics of both the composited and uncomposited samples within the pay gravel wire frame are shown in Table 14-1.

Ms. Lane analyzed the composite values and determined that capping was not necessary. Figure 14-5 shows a log probability plot of the composited values showing a single linear trend.

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**Figure 14-4: Sample Interval Lengths, Uncomposited and Composited**

**Table 14-1: Sample Statistics for Uncomposited and Composited Intervals**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Composited**<br> (Raw Gold/bcy) | &nbsp;&nbsp;**Uncomposited**<br> (Raw Gold/bcy) |
| &nbsp;&nbsp;Count | &nbsp;&nbsp;1534 | &nbsp;&nbsp;4575 |
| &nbsp;&nbsp;Length | &nbsp;&nbsp;14826 | &nbsp;&nbsp;14835 |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;0.025 |
| &nbsp;&nbsp;SD | &nbsp;&nbsp;0.060 | &nbsp;&nbsp;0.093 |
| &nbsp;&nbsp;CV | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;3.76 |
| &nbsp;&nbsp;Variance | &nbsp;&nbsp;0.0036 | &nbsp;&nbsp;0.0087 |
| &nbsp;&nbsp;Minimum | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;Q1 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;Q2 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;0.004 |
| &nbsp;&nbsp;Q3 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;0.016 |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;1.005 | &nbsp;&nbsp;2.310 |

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Chandalar Mine, Chandalar Gold District Page 106 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 14-5: Cumulative Probability Plot of Composited Sample Values at Chandalar Mine**

14.7 Density

The assay values for this deposit are provided in raw gold ounces per bank cubic yard because volume results rather than tonnage results are appropriate for placer mining operations. Therefore, the mineralized material density is not applicable to the resource estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 Block
Model Parameters

The block model parameters for Chandalar Mine are presented in Table 14-2.

**Table 14-2: Chandalar Mine Block Model Parameters**

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|:---|:---|:---|:---|:---|
| **Direction** | **Block Size (feet)** | **Start** | **End** | **Number** |
| Easting | 20 | 62650 | 69810 | 208 |
| Northing | 20 | 40750 | 48750 | 400 |
| Elevation (AMSL) | 5 | 3150 | 2050 | 220 |

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A block height of 5 feet was defined based on mining equipment expected to be used in an open pit scenario.

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14.9 Variography

As is typical with placer gold deposits, the coarse nature of the gold causes a very high nugget effect in variography, overriding any structural characteristics of the variogram. Ms. Lane used inverse distance to the power of 3 to estimate grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 Estimation
Methodology

Block grades were estimated by a single pass estimator using the inverse distance cubed (ID3) method and the ellipsoid search parameters shown in Table 14-3. The ellipsoid is oriented along the strike of the main valley containing the deposit.

**Table 14-3: Chandalar Mine Estimation Ellipsoid Parameters**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Parameter** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Maximum Ellipsoid Range | &nbsp;&nbsp;300 |
| &nbsp;&nbsp;Intermediate Ellipsoid Range | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Minimum Ellipsoid Range | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;Dip | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Dip Azimuth | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;Pitch | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;Minimum Samples | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Maximum Samples | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Boundary Condition | &nbsp;&nbsp;Hard |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 Block
Model Validation

Validation of the estimated block grades was completed by:

● Visual comparisons of composite sample grades to estimated block values across the deposit

● Statistical comparison of the composites, nearest neighbor block estimate, and ID3 block estimate

● Swath plots comparing average composite sample values with average estimated block grades along east, north, and elevation orientations

14.12 Production
reconciliation using the mined-out surfaces from 2016 through 2018

14.12.1 Visual
Comparison

Estimated raw gold block grades were visually compared to the composite values for various detailed sections across the deposit. This review confirmed that the supporting composite sample grades closely match the estimated block values. Figure 14-6 displays a representative long section, and Figure 14-7 shows a representative cross section, where the color scale represents Au raw opy.

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Chandalar Mine, Chandalar Gold District Page 108 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 14-6: Chandalar Mine Block Model and Composite Sample Gold Values, Long Section**

**Figure 14-7: Chandalar Mine Block Model and Composite Sample Gold Values, Cross Section**

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14.12.2 Statistical
Comparison

Table 14-4 shows the statistical comparison between the composites, nearest neighbor (NN) block estimate, and ID3 block estimate. The NN mean provides an estimate of the declustered composite mean, which limits the influence of close-proximity samples and better represents the overall mean of the mineralized body. The ID3 estimate has a similar mean, quartile values, and maximum, indicating the ID3 estimate corresponds well to the overall deposit block distribution. The coefficient of variation for the ID3 estimate is reduced from the NN estimate, indicating a degree of smoothing in the block model.

**Table 14-4: Statistical Comparison, Composites, NN, & ID3 (raw oz/bcy)**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Composite<br> Parameter** | &nbsp;&nbsp;**Composites** | &nbsp;&nbsp;**Block Model<br> Parameters** | &nbsp;&nbsp;**NN** | &nbsp;&nbsp;**ID3** |
| &nbsp;&nbsp;**Composite<br> Parameter** | &nbsp;&nbsp;**Weighted Value** | &nbsp;&nbsp;**Block Model<br> Parameters** | &nbsp;&nbsp;**Weighted Value** | &nbsp;&nbsp;**Weighted Value** |
| &nbsp;&nbsp;Count | &nbsp;&nbsp;1534 | &nbsp;&nbsp;Block Count | &nbsp;&nbsp;132362 | &nbsp;&nbsp;132362 |
| &nbsp;&nbsp;Length | &nbsp;&nbsp;14826 | &nbsp;&nbsp;Volume | &nbsp;&nbsp;264724000 | &nbsp;&nbsp;264724000 |
| &nbsp;&nbsp;Mean | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;Mean | &nbsp;&nbsp;0.023 | &nbsp;&nbsp;0.023 |
| &nbsp;&nbsp;SD | &nbsp;&nbsp;0.060 | &nbsp;&nbsp;SD | &nbsp;&nbsp;0.054 | &nbsp;&nbsp;0.035 |
| &nbsp;&nbsp;CV | &nbsp;&nbsp;2.419 | &nbsp;&nbsp;CV | &nbsp;&nbsp;2.376 | &nbsp;&nbsp;1.507 |
| &nbsp;&nbsp;Variance | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;Variance | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;0.001 |
| &nbsp;&nbsp;Minimum | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;Minimum | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;0.000 |
| &nbsp;&nbsp;Q1 | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;Q1 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;0.006 |
| &nbsp;&nbsp;Q2 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;Q2 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;0.012 |
| &nbsp;&nbsp;Q3 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;Q3 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.027 |
| &nbsp;&nbsp;Maximum | &nbsp;&nbsp;1.005 | &nbsp;&nbsp;Maximum | &nbsp;&nbsp;1.005 | &nbsp;&nbsp;0.998 |

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14.12.3 Swath
Plots

Swath plots provide a graphical method of comparing composite grades with the NN and ID3 block model estimates. Figure 14-8 through Figure 14-10 present swath plots along the X-axis, Y-axis, and Z-axis of the block model. The volume of blocks is shown as a bar graph in the background of each figure. Like the statistical comparison, the swath plots show good correlation of grade values between NN and ID3 block estimates. The plot along the X-axis is well aligned with the search orientation and therefore shows the best correlation between the composites and the block grades.

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Chandalar Mine, Chandalar Gold District Page 110 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 14-8: Swath Plot along X-axis (raw oz/bcy)**

**Figure 14-9: Swath Plot along Y-axis (raw oz/bcy)**

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Chandalar Mine, Chandalar Gold District Page 111 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 14-10: Swath Plot along Z-axis (raw oz/bcy)**

14.12.4 Production
Reconciliation

Ms. Lane completed a production reconciliation to the ID3 block model to determine the accuracy of the estimation. The reconciliation compared the reported mined raw ounces from 2015 through 2018 with the estimated raw ounces using the consolidated mined-out surface for the same time period. The block model estimates 47,700 raw ounces (at an assumed cutoff grade of 0.002 opy) compared to a reported production of 53,900 raw ounces, or actual production was 13% greater than the block model estimate (Table 14-5).

**Table 14-5: Reconciliation of Mine Block Model to Actual Gold Production**

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|:---|:---|:---|:---|:---|
| **Year** | **Block Model Estimate<br> (at assumed cutoff<br> grade of 0.002 opy)** | **Approximate<br> Actual Production** | **Actual Oz of Raw<br> Gold Greater/(Less)<br> Than Estimate** | **% Actual Oz of<br> Raw Gold<br> Greater/(Less)<br> Than Estimate** |
| 2009 to 2015 | 7300 | 8150 | 500 | 12% |
| 2016 | 13700 | 10200 | -3500 | -26% |
| 2017 | 10700 | 14680 | 4300 | 37% |
| 2018 | 16000 | 20360 | 4900 | 27% |
| **Total** | **47700** | **53390** | **6200** | 12% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 Mineral
Resource Classification

Block model quantities and grade estimates for the Chandalar Mine placer deposit were classified according to the 17 CFR §229.1300 – (Item 1300) Definitions. Mineral resources were estimated in conformity with generally accepted 17 CFR §229.1300 – (Item 1300) Definitions.

Remaining mineral resources are classified as Measured, Indicated, or Inferred based on the minimum distance to a composite value as follows:

● Measured: 0-75 feet

● Indicated: 76-150 feet

● Inferred: 151-400 feet

Figure 14-11 shows a plan view of the resource classification at the 2320-foot level of the block model.

**Figure 14-11: Measured, Indicated, and Inferred Resources with Composite Samples**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 Constrained
Mineral Resource

The mineral resources may be impacted by further infill and exploration drilling that may result in increase or decrease in future resource evaluations. The mineral resources may also be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio-economic, and other factors. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral reserves can only be estimated based on the results of an economic evaluation as part of a Preliminary Feasibility Study or Feasibility Study. As a result, no mineral reserves have been estimated as part of this study. There is no certainty that all or any part of the mineral resources will be converted into a mineral reserve.

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The requirement, "reasonable prospects for eventual economic extraction," generally implies that the quantity and grade estimates meet certain economic thresholds and that the mineral resources are reported at a cutoff grade considering appropriate extraction scenarios and processing recoveries. To meet this requirement, Ms. Lane considered that major portions of the Chandalar Mine deposit are amenable for open pit extraction.

To determine the quantities of material offering "reasonable prospects for eventual economic extraction" by an open pit, Ms. Lane constructed open pit scenarios developed from the resource block model estimate using Whittle Lerchs-Grossman miner software. Reasonable mining assumptions were applied to evaluate the portions of the block model (Measured, Indicated, and Inferred blocks) that could be "reasonably expected" to be mined from an open pit. The optimization parameters presented in Table 14-6 were selected based on experience and benchmarking against similar projects. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate resource reporting cutoff grade. Ms. Lane considers that the blocks located within the resulting conceptual pit envelope show "reasonable prospects for economic extraction" and can be reported as a mineral resource.

**Table 14-6: Chandalar Mine Resource Parameters for Conceptual Open Pit Optimization**

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| | | |
|:---|:---|:---|
| **Parameter** | **Unit** | **Values** |
| Metal Price | US$/oz gold | $1600.00 |
| Gold Fineness | % | 84.00% |
| Mining cost | US$/bcy | $4.50 |
| Process cost and Administrative cost | US$/bcy | $7.25 |
| Pit slope | degrees | 45 |

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The reader is cautioned that the results from the pit optimization are used solely for testing the "reasonable prospects for eventual economic extraction" by an open pit and do not represent an attempt to estimate mineral reserves. There are presently no mineral reserves on the project.

The Chandalar Mine pit-constrained Mineral Resource Estimate at a 0.004 opy cutoff grade is shown in Table 14-7. The cutoff is the life of mine process cost $3.92, camp cost $0.85, and transportation cost $1.65 divided by the gold price $1,600, which equals 0.004 oz/BCY gold or 0.0048 raw gold. The operating cost during the middle of the operating life are lower; therefore, GRE selected 0.004 oz/BCY raw gold as a reasonable blend cutoff grade.

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**Table 14-7: Mineral Resource Statement for the Chandalar Mine**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Classification** | **Resource Volume<br> (1000s bcy)** | **Raw Gold Grade (t.oz./bcy)** | **Raw Gold <br> (1000s t. oz)** | **Fine Gold <br> (1000s t. oz)** |
| Measured | 2609 | 0.0302 | 79 | 69 |
| Indicated | 2188 | 0.0265 | 58 | 50 |
| Measured & Indicated | 4797 | 0.0285 | 137 | 119 |
| Inferred | 771 | 0.0245 | 19 | 16 |

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1) The effective date of the Mineral Resource is May 31, 2021.

2) The Qualified Persons for the estimate are Hamid Samari and Terre Lane of GRE.

3) Mineral Resources are inclusive of Mineral Reserves; Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

4) Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

5) The Mineral Resource is constrained by a 0.002 raw troy ounce per bank cubic yard grade shell and a 0.004 raw troy ounce per bank cubic yard cutoff (840 fineness) at an assumed gold price of 1,600 $/tr oz, assumed mining cost of 4.50 $/bcy, assumed processing and administrative cost of 7.25 $/bcy, an assumed gold purity of 84%, and pit slopes of 45 degrees. These costs are preliminary estimates (prior to economic analysis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 Grade
Sensitivity to Gold Cutoff

The mineral resources reported for the Chandalar Mine deposit are sensitive to the selection of the reporting gold cutoff grade. To illustrate this sensitivity, the block model gold quantities and grade estimates are presented at different cutoff grades within the conceptual pit used to constrain the mineral resources (Table 14-8). The reader is cautioned that the information presented in the table should not be misconstrued as a Mineral Resource Statement.

The mineral resources are constrained by a 0.002 raw troy ounce/bank cubic yard grade shell and a 0.004 raw troy ounce/bank cubic yard cutoff. The cutoff grades shown in Table 14-8 are marginal cutoff grades, i.e., they include processing and G&A costs but not mining costs.

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Chandalar Mine, Chandalar Gold District Page 115 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 14-8: Chandalar Mine Deposit Mineral Resource Sensitivity**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Cutoff** | &nbsp;&nbsp;**Resource<br> Volume<br> (1000s bcy)** | &nbsp;&nbsp;**Raw Gold<br> Grade<br> (t.oz./bcy)** | &nbsp;&nbsp;**Raw Gold<br> (1000s t. oz)** | &nbsp;&nbsp;**Fine Gold<br> (1000s t. oz)** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;2819 | &nbsp;&nbsp;0.0282 | &nbsp;&nbsp;79 | &nbsp;&nbsp;69 |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;**0.004** | &nbsp;&nbsp;**2609** | &nbsp;&nbsp;**0.0302** | &nbsp;&nbsp;**79** | &nbsp;&nbsp;**69** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;2385 | &nbsp;&nbsp;0.0326 | &nbsp;&nbsp;78 | &nbsp;&nbsp;68 |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;2149 | &nbsp;&nbsp;0.0354 | &nbsp;&nbsp;76 | &nbsp;&nbsp;66 |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1949 | &nbsp;&nbsp;0.0381 | &nbsp;&nbsp;74 | &nbsp;&nbsp;65 |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;0.0528 | &nbsp;&nbsp;63 | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;2309 | &nbsp;&nbsp;0.0253 | &nbsp;&nbsp;58 | &nbsp;&nbsp;51 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;**0.004** | &nbsp;&nbsp;**2188** | &nbsp;&nbsp;**0.0265** | &nbsp;&nbsp;**58** | &nbsp;&nbsp;**50** |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;2048 | &nbsp;&nbsp;0.0280 | &nbsp;&nbsp;57 | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;1871 | &nbsp;&nbsp;0.0300 | &nbsp;&nbsp;56 | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1681 | &nbsp;&nbsp;0.0323 | &nbsp;&nbsp;54 | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;1006 | &nbsp;&nbsp;0.0444 | &nbsp;&nbsp;45 | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;Measured & Indicated | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;5128 | &nbsp;&nbsp;0.0269 | &nbsp;&nbsp;138 | &nbsp;&nbsp;120 |
| &nbsp;&nbsp;Measured & Indicated | &nbsp;&nbsp;**0.004** | &nbsp;&nbsp;**4797** | &nbsp;&nbsp;**0.0285** | &nbsp;&nbsp;**137** | &nbsp;&nbsp;**119** |
| &nbsp;&nbsp;Measured & Indicated | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;4433 | &nbsp;&nbsp;0.0305 | &nbsp;&nbsp;135 | &nbsp;&nbsp;117 |
| &nbsp;&nbsp;Measured & Indicated | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;4020 | &nbsp;&nbsp;0.0329 | &nbsp;&nbsp;132 | &nbsp;&nbsp;115 |
| &nbsp;&nbsp;Measured & Indicated | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;3630 | &nbsp;&nbsp;0.0354 | &nbsp;&nbsp;129 | &nbsp;&nbsp;112 |
| &nbsp;&nbsp;Measured & Indicated | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;2206 | &nbsp;&nbsp;0.0490 | &nbsp;&nbsp;108 | &nbsp;&nbsp;94 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.002 | &nbsp;&nbsp;832 | &nbsp;&nbsp;0.0230 | &nbsp;&nbsp;19 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;**0.004** | &nbsp;&nbsp;**771** | &nbsp;&nbsp;**0.0245** | &nbsp;&nbsp;**19** | &nbsp;&nbsp;**16** |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;712 | &nbsp;&nbsp;0.0262 | &nbsp;&nbsp;19 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;641 | &nbsp;&nbsp;0.0283 | &nbsp;&nbsp;18 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;583 | &nbsp;&nbsp;0.0302 | &nbsp;&nbsp;18 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;367 | &nbsp;&nbsp;0.0395 | &nbsp;&nbsp;15 | &nbsp;&nbsp;13 |

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Chandalar Mine, Chandalar Gold District Page 116 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

15.0 Mineral
Reserve Estimates

There are no mineral reserve estimates for the Chandalar Mine project.

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16.0 Mining
Methods

Conventional open pit mining methods using drill, blast, load, and haul mining are applicable to the Chandalar Mine because the gravel is frozen (permafrost). Previous operators successfully used these methods.

Mine scheduling and optimization were conducted as described in the following subsections.

16.1 Designed
Pit

As stated in Section 14.14, Ms. Lane generated pit shells using Whittle Lerchs-Grossman software using reasonable mining assumptions as identified in Table 14-6. Twenty-eight pit shells were generated using gold prices ranging from $300/Au raw ounce to $3,000/Au raw ounce, in increments of $100/Au raw ounce. After a preliminary review of the pit shell data economics, Ms. Lane focused on the $1,400/Au raw ounce pit shell, which showed the best overall preliminary economic results. Figure 16-1 shows the $1,400/Au raw ounce Whittle pit shell.

**Figure 16-1: Chandalar Mine $1,400/oz Raw Gold Whittle Pit Shell**

The pit shell was imported into Geovia GEMS software, where it was segregated into six separate pits or pit pushbacks designated as Lower Pit A, Lower Pit B, Lower Pit C, Upper Pit A, Upper Pit B, and Upper Pit C. Each pit was designed with haul roads. Figure 16-2 shows the six ultimate pits/pushbacks.

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Chandalar Mine, Chandalar Gold District Page 118 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-2: Chandalar Mine Designed Pit**

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 119 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

16.2 Reported
Resources

Resources for each designed pit/pushback were reported out of GEMS by bench and with codes identifying mined out status (i.e., blocks that had been previously mined out and backfilled were identified as waste), average grade of processable material, and resource category (i.e., Measured, Indicated, and Inferred). All resource categories were treated equally for the purposes of this IA.

16.3 Options
Evaluated

Ms. Lane imported the GEMS resource output into a Multi-Scenario Economic Model. Thirty scenarios were evaluated, with the following parameters:

● Phasing Sequence:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Phasing<br> Sequence<br> Designation** | **Phase 1** | **Phase 2** | **Phase 3** | **Phase 4** | **Phase 5** | **Phase 6** |
| 1 | Lower Pit A | Upper Pit A | Upper Pit B | Lower Pit B | Lower Pit C | Upper Pit C |
| 2 | Upper Pit A | Upper Pit B | Upper Pit C | Lower Pit A | Lower Pit B | Lower Pit C |
| 3 | Upper Pit A | Lower Pit A | Lower Pit B | Lower Pit C | Upper Pit B | Upper Pit C |

---

● Cutoff Grade Options: The pits were evaluated at five mining cutover grades: 0.004 opy, 0.006 opy, 0.008 opy, 0.010 opy, and 0.012 opy. Material between the economic cutoff grade of 0.004 opy and the designated mining cutoff grade would be considered low-grade material and stockpiled for processing after processing of all high-grade material.

● Production Rate Options:

○ 4,000 bcy per day for the first year (using one 4,000 bcy/day wash plant) and 8,000 bcy per day (using two 4,000 bcy/day wash plants) for all subsequent years (the "ramp-up production" option)

○ 4,000 bcy per day for all years.

16.4 Evaluation

The economic model for the mine evaluated the 30 cases to optimize the mine planning and design. Based on the economic analysis of all 30 cases, Ms. Lane selected sequence 2 at a cutover grade of 0.012 opy, and the ramp-up production option. All further references to "the ultimate pit" or the "base case" in this report are referring to sequence 2 at a cutover grade of 0.012 opy, and the ramp-up production option.

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Chandalar Mine, Chandalar Gold District Page 120 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

The resources contained within the base case designed pit are shown in Table 16-1.

**Table 16-1: Chandalar Mine Base Case Designed Pit Resource**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Phase** | **High-Grade<br> Material<br> (million bcy)** | **Low-Grade<br> Material<br> (million bcy)** | **Waste<br> (million bcy)** | **Total<br> (million bcy)** | **High<br> Grade<br> Au Raw<br> (1000 oz)** | **High Grade Au<br> Raw Grade<br> (opy)** | **Low<br> Grade**<br> **Au Raw<br> (1000 oz)** | **Low Grade<br> Au Raw<br> Grade (opy)** | **Stripping<br> Ratio** |
| Phase 1 | 0.99 | 0.37 | 1.48 | 2.84 | 37.85 | 0.038 | 2.91 | 0.008 | 1.08 |
| Phase 2 | 0.17 | 0.06 | 0.48 | 0.70 | 7.19 | 0.043 | 0.44 | 0.008 | 2.14 |
| Phase 3 | 0.08 | 0.02 | 0.17 | 0.27 | 4.15 | 0.053 | 0.16 | 0.009 | 1.82 |
| Phase 4 | 0.20 | 0.02 | 0.44 | 0.65 | 15.95 | 0.081 | 0.13 | 0.008 | 2.06 |
| Phase 5 | 1.02 | 0.46 | 2.55 | 4.03 | 34.68 | 0.034 | 3.55 | 0.008 | 1.72 |
| Phase 6 | 1.14 | 0.96 | 2.76 | 4.86 | 31.55 | 0.028 | 7.70 | 0.008 | 1.31 |
| **Total** | **3.59** | **1.89** | **7.88** | **13.36** | **131.37** | **0.037** | **14.89** | **0.008** | **1.44** |

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16.5 Mine
Schedule

A preliminary mining schedule was generated from the base case pit resource estimate. Ms. Lane used the following assumptions to generate the schedule:

● Process Material Production Rate: 4,000 bcy per day (ypd) for the first year (with one wash plant) and 8,000 bcy per day for subsequent years (with two wash plants)

● Mine Operating Days per Week: 7

● Mine Operating Period per Year: All of first three quarters (January 1 through October 31), with processing of mined material occurring only between May 17 and September 13 (120 days).

● Mine Operating Shifts per Day: 2

● Mine Operating Hours per Shift: 12

Additional design work and phasing of the pits/pushbacks will likely better balance the annual process and waste stripping and metal production. Likewise, adding more blasting and waste stripping days to the seasonal schedule will help smooth out the production schedule.

In addition to the change in production rate from 4,000 ypd to 8,000 ypd after the first year, Ms. Lane included a gradual ramp-up to full production during the first year as shown in Table 16-2:

**Table 16-2: Processing Ramp Up**

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| | |
|:---|:---|
| **Year/Month** | **Percent of Production** |
| Year 1/first month | 25% |
| Year 1/second month | 50% |
| Year 1/third month | 75% |
| Year 1/remaining months | 100% |

---

Ms. Lane also included a gradual ramp-up to full production of the second wash plant in year two over a period of 2 months.

High-grade material stockpiled during the first- and second-year ramp ups to full production and low-grade stockpiled material was scheduled to be processed after completion of regularly scheduled high-grade material processing.

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Chandalar Mine, Chandalar Gold District Page 121 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

Pre-stripping of waste was included if either of the following criteria were true: 1) waste occurred on a bench that had no corresponding process material or 2) the tonnage of waste on a bench exceeded 12 times the tonnage of process material on that bench. The mining rate for pre-strip benches was set to two times the processable material mining rate.

For all other benches, all waste on a bench was scheduled to be mined over the same duration as the process material on that bench. Ms. Lane then adjusted the waste removal schedule, keeping it within the same calendar year, but possibly in earlier quarters, to even out the mining equipment fleet.

The mining schedule is summarized by year in Table 16-3 and Figure 16-3.

**Table 16-3: Chandalar Mine Base Case Mine Schedule Summary**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Pit** | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;High Grade Material bcy (millions) | &nbsp;&nbsp;High Grade Material bcy (millions) | &nbsp;&nbsp;High Grade Material bcy (millions) | &nbsp;&nbsp;High Grade Material bcy (millions) | &nbsp;&nbsp;High Grade Material bcy (millions) | &nbsp;&nbsp;High Grade Material bcy (millions) | &nbsp;&nbsp;High Grade Material bcy (millions) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.54 |  |  |  | &nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.17 |  |  |  | &nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.08 |  |  |  | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.02 |  |  | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.04 |  | &nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.45** | &nbsp;&nbsp;**0.99** | &nbsp;&nbsp;**1.00** | &nbsp;&nbsp;**0.97** | &nbsp;&nbsp;**0.18** | &nbsp;&nbsp;**3.59** |
| &nbsp;&nbsp;Low Grade Material bcy (millions) | &nbsp;&nbsp;Low Grade Material bcy (millions) | &nbsp;&nbsp;Low Grade Material bcy (millions) | &nbsp;&nbsp;Low Grade Material bcy (millions) | &nbsp;&nbsp;Low Grade Material bcy (millions) | &nbsp;&nbsp;Low Grade Material bcy (millions) | &nbsp;&nbsp;Low Grade Material bcy (millions) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.24 |  |  |  | &nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.06 |  |  |  | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.02 |  |  |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.01 |  |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.00 |  | &nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.13** | &nbsp;&nbsp;**0.36** | &nbsp;&nbsp;**0.46** | &nbsp;&nbsp;**0.90** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**1.89** |
| &nbsp;&nbsp;Waste bcy (millions) | &nbsp;&nbsp;Waste bcy (millions) | &nbsp;&nbsp;Waste bcy (millions) | &nbsp;&nbsp;Waste bcy (millions) | &nbsp;&nbsp;Waste bcy (millions) | &nbsp;&nbsp;Waste bcy (millions) | &nbsp;&nbsp;Waste bcy (millions) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.63 |  |  |  | &nbsp;&nbsp;1.48 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.48 |  |  |  | &nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.17 |  |  |  | &nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.02 |  |  | &nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;0.00 |  | &nbsp;&nbsp;2.55 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;2.76 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.84** | &nbsp;&nbsp;**3.32** | &nbsp;&nbsp;**2.70** | &nbsp;&nbsp;**0.93** | &nbsp;&nbsp;**0.08** | &nbsp;&nbsp;**7.88** |
| &nbsp;&nbsp;High Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces (1000s) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;16.65 | &nbsp;&nbsp;21.20 |  |  |  | &nbsp;&nbsp;37.85 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;7.19 |  |  |  | &nbsp;&nbsp;7.19 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;4.15 |  |  |  | &nbsp;&nbsp;4.15 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;14.55 | &nbsp;&nbsp;1.40 |  |  | &nbsp;&nbsp;15.95 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;32.38 | &nbsp;&nbsp;1.56 |  | &nbsp;&nbsp;34.68 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;25.78 | &nbsp;&nbsp;4.98 | &nbsp;&nbsp;31.55 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16.65** | &nbsp;&nbsp;**47.83** | &nbsp;&nbsp;**34.57** | &nbsp;&nbsp;**27.35** | &nbsp;&nbsp;**4.98** | &nbsp;&nbsp;**131.37** |
| &nbsp;&nbsp;Low Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;Low Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;Low Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;Low Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;Low Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;Low Grade Au Raw Ounces (1000s) | &nbsp;&nbsp;Low Grade Au Raw Ounces (1000s) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;1.87 |  |  |  | &nbsp;&nbsp;2.91 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.44 |  |  |  | &nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.16 |  |  |  | &nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.04 |  |  | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;3.33 | &nbsp;&nbsp;0.02 |  | &nbsp;&nbsp;3.55 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;7.70 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1.03** | &nbsp;&nbsp;**2.76** | &nbsp;&nbsp;**3.57** | &nbsp;&nbsp;**7.09** | &nbsp;&nbsp;**0.45** | &nbsp;&nbsp;**14.89** |

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Chandalar Mine, Chandalar Gold District Page 122 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-3: Chandalar Mine Mine Schedule Summary**

**Table 16-4: Chandalar Mine Base Case Measured, Indicated, and Inferred Mined Resource Schedule**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Pit** | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Total** |
|  | &nbsp;&nbsp;Measured Material bcy (millions) | &nbsp;&nbsp;Measured Material bcy (millions) | &nbsp;&nbsp;Measured Material bcy (millions) | &nbsp;&nbsp;Measured Material bcy (millions) | &nbsp;&nbsp;Measured Material bcy (millions) | &nbsp;&nbsp;Measured Material bcy (millions) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.42 |  |  |  | &nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.17 |  |  |  | &nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.06 |  |  |  | &nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.02 |  |  | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.02 |  | &nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.33** | &nbsp;&nbsp;**0.76** | &nbsp;&nbsp;**0.69** | &nbsp;&nbsp;**0.62** | &nbsp;&nbsp;**0.09** | &nbsp;&nbsp;**2.49** |
|  | &nbsp;&nbsp;Indicated Material bcy (millions) | &nbsp;&nbsp;Indicated Material bcy (millions) | &nbsp;&nbsp;Indicated Material bcy (millions) | &nbsp;&nbsp;Indicated Material bcy (millions) | &nbsp;&nbsp;Indicated Material bcy (millions) | &nbsp;&nbsp;Indicated Material bcy (millions) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.31 |  |  |  | &nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.05 |  |  |  | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.03 |  |  |  | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.00 |  |  | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.01 |  | &nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.88 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.20** | &nbsp;&nbsp;**0.52** | &nbsp;&nbsp;**0.59** | &nbsp;&nbsp;**0.77** | &nbsp;&nbsp;**0.10** | &nbsp;&nbsp;**2.17** |
|  | &nbsp;&nbsp;Inferred Material bcy (millions) | &nbsp;&nbsp;Inferred Material bcy (millions) | &nbsp;&nbsp;Inferred Material bcy (millions) | &nbsp;&nbsp;Inferred Material bcy (millions) | &nbsp;&nbsp;Inferred Material bcy (millions) | &nbsp;&nbsp;Inferred Material bcy (millions) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.053 | &nbsp;&nbsp;0.046 |  |  |  | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.01 |  |  |  | &nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.0004 |  |  |  | &nbsp;&nbsp;0.0004 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.009 |  |  |  | &nbsp;&nbsp;0.009 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.01 |  | &nbsp;&nbsp;0.188 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.0074 | &nbsp;&nbsp;0.464 | &nbsp;&nbsp;0.037 | &nbsp;&nbsp;0.508 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.053** | &nbsp;&nbsp;**0.07** | &nbsp;&nbsp;**0.1813** | &nbsp;&nbsp;**0.472** | &nbsp;&nbsp;**0.037** | &nbsp;&nbsp;**0.81** |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 123 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Pit** | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Total** |
|  | &nbsp;&nbsp;Measured Au Oz (1000s) | &nbsp;&nbsp;Measured Au Oz (1000s) | &nbsp;&nbsp;Measured Au Oz (1000s) | &nbsp;&nbsp;Measured Au Oz (1000s) | &nbsp;&nbsp;Measured Au Oz (1000s) | &nbsp;&nbsp;Measured Au Oz (1000s) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;10.64 | &nbsp;&nbsp;13.56 |  |  |  | &nbsp;&nbsp;24.20 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;5.65 |  |  |  | &nbsp;&nbsp;5.65 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;3.03 |  |  |  | &nbsp;&nbsp;3.03 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;6.94 | &nbsp;&nbsp;1.29 |  |  | &nbsp;&nbsp;8.23 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;16.56 | &nbsp;&nbsp;0.88 |  | &nbsp;&nbsp;17.89 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;10.84 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;13.89 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10.64** | &nbsp;&nbsp;**29.63** | &nbsp;&nbsp;**18.30** | &nbsp;&nbsp;**11.72** | &nbsp;&nbsp;**2.60** | &nbsp;&nbsp;**72.89** |
|  | &nbsp;&nbsp;Indicated Au Oz (1000s) | &nbsp;&nbsp;Indicated Au Oz (1000s) | &nbsp;&nbsp;Indicated Au Oz (1000s) | &nbsp;&nbsp;Indicated Au Oz (1000s) | &nbsp;&nbsp;Indicated Au Oz (1000s) | &nbsp;&nbsp;Indicated Au Oz (1000s) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;5.81 | &nbsp;&nbsp;8.50 |  |  |  | &nbsp;&nbsp;14.31 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;1.75 |  |  |  | &nbsp;&nbsp;1.75 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;1.26 |  |  |  | &nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;0.15 |  |  | &nbsp;&nbsp;7.30 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;13.71 | &nbsp;&nbsp;0.37 |  | &nbsp;&nbsp;14.51 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;12.77 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;15.39 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5.81** | &nbsp;&nbsp;**19.08** | &nbsp;&nbsp;**14.25** | &nbsp;&nbsp;**13.14** | &nbsp;&nbsp;**2.23** | &nbsp;&nbsp;**54.52** |
|  | &nbsp;&nbsp;Inferred Au Oz (1000s) | &nbsp;&nbsp;Inferred Au Oz (1000s) | &nbsp;&nbsp;Inferred Au Oz (1000s) | &nbsp;&nbsp;Inferred Au Oz (1000s) | &nbsp;&nbsp;Inferred Au Oz (1000s) | &nbsp;&nbsp;Inferred Au Oz (1000s) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;1.01 |  |  |  | &nbsp;&nbsp;2.24 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.23 |  |  |  | &nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.02 |  |  |  | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.55 |  |  |  | &nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;5.45 | &nbsp;&nbsp;0.33 |  | &nbsp;&nbsp;5.83 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.134 | &nbsp;&nbsp;9.24 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;9.97 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1.23** | &nbsp;&nbsp;**1.87** | &nbsp;&nbsp;**5.580** | &nbsp;&nbsp;**9.57** | &nbsp;&nbsp;**0.59** | &nbsp;&nbsp;**18.85** |
|  | &nbsp;&nbsp;Measured Au Grade (opy) | &nbsp;&nbsp;Measured Au Grade (opy) | &nbsp;&nbsp;Measured Au Grade (opy) | &nbsp;&nbsp;Measured Au Grade (opy) | &nbsp;&nbsp;Measured Au Grade (opy) | &nbsp;&nbsp;Measured Au Grade (opy) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.032 | &nbsp;&nbsp;0.032 |  |  |  | &nbsp;&nbsp;0.032 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.033 |  |  |  | &nbsp;&nbsp;0.033 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.048 |  |  |  | &nbsp;&nbsp;0.048 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.082 | &nbsp;&nbsp;0.071 |  |  | &nbsp;&nbsp;0.080 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.026 | &nbsp;&nbsp;0.035 |  | &nbsp;&nbsp;0.026 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.018 | &nbsp;&nbsp;0.029 | &nbsp;&nbsp;0.020 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.032** | &nbsp;&nbsp;**0.039** | &nbsp;&nbsp;**0.027** | &nbsp;&nbsp;**0.019** | &nbsp;&nbsp;**0.029** | &nbsp;&nbsp;**0.029** |
|  | &nbsp;&nbsp;Indicated Au Grade (opy) | &nbsp;&nbsp;Indicated Au Grade (opy) | &nbsp;&nbsp;Indicated Au Grade (opy) | &nbsp;&nbsp;Indicated Au Grade (opy) | &nbsp;&nbsp;Indicated Au Grade (opy) | &nbsp;&nbsp;Indicated Au Grade (opy) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.029 | &nbsp;&nbsp;0.027 |  |  |  | &nbsp;&nbsp;0.028 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.038 |  |  |  | &nbsp;&nbsp;0.038 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.040 |  |  |  | &nbsp;&nbsp;0.040 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.072 | &nbsp;&nbsp;0.055 |  |  | &nbsp;&nbsp;0.072 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.024 | &nbsp;&nbsp;0.033 |  | &nbsp;&nbsp;0.024 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.023 | &nbsp;&nbsp;0.017 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.029** | &nbsp;&nbsp;**0.037** | &nbsp;&nbsp;**0.024** | &nbsp;&nbsp;**0.017** | &nbsp;&nbsp;**0.023** | &nbsp;&nbsp;**0.025** |
|  | &nbsp;&nbsp;Inferred Au Grade (opy) | &nbsp;&nbsp;Inferred Au Grade (opy) | &nbsp;&nbsp;Inferred Au Grade (opy) | &nbsp;&nbsp;Inferred Au Grade (opy) | &nbsp;&nbsp;Inferred Au Grade (opy) | &nbsp;&nbsp;Inferred Au Grade (opy) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.023 | &nbsp;&nbsp;0.022 |  |  |  | &nbsp;&nbsp;0.023 |
| &nbsp;&nbsp;Phase 2 |  | &nbsp;&nbsp;0.029 |  |  |  | &nbsp;&nbsp;0.029 |
| &nbsp;&nbsp;Phase 3 |  | &nbsp;&nbsp;0.036 |  |  |  | &nbsp;&nbsp;0.036 |
| &nbsp;&nbsp;Phase 4 |  | &nbsp;&nbsp;0.064 |  |  |  | &nbsp;&nbsp;0.064 |
| &nbsp;&nbsp;Phase 5 |  | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.031 | &nbsp;&nbsp;0.038 |  | &nbsp;&nbsp;0.031 |
| &nbsp;&nbsp;Phase 6 |  |  | &nbsp;&nbsp;0.018 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.020 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.023** | &nbsp;&nbsp;**0.027** | &nbsp;&nbsp;**0.031** | &nbsp;&nbsp;**0.020** | &nbsp;&nbsp;**0.016** | &nbsp;&nbsp;**0.023** |

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Chandalar Mine, Chandalar Gold District Page 124 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-4: Chandalar Mine Base Case Measured, Indicated, and Inferred Mined Resource Schedule**

16.6 Processing
Schedule

High-grade material stockpiled during ramp up periods would be processed at the completion of mining, and low-grade stockpiled material would be processed following completion of high-grade stockpiled material processing. The processing schedule is shown in Table 16-5 and Figure 16-5.

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Chandalar Mine, Chandalar Gold District Page 125 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 16-5: Chandalar Mine Material Processing Schedule**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Pit** | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Year 6** | &nbsp;&nbsp;**Year 7** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) | &nbsp;&nbsp;High Grade Material bcy Processed (millions) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.83 |
| &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;Phase 3 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;Phase 4 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;Phase 5 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;Phase 6 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**0.30** | &nbsp;&nbsp;**0.99** | &nbsp;&nbsp;**1.00** | &nbsp;&nbsp;**0.97** | &nbsp;&nbsp;**0.18** | &nbsp;&nbsp;**0.00** | &nbsp;&nbsp;**0.00** | &nbsp;&nbsp;**3.44** |
| &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) | &nbsp;&nbsp;High Grade Au Raw Ounces Processed (1000s) |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;16.65 | &nbsp;&nbsp;21.20 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;37.85 |
| &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;7.19 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;7.19 |
| &nbsp;&nbsp;Phase 3 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;4.15 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;4.15 |
| &nbsp;&nbsp;Phase 4 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;14.55 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;15.95 |
| &nbsp;&nbsp;Phase 5 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;32.38 | &nbsp;&nbsp;1.56 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;34.68 |
| &nbsp;&nbsp;Phase 6 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;25.78 | &nbsp;&nbsp;4.98 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;31.55 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16.65** | &nbsp;&nbsp;**47.83** | &nbsp;&nbsp;**34.57** | &nbsp;&nbsp;**27.35** | &nbsp;&nbsp;**4.98** | &nbsp;&nbsp;**0.00** | &nbsp;&nbsp;**0.00** | &nbsp;&nbsp;**131.37** |
| &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed | &nbsp;&nbsp;Stockpiled Material Processed |
| &nbsp;&nbsp;High Grade BCY (millions) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;Low Grade BCY (millions) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;1.89 |
| &nbsp;&nbsp;High Grade Au Oz (1000s) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;6.95 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;6.95 |
| &nbsp;&nbsp;Low Grade Au Oz (1000s) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;4.60 | &nbsp;&nbsp;7.58 | &nbsp;&nbsp;2.71 | &nbsp;&nbsp;14.89 |

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**Figure 16-5: Chandalar Mine Material Processing Schedule**

16.7 Mine
Operation and Layout

A final reclamation plan was developed that provides for partial backfilling of the pits. As much as possible, waste material will be backfilled into the pits concurrent with mining activities.

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Chandalar Mine, Chandalar Gold District Page 126 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

The mine layout would include a process wash site, high-grade and low-grade mineralized material stockpiles, interim waste dumps required to store waste that cannot be directly backfilled into the pits, and final waste dumps for material not scheduled to be returned to the pits.

The process material and waste would be drilled and blasted using a rotary crawl driller and ammonium nitrate fuel oil (ANFO). Process material would be hauled using dump trucks from the pit to the wash site, while waste rock would be hauled using dump trucks to the interim waste dumps or previously mined pits.

16.8 Mine
Equipment Productivity

Ms. Lane estimated cycle times and determined the equipment size and numbers of trucks and loaders that would be required to meet the project schedule. A simplified approach to cycle calculations was used; it considered productivity variables such as average daily production of process material and waste, average truck haul distance and travel speed, hours per shift and shifts per day, availability variables such as breaks during the day, and truck and loader/shovel capacities. Hourly production rates and truck and loader wait times were calculated to optimize the design. The final analysis uses Caterpillar 745G trucks, with a heaped capacity of 32.7 loose cubic yards, and Caterpillar 982M loaders, with a bucket capacity of 5 loose cubic yards.

16.9 Mine
Haul Roads

Surface and in-pit haul roads are designed with a width of 45 feet. The maximum road grade in pit is 10%.

16.10 Bench
Height

For scheduling, Ms. Lane used a 20-foot bench height with a 68.2-degree batter angle for the Chandalar Mine pit designs. In practice, mining a shorter bench height may be preferable to increase selectivity. Catch benches would occur on every bench with a width of 12 feet. This results in overall inter-ramp pit slopes of 45 degrees.

16.11 Access
Road Width

Access roads are designed with a width of 45 feet to accommodate the proposed equipment fleet, including ditches and berms. The access road would be wide enough to accommodate two-way traffic. The maximum road gradient is 10%.

16.12 Waste
Rock Dump

Three waste rock dumps (WRDs) are planned at different locations around the pits. The WRDs are designed to contain total of 8.1 million loose cubic yards of waste material. The sides of the WRD are at a 2.5:1 slope, and the material would be end dumped. The remaining waste will be placed as concurrent backfills in mined out phases of the pits. Thirty-five (35) % of the waste material is concurrently backfilled in the mining pits. The backfilling of the previously mined out pits during the active mine life is planned to minimize the amount of waste material that needs to be reclaimed at the end of the mining operation. The backfills are designed at a slope of 3:1 (h:v) suitable for the reclamation plans for closure as per BLM and ACOE requirements. The pits would be backfilled from the bottom up to meet the reclamation plan. The backfill and WRDs are utilized concurrently through the mine life for waste produced from the pit. After mining has finished, the pits will be filled with the waste material from the WRDs to meet the reclamation plans.

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Chandalar Mine, Chandalar Gold District Page 127 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

16.13 Mine
WRD Development Schedule

Pre-stripping and production bench waste at the start of the schedule are stored in the WRDs. The waste from the lower pits is stored on the dump north of the lower pit (Dump 1). The waste from the upper pits is stored in Dump 2 and Dump 3, on the west and east banks, respectively. Once a pit Phase is complete, it is available, and backfilling can begin concurrent with production mining. When Phase 1 backfill is full in Year 1, waste storage resumes in the WRD north of the pit until later in Year 2 when pit Phase 2 is available for backfill. Phase 2 is backfilled until it is filled in Year 3 and Year 4, the final year of mining. The remaining waste in Year 4 is placed into the open Phase 3 backfill. Table 16-6 shows the waste movement during the production and reclamation periods. After reclamation is completed, 5.9 million cubic yards of waste material will remain in the WRDs.

**Table 16-6: Chandalar Mine Waste Movement During Mine Production Periods (1000s bcy)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**WRD** | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Dump 1 | &nbsp;&nbsp;924 | &nbsp;&nbsp;2075 |  |  |  | &nbsp;&nbsp;**2999** |
| &nbsp;&nbsp;Dump 2 | &nbsp;&nbsp;1180 | &nbsp;&nbsp;1821 |  |  |  | &nbsp;&nbsp;**3001** |
| &nbsp;&nbsp;Dump 3 |  | &nbsp;&nbsp;1283 |  | &nbsp;&nbsp;807 |  | &nbsp;&nbsp;**2090** |
| &nbsp;&nbsp;Phase 1 BF |  |  | &nbsp;&nbsp;2207 |  |  | &nbsp;&nbsp;**2207** |
| &nbsp;&nbsp;Phase 2 BF |  |  | &nbsp;&nbsp;1298 |  |  | &nbsp;&nbsp;**1298** |
| &nbsp;&nbsp;Phase 3 BF |  |  | &nbsp;&nbsp;95 | &nbsp;&nbsp;180 |  | &nbsp;&nbsp;**275** |
| &nbsp;&nbsp;Phase 4 BF |  |  | &nbsp;&nbsp;177 |  |  | &nbsp;&nbsp;**177** |
| &nbsp;&nbsp;Phase 5 BF |  |  |  | &nbsp;&nbsp;320 | &nbsp;&nbsp;118 | &nbsp;&nbsp;**438** |
| &nbsp;&nbsp;Phase 6 BF |  |  |  |  |  | &nbsp;&nbsp;**0** |

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**Table 16-7: Chandalar Mine Waste Movement During Reclamation Period (1000s bcy)**

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|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**WRD** | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Year 6** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;Phase 1 BF |  |  |  |  |  |  | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;Phase 2 BF |  |  |  |  |  |  | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;Phase 3 BF |  |  |  |  |  |  | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;Phase 4 BF |  |  |  |  |  |  | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;Phase 5 BF |  |  |  |  | &nbsp;&nbsp;125 |  | &nbsp;&nbsp;**125** |
| &nbsp;&nbsp;Phase 6 BF |  |  |  |  | &nbsp;&nbsp;716 | &nbsp;&nbsp;1346 | &nbsp;&nbsp;**2062** |

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16.14 Interim
Mine Plans

Figure 16-6 through Figure 16-14 illustrate the project progress at the end of each year or interim milestone of activity.

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Chandalar Mine, Chandalar Gold District Page 128 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-6: Chandalar Mine Year 1 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 129 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-7: Chandalar Mine Year 2-1 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 130 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-8: Chandalar Mine Year 2-2 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 131 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-9: Chandalar Mine Year 2-3 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 132 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-10: Chandalar Mine Year 2-4 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 133 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-11: Chandalar Mine Year 3 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 134 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-12: Chandalar Mine Year 4 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 135 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-13: Chandalar Mine Year 5 Interim Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 136 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 16-14: Chandalar Mine Year 6 Final Mine Plan**

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Chandalar Mine, Chandalar Gold District Page 137 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

17.0 Recovery
Methods

Prior to 2013, the historical recovery methods at Chandalar Mine have used gravity systems consisting of a rotating trommel and sluice arrangement, similar to the historic unit one shown in Photo 17-1.

**Photo 17-1: Typical Trommel Gold Recovery System**

For the above wash plant, the material is transported by a conveyor to a feed hopper or directly loaded into the feed hopper by an excavator or front-end loader. Water is used to transport the material from the feed hopper into a rotating trommel. The trommel is equipped with screen panels, allowing the undersize containing the gold to be carried out of the trommel to sluice boxes for recovery while the oversize is transported out of the trommel as coarse tailings. The selection of an appropriate gravity recovery method is often one of preference, but Chandalar Mine contains significant clay, making the use of a trommel less than ideal.

Many people believe that trommels are better suited for clay, but this is as compared to older conventional shaker screens or de-rockers. Newer shaker deck systems use high amplitude screens and directed water sprays to effectively wash the gold particles off the coarse rock with large amounts of clay present. These systems use less water and produce a cleaner coarse tailing and thus have a higher gold recovery potential. A wash plant using the newer shaker deck system was used at Chandalar Mine for the 2013 through 2018 production seasons. It is for these reasons that Dr. Harvey has selected a vibrating screen shaker system for the Little Squaw project.

17.1 Process
Plant Description

Dr. Harvey has extensive experience with placer recovery equipment and as a result has selected a state-of-the-art system for the Chandalar Mine project. Further, the rehandling of materials and haulage are two of the major expenses associated with placer mining, and a proper design can significantly reduce these costs. As a result of this, Dr. Harvey has recommended the use of two mobile wash plant shaker systems combined with a feed hopper with a side dumping grizzly, a belt feeder, and plant feed conveyor. The plant consists of a feed receiver with water sprays, a vibrating screen deck, and a double sluice box. The coarse tailings are transported via a series of portable conveyors to a slewing stacker. Having two separate plants that can be located close to the active mining area reduces haulage and maximizes operating time through redundancy. Further, having a feed hopper with a grizzly reduces oversize damage to the screen and hopper damage from the mobile equipment. The use of portable conveyors and a stacking conveyor reduce the rehandling of coarse tailings and allow strategic placement in a single handle, reducing rehandle and closure costs. Figure 17-1 shows the conceptual process flow sheet for the project.

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Chandalar Mine, Chandalar Gold District Page 138 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 17-1: Chandalar Mine Process Flow Diagram**

17.1.1 Wash
Plant

The SD600 comes in both the "S" and "M" versions. The "M" version is designed to be more mobile than the "S" model, mainly through the addition of heavy-duty skids and retractable sluice boxes. Both machines can be relocated, but the "M" version is designed to be moved with less effort. Photo 17-3 shows a schematic of the SD600m.

The SD600 is one of the largest wash plants available, and it has a proven track record in rugged environments and sitting through harsh winters. The unit can be fully containerized for transport to site via barge, winter haul road, or plane. The plant is designed to process 200-250 cubic yards per hour, with a target product rate of 4,000 bcy per day based on 20 operating hours per day. The unit uses between 2,500 and 3,500 gpm of water depending on the tonnage and clay content and is designed to use heavily silted recycle water typical of placer operations. The unit has two main motors, including a 40 horsepower

Photo 17-2 shows the recommended gravity recovery system.

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Chandalar Mine, Chandalar Gold District Page 139 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

The SD600 comes in both the "S" and "M" versions. The "M" version is designed to be more mobile than the "S" model, mainly through the addition of heavy-duty skids and retractable sluice boxes. Both machines can be relocated, but the "M" version is designed to be moved with less effort. Photo 17-3 shows a schematic of the SD600m.

The SD600 is one of the largest wash plants available, and it has a proven track record in rugged environments and sitting through harsh winters. The unit can be fully containerized for transport to site via barge, winter haul road, or plane. The plant is designed to process 200-250 cubic yards per hour, with a target product rate of 4,000 bcy per day based on 20 operating hours per day. The unit uses between 2,500 and 3,500 gpm of water depending on the tonnage and clay content and is designed to use heavily silted recycle water typical of placer operations. The unit has two main motors, including a 40 horsepower (hp) screen deck motor and a 12.5 hp conveyor motor. The units can be equipped with an onboard generator or supplied power from an external source.

**Photo 17-2: MACON – SD600m "Slucifer" Gravity Recovery System**

**Photo 17-3: SD600m Schematic**

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Chandalar Mine, Chandalar Gold District Page 140 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 Feed
System

The feed system consists of the following equipment:

● A 42-inch mobile heavy-duty belt feeder assembly complete with 18-inch main frame chassis and a fifth wheel pin assembly, including 8 tires, air brakes, running lights and mud flaps and four blocking legs.

● The hopper is 16-feet x 8-feet, having a capacity of 20 cubic yards and equipped with a self-relieving bottom opening and 0.25 plate liners. The hopper is equipped with a hydraulic side dumping grizzly with tri-bar adjustable bars with 2-inch adjustments. The hydraulics use 4-inch diameter heavy cylinders and a remote control to allow operation from the loading equipment cabin. The unit has a 15 hp electric motor operating an 18 gpm hydraulic pump.

● The main feed belt is a 42-inch x 20-foot removable belt feeder cartridge using 3 ply-600 belting equipped with a 10 hp variable speed motor with remote control.

● The main discharge conveyor is 48 inches x 46 feet with a 20 hp electric motor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 Coarse
Tailings

The coarse tailings from the wash plant report to a series of portable or "jump" conveyors. These conveyors are 100 feet long with a 36-inch wide belt and are equipped with a 30 hp electric motor. The jump conveyors transport the coarse tailings to a radial stacker. The stacker is 100 feet long with a 36-inch belt and is capable of slewing 270 degrees, producing a stockpile of approximately 28,600 cubic yards or roughly a week's production. The stacker belt is driven by a 30 hp electric motor, and the slewing mechanism is driven by a hydraulic pump operated by a 5 hp electric motor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.4 Fine
Tailings

Normally, the fine tailings discharged from the sluice are allowed to enter a nearby tailings impoundment where the solids settle and the water is recovered. In this case, Dr. Harvey has recommended that the fine tailings be pumped to a disused section of the mine to allow the tailings to act as backfill and allow the water to still be recovered. The tailings will ideally be placed uphill from the plant and the water collected back at the plant site for reuse. This reduces the need to establish new ponds after each wash plant move and reduces the rehandling of the fine tailings for closure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.5 Water
Pumps

Each wash plant requires significant water flow, and an 8-inch pump with 10-inch suction has been selected. This pump is a John Deere diesel powered Cornell pump with an engine rating of 225 continuous hp. Capacity is 4,000 gpm at 250 feet of head. The pump has a welded structural steel base with lift point, radiator guard, and battery mount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.6 Concentrate
Clean Up

The concentrate recovered from the wash plants typically requires further cleaning before selling to a refinery. Dr. Harvey recommends the T-150 clean up plant coupled with a Gemini GT250 shaking table. The T-150 (Photo 17-4) is basically a mini wash plant designed to allow rapid upgrading of the concentrate without significant material handling issues. This unit can process three to four cubic meters per hour through an 18-inch trommel drum with 0.25-inch screen. The unit has a Knudson bowl with bevel gear drive and rubber liner and a sluice run for both coarse tailings and Knudson bowl tailings. The system is skid mounted, complete with a 2-inch water pump with suction line and 50 feet of layflat hose.

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Chandalar Mine, Chandalar Gold District Page 141 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Photo 17-4: T-150 Clean Up Plant**

17.2 Unique
Issues Related to Placer Mining

The Chandalar Mine property is located in Alaska and, therefore, the mining period is limited and much of the ground has permafrost. Historic mining has occurred from mid-May to mid-October with some variance depending on the weather. The previous operator was averaging 114 days per season or approximately 16 weeks of mining. A similar budget has been used for this project.

The existence of permafrost presents many challenges. It makes the mining difficult due to the frozen nature of the material. It turns into mud when it melts and also swells. From a processing perspective, frozen gravels do not release their gold and need to be fully thawed before treatment. Traditionally, thawing occurs in the field by removing the overburden and allowing the sun to thaw the material. This method has been exploited successfully by many operations, but it requires a lot of pre-stripping to be done in advance of mining, which is costly. Dr. Harvey has examined a series of additional concepts to help overcome the frozen ground issue, including the use of an aerated pad near the plant, solar water heating, and a steam system.

The air thawing system makes use of our knowledge of heap leaching using an on-off pad system. A permeable gravel layer acts as the pad base and contains simple drilled plastic pipes. These pipes are connected to low pressure blowers that push large volumes of warm ambient air through the material. This system involves re-handling the materials but would be designed as a method to allow the operator to get started earlier in the season and to help balance out-of-sequence stripping. This system could be augmented with steam injection to increase the air temperature or the use of solar heated water. Solar heated water can also be employed to irrigate strip ground to speed the thawing process. Dr. Harvey recommends the use of cheap durable scalable pool heaters such as those shown in Photo 17-5.

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Chandalar Mine, Chandalar Gold District Page 142 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Photo 17-5: DHPE Solar Water Heater**

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Chandalar Mine, Chandalar Gold District Page 143 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

18.0 Project
Infrastructure

Goldrich has significantly improved or repaired the infrastructure at Chandalar Mine, including establishing a field camp for up to 25 people with limited shop and repair equipment, conex units for secure storage, and office facilities. The Company has repaired most of the 27.5 miles of mine road that connect all the major prospects to airstrips at Squaw Lake (5,000 feet length) and Big Creek (approximately 1,500 feet length), and the old Tobin Creek camp and mill.

There is no electrical power grid in northern Alaska. Previous mining by lessees to Goldrich have relied on diesel powered generators.

A natural spring, located on the patented 5-acre (2-ha) mill site, is reported to flow 140 gpm year-round at a temperature of 40°F (4.4°C). This parcel adjoins the Squaw Lake airstrip and is available as a future permanent camp site.

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Chandalar Mine, Chandalar Gold District Page 144 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0 Market
Studies and Contracts

Production data for Chandalar Mine between 2015 and 2018, when GNP mined the property, is available and considered an accurate representation. Gold production was reported in both raw (concentrate) and fine gold recovered. Historically, the purity value (fine gold to raw gold ratio) has been 0.844. GRE used a 3.6% deduction for refinery charges and metal deductions.

Sales of placer gold is common; market studies are not needed. A 24 month trailing average gold price of $1,650 was used in this study.

**20.0 Environmental Studies, Permitting and Social or Community Impact**

The prior operators of the Chandalar placer mine have all the required permits needed to operate the mine. Either the mine will be required to obtain new permits to operate, or it would need to acquire the existing operating permits from NyacAU.

The Chandalar Mine has been permitted by the ACOE for reclamation work required to return the property to pre-mining conditions after completion of mining activity. This permit will require modification once Goldrich has presented the new reclamation plan to the proper authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 Prior
ACOE Permits

Permit number POA-2009-366, Little Squaw Creek, was issued to NyacAU Mining on June 24, 2013, to discharge 1,280,000 cubic yards of overburden and rock into 120 acres of wetlands and 128 acres of uplands to construct, operate, and reclaim a mining operation at Chandalar Mine in the Chandalar Mining District.

On November 3, 2016, the operation was moved into uplands, located in the headwaters of Little Squaw Creek, and the permit was modified to authorize to construct and reclaim a 3,500 linear foot stream diversion of Little Squaw Creek.

On October 17, 2017, the permit was modified to discharge 19,200 cubic yards of gravel fill into 2.87 acres of wetlands to construct an access road and a stream crossing of Big Squaw Creek.

The third modification of the original permit was issued on April 8, 2019, and was modified as follows: the permittee will conduct reclamation on the Upper and Lower Mine Pits, discharging approximately 2,700,000 cubic yards of overburden material into mine pits that were excavated in wetlands and uplands, re-contouring the landscape, and restoring approximately 6,070 linear feet of stream channel. The time limit for completing the work authorized ends on April 30, 2024; however, request for a time extension may be submitted up to one month before permit expiration.

Due to the larger pit, a new permit must be acquired from the ACOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1 Reclaiming
the Stream Channel

Reclaiming the stream channel is the primary requirement of the ACOE permit. It is important to note that the streams in the vicinity of the Project have been designated as Type II streams. Type II streams are the second-lowest classification of streams in the ACOE hierarchy, as shown in Figure 19-1.

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Chandalar Mine, Chandalar Gold District Page 145 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 20-1: Stream Hierarchy**

from (EPA, 2012)

One can see that the highest-level stream is expected to contain aquatic and riparian biodiversity. A level four stream is required to have temperature, oxygen, and organic matter cycling. Level three streams have dynamic sediment geomorphology. Level 2 streams are only required to transport water and sediments. Finally, Level 1 streams are required only to transport water. As a result, the reclamation of the streambeds in the project vicinity are ONLY required to transport water and sediments. They are not required to manage nutrients, temperature, nor contain aquatic life. This is a low standard for stream reclamation compared to other riparian ecosystems impacted by placer mining.

Based on the new mine plan, it will be necessary to modify the reclamation plan while still meeting the ACOE's requirements for stream channel reclamation and grading.

The new plan reclaims 7,140 feet of stream channel. The BLM and ACOE require a 3:1 slope transverse to the direction of flow, and a 3% to 10% grade longitudinal to flow. Figure 20-2 shows an example profile of the reclaimed stream channel compared to the original pit extents.

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Chandalar Mine, Chandalar Gold District Page 146 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 20-2: Typical Reclaimed Stream Transverse Profile**

This profile maintains the sediment and water transport mechanisms of the stream channel, prevents erosion of the banks of the stream, allows for the establishment of riparian vegetation, and allows for safe access for wildlife. The area of reclaimed ground around the stream is 2.86 million square feet.

The bottom of the stream must have swale structures in order to create a natural variety of sediment deposit areas. This work is on a micro-scale compared to the larger backfilling effort and will be created in the field as per ACOE requirements. Extra equipment time has been included in the closure cost estimate.

The new reclamation plan includes a pond. This pond is necessary because the mine is now too large to support 100% backfilling (as planned in the April 2019 permit). The pond will have 3:1 or 2:1 slopes around the rim, has an area of 2.2 million square feet, an average depth of 34 feet, and a volume of 1.5 million cubic yards (306.5 million gallons, 941 acre-feet).

Figure 20-3 shows a plan view map of the reclaimed mine.

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Chandalar Mine, Chandalar Gold District Page 147 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 20-3: Plan View Map of the Reclaimed Mine**

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Chandalar Mine, Chandalar Gold District Page 148 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

20.1.2 Reclaiming
Waste Dumps

As seen in Figure 20-3, the new mining plan will have 7.5 million cubic yards of WRD near the pit in three separate WRDs. These waste dumps will be reclaimed as per ACOE requirements. This will require a stable slope and revegetation with native species. Placement of waste will include slope breaks and swales to simulate natural ground. Topsoil beneath the WRDs will be stockpiled for use as the post-closure soil cover. In total, 2.9 million square feet of waste dump surface will require reclamation and revegetation.

20.1.3 Revegetation

Revegetation will occur over all impacted areas. As required by law, vegetative soil (topsoil or otherwise) will be placed atop disturbed ground and revegetated with native species.

20.1.4 Closure
Cost Estimation

Concurrent reclamation will be performed during operations as recommended by the ACOE. Concurrent reclamation activities include the placement of 9.5 million cubic yards of backfill. This concurrent reclamation will reduce the total environmental impact of the mine and result in "bond release" during operations, allowing the operation to access secured funds based on acres of land taken to final reclaimed state. Final reclamation is expected to take 1 1/2 years to complete and will use the existing mine fleet.

20.2 Water
Considerations

Goldrich maintains a State of Alaska water right, issued in 1985, allowing the withdrawal of up to 3,000 gallons (11,360 liters) of water per minute for placer mining, and 72,000 gallons (272,550 liters) per day for lode mining. The water can be withdrawn from any of the local streams specified in the permit for use from April through October. The water right is maintained by paying an annual $50 administrative fee and by demonstrating some beneficial use of the water at least once in any 5-year period.

The mine has a secure water source from upgradient springs. There are no competing claims to water use.

Because the mine exploits a 100% placer deposit, there is no significant risk to water quality apart from suspended sediments. The mine will have a robust sediment management program including preventive measures (erosion control best management practices) and sediment ponds.

20.3 Other
Environmental and Social Considerations

The Chandalar mine is located in a remote area. No communities are in the vicinity of the project. Since operations began, there has been no social or community opposition.

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Chandalar Mine, Chandalar Gold District Page 149 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

21.0 Capital
and Operating Costs

Capital and operating costs for the project were estimated using vendor quotes when possible, Ms. Lane's and Dr. Harvey's professional experience and data, and InfoMine USA, Inc. (InfoMine) resources, including *Mining Cost Service 2020* (InfoMine, 2020) and *Mine and Mill Cost Service 2018* (InfoMine, 2018).

Ms. Lane and Dr. Harvey used the *Mine and Mill Cost Service 2018* resource to estimate per ton rates for operations requirements. More detailed estimation was not appropriate for a Preliminary Economic Model level of effort because the project has not been designed to a level that would support more detailed cost estimating.

Ms. Lane and Dr. Harvey has assumed the project is constructed over a six-month period with production ramping up steadily over the summer gravel washing season. All of the mining and wash plant equipment are off the shelf items that are readily available. The selected wash plant has a 3- to 6-month lead time for delivery.

21.1 Capital
Costs

The majority of the capital costs occur during the first quarter of year 1, i.e., during the quarter preceding the start of operations. Additional capital costs are scheduled as items are needed throughout the mine life. The following mining, processing, and G&A items were included in the capital cost estimate:

● Goldrich plans to lease mining production and support equipment. Lease prices were estimated by assuming a down payment equal to 25% of the purchase price and a lease term varying from 16 to 20 quarters, depending on the piece of equipment and when it is needed on the project, with a 5% interest rate.

● Mining facilities include a heavy equipment shop, dry, cap magazine and ANFO storage bin, and fuel station. Costs for the heavy equipment shop and fuel station at $75/square foot are included. For the dry and cap magazine and ANFO storage bin, shipping containers would be used, so no costs were included.

● Process equipment includes feed, wash plant, water supply, and gold room.

● The following utilities were included:

○ 200-kilowatt diesel genset: one for each wash plant and one for the admin facilities and camp

○ Sewage treatment plant: sized for the number of personnel on site

○ Potable water treatment

○ Fresh water pond

○ Fresh water pumps

○ Air compressor

● The following construction activities/items were included:

○ Installation labor

○ Concrete

○ Piping

○ Structural steel

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○ Instrumentation

○ Insulation

○ Electrical

○ Coatings and sealants

○ Spares and first fills

○ Engineering/management

● G&A items include:

○ Survey: Goldrich already has survey equipment, so no costs were included

○ Guard house/security: this is already available on site, so no costs were included

○ Office: this is already available on site, so no costs were included

○ Warehouse: this is already available on site, so no costs were included

○ Fire Protection

○ Camp

○ Startup Training

○ Emergency vehicle/supplies

○ Winter road construction

○ Reclamation bond – uses the State of Alaska Department of Natural Resources State Wide Bond Pool, which includes $112.50/disturbed acre refundable deposit and $37.50/disturbed acre nonrefundable bond pool annual fee.

● Development included pioneering, clearing, grubbing, access road improvements, and haul road construction, assumed to be 5,000 feet of new or improved haul roads.

● Mine equipment was assumed to be salvageable at the end of the project. Recovery of 10% of the initial equipment price was included at the end of the project or when the equipment was no longer in use.

Working capital was estimated to be 2 months' operating costs. The working capital was estimated to be recovered the year after production ends. Sustaining capital was estimated as 10% of the mobile equipment cost per year. Capital contingency was set at 25%.

Owner's costs such as permitting, land, exploration, metallurgical testing, and feasibility studies were not included in the cash flow. Reasons for omitting these costs include:

● the mine has recently been operated and has existing permits, albeit ones that will need to be updated

● metallurgical testing is not needed due to production records and reconciliation to the resource model

● limited additional exploration/in-fill drilling is needed to convert inferred resources to measured or indicated; a plan for completing approximately 20 drill holes is under review by the company

● A pre-feasibility study will be completed prior to production.

The capital costs were scheduled by quarter but are summarized in Table 20-1 by year.

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Chandalar Mine, Chandalar Gold District Page 151 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 21-1: Summary of Chandalar Mine Capital Costs (millions)**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Capital Cost Item** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** | **Year 8** | **Total** |
| Development | $2.78 | $6.34 | $4.63 | $0.28 |  |  |  |  | **$14.03** |
| Mine | $4.74 | $1.97 | $1.55 | $1.55 | $1.55 | $1.30 | $0.66 |  | **$13.32** |
| Process | $1.57 | $1.33 |  |  |  |  |  |  | **$2.90** |
| G&A | $2.29 | $0.03 |  |  |  |  |  |  | **$2.32** |
| Freight, Taxes, and Insurance | $1.97 |  |  |  |  |  |  |  | **$1.97** |
| Sustaining |  |  | $0.50 |  |  |  |  |  | **$0.50** |
| Working | $2.27 |  |  |  |  |  |  | ($2.27) | **$0.00** |
| Contingency | $2.15 | $0.83 | $0.39 | $0.39 | $0.39 | $0.33 | $0.16 |  | **$4.63** |
| **Total** | **$17.77** | **$10.49** | **$7.07** | **$2.22** | **$1.94** | **$1.63** | **$0.82** | **($2.27)** | **$39.67** |

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21.2 Operating
Costs

Operating cash costs are based on a surface mine plan, haul cycle analysis, drill and blast cost analysis, with delivery to the remote mining site by either air (landing strip at the mine site) or by Cat train. Remote labor rates and burdens were used that are consistent with other remote mining operations in the arctic region of Alaska.

● Mining production equipment hours were estimated from the equipment productivity estimates (see Table 16-3), the scheduled process material and waste tonnage, and the number of pieces of equipment required.

● Mining support equipment hours were calculated from the number of pieces of equipment times the operating hours per day, assuming utilization of 90% and availability of 95%, times the operating days per year.

● Blasting materials requirements were determined in a drilling and blasting schedule that used the parameters and assumptions detailed in Table 20-2.

**Table 21-2: Chandalar Mine Drilling and Blasting Parameters**

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|:---|:---|:---|
| &nbsp;&nbsp;**Constants** |  |  |
| &nbsp;&nbsp;ANFO Density | &nbsp;&nbsp;0.028 | &nbsp;&nbsp;tons/ft3 |
| &nbsp;&nbsp;ANFO powder factor – mineralized material | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;lb/ton |
| &nbsp;&nbsp;ANFO powder factor - waste | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;lb/ton |
| &nbsp;&nbsp;bench height | &nbsp;&nbsp;20 | &nbsp;&nbsp;ft |
| &nbsp;&nbsp;rock density | &nbsp;&nbsp;0.056 | &nbsp;&nbsp;tons/ft3 |
| &nbsp;&nbsp;drilling rate | &nbsp;&nbsp;2 | &nbsp;&nbsp;feet/min |
| &nbsp;&nbsp;drill availability % | &nbsp;&nbsp;0.9 |  |
| &nbsp;&nbsp;minutes used/hr | &nbsp;&nbsp;50 |  |
| &nbsp;&nbsp;available hours per shift | &nbsp;&nbsp;9 |  |
| &nbsp;&nbsp;blasthole depth | &nbsp;&nbsp;20 | &nbsp;&nbsp;ft |
| &nbsp;&nbsp;blasthole diameter | &nbsp;&nbsp;9.88 | &nbsp;&nbsp;inch |
| &nbsp;&nbsp;rig type | &nbsp;&nbsp;rotary crawler | &nbsp;&nbsp;rotary crawler |
| &nbsp;&nbsp;rod length | &nbsp;&nbsp;45 | &nbsp;&nbsp;ft |
| &nbsp;&nbsp;ANFO thickness | &nbsp;&nbsp;16 | &nbsp;&nbsp;ft |
| &nbsp;&nbsp;ANFO setup min/hole | &nbsp;&nbsp;15 | &nbsp;&nbsp;min |

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|:---|:---|:---|
| &nbsp;&nbsp;**Calculated** |  |  |
| &nbsp;&nbsp;blasthole diameter | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;ft |
| &nbsp;&nbsp;blasthole volume | &nbsp;&nbsp;10.65 | &nbsp;&nbsp;ft3 |
| &nbsp;&nbsp;ANFO volume | &nbsp;&nbsp;8.52 | &nbsp;&nbsp;ft3 |
| &nbsp;&nbsp;ANFO weight | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;tons |
| &nbsp;&nbsp;ANFO weight | &nbsp;&nbsp;478.61 | &nbsp;&nbsp;lb |
| &nbsp;&nbsp;tons of rock blasted per hole | &nbsp;&nbsp;1055.15 | &nbsp;&nbsp;tons/hole |
| &nbsp;&nbsp;vol of rock blasted per hole | &nbsp;&nbsp;695.37 | &nbsp;&nbsp;bcy/hole |
| &nbsp;&nbsp;drillhole grid spacing | &nbsp;&nbsp;30.64 | &nbsp;&nbsp;ft |

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● Operating hours for the plant were assumed to be 24 hours per day, 7 days per week, for 120 days per year.

● Reagent usage was estimated from equipment specifications and Dr. Harvery's experience and is summarized in Table 20-3.

**Table 21-3: Summary of Chandalar Mine Estimated Reagent Usage**

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|:---|:---|:---|
| **Item** | **Unit<br> Consumption** | **Units** |
| Water | Water | Water |
| Diesel Water Pump | 11.9 | gal/hr |
| Consumables | Consumables | Consumables |
| Maintenance Items | 10% | equip cost |
| Fresh Water | 66.0 | m3/h |
| Food | 20 | $/day/person |
| Heating Oil | 8000 | gal |
| Gasoline | 6500 | gal |
| Misc Op Supplies | 100 | $/person |

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● Manpower for the mine and processing facility includes hourly-rate employees and salaried employees, who are generally superintendents and professional personnel. The number of required equipment operators was estimated using the quantities of equipment required, the quantity of personnel per piece of equipment, and the number of shifts per day. Numbers of required processing and salaried personnel were estimated based on Ms. Lane and Dr. Harvey 's experience and similar mines. A burden factor of 35% was added to all labor for fringe benefits, holidays, vacation and sick leave, insurances, etc. Some salaried personnel were assumed to work year-round, while others were assumed to work only during the mining season. Overtime of time and a half was applied to all hourly rate hours over 40 per week. A summary of the manpower requirements is provided in Table 20-4.

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Chandalar Mine, Chandalar Gold District Page 153 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 21-4: Summary of Chandalar Mine Manpower Requirements**

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|:---|:---|:---|
| **Labor** | **Quantity** | **Units** |
| Mine | Mine | Mine |
| Hourly | Hourly | Hourly |
| Drillers | 1 | per machine |
| Blasters | 1 | per machine |
| Loader Operators | 2 | per machine |
| Truck Drivers | 2 | per machine |
| Excavator Operators | 2 | per machine |
| Scraper Operators | 2 | per machine |
| Grader Operators | 1 | per machine |
| Dozer Operators | 2 | per machine |
| Water Truck Operators | 1 | per machine |
| Mechanics | 4/8 | per day |
| Electricians | 1 | per day |
| Laborers/Maintenance | 4/8 | per day |
| Salaried | Salaried | Salaried |
| Shift Foreman | 2 | ea |
| Engineer | 1 | ea |
| Geologist | 1 | ea |
| Technician | 1 | ea |
| Processing | Processing | Processing |
| Hourly | Hourly | Hourly |
| Plant Operator | 3 | per wash plant |
| Laborer | 1 | per wash plant |
| Salaried | Salaried | Salaried |
| Maintenance Foreman | 1 | ea |
| Camp | Camp | Camp |
| Hourly | Hourly | Hourly |
| Cook | 2 | wash plant |
| Admin | Admin | Admin |
| General Manager | 1 | ea |
| Environmental Specialist | 1 | ea |
| Purchasing Agent | 1 | ea |
| Accountant | 1 | ea |
| Security Guard | 1 | ea |
| Clerk | 1 | ea |

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● Administrative operating costs include services and supplies.

Annual and unit operating costs for equipment and facilities were obtained from recent quotes from suppliers and GRE internal database.

Operating contingency was set at 15%.

The operating costs summarized by year are shown in Table 20-5 and Table 20-6 (unit costs).

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Chandalar Mine, Chandalar Gold District Page 154 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

The cash operating costs per fine ounce of Au is $644, and the all-in sustaining cost per fine ounce of Au is $796.

**Table 21-5: Summary of Chandalar Mine Operating Costs (millions)**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating Cost Item** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** | **Total** |
| Mine | $5.37 | $8.18 | $6.23 | $9.56 | $3.67 | $0.00 | $0.00 | **$33.02** |
| Process | $1.17 | $1.75 | $1.75 | $1.75 | $4.05 | $4.24 | $1.55 | **$16.28** |
| Camp | $0.26 | $0.40 | $0.33 | $0.33 | $0.33 | $0.33 | $0.14 | **$2.10** |
| Transportation | $0.49 | $0.50 | $0.50 | $0.50 | $0.50 | $0.50 | $0.18 | **$3.17** |
| Reclamation/Closure | $0.00 | $0.00 | $0.00 | $0.00 | $2.20 | $3.79 | $0.07 | **$6.06** |
| Owner and G&A | $1.28 | $1.36 | $1.31 | $1.28 | $1.23 | $1.10 | $0.53 | **$8.09** |
| Contingency | $1.29 | $1.83 | $1.52 | $2.01 | $1.80 | $1.50 | $0.37 | **$10.31** |
| **Total** | **$9.86** | **$14.02** | **$11.64** | **$15.44** | **$13.78** | **$11.46** | **$2.84** | **$79.04** |

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**Table 21-6: Summary of Chandalar Mine Unit Operating Costs**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Operating Cost Item** | **Unit** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** | **Total** |
| Mine | $/total mined bcy | $3.76 | $1.75 | $1.50 | $3.42 | $11.98 |  |  | **$2.47** |
| Process | $/process bcy | $3.92 | $1.76 | $1.75 | $1.82 | $4.22 | $4.42 |  | **$2.97** |
| Camp | $/process bcy | $0.85 | $0.40 | $0.33 | $0.34 | $0.34 | $0.34 |  | **$0.38** |
| Transportation | $/process bcy | $1.65 | $0.50 | $0.50 | $0.52 | $0.52 | $0.52 |  | **$0.57** |
| Reclamation/Closure | $/process bcy | $0.00 | $0.00 | $0.00 | $0.00 | $2.29 | $3.95 |  | **$1.10** |
| Owner and G&A | $/process bcy | $4.27 | $1.36 | $1.31 | $1.33 | $1.28 | $1.15 |  | **$1.47** |
| Contingency | $/process bcy | $5.69 | $2.79 | $2.21 | $2.13 | $1.87 | $1.56 |  | **$1.87** |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 155 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

22.0 Economic
Analysis

Readers are advised that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability under 17 CFR §229. This IA is preliminary in nature and includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves under 17 CFR §229. Readers are advised that there is no certainty that the results projected in this Preliminary Economic Assessment will be realized.

Ms. Lane used the 24-month trailing average for gold prices through May 31, 2021 of $1,650/oz for the base case analyses. The projected metal recovery rates are 100% with a ratio of fine gold to raw gold of 84%. The 100% recovery from the wash plants is based on the use of recoverable gold assays for the feed material; recovery losses are accounted for in the feed grade calculations as is typical of placer mining. Smelter charges of 3.6% were applied. Base case gold revenues are summarized in Table 21-1.

**Table 22-1: Summary of Gold Revenues**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** | **Total** |
| Raw Gold Processed (1000s) | 11.09 | 47.83 | 33.33 | 27.19 | 16.53 | 7.58 | 2.71 | **146.26** |
| Fine Gold Recovered (1000s) | 9.32 | 40.17 | 28.00 | 22.84 | 13.89 | 6.36 | 2.28 | **122.85** |
| Au Revenue (millions) | $15.37 | $66.29 | $46.20 | $37.68 | $22.91 | $10.50 | $3.76 | **202709.71** |
| Smelter Charges (millions) | ($0.55) | ($2.39) | ($1.66) | ($1.36) | ($0.82) | ($0.38) | ($0.14) | **(7297.55)** |
| **Net Revenue (millions)** | **$14.82** | **$63.90** | **$44.53** | **$36.33** | **$22.09** | **$10.12** | **$3.62** | **195412.16** |

---

Ms. Lane included depreciation and depletion deductions from the income before taxes to obtain taxable income. Depreciation was calculated using straight line depreciation over 5 years. Depletion allowance was calculated as 15% of revenues up to a maximum of 50% of before-tax income minus depreciation. Federal tax at 21% was applied to the taxable income, and Alaska mining license tax and production royalty were applied to the taxable income. The taxes were deducted from the taxable income, then the depreciation and depletion allowance were added back from taxable income to obtain net cash flows after taxes.

Note: Ms. Lane is not an expert in taxes and relied on information provided by Goldrich and obtained from on-line searches of U.S. and Alaska tax codes to generate a tax model for the project. The calculations are based on the tax regime as of the date of this 2021 IA. The tax calculations should be considered approximations because actual tax estimates involve complex calculations that can be accurately determined only during operations.

After-tax net present value (NPV) @5%, NPV@7%, NPV@9%, and internal rate of return (IRR) were calculated from the net after-tax cash flow.

Taxes, depreciation, and depletion were calculated on a yearly basis. Table 21-2 summarizes the economic model, and shows the after-tax NPV and IRR results.

The economic model indicates favorable after-tax NPV@5% of $63.7 million with an IRR of 139%, at a gold price of $1,650/oz.

The tax calculation should be considered conservative, without consideration for exploration costs incurred, corporate tax philosophy, and other factors.

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 156 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 22-2: Summary of Economic Model**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** | **Year 8** | **Total** |
| **Mining Production** |  |  |  |  |  |  |  |  |  |
| High Grade Mineralized Material (1000s bcy) | 454.60 | 994.68 | 999.53 | 965.31 | 176.94 |  |  |  | **3591.06** |
| High Grade Raw Au oz (1000s) | 16.65 | 47.83 | 34.57 | 27.35 | 4.98 |  |  |  | **131.37** |
| High Grade Au Grade (opy) | 0.037 | 0.048 | 0.035 | 0.028 | 0.028 |  |  |  | **0.037** |
| Low Grade Mineralized Material (1000s bcy) | 130.29 | 355.31 | 458.37 | 897.71 | 45.12 |  |  |  | **1886.80** |
| Low Grade Raw Au oz (1000s) | 1.03 | 2.76 | 3.57 | 7.09 | 0.45 |  |  |  | **14.89** |
| Low Grade Au Grade (opy) | 0.008 | 0.008 | 0.008 | 0.008 | 0.010 |  |  |  | **0.008** |
| Waste BCY during Mining (1000s bcy) | 843.00 | 3322.57 | 2697.79 | 933.29 | 84.56 |  |  |  | **7881.22** |
| Pre-Strip Waste from Existing Lower Dump (1000s bcy) | 660.00 | 376.85 | 0.00 | 0.00 | 0.00 |  |  |  | **1036.85** |
| Stripping Ratio | 2.6 | 2.7 | 1.9 | 0.5 | 0.4 |  |  |  | **1.6** |
| Total Mined Material (1000s bcy) | 2087.89 | 5049.42 | 4155.69 | 2796.31 | 306.62 |  |  |  | **14395.93** |
| **Process Production** |  |  |  |  |  |  |  |  |  |
| High Grade Mineralized Material Processed (1000s bcy) | 299.40 | 994.68 | 960.00 | 960.00 | 176.94 |  |  |  | **3391.02** |
| High Grade Raw Au Oz Processed | 11.09 | 47.83 | 33.33 | 27.19 | 4.98 |  |  |  | **124.42** |
| Process from Stockpile (1000s bcy) |  |  |  |  | 783.06 | 960.00 | 343.77 |  | **2086.83** |
| Process from Stockpile Raw Au oz |  |  |  |  | 11.55 | 7.58 | 2.71 |  | **21.84** |
| **Revenue** |  |  |  |  |  |  |  |  |  |
| Fine Au Oz (1000s) (84% of Raw Au Oz) | 9.32 | 40.17 | 28.00 | 22.84 | 13.89 | 6.36 | 2.28 |  | **$123** |
| Au Revenue (1000s) (@ $1,580/fine Au Oz) | $15372 | $66287 | $46195 | $37684 | $22912 | $10499 | $3760 |  | **$202710** |
| Smelter Charges (1000s) | $553 | $2386 | $1663 | $1357 | $825 | $378 | $135 |  | **$7298** |
| **Net Revenue (1000s)** | **$14819** | **$63900** | **$44532** | **$36327** | **$22088** | **$10121** | **$3624** |  | **$195412** |
| **Operating Costs (1000s)** |  |  |  |  |  |  |  |  |  |
| Mine | $5373 | $8179 | $6230 | $9562 | $3673 | $0 | $0 |  | **$33017** |
| Process | $1174 | $1753 | $1753 | $1753 | $4054 | $4242 | $1552 |  | **$16282** |
| Reclamation/Closure |  |  |  |  | $2197 | $3792 | $69 |  | **$6058** |
| Transportation | $494 | $500 | $500 | $500 | $500 | $500 | $179 |  | **$3173** |
| G&A | $1280 | $1357 | $1308 | $1282 | $1230 | $1105 | $530 |  | **$8092** |
| Camp | $255 | $398 | $328 | $328 | $328 | $328 | $137 |  | **$2105** |
| Operating Cost Contingency | $1286 | $1828 | $1518 | $2014 | $1797 | $1495 | $370 |  | **$10309** |
| **Total Operating Costs** | **$9863** | **$14016** | **$11637** | **$15439** | **$13781** | **$11463** | **$2837** |  | **$79036** |
| **Net Income (Loss) before DD&A (1000s)** | **$4956** | **$49884** | **$32896** | **$20888** | **$8307** | **($1341)** | **$787** |  | **116377** |
| **Tax Deductions** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mine Development Amortization | ($1002) | ($6917) | ($12609) | ($26229) | ($7351) | $0 | $0 | $0 | **($54107)** |
| &nbsp;&nbsp;&nbsp;Depreciation | ($2420) | ($1754) | ($1266) | ($878) | ($489) | $0 | $0 | $0 | **($6807)** |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 157 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** | **Year 6** | **Year 7** | **Year 8** | **Total** |
| &nbsp;&nbsp;&nbsp;Alaska State Tax | $0 | $0 | $0 | ($1156) | $0 | ($26) | $0 | ($57) | **($1239)** |
| **Total Tax Deductions** | **($3422)** | **($8672)** | **($13875)** | **($28262)** | **($7840)** | **($26)** | **$0** | **($57)** | **($62153)** |
| **Taxable Income (Loss) before Depletion** | **$1534** | **$41213** | **$19021** | **($6218)** | **$467** | **($1341)** | **$787** | **$0** | **$55462** |
| Depletion Allowed | ($767) | ($9393) | ($6546) | $0 | ($233) | $0 | ($394) | $0 | **($17334)** |
| **Taxable Income (Loss) After Depletion** | **$767** | **$31819** | **$12474** | **($6218)** | **$233** | **($1341)** | **$394** | **$0** | **$38128** |
| Loss Carry Forward | ($453) | ($29507) | ($9040) | $0 | $0 | $0 | $0 | $0 | **($39000)** |
| Federal Taxes | $0 | $0 | $1273 | $0 | $49 | $0 | $17 | $0 | **$1338** |
| Alaska Taxes | $0 | $0 | $1156 | $0 | $26 | $0 | $57 | $0 | **$1239** |
| **Total Taxes** | **$0** | **$0** | **$2429** | **$0** | **$75** | **$0** | **$73** | **$0** | **$2577** |
| **After Tax Operating Cash Flow** | **$4956** | **$49884** | **$30467** | **$20888** | **$8232** | **($1341)** | **$714** | **$0** | **$113800** |
| **Capital Costs** |  |  |  |  |  |  |  |  |  |
| Development | $2784 | $63367 | $4629 | $283 |  |  |  |  | **$14033** |
| Mine | $4737 | $1966 | $1553 | $1553 | $1553 | $1302 | $656 |  | **$13320** |
| Plant | $1571 | $1328 |  |  |  |  |  |  | **$2899** |
| G&A | $2293 | $26 |  |  |  |  |  |  | **$2320** |
| Freight, Taxes, and Insurance | $1965 |  |  |  |  |  |  |  | **$1965** |
| Sustaining |  |  | $500 |  |  |  |  |  | **$500** |
| Working | $2266 |  |  |  |  | $0 | $0 | ($2266) | **$0** |
| Contingency | $2150 | $830 | $388 | $388 | $388 | $326 | $164 |  | **$4635** |
| **Total Capital Costs** | **$17767** | **$10487** | **$7070** | **$2224** | **$1941** | **$1628** | **$820** | **($2266)** | **$39671** |
| **Net Cash Flow** | **($12811)** | **$39398** | **$23396** | **$18664** | **$6291** | **($2969)** | **($106)** | **$2266** | **$74129** |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 158 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Table 22-3: Summary of Economic Results**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**After-tax NPV@5% (millions)** | &nbsp;&nbsp;**After-tax NPV@7% (millions)** | &nbsp;&nbsp;**After-tax NPV@9% (millions)** | &nbsp;&nbsp;**After-tax Cash Flow (millions)** | &nbsp;&nbsp;**After-tax IRR** | &nbsp;&nbsp;**Payback Years** |
| &nbsp;&nbsp;$63.7 | &nbsp;&nbsp;$60.7 | &nbsp;&nbsp;$57.9 | &nbsp;&nbsp;$72.0 | &nbsp;&nbsp;139% | &nbsp;&nbsp;1.33 |

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Key economic results with a summarized gold price sensitivity analysis are shown in Table 21-4.

**Table 22-4: Key Economic Results**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Base Case<br> $1,650 Gold** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** |
| **Parameter** | **Base Case<br> $1,650 Gold** | **$1500** | **$2000** | **$2500** |
| State Royalties: | 3% | 3% | 3% | 3% |
| Undiscounted Pre-Tax Net Cash Flow: | $75 million | $57 million | $116 million | $175 million |
| Pre-tax NPV@5%: | $67 million | $51 million | $104 million | $158 million |
| Pre-tax NPV@7%: | $64 million | $49 million | $100 million | $151 million |
| Pre-tax NPV@9%: | $61 million | $47 million | $963 million | $146 million |
| Pre-tax IRR: | 256.% | 187.8% | 482.7% | 1243.4% |
| After-tax NPV@5%: | $64 million | $50 million | $92 million | $129 million |
| After-tax NPV@7%: | $61 million | $48 million | $88 million | $123 million |
| After-tax NPV@9%: | $58 million | $45 million | $84 million | $118 million |
| After-tax IRR: | 138.8% | 112.4% | 195.5% | 275.0% |
| Undiscounted After-tax Net Cash Flow: | $72 million | $57 million | $103 million | $145 million |
| After-tax Payback Period: | 1.33 | 1.44 | 1.19 | 1.08 |
| All-in Sustaining Costs: | $799/Au ounce | $799/Au ounce | $799/Au ounce | $799/Au ounce |
| All-in Costs: | $1064/Au ounce | $1064/Au ounce | $1064/Au ounce | $1064/Au ounce |
| Total Operating Costs: | $646/Au ounce | $646/Au ounce | $646/Au ounce | $646/Au ounce |

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22.1 Sensitivity
Analyses

Ms. Lane evaluated the after-tax NPV@7% and IRR sensitivity to changes in gold price, capital costs, and operating costs. The results are shown in Table 21-5, Figure 21-1, Table 21-6, and Figure 21-2, respectively. A more detailed sensitivity analysis to gold price, showing extreme gold prices is also provided in Figure 21-3.

**Table 22-5: NPV@7% Sensitivity to Gold Price, Capital Costs, and Operating Costs**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**NPV@7%** | &nbsp;&nbsp;**NPV@7%** | &nbsp;&nbsp;**NPV@7%** | &nbsp;&nbsp;**NPV@7%** | &nbsp;&nbsp;**NPV@7%** |
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;80% | &nbsp;&nbsp;90% | &nbsp;&nbsp;100% | &nbsp;&nbsp;110% | &nbsp;&nbsp;120% |
| &nbsp;&nbsp;Capital Cost | &nbsp;&nbsp;$65.26 | &nbsp;&nbsp;$62.99 | &nbsp;&nbsp;$60.72 | &nbsp;&nbsp;$58.44 | &nbsp;&nbsp;$56.17 |
| &nbsp;&nbsp;Operating Cost | &nbsp;&nbsp;$72.05 | &nbsp;&nbsp;$66.67 | &nbsp;&nbsp;$60.72 | &nbsp;&nbsp;$54.50 | &nbsp;&nbsp;$46.80 |
| &nbsp;&nbsp;Gold Price | &nbsp;&nbsp;$29.36 | &nbsp;&nbsp;$46.14 | &nbsp;&nbsp;$60.72 | &nbsp;&nbsp;$73.64 | &nbsp;&nbsp;$86.08 |

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 159 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 22-1: NPV@7% Sensitivity to Gold Price, Capital Costs, and Operating Costs**

**Table 22-6: IRR Sensitivity to Gold Price, Capital Costs, and Operating Costs**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**IRR** | &nbsp;&nbsp;**IRR** | &nbsp;&nbsp;**IRR** | &nbsp;&nbsp;**IRR** | &nbsp;&nbsp;**IRR** |
| &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;80% | &nbsp;&nbsp;90% | &nbsp;&nbsp;100% | &nbsp;&nbsp;110% | &nbsp;&nbsp;120% |
| &nbsp;&nbsp;Capital Cost | &nbsp;&nbsp;173.3% | &nbsp;&nbsp;154.5% | &nbsp;&nbsp;138.8% | &nbsp;&nbsp;125.4% | &nbsp;&nbsp;113.8% |
| &nbsp;&nbsp;Operating Cost | &nbsp;&nbsp;171.3% | &nbsp;&nbsp;154.5% | &nbsp;&nbsp;138.8% | &nbsp;&nbsp;124.1% | &nbsp;&nbsp;108.4% |
| &nbsp;&nbsp;Gold Price | &nbsp;&nbsp;77.1% | &nbsp;&nbsp;109.5% | &nbsp;&nbsp;138.8% | &nbsp;&nbsp;167.2% | &nbsp;&nbsp;192.4% |

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**Figure 22-2: IRR Sensitivity to Gold Price, Capital Costs, and Operating Costs**

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 160 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Figure 22-3: NPV@7% and IRR Sensitivity to Gold Price**

The results indicate after-tax NPV@7% and IRR are extremely sensitive to changes gold price and are moderately sensitive to changes in capital and operating costs. A positive valuation, however, is maintained across a wide range of sensitivities on key assumptions.

22.2 CONCLUSIONS
OF ECONOMIC MODEL

The project economics shown in this IA are favorable, providing positive NPV at varying gold prices, capital costs, and operating costs.

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Chandalar Mine, Chandalar Gold District Page 161 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

23.0 Adjacent
Properties

There are six other placer deposits in the Chandalar district. Combined, they have produced an estimated 104,000 ounces of gold from the early 1900s to the present day, with approximately 73,000 ounces coming from Little Squaw. Other significant placers include Big Creek, St. Mary's Creek, and Tobin Creek. The district has also produced an estimated 8,200 ounces of gold from four lode deposits: Mikado, Crystal, Little Squaw, and Summit (Walters, 2020).

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| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

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Chandalar Mine, Chandalar Gold District Page 162 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

24.0 Other
Relevant Data and Information

Section 27, References, provides a list of documents that were consulted in support of this report. No further data or information is necessary, in the opinion of the authors, to make the Report understandable and not misleading.

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Chandalar Mine, Chandalar Gold District Page 163 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

25.0 Interpretation
and Conclusions

25.1 Interpretation

The Chandalar district is located in a remote portion of Alaska in the Brooks Range. The district has hosted both placer and gold production since the early 1900s. The remote location and harsh winters have limited access, making large scale exploration and mine production difficult. This moderated the success of past efforts. The more recent access to the site via winter road and modern air strips have opened up the area to modern exploration and mining production methods. The Chandalar project hosts both placer and lode gold mineralization; the full potential of each have not been fully tested.

25.2 Conclusions

Capital costs for the project include mining production and support equipment leases that assume 25% down payment of the purchase price and a lease term varying from 20 to 26 quarters, depending on the piece of equipment and when it is needed on the project, at 5% interest rate; mining facilities; and site development. The estimated capital costs total $25.6 million, with initial capital of $15.1 million.

Operating cash costs are based on a surface mine plan, haul cycle analysis, drill and blast cost analysis, with delivery to the remote mining site by either air (landing strip at the mine site) or by Cat train. Remote labor rates and burdens were used that are consistent with other remote mining operations in the arctic region of Alaska. The estimated operating costs total $95.2 million, with a cash operating cost of $646/fine Au oz and an all-in sustaining cost of $799/fine Au oz.

Ms. Lane prepared an economic evaluation of the project using a gold price of $1,650/Au oz and assuming a raw gold recovery of 100% and ratio of find gold to raw gold of 84%. The 100% recovery from the wash plants is based on the use of recoverable gold assays for the feed material; recovery losses are accounted for in the feed grade calculations as is typical of placer mining. Smelter charges of 3.6% were applied. Ms. Lane included an order of magnitude, generalized tax calculation that included straight-line depreciation, depletion allowance, federal tax at 21% applied to the taxable income, and Alaska corporate, mining license tax, and production royalty applied to the taxable income.

Sensitivity analyses indicate extreme sensitivity to gold price and moderate sensitivity to both capital and operating costs. A positive valuation, however, was maintained across a wide range of sensitivities on key assumptions. Key economic results with a summarized gold price sensitivity analysis are shown in Table 24-1.

**Table 25-1: Key Economic Results**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** |
| <br>**Parameter** | **Base Case**<br>**$1,650 Gold** | **$1500** | **$2000** | **$2500** |
| State Royalties: | 3% | 3% | 3% | 3% |
| Undiscounted Pre-Tax Net Cash Flow: | $75 million | $57 million | $116 million | $175 million |
| Pre-tax NPV@5%: | $67 million | $51 million | $104 million | $158 million |
| Pre-tax NPV@7%: | $64 million | $49 million | $100 million | $151 million |
| Pre-tax NPV@9%: | $61 million | $47 million | $963 million | $146 million |
| Pre-tax IRR: | 256.% | 187.8% | 482.7% | 1243.4% |
| After-tax NPV@5%: | $64 million | $50 million | $92 million | $129 million |

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Chandalar Mine, Chandalar Gold District Page 164 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** |
| <br>**Parameter** | **Base Case**<br>**$1,650 Gold** | **$1500** | **$2000** | **$2500** |
| After-tax NPV@7%: | $61 million | $48 million | $88 million | $123 million |
| After-tax NPV@9%: | $58 million | $45 million | $84 million | $118 million |
| After-tax IRR: | 138.8% | 112.4% | 195.5% | 275.0% |
| Undiscounted After-tax Net Cash Flow: | $72 million | $57 million | $103 million | $145 million |
| After-tax Payback Period: | 1.33 | 1.44 | 1.19 | 1.08 |
| All-in Sustaining Costs: | $799/Au ounce | $799/Au ounce | $799/Au ounce | $799/Au ounce |
| All-in Costs: | $1064/Au ounce | $1064/Au ounce | $1064/Au ounce | $1064/Au ounce |
| Total Operating Costs: | $646/Au ounce | $646/Au ounce | $646/Au ounce | $646/Au ounce |

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The project economics shown in this IA are favorable, providing positive NPV at varying gold prices, capital costs, and operating costs.

25.3 Risks

This IA is preliminary in nature and includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves under 17 CFR §229.1300 – (Item 1300). Readers are advised that there is no certainty that the results projected in this initial assessment will be realized. There is inherent engineering and metallurgical risk in all projects at this early stage of development, which are reduced as metallurgical test work and engineering studies, including the prefeasibility and feasibility studies, progress. This project, as with others, would be negatively impacted should gold recovery prove to be less than that used in the study (due to clay or other factors) or positively impacted if higher grades are encountered. Similarly, if further geotechnical or reclamation requirements change, the project could be impacted positively or negatively. The largest likely impact would be future changes in the price of gold.

The site has low environmental and permitting risk; however, prior reclamation plans had nearly-complete backfilling. There is a small probability that similar backfilling would be required. This would result in higher closure costs.

The final topographic surface Ms. Lane used for the resource estimate stitched together the final 2018 survey completed by GNP on 21 September 2018, which is limited to the areas immediately surrounding the mined areas, and the translated 2019 FODAR survey. This stitched together surface constitutes a small risk to the estimated resources, but because the 2018 surface would be lower than the 2019 surface due to backfilling that may have occurred in 2019 and due to the fact that there was no mining conducted in 2019, Ms. Lane believes the estimated remaining in-situ resource would not change with the 2019 topographic surface but that there could be additional waste backfilled above the estimated resource.

Similarly, the stitched together mining extents of mining could represent a risk if the surfaces provided to GRE do not fully encompass the mining completed by GNP.

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Chandalar Mine, Chandalar Gold District Page 165 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

26.0 Recommendations

The Chandalar placer deposit has been successfully mined, and approximately 146,000 raw ounces of gold remain and appear to be recoverable with conventional mining and placer gold wash plant operation. In order to begin operations, permits need to be acquired, either through negotiation with NyacAU, or new operating permits must be obtained.

A detailed mining plan should be created to carefully plan material movement to concurrently reclaim the mine with operations.

Existing permits should be maintained.

A geologic model of lithology and clays would be helpful to optimize the mine plan.

Ms. Lane recommends the company proceed to a Pre-Feasibility Study (PFS) concurrent with obtaining new operating permits. Once the operating permits are in place and the PFS has been published, Ms. Lane recommends the company proceed with detailed costing, planning, and scheduling need to restart operations.

The mine will require modified permits with the ACOE. These should commence as soon as possible to avoid delays.

Ms. Lane recommends compiling all existing geologic data, property-wide, and conducting new mapping and geophysical surveys of high priority targets in preparation for drill campaigns.

The coordinate system for the project is a local Imperial coordinate system; some surveying has been conducted in this local coordinate system while others have been performed in UTM NAD83. Ms. Lane recommends adding the UTM coordinates to the drill hole database and using that grid and metric measurements for all project work going forward. This will reduce the possibility of conversion errors and facilitate reporting to international standards.

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Chandalar Mine, Chandalar Gold District Page 166 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

27.0 References

**Ashworth, K. K. 1983.** *Genesis of Gold Deposits at the Little Squaw Mines, Chandalar Mining District, Alaska.* 1983.

**Ashworth, Kate. 1984.** *Fluid Inclusion Study of the Eneveloe Vein, Chandalar Mining District: Private Report, Chandalar Development Associates.* 1984.

**—. 1983.** *Genesis of Gold Deposits and the Little Squaw Mines, Chandalar Mining District, Alaska: Unpublished Masters of Science Thesis, Western Washington University, Bellingham.* 1983.

**Barker, J. C., Keener, J. O. and Murray, R. B. 2009.** *Evaluation of the Chandalar Mining Property, with a Preliminary Assessment by Paul L. Martin.* 2009.

**Barker, James C. and Bundtzen, Thomas K. 2004.** *Gold Deposits of the Chandalar Mining District, Northern Alaska: An Information Review and Recommendations (May 1).* 2004.

**Barker, James C., Keener, Jeffrey O. and Murray, Robert B. 2009.** *Placer Exploration in the Chandalar Mining District: a case for bulk mineable gold placer.* 2009. presentation to AMA.

**Bolin, D. S. 1984.** *Geology and Lode Gold Deposits of the Chandalar Mining District, Brooks Range, Alaska (Golder Associates unpublished report).* 1984.

**Brosgé, W. P. and Reiser, H. N. 1970.** *Geochemical Reconnaissance in the Wisemand and Chandalar Mining Districts and Adjacent Region, Southern Brooks Range, Alaska: U.S. Geological Survey Professional Paper 709.* 1970.

**—. 1964.** *Geologic Map and Section of the Chandalar Quadrangle, Alaska: U.S. Geological Survey Miscellaneous Map I-375.* 1964.

**Bundtzen, T. K. and Laird, G. M. 2007.** *Geology of the Chandalar Mining District, Central Brooks Range, Northern Alaska, Report to Little Squaw Gold MiningCo.* 2007.

**Chipp, E. R. 1970.** *Geology and Geochemistry of the Chandalar Area, Brooks Range, Alaska: Alaska Division of Mines and Minerals Geologic Report 42.* 1970.

**CIM. 2010.** *Definition Standards for Mineral Resources and Mineral Reserves.* s.l. : CIM Standing Committe on Reserve Definitions, 2010.

**—. 2014.** *Definition Standards for Mineral Resources and Mineral Reserves.* s.l. : CIM Standing Committe on Reserve Definitions, 2014.

**Dillon, J. T. 1982.** *Source of Lode and Placer Gold Deposits of he Chandalar and Upper Koyukuk District, Alaska: Alaska Division of Geological an dGeophysical Surveys Open Fiel Report 158.* 1982.

**—. 1989.** Structure and Stratigraphy of the Southern Brooks Range and Northern Koyukuk Basin Near the Dalton Highway. [ed.] C. G. Mull and K. E. Adams. *Dalton Highway, Yukon River to Prudhoe Bay, Alaska: Alaska Divison of Geological and Geophysical Surveys Guidebook 7.* 1989, Vol. 2, pp. 157-187.

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Chandalar Mine, Chandalar Gold District Page 167 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Dillon, J. T., Lamal, K. K. and Huber, J. A. 1989.** Gold Deposits in the Upper Koyukuk and Chandalar Mining Districts. [ed.] C. G. Mull and K. E. Adams. *Dalton Highway, Yukon River to Prudhoe Bay, Alaska; Alaska Division of Geological and Geophysical Surveys Guidebook 7.* 1989, Vol. 2, pp. 195-201.

**Dillon, J. T., Reifenstuhl, R. R. and Harris, G. W. 1996.** *Geologic Map of the Chandalar C-5 Quadrangle, Southeastern Brooks Range, Alaska: Alaska Division of Geological and Geophysical Surveys Professional Report 104.* 1996.

**Duke, N. 1975.** *Structural Interpretation of the Chandalar Mining District, Alaska; Unpublished Callahan Mining Company Data.* 1975.

**Dusel-Bacon, C. 1994.** Metamorphic History of Alaska. [ed.] G. Plafker and H. C. Berg. *The Geology of Alaska: Boulder, Colorado, Geological Society of America, The Geology of North America.* 1994, Vols. G-1, pp. 495-533.

**EPA. 2012.** *A Function-Based Framework for Stream Assessment and Restoration Projects.* s.l. : US Environmental Protection Agency, 2012. EPA 843-K-12-006.

**Fitch, Gary. 1997.** *Placer Gold Drilling and Avaluation, Little Squaw and Big Squaw Creeks, Chandalar Mining District.* 1997.

**Fritts, C. E. 1970.** *Geology and Geochemistry of the Cosmos Hills, Ambler River and Shungnak Quadrangles, Alaska: Alaska Division of Mines and Geology Geologic Report 39.* 1970.

**Fritts, C. E., Eakins, G. R. and Garland, R. E. 1971.** *Geology and Geochemistry near Walker Lake, Southern Survey Pass Quadrangle, Arctic Alaska: Alaska Division of Geological dn geophysical Surveys Annual Report.* 1971. pp. 19-26.

**Gillerman, V. S. 2012.** *Final Petrographic Report: Chandalar Project, Alaska.* 2012.

**Goldfarb, R. J., et al. 2005.** Distribution, Character, and Genesis of Gold Deposits in Metamorphic Terranes. *Economic Geology.* 2005, Vol. 100th Anniversary Volume, pp. 407-450.

**Goldfarb, Y. I. 2007.** Dynamic Classification of Alluvial Gold Placers in the Northeast of Russia. *Geology of Ore Deposits.* 2007, Vol. 49, No. 4, pp. 241-270. Original Russian Text© Yu.I. Goldfarb, 2007, published in Geologiya Rudnykh Mestorozhdenii, 2007, Vol. 49, No. 4, pp. 275–305.

**Hitzman, M. W., Smith, T. E. and Proffett, J. M. 1982.** *Bedrock Geology of the Ambler District, Southwestern Bokks Range, Alaska: Alaska Division of Geological and Geophysical Surveys Geologic Report 75.* 1982.

**Hulstulid, W., Kuchta, M. and Martin, R. 2006.** *Open Pit Mine Planning & Design.* Leiden : CRC Press, 2006.

**InfoMine. 2018.** *Mine and Mill Equipment Costs, An Estimator's Guide.* 2018.

**—. 2020.** *Mining Cost Service.* 2020.

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Chandalar Mine, Chandalar Gold District Page 168 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Kuehner, S. 2013.** *Microprobe Observations on Six Core Samples from Chandalar Mining District, Alaska.* 2013.

**Lamal, K. K. 1984.** *Fluid Inclusion Study Eneveloe Mine, Chandalar Mining District.* 1984.

**Little Squaw Mining Co. 2006.** *SEC.gov.* [Online] 2006. https://www.sec.gov/Archives/edgar/data/59860/000105291806000712/nr1506.htm.

**Maddren, A. G. 1910.** The Koyukuk-Chandalar Gold Region, Alaska. *USGS Bull. 442-G.* 1910, pp. 284-315.

**Martin, P., et al. 2010.** *Goldrich Mining Company Preliminary Assessment, Data Analysis and Mining Methods Summary, Little Squaw Creek Alluvial Gold Deposit, Chandalar, Alaska.* 2010.

**Mendham, G. and Lam, C. 2018.** *Chandalar Little Squaw Creek Placer Gold Project, Unpublished Report for Goldrich Mining Company.* 2018.

**Mertie, Jr., J. B. 1925.** Geology and Gold Placers of the Chandalar Mining District. *U.S. Geological Survey Bulleting 773E.* 1925, pp. 215-267.

**Moore, T. E., et al. 1994.** Geology of Northern Alaska. [ed.] G. Plafker and H. C. Berg. *The Geology of Alaska: Boulder, Colorado, Geological Society of America, The Geology of North America.* 1994, Vols. G-1, pp. 49-140.

**Mull, C. G. 1989.** Chapter 6 - Summary of Structural Style and History of the Brooks Range Deformation. [ed.] C. G. Mull and K. E. Adams. *Dalton Highway, Yukon River to Prudhoe Bay, Alaska: Alaska Division of Geological and Geophysical Surveys Guidebook 7.* 1989, Vol. 1, pp. 47-56.

**Pacific Rim Geological Consulting, Inc. 2007.** *Follow-up 2007 Geologic Mapping, Structural Analysis and Evaluation of Gold Deoosits in Chandalar Mining District, Northern Alaska, Confidential Report for Little Squaw Gold Mining Company.* 2007.

**Pitard, F. F. 1993.** *Pierre Gy's Sampling Theory and Sampling Practice. Heterogeneity, Sampling Correctness, and Statistical Process Control.* 1993.

**Rasmussen, M. 2013.** *Summary of Current Hardrock Exploration Views at Chandalar Mining District, Alaska.* 2013.

**Reger, R. D. and Bundtzen, T. K. 1990.** Multiple Glaciation and Gold-Placer Formation, Valdez Creek Valley, Western Clearwater Mountains, Alaska. *Alaska Division of Geological and Geophysical Surveys Professional Report 107.* 1990.

**Rose, S.C., Pickthorn, W. J. and Goldfarb, R. J. 1988.** Gold Mineralization by Metamorphic Fluids in the Chandalar Mining District, Southern Brooks Range - Fluid Inclusion and Oxygen Isotopic Evidence. [ed.] J. P. Galloway and T. D. Hamilton. *Geologic Studies in Alaska by the U.S. Geological Survey during 1987: U.S. Geological Survey Circular 1016.* 1988, pp. 81-84.

**SME. 2011.** *Mining Engineering Handbook.* [ed.] Peter Darling. s.l. : Society for Mining, Metallurgy, and Exploration, 2011.

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Chandalar Mine, Chandalar Gold District Page 169 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**Strandberg, Jr., Edward O. 1990.** *Description of Properties, Chandalar mining District (January 27).* 1990.

**Szumigala, D. J. and Hughes, R. A. 2005.** *Alaska's Mineral Industry, 2004: Alaska Division of Geological & Geophysical Survey Special Report 59.* 2005.

**Till, A. B. 1992.** Detrital High Pressure/Low Temperature Metamorphic Mineral Assemblages in Early Cretaceous Sediments of the Foreland Basin of the Brooks Range, Alaska, and Implications for Orogenic Evolution. *Tectonophysics.* 1992, Vol. 11, pp. 1207-1223.

**Turner, D. L., Forbes, R. B. and Dillon, J. T. 1979.** K-Ar Geochronology of the Southern Brooks Range, Alaska. *Canadian Journal of Earth Sciences.* 1979, Vol. 16, No. 9, pp. 1989-1804.

**USGS. 1956.** *Aeromagnetic Map, Chandalar Mining District, Alaska.* 1956.

**—. 1986.** Mineral Deposit Models. [ed.] D. P. Cox and D. A. Singer. *United States Geological Survey Bulletin 1693.* 1986.

**Vanderberg, W. O. 1936.** Placer Mining in Nevada. *Nevada Bureau of Mines and Geology, Bulletin 27.* 1936.

**Walters, D. 2020.** *Chandalar District Gold Production 20200225, unpublished spreadsheet compiling historical gold production at Chandalar.* 2020.

**Wiltse, M. W. 1975.** *Geology of the Arctic Camp Deposit: Alaska Division of Geological and Geophysical Surveys Open File Report.* 1975.

**Wolff, Ernest N. 1997.** *Frank Yasuda and the Chandalar.* 1997.

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Chandalar Mine, Chandalar Gold District Page 170 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**<u>CERTIFICATE OF QUALIFIED PERSON</u>**

I, Hamid Samari, PhD, of 600 Grant St., Suite 975, Denver, Colorado, 80203, the co-author of the report entitled "Revised and Amended Preliminary Economic Assessment, Chandalar Mine, Chandalar Gold District" with an effective date of May 31, 2021 and an Issue date of November 10, 2022 (the "IA"), DO HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 am a graduate of Azad University, Sciences and Research Branch, Tehran and received a PhD
 in Geology-Tectonics in 2000. I am also a graduate of Beheshti University, Tehran and received
 a MS in Geology-Tectonics in 1995 and a MS and a BS in Geology in 1991.

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 am a Qualified Professional in the United States from the Mining and Metallurgical Society
 of America (MMSA) with special expertise in Geology with membership number MMSA 01519QP.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 have practiced in the area of geology, mining, and civil industry for over 23 years. I have
 worked for Azad University, Mahallat branch, as an assistant professor and head of the geology
 department for 19 years, for Tamavan consulting engineers as senior geologist for 12 years,
 and for Global Resource Engineering for about four years.

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 have read the definition of "Qualified Person" set out in National Instrument
 43-101 and certify that by reason of my education, affiliation with a professional organization
 (as defined in National Instrument 43-101) and past relevant work experience, I fulfill the
 requirements to be a "Qualified Person" for the purposes of 17 CFR §229.1300
 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;5. I
 visited the project on September 4 and 5, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;6. I
 am responsible for Sections 1.4, 1.5, 1.6, 1.7, 1.8, 1.9, 7, 8, 9, 10, 11, and 12 of the
 IA.

&nbsp;&nbsp;&nbsp;&nbsp;7. I
 am independent of Goldrich Mining as described in 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;8. I
 have not previously worked on the Chandalar Mine.

&nbsp;&nbsp;&nbsp;&nbsp;9. I
 have read 17 CFR §229.1300 – (Item 1300). The Resource Estimate has been prepared
 in compliance with the 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;10. As
 of the effective date of the IA, to the best of my knowledge, information and belief, the
 IA contains all scientific and technical information that is required to be disclosed to
 make the IA not misleading.

**Hamid Samari, PhD**

*"Hamid Samari"*

**Director of Geology**

**Global Resource Engineering, Ltd.**

**Denver, Colorado**

**Date of Signing: November 10, 2022**

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Chandalar Mine, Chandalar Gold District Page 171 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**<u>CERTIFICATE OF QUALIFIED PERSON</u>**

I, Jeffrey Todd Harvey, PhD, of 600 Grant St., Suite 975, Denver, Colorado, 80203, the co-author of the report entitled "Revised and Amended Preliminary Economic Assessment, Chandalar Mine, Chandalar Gold District" with an effective date of May 31, 2021 and an Issue date of November 10, 2022 (the "IA"), DO HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 am a Society of Mining Engineers (SME) Registered Member Qualified Professional in Mining/Metallurgy/Mineral
 Processing, #04144120.

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 hold a degree of Doctor of Philosophy (PhD) (1994) in Mining and Mineral Process Engineering
 from Queen's University at Kingston. As well as an MSc (1990) and BSc (1988) in Mining
 and Mineral Process Engineering from Queen's University at Kingston.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 have practiced my profession since 1988 in capacities from metallurgical engineer to senior
 management positions for production, engineering, mill design and construction, research
 and development, and mining companies. My relevant experience for the purpose of this IA
 is as the test work reviewer, process designer, process cost estimator, and economic modeler
 with 25 or more years of experience in each area.

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 have taken classes in mineral processing, heap leach design, cost estimation and mineral
 economics in university, and have taken several short courses in process development subsequently.

&nbsp;&nbsp;&nbsp;&nbsp;5. I
 have worked in mineral processing, managed production and worked in process optimization,
 and I have been involved in or conducted the test work analysis and flowsheet design for
 many projects at locations in North America, South America, Africa, Australia, India, Russia
 and Europe for a wide variety of minerals and processes.

&nbsp;&nbsp;&nbsp;&nbsp;6. I
 have supervised and analyzed test work, developed flowsheets and estimated costs for many
 projects including International Gold Resources Bibiani Mine, Ashanti Goldfields Obuasi Mine,
 Equinox Gold Castle Mountain Mine, Cluff Resources Agnes Mine, and others, and have overseen
 the design and cost estimation of many other similar projects.

&nbsp;&nbsp;&nbsp;&nbsp;7. I
 have worked or overseen the development or optimization of mineral processing flowsheets
 for close to one hundred projects and operating mines, including gold heap leach and stirred
 tank gold leaching processes.

&nbsp;&nbsp;&nbsp;&nbsp;8. I
 have been involved in or managed many studies including scoping studies, prefeasibility studies,
 and feasibility studies.

&nbsp;&nbsp;&nbsp;&nbsp;9. I
 have been involved with the mine development, construction, startup, and operation of several
 mines.

&nbsp;&nbsp;&nbsp;&nbsp;10. I
 have read the definition of "Qualified Person" set out in 17 CFR §229.1300
 – (Item 1300) and certify that by reason of my education, affiliation with a professional
 organization (as defined in 17 CFR §229.1300 – (Item 1300)) and past relevant
 work experience, I fulfill the requirements to be a "Qualified Person" for the
 purposes of 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;11. I
 have not visited the project.

&nbsp;&nbsp;&nbsp;&nbsp;12. I
 am responsible for Sections 1.10, 1.13, 13, and 17 of the IA.

&nbsp;&nbsp;&nbsp;&nbsp;13. I
 am independent of Goldrich Mining as described in 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;14. I
 have not previously worked on the Chandalar Mine.

&nbsp;&nbsp;&nbsp;&nbsp;15. I
 have read 17 CFR §229.1300 – (Item 1300). The Resource Estimate has been prepared
 in compliance with the 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;16. As
 of the effective date of the IA, to the best of my knowledge, information and belief, the
 IA contains all scientific and technical information that is required to be disclosed to
 make the IA not misleading.

**Jeffrey Todd Harvey, PhD**

*"J. Todd Harvey"*

**President and Director of Process Engineering**

**Global Resource Engineering, Ltd.**

**Denver, Colorado**

**Date of Signing: November 10, 2022**

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Chandalar Mine, Chandalar Gold District Page 172 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**<u>CERTIFICATE OF QUALIFIED PERSON</u>**

I, Terre A Lane, of 600 Grant St., Suite 975, Denver, Colorado, 80203, the co-author of the report entitled "Revised and Amended Preliminary Economic Assessment, Chandalar Mine, Chandalar Gold District" with an effective date of May 31, 2021 and an Issue date of November 10, 2022 (the "IA"), DO HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 am a MMSA Qualified Professional in Ore Reserves and Mining, #01407QP and a Registered member
 of SME - 4053005.

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 hold a degree of Bachelor of Science (1982) in Mining Engineering from Michigan Technological
 University.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 have practiced my profession since 1982 in capacities from mining engineer to senior management
 positions for engineering, mine development, exploration, and mining companies. My relevant
 experience for the purpose of this IA is project management, mineral resource estimation,
 mine capital and operating costs estimation, and economic analysis with 25 or more years
 of experience in each area. My experience includes several placer deposits including the
 Livengood permafrost gold placer near Livengood Alaska.

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 have created or overseen the resource estimation, mine design, capital and operating cost
 estimation, and economic analysis of well over a hundred open pit projects.

&nbsp;&nbsp;&nbsp;&nbsp;5. I
 have been involved in or managed several hundred studies including scoping studies, prefeasibility
 studies, and feasibility studies.

&nbsp;&nbsp;&nbsp;&nbsp;6. I
 have been involved with the mine development, construction, startup, and operation of several
 mines, including the Livengood placer deposit, a permafost placer 70 miles north of Fairbanks.

&nbsp;&nbsp;&nbsp;&nbsp;7. I
 have read the definition of "Qualified Person" set out in 17 CFR §229.1300
 – (Item 1300) and certify that by reason of my education, affiliation with a professional
 organization (as defined in 17 CFR §229.1300 – (Item 1300)) and past relevant
 work experience, I fulfill the requirements to be a "Qualified Person" for the
 purposes of 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;8. I
 visited the property on September 4 and 5, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;9. I
 am responsible for Sections 1.1 - 1.3, 1.11, 1.12 1.14, 1.15, 1.18, 1.19, 1.20, 2, 3, 4.1
 - 4.4, 5, 6, 14, 15, 16, 18, 19, and 21 – 27 of the IA.

&nbsp;&nbsp;&nbsp;&nbsp;10. I
 am independent of Goldrich Mining as described in 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;11. I
 have read 17 CFR §229.1300 – (Item 1300). The IA has been prepared in compliance
 with 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;12. As
 of the effective date of the IA, to the best of my knowledge, information and belief, the
 IA contains all scientific and technical information that is required to be disclosed to
 make the IA not misleading.

**Terre A. Lane**

*"Terre A. Lane"*

**Principal Mining Engineer** 

**Date of Signing: November 10, 2022**

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Chandalar Mine, Chandalar Gold District Page 173 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**<u>CERTIFICATE OF QUALIFIED PERSON</u>**

I, Richard A. Hughes, of 318 Juneau Ave., Fairbanks, AK 99701, a reviewer of the report entitled "Revised and Amended Preliminary Economic Assessment, Chandalar Mine, Chandalar Gold District" with an effective date of May 31, 2021 and an issue date of November 10, 2022 (the "IA") DO HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 am a Registered Professional Consulting Mining Engineer and have an address of 318 Juneau
 Ave., Fairbanks, AK 99701

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 graduated from the University of Nevada, Mackay School of Mines with a Bachelor of Science
 in Mining Engineering in 1960.

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 am a registered professional engineer in good standing in Alaska, certificate number EM-5531,
 and in Nevada, certificate number 2189.

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 have traveled to and inspected the Goldrich property located on the south flank of the Brooks
 Range, Alaska; the visit was conducted on June 28, 2019 and was a one (1) day inspection.

&nbsp;&nbsp;&nbsp;&nbsp;5. I
 have 61 years of experience in minerals exploration, development, operations management and
 engineering.

&nbsp;&nbsp;&nbsp;&nbsp;6. I
 have read the definition of "qualified person" set out in 17 CFR §229.1300
 – (Item 1300) and certify that by reason of my education, affiliation with professional
 associations (as defined in 17 CFR §229.1300 – (Item 1300)) and past relevant
 work experience, I fulfill the requirements to be a "qualified person" for the
 purposes of 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;7. I
 am responsible for reviewing and commenting on the above report to assure compliance to professional
 standards and to the Goldrich Mining's requirements.

&nbsp;&nbsp;&nbsp;&nbsp;8. I
 am a consultant to Goldrich Mining as described in section 1.5 and provide professional advice
 to that company on a consulting basis.

&nbsp;&nbsp;&nbsp;&nbsp;9. I
 have read 17 CFR §229.1300 – (Item 1300). The IA has been prepared in compliance
 with 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;10. As
 of the effective date of the IA, to the best of my knowledge, information and belief, the
 IA contains all scientific and technical information that is required to be disclosed to
 make the IA truthful and relevant.

Richard A. Hughes, PE

![(SIGNATURE)](gc075_v1.jpg)

Mining Engineer

Date of Signing: **November 10, 2022**

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Chandalar Mine, Chandalar Gold District Page 174 <br> <u>Goldrich Mining Company</u> <u>Revised and Amended Initial Assessment</u>

**<u>CERTIFICATE OF QUALIFIED PERSON</u>**

I, J. Larry Breckenridge, of 600 Grant St., Suite 975, Denver, Colorado, 80203, the co-author of the report entitled "Revised and Amended Preliminary Economic Assessment, Chandalar Mine, Chandalar Gold District" with an effective date of May 31, 2021 and an Issue date of November 10, 2022 (the "IA"), DO HEREBY CERTIFY THAT:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 am an Environmental Engineer and have an address at 600 Grant Street, Suite 975, Denver,
 Colorado 80203

&nbsp;&nbsp;&nbsp;&nbsp;2. I
 graduated from Dartmouth College (Bachelors of Arts, Engineering Modified with environmental
 Science) and the Colorado School of Mines (Masters' in Environmental Science and Engineering).

&nbsp;&nbsp;&nbsp;&nbsp;3. I
 am a member, in good standing, of the Board of Colorado Professional Engineers in Colorado
 (No. 38048), and New Hampshire (No. 12694);

&nbsp;&nbsp;&nbsp;&nbsp;4. I
 have 25 years of experience in environmental engineering, mine water management, and geochemistry.

&nbsp;&nbsp;&nbsp;&nbsp;5. I
 have read the definition of "qualified person" set out in 17 CFR §229.1300
 – (Item 1300) and certify that by reason of my education, affiliation with a professional
 association (as defined in 17 CFR §229.1300 – (Item 1300)) and past relevant work
 experience, I fulfill the requirements to be a "qualified person" for the purposes
 of 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;6. I
 am responsible for Sections 1.16, 1.17, 4.5, 4.6, and 20 of this IA.

&nbsp;&nbsp;&nbsp;&nbsp;7. I
 am independent of Goldrich Mining as described in 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;8. I
 have read 17 CFR §229.1300 – (Item 1300). The IA has been prepared in compliance
 with 17 CFR §229.1300 – (Item 1300).

&nbsp;&nbsp;&nbsp;&nbsp;9. As
 of the effective date of the IA, to the best of my knowledge, information and belief, the
 IA contains all scientific and technical information that is required to be disclosed to
 make the IA not misleading.

**Larry Breckenridge**

*"J. Larry Breckenridge"*

**Principal Mining Engineer**

**Date of Signing: November 10, 2022**

---

| | |
|:---|:---|
| ![(GRAPHIC)](gc009_v1.jpg) | 2/24/2023 |

---

## Exhibit 10.28

**Exhibit 10.28**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![(GRE LOGO)](gc077_v1.jpg) | &nbsp;&nbsp;600 Grant Street, Suite 975 <br> Denver, Colorado 80203, USA <br> <u>www.global-resource-eng.com</u> |

---

**Technical Report Summary** 

In May 2021, an independent Initial Assessment Report (the "IA"), was prepared by Global Resources Engineering ("GRE") in accordance with the new SEC Subpart 1300 property disclosure requirements, for the Chandalar placer mine in the Chandalar Gold District in Alaska.

Subsequent to release of the IA, a Revised and Amended Initial Assessment Report (the "RAIA") was prepared by GRE and has a revised and amended date of February 24, 2023 and an effective date of May 31, 2021. The RAIA did not change the results of the economic analysis.

Both the IA and RAIA completed the economic analysis based on a 0.004 raw troy ounce per bank cubic yard cutoff pit constrained mineral resource that utilized a 0.002 raw troy ounce per bank cubic yard grade shell for grade estimation so there was no change in the economic analysis. However, the RAIA reported the pit constrained mineral resources at a 0.004 raw troy ounce per bank cubic yard cutoff while the IA pit constrained mineral resource used a 0.002 raw troy ounce per bank cubic yard cutoff. This difference caused measured and indicated mineral resources to decrease from 120,000 ounces of fine gold in the IA to 119,000 ounces of fine gold in the RAIA and inferred mineral resources to decrease from 17,000 ounces of fine gold in the IA to 16,000 ounces of fine gold in the RAIA. The RAIA was also revised to include additional information requested by the SEC and to add statements of opinions of qualified persons on the adequacy of sample preparation, security, analytical procedures, and the adequacy of the data.

Using a base case gold price of $1,650, the key economic results of the RAIA with a summarized gold price sensitivity analysis were as follows (A complete copy of the RAIA may be downloaded at *<u>https://www.goldrichmining.com/chandalar-gold-district/technical-reports.html):</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Base Case<br> $1,650 Gold** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** | **Gold Price Sensitivity Analysis** |
| **Parameter** | **Base Case<br> $1,650 Gold** | **$1500** | **$2000** | **$2500** |
| Undiscounted Pre-Tax Net Cash Flow: | $75 million | $57 million | $116 million | $175 million |
| After-tax NPV@5%**<sup>(1)</sup>**: | $64 million | $50 million | $92 million | $129 million |
| After-tax IRR**<sup>(1)</sup>**: | 139% | 112% | 195% | 275% |
| Undiscounted After-tax Net Cash Flow**<sup>(1)</sup>**: | $72 million | $57 million | $103 million | $145 million |
| After-tax Payback Period (years): | 1.3 | 1.4 | 1.2 | 1.1 |
| All-in Sustaining Costs: | $799/Au oz. |  |  |  |
| All-in Costs: | $1,064/Au oz. |  |  |  |
| Total Operating Costs: | $646/Au oz. |  |  |  |

---

Global Resource Engineering Ltd. 00-GRE

---

| | |
|:---|:---|
| &nbsp;&nbsp;![(GRE LOGO)](gc077_v1.jpg) | &nbsp;&nbsp;600 Grant Street, Suite 975 <br> Denver, Colorado 80203, USA <br> <u>www.global-resource-eng.com</u> |

---

The RAIA pit-constrained mineral resources for the Little Squaw Creek Placer deposit at a 0.004 raw troy ounce per bank cubic yard cutoff is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Classification** | **Resource Volume<br> (1000s bcy)** | **Raw<sup>(1)</sup>** <br> **Gold Grade<br> (troy oz./bcy)** | **Raw<sup>(1)</sup> Gold<br> (troy oz)** | **Fine<sup>(2)</sup> Gold <br> (troy oz)** |
| Measured | 2609 | 0.0302 | 79000 | 69000 |
| Indicated | 2188 | 0.0265 | 58000 | 50000 |
| Measured & Indicated | 4797 | 0.0285 | 137000 | 119000 |
| Inferred | 771 | 0.0245 | 19000 | 16000 |

---

**** 

**<sup>(1)</sup>** Raw Gold - Gold as recovered from the placer deposit, historically 84% gold and 16% other metals like silver and copper (referred to as 840 fine). The Mineral Resource is constrained by a 0.002 raw troy ounce per bank cubic yard grade shell and a 0.004 raw troy ounce per bank cubic yard cutoff (840 fineness) at an assumed gold price of 1,600 $/tr oz, assumed mining cost of 4.50 $/bcy, assumed processing and administrative cost of 7.25 $/bcy, an assumed gold purity of 84%, and pit slopes of 45 degrees. These costs are preliminary estimates (prior to economic analysis).

**<sup>(2)</sup>** Fine Gold - Gold that is 99.99% pure (referred to as 9999 fine).

Dated February 24, 2023

  <br> Terre Lane <br> Principal Mining Engineer

Global Resource Engineering Ltd. 00-GRE

## Exhibit 10.29

**Exhibit 10.29**

---

| | |
|:---|:---|
| ![(GRE LOGO)](gc077_v1.jpg) | 600 Grant Street, Suite 975 <br> Denver, Colorado 80203, USA<br><u>www.global-resource-eng.com</u> |

---

**VIA EGDAR**

United States of American, Securities Exchange Commission

**CONSENT OF QUALIFIED PERSON**

I, Terre Lane, consent to the public filing of the technical report titled "Revised and Amended Initial Assessment — Chandalar Mine, Chandalar Gold District Alaska U.S.A." with an effective date of May 31, 2021 and an issue date of February 24, 2023 (the "technical report") by Goldrich Mining Company ("Goldrich").

I also consent to any extracts from, or a summary of, the technical report or the Technical Report Summary in your annual report, in your news release entitled "Goldrich Mining Releases Revised and Amended Initial Assessment Report" (the "news release"), and to their inclusion as an exhibit to the annual report or any related Form 8-K.

I certify that I have read the news release being filed by Goldrich and that it fairly and accurately represents the information in the sections of the technical report for which I am responsible.

Dated February 24, 2023

---

| |
|:---|
| ![(SIGNATURE)](gc078_v1.jpg) |
| Terre Lane<br> Principal Mining Engineer |

---

Global Resource Engineering Ltd. 00-GRE

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, William Schara, certify that:

1. I
 have reviewed this annual report on Form 10-K of Goldrich Mining Company;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report.

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects, the financial condition, results of operations
 and cash flows of the registrant as of, and for, the periods presented in this report.

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
 and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
 and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the registrant's most recent fiscal quarter (fourth quarter in the case of
 an annual report) that has materially affected, or is reasonably likely to materially affect,
 the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation
 of internal control over financial reporting, to the registrant's auditors and the audit
 committee of the registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: March 1, 2023

---

| | |
|:---|:---|
| By: | /s/ William Schara |
|  | William Schara, Chief Executive Officer, President and Principal Executive Officer |

---

A signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Ted R. Sharp, certify that:

1. I
 have reviewed this annual report on Form 10-K of Goldrich Mining Company;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report.

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects, the financial condition, results of operations
 and cash flows of the registrant as of, and for, the periods presented in this report.

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
 and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
 and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that
 occurred during the registrant's most recent fiscal quarter (fourth quarter in the case of
 an annual report) that has materially affected, or is reasonably likely to materially affect,
 the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation
 of internal control over financial reporting, to the registrant's auditors and the audit
 committee of the registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: March 1, 2023

---

| | |
|:---|:---|
| By: | /s/ Ted R. Sharp |
|  | Ted R. Sharp, Chief Financial Officer, Principal Financial Officer |

---

A signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Goldrich Mining Company, (the "Company") on Form 10-K for the period ending December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William Schara, Chief Executive Officer, President and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of Goldrich Mining Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;/s/ William Schara | DATE: March 1, 2023 |
| &nbsp;&nbsp;&nbsp;William Schara, Chief Executive Officer and President |  |

---

A signed original of this written statement required by Section 906 has been provided to Goldrich Mining Company and will be retained by Goldrich Mining Company to be furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Goldrich Mining Company, (the "Company") on Form 10-K for the period ending December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William Schara, Chief Executive Officer, President and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of Goldrich Mining Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;/s/ Ted R. Sharp | DATE: March 1, 2023 |
| &nbsp;&nbsp;&nbsp;Ted R. Sharp, Chief Financial Officer |  |

---

A signed original of this written statement required by Section 906 has been provided to Goldrich Mining Company and will be retained by Goldrich Mining Company to be furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 95.1

**Exhibit 95.1**

**MINE SAFETY DISCLOSURE**

Pursuant to Section 1503(a) of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, issued under the Federal Mine Safety and Health Act of 1977 (the "Mine Act") by the Mine Safety and Health Administration (the "MSHA"), as well as related assessments and legal actions, and mining-related fatalities.

The following table provides information for the year ended December 31, 2021.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Mine | &nbsp;&nbsp;Mine Act<br> §104<br> Violations<br> (1) | &nbsp;&nbsp;Mine<br> Act<br> §104(b)<br> Orders<br> (2) | &nbsp;&nbsp;Mine Act<br> §104(d)<br> Citations<br> and<br> Orders<br> (3) | &nbsp;&nbsp;Mine Act<br> §110(b)(2)<br> Violations<br> (4) | &nbsp;&nbsp;Mine<br> Act<br> §107(a)<br> Orders<br> (5) | &nbsp;&nbsp;Proposed<br> Assessments<br> from MSHA<br> (In dollars<br> $) | &nbsp;&nbsp;Mining<br> Related<br> Fatalities | &nbsp;&nbsp;Mine<br> Act<br> §104(e)<br> Notice<br> (yes/no)<br> (6) | &nbsp;&nbsp;Pending<br> Legal<br> Action<br> before<br> Federal<br> Mine Safety<br> and Health<br> Review<br> Commission<br> (yes/no) |
| &nbsp;&nbsp;Little Squaw Creek | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;No |

---

(1) The
 total number of violations received from MSHA under §104 of the Mine Act, which includes
 citations for health or safety standards that could significantly and substantially contribute
 to a serious injury if left unabated.

(2) The
 total number of orders issued by MSHA under §104(b) of the Mine Act, which represents
 a failure to abate a citation under §104(a) within the period of time prescribed by
 MSHA.

(3) The
 total number of citations and orders issued by MSHA under §104(d) of the Mine Act for
 unwarrantable failure to comply with mandatory health or safety standards.

(4) The
 total number of flagrant violations issued by MSHA under §110(b)(2) of the Mine Act.

(5) The
 total number of orders issued by MSHA under §107(a) of the Mine Act for situations in
 which MSHA determined an imminent danger existed.

(6) A
 written notice from the MSHA regarding a pattern of violations, or a potential to have such
 pattern under §104(e) of the Mine Act.

## Exhibit 99.8

**Exhibit 99.8**

IN THE MATTER OF ARBITRATION<br> UNDER THE ALASKA ARBITRATION ACT

---

| | |
|:---|:---|
| GOLDRICH PLACER, LLC, |  |
| GOLDRICH MINING |  |
| COMPANY, and GOLDRICH |  |
| NYACAU PLACER, LLC, |  |
| Claimants, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vs. |  |
| NYACAU, LLC, |  |
| DR. J. MICHAEL JAMES, and |  |
| BEAR LEASING, LLC, |  |
| Respondents. |  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**SECOND PARTIAL FINAL** |
| GOLDRICH NYACAU | &nbsp;&nbsp;&nbsp;&nbsp;**AWARD** |
| PLACER, LLC, NYACAU, LLC, |  |
| DR. J. MICHAEL JAMES, and |  |
| BEAR LEASING, LLC, |  |
| Counterclaimants, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vs. |  |
| GOLDRICH PLACER, LLC, |  |
| GOLDRICH MINING |  |
| COMPANY, WILLIAM |  |
| SCHARA, STEPHEN VINCENT, |  |
| DAVID ATKINSON, CHARLES |  |
| BIGELOW, KENNETH |  |
| EICKERMAN, WILLIAM |  |
| ORCHOW, MICHEL |  |
| RASMUSSEN, THEODORE |  |
| SHARP, JAMES DUFF, and |  |
| RICHARD WALTERS, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterclaim |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Respondents. |  |

---

Following the issuance of the Partial Final Award, the parties made a number of substantive post-award motions and petitions, all of which have been decided by the Panel in a series of written orders. Those orders included, among others, the following:

1. Order
dated January 9, 2019 on Respondents' Motion to recover IRS costs and fees incurred by Dr. Michael James, filed on December 12, 2018;

2. Order
dated February 8, 2019 on Respondents' Moton for Approval to Open Mining Camp and Construct Winter Trail, filed January 18, 2019;

3. Order
dated November 19, 2019 on Respondents' Motion for Reconsideration of PFA 1, filed on June 24, 2019;

4. Order on Respondents' Motion to Strike
 Goldrich's Response Re Costs Incurred after April 2, 2012, or, Alternatively, Motion to Supplement NyacAU's Supplemental
 Briefing in Accordance with Section VIII of Interim Award, filed on July 23, 2019;

5. Order
on Claimants' Expedited Motion for NyacAU to Provide GNP Information, filed on January 12, 2020;

6. Order
dated May 30, 2020, on Respondents' Motion to Extend NyacAU's Management of Dissolution until Permit Assumption and Motion to Reduce
Reclamation Expenses to Judgment, or, Alternatively, Motion for Capital Contribution, filed on April 15, 2020;

7. Orders
on Various Post-Award Motion, dated September 3, 2020, including:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Claimants'
Motion to Have Reclamation Reserve Increased;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Claimants'
Motion to Impose an Obligation on NyacAU to Reclamate under the Operating Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Claimants'
Motion to Void Transfer of GNP assets to Bear Leasing and Cancel Contract with Alaska Equipment Appraisers, filed on May 28, 2020;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Claimants'
Motion to Compel Repayment of Misappropriation of Funds, which the Panel ruled it had jurisdiction to decide, deferring an order on the
merits pending further submission by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;(v) Claimants'
Motion for Clarification from the Panel and Notice of Possible Misunderstanding of Facts, filed on June 12, 2020, on which the Panel
partially deferred ruling, since the Motion was virtually identical to and would be resolved by the Panel's final ruling on Claimants'
Motion (v);

&nbsp;&nbsp;&nbsp;&nbsp;(vi) Respondents'
Motion for Clarification of Interest Payable to NyacAU and Goldrich and Amounts Owed to Goldrich, filed on May 30, 2020, which the Panel
ruled it had limited jurisdiction to decide, partially deferring a ruling pending further submissions by the parties on the merits;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) Respondents'
Motion to Confirm Judgment, filed on May 5, 2020, on which the Panel deferred ruling pending submissions by the parties as to whether
the Panel had jurisdiction to decide the motion on the merits by virtue of an agreement made by the parties and a court order in related
judicial proceedings to confirm as a judgment portions of PFA 1;

&nbsp;&nbsp;&nbsp;&nbsp;(viii) Respondents'
 Alternative Motion to Require Goldrich to Pay One Half of the Reclamation Expenses for the Project, and One Half of the Balance of
 LOC 1, and to Reduce These Amounts to Judgment;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) Respondents'
Motion to Subordinate the Gallagher Transaction to Respondents' Security and Judgments on the Partial Final Award;

&nbsp;&nbsp;&nbsp;&nbsp;(x) Respondents'
Motion for Application of Credit to Bear Leasing;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) Respondents'
(Dr. Michael James') Motion to Compel Filing of SEC Documents, or, Alternatively, to Require Goldrich to Purchase Dr. James' Stock.

The Panel also issued certain interim orders on post-award motions related to the dissolution/liquidation of GNP, which will be incorporated into a Modified Interim Award, to be finalized when the liquidation of GNP has been completed.

Orders 1-7 are hereby incorporated in full into this Second Partial Final Award. The parties have the immediate right to seek confirmation of all or any portion of the Second Partial Final Award into a judgment in any court of appropriate jurisdiction.

IT IS SO ORDERED.

---

| | | |
|:---|:---|:---|
| Dated: | 8/30/2021 | |
|  |  | Jason M. Kettrick, Arbitrator |
|  |  | Thomas J. Brewer, Arbitrator |
|  |  | ![(-s-Fred G. Bennettt)](gc007_v1.jpg) |
|  |  | Fred G. Bennett, Panel Chair |

---

## Exhibit 99.9

**Exhibit 99.9**

IN THE MATTER OF ARBITRATION<br> UNDER THE ALASKA ARBITRATION ACT

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOLDRICH PLACER, LLC,<br> GOLDRICH MINING<br> COMPANY, and GOLDRICH<br> NYACAU PLACER, LLC,<br>Claimants, <br>vs.<br>NYACAU, LLC,<br> DR. J. MICHAEL JAMES, and<br> BEAR LEASING, LLC,<br>Respondents. <br>| &nbsp;&nbsp;&nbsp;**MODIFIED SECOND**<br> **INTERIM AWARD RE** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOLDRICH NYACAU<br> PLACER, LLC, NYACAU, LLC,<br> DR. J. MICHAEL JAMES, and<br> BEAR LEASING, LLC,<br>Counterclaimants,<br>vs.<br>GOLDRICH PLACER, LLC,<br> GOLDRICH MINING<br> COMPANY, WILLIAM<br> SCHARA, STEPHEN VINCENT,<br> DAVID ATKINSON, CHARLES<br> BIGELOW, KENNETH<br> EICKERMAN, WILLIAM<br> ORCHOW, MICHEL<br> RASMUSSEN, THEODORE<br> SHARP, JAMES DUFF, and<br> RICHARD WALTERS,<br>Counterclaim <br> Respondents.  | &nbsp;&nbsp;&nbsp;**DISSOLUTION/LIQUIDATION**<br> **OF GNP AND RELATED**<br> **ISSUES**<br>|

---

As explained in the Partial Final Award, and confirmed in the Second Interim Award Re Dissolution/Liquidation of GNP and Related Issues ("Second Interim Award"), the Panel—pursuant to the parties' express request at the arbitration hearing—has agreed to retain jurisdiction and oversight over the dissolution/liquidation of GNP, and issues associated therewith, until the liquidation process is completed. This is consistent with the broadly worded arbitration clause of the Operating Agreement (under which this arbitration was initiated), which requires that "any dispute arising from or related to this Operating Agreement, the Lease [referring to the Placer Mining Claims Lease, in which Goldrich assigned the Claims to GNP] or operations by Goldrich, NyacAU, or [GNP] shall be resolved" by arbitration under the Alaska Revised Arbitration Act. Article XIV of the Operating Agreement lays out the process to be followed for the dissolution/liquidation of GNP.

This Modified Second Interim Award is necessitated by motions made by the parties related to the dissolution and liquidation of GNP, and certain interim orders issued on those motions by the Panel, subsequent to the issuance of the Second Interim Award on December 3, 2019, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Interim
Order on Respondents' Motion for Inclusion of Certain Loans, Plus Interest Thereon, in Calculation of LOC 1 Balance;

&nbsp;&nbsp;&nbsp;&nbsp;2. Interim
Order dated May 30, 2020, on Claimants' Motion to Transfer Authority Regarding the Liquidation of GNP to Goldrich;

&nbsp;&nbsp;&nbsp;&nbsp;3. Interim
Order dated August 27, 2019 on Claimants' Motion to Transfer Mining Permits;

&nbsp;&nbsp;&nbsp;&nbsp;4. Interim
Order dated September 3, 2020, on Claimants' Motion to Compel Transfer of Mining Claims regarding a parcel contiguous to land covered
by the Claims Lease, coupled with Respondents' request to continue to use the parcel for storage of equipment in order to complete
the liquidation of GNP

Interim Orders 1-4 are hereby incorporated in full into this Modified Second Interim Award, as follows: (i) Interim Order 1 is incorporated as a supplement to the Panel's previously issued interim order in the Second Interim Award, concerning Respondents' requested order to determine balances of all lines of credit; (ii) Interim Order 2 is incorporated as a supplement to the Panel's interim order in the Second Interim Award concerning Claimants' request for an order appointing Goldrich to replace NyacAU as the manager of the dissolution/liquidation process; and (iii) Interim Orders 3 and 4 are incorporated as new interim orders.

Once the liquidation of GNP has run its course, the Panel will incorporate the Second Interim Award and this Modified Second Interim Award, along with any other orders subsequently issued in connection with the dissolution/liquidation of GNP, into a Third Partial Final Award. This process is not intended in any way to impact the enforceability of Partial Final Award or Second.

Partial Final Award.

IT IS SO ORDERED.

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| | | |
|:---|:---|:---|
| Dated: | 8/30/2021 | |
|  |  | Thomas J. Brewer, Arbitrator |
|  |  | Jason M. Kettrick, Arbitrator |
|  |  | ![(-s-Fred G. Bennettt)](gc007_v1.jpg) |
|  |  | Fred G. Bennett, Panel Chair |

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